-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SEVoatcMaI52GiIxUuV1dBX2Ci2J0hz3BPmzzZSwRCR5R+QC20vszZO06hQeK2MV wWlyhw8kdkapNYJwtIW12w== 0000950134-05-001279.txt : 20050125 0000950134-05-001279.hdr.sgml : 20050125 20050125164255 ACCESSION NUMBER: 0000950134-05-001279 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050125 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050125 DATE AS OF CHANGE: 20050125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTEX CORP CENTRAL INDEX KEY: 0000018532 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 750778259 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06776 FILM NUMBER: 05547535 BUSINESS ADDRESS: STREET 1: 2728 N HARWOOD STREET 2: - CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 214-981-5000 MAIL ADDRESS: STREET 1: PO BOX 199000 STREET 2: - CITY: DALLAS STATE: TX ZIP: 75219 FORMER COMPANY: FORMER CONFORMED NAME: CENTEX CONSTRUCTION CO INC DATE OF NAME CHANGE: 19681211 8-K 1 d21779e8vk.htm FORM 8-K e8vk
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
January 25, 2005

Centex Corporation

(Exact name of registrant as specified in its charter)
         
Nevada
(State or other jurisdiction
of incorporation) 		  1-6776
(Commission File Number) 		  75-0778259
(IRS Employer
Identification No.)
         
         
2728 N. Harwood Street, Dallas, Texas
   75201
(Address of principal executive offices)
   (Zip code)

Registrant’s telephone number including area code: (214) 981-5000

Not Applicable
(Former name or former address if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o       Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o       Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o       Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o       Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 2.02. Results of Operations and Financial Condition
Item 8.01. Other Events
Item 9.01. Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
Press Release

Table of Contents

Item 2.02. Results of Operations and Financial Condition.

     On January 25, 2005, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended December 31, 2004. A copy of the Corporation’s press release announcing these results is being furnished as Exhibit 99.1 hereto and is hereby incorporated in this Item 2.02 in its entirety by reference.

Item 8.01. Other Events.

     On January 25, 2005, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended December 31, 2004. A copy of the Corporation’s press release announcing these results is being furnished as Exhibit 99.1 hereto. The attachments to the press release identified as attachments 1, 2, 3, 4, 5, 6, 7 and 8 are hereby filed pursuant to, and incorporated by reference in this Item 8.01. No other information from the press release is filed pursuant to, or incorporated in this Item 8.01.

Item 9.01. Financial Statements and Exhibits.

         
Exhibit        
Number   Description  
 
 
99.1
   Press Release dated January 25, 2005.
     

 

Table of Contents

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
     
CENTEX CORPORATION
 
By:   /s/ Brian J. Woram
Name: Brian J. Woram
Title:   Senior Vice President and
            Chief Legal Officer

Date: January 25, 2005

 

Table of Contents

EXHIBIT INDEX

                 
Exhibit                
Number   Description          
 
         
99.1
   Press Release dated January 25, 2005.
     

  EX-99.1 2 d21779exv99w1.htm PRESS RELEASE exv99w1

 

EXHIBIT 99.1

(CENTEX LOGO)

FOR IMMEDIATE RELEASE

For Additional Information, Contact at (214) 981-5000:
Leldon E. Echols, Executive Vice President and Chief Financial Officer
Matthew G. Moyer, Vice President-Investor Relations
http://www.centex.com

CENTEX REPORTS RECORD THIRD QUARTER RESULTS
Earnings from Continuing Operations Grow 35%

DALLAS – Jan. 25, 2005: Centex Corporation (NYSE: CTX) today reported the highest revenues, operating earnings and earnings per diluted share for any third quarter in its history.

