exv99w1

Centex Corporation, Page 2 of 4

continue to focus our investment in Centex Homes’ growth. For fiscal 2006, we expect to accelerate our neighborhood growth while continuing to expand our operating margins.”

HOME BUILDING

Domestic

Operating earnings from Centex Homes were $525 million for the fourth quarter this year, 49% higher than $353 million for the fourth quarter a year ago. Fiscal 2005’s fourth quarter revenues from Centex Homes were $3.09 billion, 29% higher than $2.40 billion for the same quarter last year.

The 49% increase in operating earnings was achieved on a 5% increase in closings to 10,126 homes in this year’s fourth quarter, as well as a 230 basis point improvement in the operating margin to 17.0%. The operating margin improvement was composed of a 160 basis point improvement in housing gross margin, SG&A leverage and joint venture income. The housing gross margin improvement was driven primarily by an increase in the average selling price of homes delivered and the results of ongoing process improvement initiatives. Additionally, land sales contributed 40 basis points of the 200 basis point gross margin improvement.

New home orders for this year’s fourth quarter were 11,214 homes, 9% above last year’s level. The backlog of homes sold but not delivered at March 31, 2005 was 18,589 units, 21% higher than the backlog at the same time a year ago. On a dollar basis, backlog grew 40% to exceed $5.94 billion.

Fiscal 2005 operating earnings from Centex Homes reached a record $1.38 billion, 43% higher than fiscal 2004 operating earnings of $0.97 billion. Centex Homes revenues of $9.36 billion for fiscal 2005 were 24% higher than last year’s revenues.

International

London-based Fairclough Homes, the international operation of Centex Homes, closed 496 homes during the fourth quarter of fiscal 2005 versus 433 units for the same quarter last year. Operating earnings for the quarter were $29 million, a 58% increase over last year’s fourth quarter operating earnings of $18 million. Operating margin increased 300 basis points to 16.7% in the quarter. This increase reflects an improved pricing environment and increased deliveries from higher-margin neighborhoods.

For fiscal 2005, Fairclough closed 1,563 homes, producing $67 million of operating earnings and posting increases of 1% and 60%, respectively. Operating profit margin increased 390 basis points to 13.3% for the year.

FINANCIAL SERVICES

Operating earnings from Financial Services for the fourth quarter this year were $48 million, a 7% increase from the same quarter last year. Revenues from this segment were $289 million for the fourth quarter this year, 15% above $252 million for the same quarter a year ago.

Fiscal 2005 operating earnings from Financial Services were $204 million, a decrease of 11% compared to $230 million for fiscal 2004. Revenues from Financial Services were $1.11 billion for fiscal 2005, 6% higher than last year’s revenues of $1.05 billion.

-MORE-

Centex Corporation, page 3 of 4

CTX Mortgage Company

Operating earnings from CTX Mortgage Company totaled $21 million for the fourth quarter of fiscal 2005, 21% lower than $27 million for fiscal 2004’s fourth quarter. Originations from Centex Homes’ closings increased 4% while retail originations fell 18%. CTX Mortgage provided mortgage loans to 73% of Centex Homes’ buyers for the fourth quarter.

Fiscal 2005 operating earnings from CTX Mortgage Company were $96 million compared to $166 million for the same period a year ago.

Centex Home Equity Company

Centex Home Equity Company (CHEC) reported operating earnings of $26 million for the fourth quarter of fiscal 2005, a 50% improvement over $18 million in last year’s fourth quarter. For fiscal year 2005, CHEC’s operating earnings rose 68% to $108 million from $65 million in fiscal 2004. The increased earnings were driven by the growth in the loan portfolio, a higher return on that portfolio and an increase in whole loan sales. CHEC’s loan servicing portfolio on which it earns an interest margin reached $7.91 billion, growing 22% versus last year. The return earned on the servicing portfolio grew 34 basis points to 1.50% for fiscal 2005.

CONSTRUCTION SERVICES

Operating earnings from Construction Services were $7 million for the fourth quarter this fiscal year, versus $4 million for the same quarter last year. The operating margin was 1.8% for this year’s fourth quarter, up 90 basis points from last year’s fourth quarter. New contracts for the quarter were approximately $400 million. For fiscal 2005, Construction Services reported operating earnings of $24 million, 43% more than $16 million in operating earnings in the prior year. Construction Services revenues for fiscal 2005 were $1.74 billion, 9% higher than $1.60 billion in the prior year. For the fourth quarter, Construction Services revenue declined 5% to $407 million. During fiscal 2005, Construction Services was awarded approximately $1.99 billion of new contracts, a 9% increase over $1.82 billion in fiscal 2004. The backlog of uncompleted construction contracts at March 31, 2005 was $2.00 billion, 15% more than $1.75 billion at March 31, 2004.