Highlights of the quarter ended December 31, 2004 (compared to last year’s third quarter):

  •   Earnings from continuing operations grew 35%; Net earnings up 28% to $253.8 million
 
  •   Earnings per diluted share from continuing operations grew 34% to $1.91
 
  •   Domestic home building operating earnings increased 39%; operating margin was 15.5%, up 240 basis points
 
  •   Domestic home sales (orders) rose 12%; backlog rose 18% to 17,501 units

     “This quarter’s outstanding results are a great demonstration of the Centex growth model. Our focus on neighborhood growth coupled with continuous improvement produced strong sales and margin expansion at Centex Homes,” commented Tim Eller, Centex Corporation chairman and CEO. “It is our view Centex will continue to achieve strong results in fiscal 2006 even in an environment of incrementally higher mortgage rates.”

     “In addition to our home building operation, our other businesses performed at very high levels. The combined efforts of our two financial services operations contributed positively to our overall shareholder value creation strategy,” said Eller. “As we look forward to the rest of this year and into fiscal 2006, I expect our business segments to have a growing positive impact.”

-more-

 

 

CENTEX REPORTS RECORD THIRD QUARTER, NINE MONTH RESULTS, Page 2 of 4

HOME BUILDING

Domestic

     Operating earnings from Centex Homes were $347.1 million for the third quarter this year, 39% higher than $250.2 million for the same quarter a year ago. Revenues were $2.24 billion, 17% higher than $1.91 billion reported for the same quarter last year.

     The 39% increase in operating earnings was achieved on an 8% increase in closings to 8,047 homes, as well as an improvement in operating margin to 15.5% from 13.1% a year ago. The operating margin improvement was due primarily to an increase in the average selling price of homes delivered and ongoing process improvement initiatives.

     Operating earnings from Centex Homes for the nine months ended December 31, 2004 were $853.9 million, 39% higher than the $612.7 million for the same period last year. Revenues for the nine months were $6.3 billion, 22% higher than revenues of $5.1 billion for the same period in fiscal 2004.

International

     London-based Fairclough Homes, the international operation of Centex Homes, closed 410 homes during the third quarter of fiscal 2005 versus 422 units for the same quarter last year. Operating earnings for the quarter were $16.9 million, a 55% increase over last year’s third quarter. This increase reflects an improved pricing environment and higher-margin neighborhoods coming on line. Operating margin increased 400 basis points to 13.1%.

FINANCIAL SERVICES

     Operating earnings from Financial Services for the third quarter this year were $46.0 million, a 5% increase from the same quarter last year. Revenues from this segment were $266.7 million for the third quarter this year, 12% above $238.2 million for the same quarter last year.

     Financial Services operating earnings for the nine-month period this year were $156.8 million, a decrease of 16% compared to $185.8 million for the same period last year. Financial Services revenues were $817.9 million for the nine months, 3% above last year’s revenues for the same period.

CTX Mortgage Company

     Operating earnings from CTX Mortgage Company totaled $21.0 million for this year’s third quarter versus $26.8 million for the same quarter a year ago. Originations from Centex Homes’ closings increased 6% while retail originations fell 15%. Refinanced mortgages accounted for 21% of originations for the quarter this year compared to 23% for the same quarter last year. CTX Mortgage provided mortgage loans to 73% of Centex Homes’ buyers for the third quarter this year.

-more-

 

 

CENTEX REPORTS RECORD THIRD QUARTER, NINE MONTH RESULTS, Page 3 of 4

     Operating earnings from CTX Mortgage were $74.7 million for the nine-month period this year compared to $138.8 million for the same period a year ago.

Centex Home Equity Company

     Centex Home Equity Company (CHEC) reported operating earnings of $25.0 million for the third quarter this fiscal year compared to operating earnings of $16.8 million for the same quarter in fiscal 2004. For the first nine months of fiscal 2005, CHEC reported operating earnings of $82.1 million, a 75% increase over $46.9 million for the same period in fiscal 2004. CHEC’s loan servicing portfolio, on which it earns an interest margin, has reached $7.7 billion, growing 27% versus the same period last year.

CONSTRUCTION SERVICES

     Operating earnings from Construction Services were $6.4 million for the third quarter this fiscal year, versus $3.6 million for the same quarter in fiscal 2004. The operating margin was 1.4% for this fiscal year’s third quarter, up 55 basis points from last year’s third quarter. Revenues from this segment were $445.5 million for the quarter this year, up 10% versus a year ago. The backlog of construction contracts at December 31, 2004 was $2.0 billion, up 14% from the same date last year.

OUTLOOK

     Based on the strength of the home building operations and its record backlog, as well as the execution of the company’s growth strategies in each of its other business segments, Centex is updating its fiscal 2005 earnings guidance to a range of $7.30 to $7.50 per diluted share. Achieving this guidance would represent 21% to 25% growth versus last year’s record results. Additionally, based on its current momentum and strong sales trends, the company is reiterating its earnings per diluted share guidance of $8.75 to $9.25 for fiscal 2006.

     Through its subsidiaries, Centex ranks among the nation’s leading companies in the Home Building, Financial Services, Construction Services and Home Services industries.

     Centex’s senior management will host a conference call to discuss the third quarter financial results at 10 a.m. Eastern Time (9 a.m. Central Time) on Wednesday, January 26. The conference call, accompanied by a slide presentation, will be webcast simultaneously on the Centex Web site at http://www.centex.com. A replay of the call, as well as the presentation, will be archived on that site for one year. Questions can be e-mailed to ir@centex.com.

# # #

-more-

 

 

CENTEX REPORTS RECORD THIRD QUARTER, NINE MONTH RESULTS, Page 4 of 4

Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when Centex is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only Centex’s belief at the time the statements were made regarding future events, which are subject to significant risks, uncertainties and other factors, many of which are outside of Centex’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. With respect to forward-looking statements relating to the business, operations, assets, liabilities, financial condition or results of operations of Centex, the risks and uncertainties to which these statements are subject include the following: general economic conditions and interest rates; the cyclical and seasonal nature of our businesses; adverse weather conditions; changes in property taxes and energy costs; changes in federal income tax laws and federal mortgage financing programs; governmental regulations; changes in governmental and public policy; changes in economic conditions specific to any one or more of our markets and businesses; competition; availability of land and raw materials; and unexpected operational difficulties. For example, increases in interest rates or decreases in demand for housing on a national or regional basis or increases in the cost or reductions in the supply of suitable land for development, or lumber or other building materials or labor, could affect the revenues or operating earnings of our homebuilding operations. Similarly, increases in interest rates could adversely affect demand for some of the mortgage loans offered by our mortgage finance operations. Finally, changes in national and regional economic conditions and levels of infrastructure and construction spending could adversely affect the results of operations of our construction services operations. These and other risks and uncertainties are described in greater detail in Centex’s most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2004 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 (including under the captions “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which are on file with the SEC and may be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. All forward-looking statements made are made as of the date hereof, and the risk that actual results will differ materially from expectations will increase with the passage of time. Centex undertakes no duty to update any forward-looking statement to reflect future events or changes in Centex’s expectations.

NOTE ATTACHMENTS:
(1) Revenues and Earnings by Lines of Business
(2) Condensed Consolidated Balance Sheets
(3) Condensed Consolidated Cash Flows
(4) Supplemental Domestic Home Building Data
(5) Domestic Housing Activity by Geographic Area
(6) Domestic Housing Activity Dollar Values by Geographic Area
(7) Supplemental International Home Building Data
(8) Supplemental Financial Services Data

 

 

Attachment 1

Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands, except per share data)

                                                 
    Quarter Ended     Nine Months Ended  
    December 31,     December 31,  
    (unaudited)     (unaudited)  
    2004     2003 (D)     Change     2004     2003 (D)     Change  
Revenues
                                                
Home Building(A)
   $ 2,368,379     $ 1,906,305       24 %   $ 6,597,952     $ 5,119,937       29 %
Financial Services
     266,701       238,231       12 %     817,945       795,642       3 %
Construction Services
     445,468       404,227       10 %     1,331,913       1,166,611       14 %
Other
     38,075       21,094       81 %     121,792       88,622       37 %
 