OUTLOOK

Centex enters fiscal 2006 with the highest year-end backlog of home sales in its history. Based on current positive sales trends and the strength of the backlog, the company is reiterating its earnings per diluted share guidance of $8.75 to $9.25, which would represent its tenth consecutive record year.

Centex’s senior management will conduct a conference call to discuss the fourth quarter and fiscal year 2005 financial results, as well as its outlook for fiscal 2006, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on Thursday, April 28. 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.

- MORE -

Centex Corporation, 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. Such statements include projections, forecasts, and plans and objectives of management for future operations and operating and financial performance, as well as any related assumptions. 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 (including under the captions “Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), Centex’s subsequent Quarterly Reports on Form 10-Q, as well as recent Current Reports on Form 8-K, 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 in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. Centex makes no commitment, and disclaims any duty, to update or revise any forward-looking statement to reflect future events or changes in Centex’s expectations.

NOTE ATTACHMENTS:
(1) Revenues and Earnings by Lines of Business (Quarter and Year)
(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

- MORE -

Attachment 1

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


	Quarter Ended									Fiscal Year Ended
	March 31,									March 31,
	(unaudited)									(unaudited)
	2005			2004 (D)			Change			2005			2004 (D)			Change
Revenues
Home Building (A)	$	3,263,046		$	2,479,582			32	%	$	9,860,998		$	7,599,519			30	%
Financial Services		289,261			252,263			15	%		1,107,206			1,047,905			6	%
Construction Services		406,690			429,724			(5	%)		1,738,603			1,596,335			9	%
Other		31,096			31,010			—	%		152,888			119,632			28	%

Total	$	3,990,093		$	3,192,579			25	%	$	12,859,695		$	10,363,391			24	%

Operating Earnings
Home Building (A)	$	553,931		$	371,043			49	%	$	1,445,405		$	1,005,290			44	%
Financial Services		47,531			44,549			7	%		204,360			230,301			(11	%)
Construction Services		7,146			3,701			93	%		23,524			16,413			43	%
Other		(5,812	)		14,596			(140	%)		5,566			42,458			(87	%)

Total Operating Earnings		602,796			433,889			39	%		1,678,855			1,294,462			30	%
Corporate General Expenses		(21,136	)		(34,547	)					(82,877	)		(105,529	)
Interest Expense		(6,185	)		(4,499	)					(22,209	)		(39,869	)

Earnings from Continuing Operations
Before Income Taxes		575,475			394,843			46	%		1,573,769			1,149,064			37	%
Income Taxes		(205,727	)		(126,854	)					(562,405	)		(371,933	)

Earnings from Continuing Operations		369,748			267,989			38	%		1,011,364			777,131			30	%
Earnings from Discontinued Operations, net (B)		—			32,108						—			63,815
Cumulative Effect of Accounting Change (C)		—			—						—			(13,260	)

Net Earnings	$	369,748		$	300,097			23	%	$	1,011,364		$	827,686			22	%

Earnings Per Share — Basic
Earnings per Share — Continuing Operations	$	2.89		$	2.17			33	%	$	8.08		$	6.30			28	%
Earnings per Share — Discontinued Operations		—			0.26						—			0.52
Earnings per Share — Cumulative Effect		—			—						—			(0.11	)

Earnings Per Share — Basic	$	2.89		$	2.43			19	%	$	8.08		$	6.71			20	%

Earnings Per Share — Diluted
Earnings per Share — Continuing Operations	$	2.75		$	2.05			34	%	$	7.64		$	6.01			27	%
Earnings per Share — Discontinued Operations		—			0.25						—			0.49
Earnings per Share — Cumulative Effect		—			—						—			(0.10	)