                                        
Total
   $ 3,118,623     $ 2,569,857       21 %   $ 8,869,602     $ 7,170,812       24 %
 
                                        
Operating Earnings
                                                
Home Building (A)
   $ 364,002     $ 260,642       40 %   $ 891,474     $ 634,247       41 %
Financial Services
     46,003       43,651       5 %     156,829       185,752       (16 %)
Construction Services
     6,398       3,593       78 %     16,378       12,712       29 %
Other
     6,338       4,370       45 %     11,378       27,862       (59 %)
 
                                        
Total Operating Earnings
     422,741       312,256       35 %     1,076,059       860,573       25 %
Corporate General Expenses
     (23,137 )     (29,891 )             (61,741 )     (70,982 )        
Interest Expense
     (5,718 )     (3,456 )             (16,024 )     (35,370 )        
 
                                        
Earnings from Continuing Operations Before Income Taxes
     393,886       278,909       41 %     998,294       754,221       32 %
Income Taxes
     (140,115 )     (91,039 )             (356,678 )     (245,079 )        
 
                                        
Earnings from Continuing Operations
     253,771       187,870       35 %     641,616       509,142       26 %
Earnings from Discontinued Operations, net (B)
     —       10,800               —       31,707          
Cumulative Effect of Accounting Change (C)
     —       —               —       (13,260 )        
 
                                        
Net Earnings
   $ 253,771     $ 198,670       28 %   $ 641,616     $ 527,589       22 %
 
                                        
Earnings Per Share — Basic
                                                
Earnings per Share — Continuing Operations
   $ 2.02     $ 1.51       34 %   $ 5.16     $ 4.13       25 %
Earnings per Share — Discontinued Operations
     —       0.09               —       0.26          
Earnings per Share — Cumulative Effect
     —       —               —       (0.11 )        
 
                                        
Earnings Per Share — Basic
   $ 2.02     $ 1.60       26 %   $ 5.16     $ 4.28       21 %
 
                                        
Earnings Per Share — Diluted
                                                
Earnings per Share — Continuing Operations
   $ 1.91     $ 1.43       34 %   $ 4.87     $ 3.95       23 %
Earnings per Share — Discontinued Operations
     —       0.09               —       0.25          
Earnings per Share — Cumulative Effect
     —       —               —       (0.11 )        
 
                                        
Earnings Per Share — Diluted
   $ 1.91     $ 1.52       26 %   $ 4.87     $ 4.09       19 %
 
                                        
Average Shares Outstanding:
                                                
Basic
     125,593,379       124,076,292       1 %     124,404,141       123,334,548       1 %
Diluted
     132,547,190       130,659,958       1 %     131,702,753       129,020,466       2 %

(A) 3333 Holding Corporation and Centex Development Company, L.P. were consolidated into Centex Corporation on February 29, 2004. As a result, beginning March 1, 2004, International Home Building is fully consolidated as a component of Home Building. Centex’s equity in the earnings of International Home Building prior to March 1, 2004 have been reclassified from Investment Real Estate(now in Other) to Home Building. See Attachment 7 for additional International Home Building information.

(B) Includes the operations spun-off in the Centex Construction Products (now known as Eagle Materials Inc.) and Cavco transactions and other discontinued manufactured housing operations.

(C) Represents the cumulative effect of change in accounting resulting from the consolidation of HSF-I effective July 1, 2003.

(D) Certain prior year items have been reclassified to conform to current period classifications.

 

 

Attachment 2

Centex Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions)
(unaudited)

                                                 
    Centex Corporation and Subsidiaries     Centex Corporation*     Financial Services  
    December 31,     March 31,     December 31,     March 31,     December 31,     March 31,  
    2004     2004     2004     2004     2004     2004  
Assets
                                                
Cash -
                                                
Unrestricted
   $ 50     $ 179     $ 37     $ 161     $ 13     $ 18  
Restricted
     446       310       45       50       401       260  
Receivables -
                                                
Residential Mortgage Loans Held for Investment
     7,723       6,498       —       —       7,723       6,498  
Residential Mortgage Loans Held for Sale
     1,586       1,820       —       —       1,586       1,820  
Other Receivables
     715       669       514       491       201       178  
Inventories -
                                                
Homebuilding
     6,975       5,105       6,975       5,105       —       —  
Land Held Under Option Agreements not Owned
     471       362       471       362       —       —  
Other
     34       94       28       85       6       9  
Investments
     169       140       742       672       —       —  
Property and Equipment, net
     159       156       115       115       44       41  
Goodwill
     252       255       240       238       12       17  
Deferred Charges and Other Assets
     423       481       215       239       208       242  
 
                                    
 
   $ 19,003     $ 16,069     $ 9,382     $ 7,518     $ 10,194     $ 9,083  
 
                                    
Liabilities and Stockholders’ Equity
                                                
Accounts Payable and Accrued Liabilities
   $ 2,019     $ 1,963     $ 1,843     $ 1,715     $ 162     $ 264  
Debt
                                                
Non-Financial Services
     3,228       2,418       3,228       2,418       —       —  
Financial Services
     9,443       8,302       —       —       9,443       8,302  
Minority Stockholders’ Interest
     474       336       472       335       2       1  
Stockholders’ Equity
     3,839       3,050       3,839       3,050       587       516  
 
                                    
 
   $ 19,003     $ 16,069     $ 9,382     $ 7,518     $ 10,194     $ 9,083  
 
                                    

* In the supplemental data presented above, “Centex Corporation” represents the consolidation of all subsidiaries other than those included in Financial Services. Transactions between Centex Corporation and Financial Services have been eliminated from the Centex Corporation and Subsidiaries balance sheets. We believe that separate disclosure of the consolidating information is useful because: the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and Centex Corporation has limited obligations with respect to the indebtedness of its Financial Services subsidiaries. Management uses this information in its financial and strategic planning.

 

 

Attachment 3

Centex Corporation and Subsidiaries
Condensed Consolidated Cash Flows
(Dollars in millions)
(unaudited)

                                                 
    Centex Corporation and Subsidiaries     Centex Corporation*     Financial Services  
    For the Nine Months     For the Nine Months     For the Nine Months  
    Ended December 31,     Ended December 31,     Ended December 31,  
    2004     2003     2004     2003     2004     2003  
Cash Flows — Operating Activities
                                                
Net Earnings
   $ 642     $ 528     $ 642     $ 528     $ 98     $ 103  
Adjustments -
                                                
Depreciation and Amortization
     80       78       66       65       14       13  
Other Noncash Adjustments
     52       13       (87 )     (85 )     80       59  
Decrease in Loans Held for Sale
     234       1,113       —       —       234       1,113  
(Increase) Decrease in Inventories
     (1,776 )     (1,272 )     (1,779 )     (1,271 )     3       (1 )
Other Operating Activities
     (65 )     17       148       91       (231 )     (76 )
 
                                    
 
     (833 )     477       (1,010 )     (672 )     198       1,211  
 
                                    
Cash Flows — Investing Activities
                                                
Increase in Loans Held for Investment
     (1,297 )     (1,494 )     —       —       (1,297 )     (1,494 )
Other Investing Activities
     14       25       40       21       (8 )     7  
 
                                    
 
     (1,283 )     (1,469 )     40       21       (1,305 )     (1,487 )
 
                                    
Cash Flows — Financing Activities
                                                
Increase (Decrease) in Short-Term Debt, net
     1,501       14       122       85       1,379       (71 )
Issuance of Long-Term Debt, net
     443       626       681       217       (238 )     409  
Other Financing Activities
     42       (52 )     42       (52 )     (39 )     (65 )
 
                                    
 