Earnings Per Share — Diluted	$	2.75		$	2.30			20	%	$	7.64		$	6.40			19	%

Average Shares Outstanding:
Basic		127,739,654			123,525,669			3	%		125,226,596			123,382,068			1	%
Diluted		134,248,349			130,515,294			3	%		132,397,961			129,392,821			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
	March 31,		March 31,		March 31,		March 31,		March 31,		March 31,
	2005		2004		2005		2004		2005		2004
Assets
Cash -
Unrestricted	$	503	$	179	$	491	$	161	$	12	$	18
Restricted		378		310		53		50		325		260
Receivables -
Residential Mortgage Loans Held for Investment		7,914		6,498		—		—		7,914		6,498
Residential Mortgage Loans Held for Sale		1,775		1,820		—		—		1,775		1,820
Other Receivables		797		669		599		491		198		178
Inventories -
Homebuilding		7,072		5,105		7,072		5,105		—		—
Land Held Under Option Agreements not Owned		457		362		457		362		—		—
Other		33		94		27		85		6		9
Investments		164		140		736		672		—		—
Property and Equipment, net		162		156		119		115		43		41
Goodwill		253		255		241		238		12		17
Deferred Charges and Other Assets		503		481		334		239		169		242

	$	20,011	$	16,069	$	10,129	$	7,518	$	10,454	$	9,083

Liabilities and Stockholders’ Equity
Accounts Payable and Accrued Liabilities	$	2,304	$	1,963	$	2,145	$	1,715	$	114	$	264
Debt
Non-Financial Services		3,247		2,418		3,247		2,418		—		—
Financial Services		9,721		8,302		—		—		9,721		8,302
Minority Interests		458		336		456		335		2		1
Stockholders’ Equity		4,281		3,050		4,281		3,050		617		516

	$	20,011	$	16,069	$	10,129	$	7,518	$	10,454	$	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 Fiscal Year Ended March 31,						For the Fiscal Year Ended March 31,						For the Fiscal Year Ended March 31,
	2005			2004			2005			2004			2005			2004
Cash Flows — Operating Activities
Net Earnings	$	1,011		$	828		$	1,011		$	828		$	126		$	133
Adjustments -
Depreciation and Amortization		107			101			89			84			18			17
Other Noncash Adjustments		36			22			(200	)		(138	)		159			102
Decrease in Loans Held for Sale		44			927			—			—			44			927
(Increase) Decrease in Inventories		(1,880	)		(1,203	)		(1,883	)		(1,203	)		3			—
Other Operating Activities		223			—			387			81			(200	)		(88	)

		(459	)		675			(596	)		(348	)		150			1,091

Cash Flows — Investing Activities
Increase in Loans Held for Investment		(1,515	)		(1,935	)		—			—			(1,515	)		(1,935	)
Other Investing Activities		(8	)		38			39			(33	)		(11	)		3

		(1,523	)		(1,897	)		39			(33	)		(1,526	)		(1,932	)

Cash Flows — Financing Activities
Increase (Decrease) in Short-Term Debt, net		371			(1,083	)		8			(25	)		363			(1,058	)
Issuance of Long-Term Debt, net		1,873			2,143			817			241			1,056			1,902
Other Financing Activities		67			(116	)		67			(116	)		(49	)		—

		2,311			944			892			100			1,370			844

Effect of Exchange Rate on Cash		(5	)		1			(5	)		1			—			—

Net Increase (Decrease) in Cash and Cash Equivalents		324			(277	)		330			(280	)		(6	)		3
Cash and Cash Equivalents at Beginning of Period		179			456			161			441			18			15

Cash and Cash Equivalents at End of Period	$	503		$	179		$	491		$	161		$	12		$	18

* 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 March 31,													Fiscal Year Ended March 31,
	2005					2004					2005						2004
HOME BUILDING — DOMESTIC
Revenues — Housing	$	2,909.2		100.0	%	$	2,363.1		100.0	%	$	9,007.1			100.0	%	$	7,360.7		100.0	%
Cost of Sales — Housing		(2,078.8	)	(71.5	%)		(1,728.3	)	(73.1	%)		(6,486.7	)		(72.0	%)		(5,401.1	)	(73.4	%)

Gross Margin — Housing		830.4		28.5	%		634.8		26.9	%		2,520.4			28.0	%		1,959.6		26.6	%

Revenues — Land Sales & Other		180.4					36.0					352.6						158.3
Cost of Sales — Land Sales & Other		(107.3	)				(18.0	)				(261.4	)					(143.2	)