     1,986       588       845       250       1,102       273  
 
                                    
Effect of Exchange Rate on Cash
     1       —       1       —       —       —  
 
                                    
Net Decrease in Cash and Cash Equivalents
     (129 )     (404 )     (124 )     (401 )     (5 )     (3 )
Cash and Cash Equivalents at Beginning of Period
     179       456       161       441       18       15  
 
                                    
Cash and Cash Equivalents at End of Period
   $ 50     $ 52     $ 37     $ 40     $ 13     $ 12  
 
                                    

* In the supplemental data presented above, “Centex Corporation” represents the consolidation of all subsidiaries other than those included in Financial Services. Transactions between Centex Corporation and Financial Services have been eliminated from the Centex Corporation and Subsidiaries cash flows. We believe that separate disclosure of the consolidating information is useful because: the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and Centex Corporation has limited obligations with respect to the indebtedness of its Financial Services subsidiaries. Management uses this information in its financial and strategic planning.

 

 

Attachment 4

Centex Corporation and Subsidiaries
Supplemental Home Building Data — Domestic Operations
(unaudited)

(dollars in millions, except per unit data)

                                                                 
    Quarter Ended December 31,     Nine Months Ended December 31,  
    2004     2003     2004     2003  
HOME BUILDING — DOMESTIC
                                                                
Revenues — Housing
   $ 2,172.5       100.0 %   $ 1,832.4       100.0 %   $ 6,097.9       100.0 %   $ 4,997.6       100.0 %
Cost of Sales — Housing
     (1,554.8 )     (71.6 %)     (1,340.9 )     (73.2 %)     (4,407.9 )     (72.3 %)     (3,672.8 )     (73.5 %)
 
                                                
Gross Margin — Housing
     617.7       28.4 %     491.5       26.8 %     1,690.0       27.7 %     1,324.8       26.5 %
 
                                                
Revenues — Land Sales & Other
     66.9               73.9               172.2               122.3          
Cost of Sales — Land Sales & Other
     (54.4 )             (70.0 )             (154.1 )             (125.2 )        
 
                                                        
Gross Margin — Land Sales & Other
     12.5               3.9               18.1               (2.9 )        
 
                                                        
Total Gross Margin
     630.2       28.1 %     495.4       26.0 %     1,708.1       27.2 %     1,321.9       25.8 %
Selling, General & Administrative
     (326.5 )     (14.6 %)     (266.1 )     (14.0 %)     (908.7 )     (14.5 %)     (732.6 )     (14.3 %)
Other Income
     43.4       2.0 %     20.9       1.1 %     54.5       0.9 %     23.4       0.5 %
 
                                                
Operating Earnings
   $ 347.1       15.5 %   $ 250.2       13.1 %   $ 853.9       13.6 %   $ 612.7       12.0 %
 
                                                        
Units Closed
     8,047               7,468               23,261               20,723          
Average Unit Sales Price
   $ 269,972             $ 245,370             $ 262,150             $ 241,162          
% Change
     10.0 %             11.6 %             8.7 %             10.8 %        
Operating Earnings per Unit
   $ 43,143             $ 33,505             $ 36,711             $ 29,564          
% Change
     28.8 %             37.1 %             24.2 %             32.5 %        
Average Neighborhoods
     598               560               581               558          
% Change
     6.8 %             6.1 %             4.1 %             10.1 %        

LOT POSITION — DOMESTIC

                                                                 
    As of December 31,                                          
    2004     2003     Change                                          
Lot Owned and Controlled:
                                                        
Lots Owned
     93,919       71,793       30.8 %                                
Lots Controlled
     164,002       100,872       62.6 %                                
 
                                                    
Total
     257,921       172,665       49.4 %                                
 
                                                    

 

 

Attachment 5

Centex Corporation and Subsidiaries
Supplemental Home Building Data — Domestic Operations
Housing Activity (Units) by Geographic Area

                                                 
    Closings
    Quarter Ended December 31,     Nine Months Ended December 31,  
    2004     2003     Change     2004     2003     Change  
Mid-Atlantic
     1,364       1,337       2 %     3,984       3,699       8 %
Southeast
     1,282       1,281       — %     3,887       3,708       5 %
Midwest
     1,683       1,441       17 %     4,891       3,994       22 %
Southwest
     2,234       2,109       6 %     6,342       5,635       13 %
West Coast
     1,484       1,300       14 %     4,157       3,687       13 %
 
                                        
 
     8,047       7,468       8 %     23,261       20,723       12 %
 
                                        
                         
    Sales (Orders) Backlog  
    As of December 31,  
    2004     2003     Change  
Mid-Atlantic
     3,417       2,571       33 %
Southeast
     4,992       3,522       42 %
Midwest
     2,966       3,118       (5 %)
Southwest
     3,141       3,178       (1 %)
West Coast
     2,985       2,386       25 %
 
                    
 
     17,501       14,775       18 %
 
                    
                                                 
    Sales (Orders)  
    Quarter Ended December 31,     Nine Months Ended December 31,  
    2004     2003     Change     2004     2003     Change  
Mid-Atlantic
     1,465       1,314       11 %     4,600       4,122       12 %
Southeast
     1,582       1,357       17 %     5,172       4,517       15 %
Midwest
     1,411       1,153       22 %     4,465       4,192       7 %
Southwest
     2,016       1,908       6 %     6,614       6,555       1 %
West Coast
     1,347       1,267       6 %     4,497       4,062       11 %
 
                                        
 
     7,821       6,999       12 %     25,348       23,448       8 %
 
                                        

 

 

Attachment 6

Centex Corporation and Subsidiaries
Supplemental Home Building Data — Domestic Operations
Housing Activity (Values) by Geographic Area

                                                 
    Housing Revenues - Closings  
    (dollars in millions)  
    Quarter Ended December 31,     Nine Months Ended December 31,  
    2004     2003     Change     2004     2003     Change  
Mid-Atlantic
   $ 392.4     $ 374.7       5 %   $ 1,136.6     $ 1,009.0       13 %
Southeast
     336.1       291.9       15 %     973.7       819.7       19 %
Midwest
     357.1       296.5       20 %     1,034.4       831.1       24 %
Southwest
     379.0       328.4       15 %     1,044.1       868.1       20 %
West Coast
     707.9       540.9       31 %     1,909.1       1,469.7       30 %
 
                                        
 
   $ 2,172.5     $ 1,832.4       19 %   $ 6,097.9     $ 4,997.6       22 %
 
                                        
                         
    Sales (Orders) Backlog Value  
    (dollars in millions)  
    As of December 31,  
    2004     2003     Change  
Mid-Atlantic
   $ 1,132.9     $ 802.6       41 %
Southeast
     1,472.0       947.7       55 %
Midwest
     679.4       624.4       9 %
Southwest
     671.6       497.2       35 %
West Coast
     1,578.3       955.1       65 %
 
                    
 
   $ 5,534.2     $ 3,827.0       45 %
 
                    

 

 

Attachment 7

Centex Corporation and Subsidiaries
Supplemental Home Building Data — International Operations
(unaudited)

                                                                 
(dollars in millions, except per unit data)                            
    Quarter Ended December 31,   Nine Months Ended December 31,
    2004   2003   2004   2003
HOME BUILDING — INTERNATIONAL
                                                                
Revenues — Housing
   $ 128.3       100.0 %   $ 114.8       100.0 %   $ 322.0       100.0 %   $ 298.6       100.0 %
Cost of Sales — Housing
     (91.9 )     (71.6 %)     (91.2 )     (79.4 %)     (232.5 )     (72.2 %)     (238.3 )     (79.8 %)
 
                                                
Gross Margin — Housing
     36.4       28.4 %     23.6       20.6 %     89.5       27.8 %     60.3       20.2 %
 
                                                
Revenues — Land Sales & Other
     0.7       5.5       5.9       6.5                                  
Cost of Sales — Land Sales & Other
     (1.9 )             (2.4 )             (7.4 )             (2.5 )        
 