Gross Margin — Land Sales & Other		73.1					18.0					91.2						15.1

Total Gross Margin		903.5		29.2	%		652.8		27.2	%		2,611.6			27.9	%		1,974.7		26.3	%
Selling, General & Administrative		(392.9	)	(12.7	%)		(306.2	)	(12.8	%)		(1,301.6	)		(13.9	%)		(1,038.8	)	(13.8	%)
Other Income		14.3		0.5	%		6.6		0.3	%		68.8			0.7	%		30.0		0.3	%

Operating Earnings	$	524.9		17.0	%	$	353.2		14.7	%	$	1,378.8			14.7	%	$	965.9		12.8	%

Units Closed		10,126					9,635					33,387						30,358
Average Unit Sales Price	$	287,307				$	245,267				$	269,780					$	242,465
% Change		17.1	%				8.9	%				11.3	%					10.1	%
Operating Earnings per Unit	$	51,836				$	36,660				$	41,298					$	31,816
% Change		41.4	%				36.5	%				29.8	%					33.2	%
Average Neighborhoods		613					557					589						558
% Change		10.1	%				1.1	%				5.6	%					7.5	%

LOT POSITION — DOMESTIC


	As of March 31,
	2005		2004		Change
Lot Owned and Controlled:
Lots Owned		96,945		77,475		25.1	%
Lots Controlled		168,350		115,366		45.9	%

Total		265,295		192,841		37.6	%

Attachment 5

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


	Closings
	Quarter Ended March 31,							Fiscal Year Ended March 31,
	2005		2004		Change			2005		2004		Change
Mid-Atlantic		1,839		1,502		22	%		5,823		5,201		12	%
Southeast		1,992		1,860		7	%		5,879		5,568		6	%
Midwest		1,821		1,807		1	%		6,712		5,801		16	%
Southwest		2,816		3,073		(8	%)		9,158		8,708		5	%
West Coast		1,658		1,393		19	%		5,815		5,080		14	%

		10,126		9,635		5	%		33,387		30,358		10	%


	Sales (Orders) Backlog
	As of March 31,
	2005		2004		Change
Mid-Atlantic		3,461		2,801		24	%
Southeast		5,006		3,707		35	%
Midwest		3,273		3,392		(4	%)
Southwest		3,688		2,869		29	%
West Coast		3,161		2,645		20	%

		18,589		15,414		21	%


	Sales (Orders)
	Quarter Ended March 31,							Fiscal Year Ended March 31,
	2005		2004		Change			2005		2004		Change
Mid-Atlantic		1,883		1,732		9	%		6,483		5,854		11	%
Southeast		2,006		2,045		(2	%)		7,178		6,562		9	%
Midwest		2,128		2,081		2	%		6,593		6,273		5	%
Southwest		3,363		2,764		22	%		9,977		9,319		7	%
West Coast		1,834		1,652		11	%		6,331		5,714		11	%

		11,214		10,274		9	%		36,562		33,722		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 March 31,							Fiscal Year Ended March 31,
	2005		2004		Change			2005		2004		Change
Mid-Atlantic	$	564.2	$	425.3		33	%	$	1,700.8	$	1,434.3		19	%
Southeast		532.8		470.4		13	%		1,506.5		1,290.1		17	%
Midwest		397.4		372.3		7	%		1,431.8		1,203.4		19	%
Southwest		513.0		490.3		5	%		1,557.1		1,358.4		15	%
West Coast		901.8		604.8		49	%		2,810.9		2,074.5		35	%

	$	2,909.2	$	2,363.1		23	%	$	9,007.1	$	7,360.7		22	%


	Sales (Orders) Backlog Value
	(dollars in millions)
	As of March 31,
	2005		2004		Change
Mid-Atlantic	$	1,227.3	$	914.2		34	%
Southeast		1,458.0		982.8		48	%
Midwest		726.0		682.4		6	%
Southwest		804.2		463.7		73	%
West Coast		1,725.9		1,188.9		45	%

	$	5,941.4	$	4,232.0		40	%

Attachment 7

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


(dollars in millions, except per unit data)
	Quarter Ended March 31,										Fiscal Year Ended March 31,
	2005					2004					2005					2004
HOME BUILDING — INTERNATIONAL
Revenues — Housing	$	170.0		100.0	%	$	130.1		100.0	%	$	492.0		100.0	%	$	428.7		100.0	%
Cost of Sales — Housing		(125.4	)	(73.8	%)		(95.2	)	(73.2	%)		(357.9	)	(72.7	%)		(333.5	)	(77.8	%)