                                                        
Gross Margin — Land Sales & Other
     (1.2 )             3.1               (1.5 )             4.0          
 
                                                        
Total Gross Margin
     35.2       27.3 %     26.7       22.2 %     88.0       26.8 %     64.3       21.1 %
Selling, General & Administrative
     (18.3 )     (14.2 %)     (15.8 )     (13.1 %)     (50.4 )     (15.3 %)     (41.1 )     (13.5 %)
 
                                                
Operating Earnings
     16.9       13.1 %     10.9       9.1 %     37.6       11.5 %     23.2       7.6 %
Interest
     (0.8 )     (0.6 %)     (0.5 )     (0.5 %)     (2.0 )     (0.6 %)     (1.6 )     (0.5 %)
 
                                                
Earnings Before Income Taxes
   $ 16.1       12.5 %   $ 10.4       8.6 %   $ 35.6       10.9 %   $ 21.6       7.1 %
 
                                                        
Units Closed
     410               422               1,067               1,114          
Unit Sales
     334               396               1,037               1,143          
Plots Owned and Controlled
     5,584               4,938               5,584               4,938          
Average Unit Sales Price
   $ 313,051             $ 272,173             $ 301,808             $ 268,039          
% Change
     15.0 %             13.8 %             12.6 %             14.2 %        
Operating Earnings per Unit
   $ 41,041             $ 25,912             $ 35,187             $ 20,832          
% Change
     58.4 %             N.M.               68.9 %             N.M.          

 

Attachment 8

Centex Corporation and Subsidiaries
Supplemental Financial Services Data

CTX Mortgage Company

                                                 
    Quarter Ended December 31,     Nine Months Ended December 31,  
    2004     2003     Change     2004     2003     Change  
Originations
                                                
Builder
     5,463       5,138       6 %     15,688       14,307       10 %
Retail
     9,897       11,657       (15 %)     35,400       56,016       (37 %)
 
                                        
Total
     15,360       16,795       (9 %)     51,088       70,323       (27 %)
 
                                        
Applications
                                                
Builder
     5,463       4,727       16 %     17,330       16,939       2 %
Retail
     8,603       8,954       (4 %)     29,427       50,457       (42 %)
    2004     2003             2004     2003          
Total
     14,066       13,681       3 %     46,757       67,396       (31 %)
 
                                        
Loan Volume (in billions)
   $ 3.07     $ 2.89       6 %   $ 9.66     $ 11.88       (19 %)
 
                                        
Average Loan Size
   $ 199,500     $ 171,900       16 %   $ 189,000     $ 168,900       12 %
 
                                        
Operating Profit per Loan
   $ 1,365     $ 1,597       (15 %)   $ 1,463     $ 1,974       (26 %)
 
                                        

Centex Home Equity

                                                 
    Quarter Ended December 31,     Nine Months Ended December 31,  
    2004     2003     Change     2004     2003     Change  
Originations
     11,293       9,185       23 %     33,632       27,768       21 %
 
                                        
Applications
     100,509       83,518       20 %     297,807       249,817       19 %
 
                                        
Loan Volume (in billions)
   $ 1.37     $ 1.00       37 %   $ 4.07     $ 2.91       40 %
 
                                        
Average Loan Size
   $ 121,100     $ 109,400       11 %   $ 120,900     $ 104,700       15 %
 
                                        
Earnings As a % of Average “Owned” Portfolio
     1.34 %     1.15 %             1.54 %     1.17 %        
 
                                        

Servicing Portfolio:

                         
    As of December 31,  
    2004     2003     Change  
Number of Loans:
                        
Portfolio Accounting Method
     82,628       73,232          
Serviced for Others
     14,794       11,376          
 
                    
Total
     97,422       84,608       15 %
 
                    
Servicing Portfolio (in billions):
                        
Portfolio Accounting Method
   $ 7.72     $ 6.08          
Serviced for Others
     1.16       0.67          
 
                    
Total
   $ 8.88     $ 6.75       32 %
 
                    

 

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