Gross Margin — Housing		44.6		26.2	%		34.9		26.8	%		134.1		27.3	%		95.2		22.2	%

Revenues — Land Sales & Other		3.4					3.8					9.3					10.3
Cost of Sales — Land Sales & Other		1.9					(3.7	)				(5.5	)				(6.2	)

Gross Margin — Land Sales & Other		5.3					0.1					3.8					4.1

Total Gross Margin		49.9		28.8	%		35.0		26.1	%		137.9		27.5	%		99.3		22.6	%
Selling, General & Administrative		(21.0	)	(12.1	%)		(16.7	)	(12.4	%)		(71.4	)	(14.2	%)		(57.8	)	(13.2	%)
Other Income		0.1		—	%		—		—	%		0.1		—	%		—		—	%

Operating Earnings		29.0		16.7	%		18.3		13.7	%		66.6		13.3	%		41.5		9.4	%
Interest		(0.9	)	(0.5	%)		(0.5	)	(0.4	%)		(2.9	)	(0.6	%)		(2.1	)	(0.4	%)

Earnings Before Income Taxes	$	28.1		16.2	%	$	17.8		13.3	%	$	63.7		12.7	%	$	39.4		9.0	%

Units Closed		496					433					1,563					1,547
Unit Sales		419					349					1,456					1,492
Plots Owned and Controlled		5,541					5,033					5,541					5,033
Average Unit Sales Price	$	342,740				$	300,499				$	314,797				$	277,125
% Change		14.1	%				26.1	%				13.6	%				17.5	%
Operating Earnings per Unit	$	58,552				$	42,296				$	42,602				$	26,840
% Change		38.4	%				85.5	%				58.7	%				74.6	%

Attachment 8

Centex Corporation and Subsidiaries
Supplemental Financial Services Data

CTX Mortgage Company


	Quarter Ended March 31,							Fiscal Year Ended March 31,
	2005		2004		Change			2005		2004		Change
Originations
Builder		6,829		6,558		4	%		22,517		20,865		8	%
Retail		9,416		11,465		(18	%)		44,816		67,481		(34	%)

Total		16,245		18,023		(10	%)		67,333		88,346		(24	%)

Applications
Builder		7,301		7,092		3	%		24,631		24,031		2	%
Retail		10,421		15,057		(31	%)		39,848		65,514		(39	%)

Total		17,722		22,149		(20	%)		64,479		89,545		(28	%)

Loan Volume (in billions)	$	3.38	$	3.24		5	%	$	13.04	$	15.12		(14	%)

Average Loan Size	$	208,200	$	179,600		16	%	$	193,600	$	171,100		13	%

Operating Profit per Loan	$	1,306	$	1,496		(13	%)	$	1,425	$	1,876		(24	%)

Centex Home Equity


	Quarter Ended March 31,									Fiscal Year Ended March 31,
	2005			2004			Change			2005			2004			Change
Originations		9,985			8,891			12	%		43,617			36,659			19	%

Applications		103,495			91,077			14	%		401,302			340,894			18	%

Loan Volume (in billions)	$	1.21		$	1.01			20	%	$	5.28		$	3.92			35	%

Average Loan Size	$	121,100		$	114,100			6	%	$	121,000		$	106,900			13	%

Earnings As a % of Average Portfolio Accounting Method Loans		1.35	%		1.12	%					1.50	%		1.16	%

Servicing Portfolio:


	As of March 31,
	2005		2004		Change
Number of Loans:
Portfolio Accounting Method		83,972		76,215
Serviced for Others		16,431		10,858

Total		100,403		87,073		15	%

Servicing Portfolio (in billions):
Portfolio Accounting Method	$	7.91	$	6.50
Serviced for Others		1.40		0.64

Total	$	9.31	$	7.14		30	%

	•	Revenues grew 25% to $3.99 billion

	•	Earnings from continuing operations grew 38%

	•	Earnings per diluted share from continuing operations grew 34% to $2.75

	•	Domestic home building operating earnings increased 49% to $525 million

	•	Domestic home sales (orders) rose 9%; backlog rose 21% to 18,589 units

	•	Revenues grew 24% to $12.86 billion

	•	Earnings from continuing operations grew 30%

	•	Earnings per diluted share from continuing operations grew 27% to $7.64

	•	Domestic home building operating earnings increased 43% to $1.38 billion

	•	Domestic home building operating margin was 14.7%, up 190 basis points

	•	Return on Average Stockholders’ Equity exceeded 28%