8-K

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):
October 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))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition
	Item 7.01. Regulatory FD Disclosure
	Item 8.01. Other Events
	Item 9.01. Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
Press Release

Item 2.02. Results of Operations and Financial Condition.

     On October 25, 2005, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended September 30, 2005. 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 7.01. Regulation FD Disclosure.

     On October 25, 2005, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended September 30, 2005. A copy of the Corporation’s press release (the “Press Release”) announcing these results, other information and increased earnings per share guidance for the fiscal year ending March 31, 2006 is being furnished as Exhibit 99.1 hereto. The information in the Press Release under the captions “Additional Developments” and “Outlook” is furnished pursuant to this Item 7.01.

Item 8.01. Other Events.

     On October 25, 2005, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended September 30, 2005. A copy of the Corporation’s press release (the “Press Release”) announcing these results is being furnished as Exhibit 99.1 hereto. The attachments to the Press Release identified as Attachments 1 through 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.

(c) Exhibits

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

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/ James R. Peacock III Name: James R. Peacock III Title:   Vice President, Deputy General Counsel and             Secretary

Date: October 25, 2005

EXHIBIT INDEX

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

EX-99.1 2 d29246exv99w1.htm PRESS RELEASE

Exhibit 99.1

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 SECOND QUARTER RESULTS

Operating earnings grow 51% to $514 million
Earnings per diluted share from continuing operations increase 61% to $2.49
Fiscal Year 2006 earnings from continuing operations raised to a range of
$9.65 to $9.85 per diluted share

DALLAS - October 25, 2005: Centex Corporation (NYSE: CTX) today announced record second quarter revenues, operating earnings and diluted earnings per share.

Highlights of the quarter ended September 30, 2005 (compared to last year’s second quarter):

• Revenues increased 26% to $3.63 billion

• Net earnings grew 59% to $335 million, which includes the benefit from a tax refund of $28 million or $0.21 per diluted share

• Home Building operating margin was 15.9%, up 260 basis points

• Home Building unit backlog rose 19%, dollar value grew 30%

• Home closings increased 17%, sales (orders) rose 12%

     “We performed very well in the quarter, achieving strong closings growth, increased backlog and expanded operating margins,” said Tim Eller, Centex’s Chairman and CEO. “The long-term fundamentals driving the industry remain strong. Our sharpened focus on home building, our diverse geographic and product mix, emphasis on quality and customer satisfaction, and industry leadership position provide opportunities for continued superior performance in the years ahead.”

HOME BUILDING

     Fiscal 2006’s second quarter revenues from Centex Homes were $2.89 billion, 36% higher than the same quarter last year. Operating earnings from Centex Homes were $459 million for the quarter this year, 62% higher than the same quarter a year ago.

CENTEX REPORTS RECORD SECOND QUARTER RESULTS, Page 2 of 4

     This 62% increase in operating earnings was achieved on a 17% increase in closings to 9,157 homes, as well as a 260 basis point improvement in operating margin to 15.9%. The improvement was primarily due to an increase in housing operating margin and a higher contribution from land sales. The housing operating margin improved primarily due to an increase in the average sales price of delivered homes, SG&A leverage and continuing process improvements. Housing operating margin increased 48% and improved by 150 basis points excluding earnings from land sales and other income.

     Centex posted $173 million in land sales and other revenue, which contributed operating earnings of $59 million in the quarter. These land sales were primarily in the areas of Naples, Fla. and Washington, D.C. Profit from land and lot sales is now expected to be approximately $100 million for the current fiscal year, up from a previously-expected range of $25 to $75 million.

     For the current six months, revenues from Centex Homes were $5.29 billion, 31% higher than the same period in fiscal 2005. Operating earnings from Centex Homes were $800 million for the six-month period this year, 58% higher than the year-ago period.

OTHER BUSINESSES

CTX Mortgage

     Operating earnings from CTX Mortgage totaled $21 million for this year’s second quarter versus $22 million for the same quarter a year ago. Total originations increased 16%, driven by a 20% increase in originations from home building operations. CTX Mortgage provided loans to 75% of Centex Homes’ buyers during the second quarter.

Centex Home Equity Company

     Centex Home Equity Company (CHEC) reported operating earnings of $34 million for the second quarter of fiscal 2006, a 9% improvement over last year’s second quarter. The increased earnings were driven by the growth in the loan portfolio partially offset by a lower return on that portfolio. CHEC’s loan servicing portfolio, on which it earns an interest margin, reached $8.54 billion, growing 19% versus last year. The return earned on the servicing portfolio fell 16 basis points to 1.63% for the second fiscal quarter of 2006 due to an increase in borrowing costs and competitive industry pricing.

Construction Services

     Operating earnings from Construction Services were $4 million for the second quarter this year, resulting in an operating margin of 1%, down 19 basis points from last year’s second quarter. New contracts for the quarter were approximately $837 million, increasing the backlog of uncompleted construction contracts at September 30, 2005 to $2.80 billion, 79% more than at the same date a year ago. Operating margins in this backlog are anticipated to be higher than those posted this quarter and within historical averages.

-MORE-

CENTEX REPORTS RECORD SECOND QUARTER RESULTS, Page 3 of 4

ADDITIONAL DEVELOPMENTS

     On September 16, 2005 the company completed the sale of its United Kingdom home building operations. Net proceeds of the sale, after projected foreign and domestic taxes, were approximately $290 million. The transaction is consistent with the company’s strategic plan to focus on its domestic home building operations. Substantially all the proceeds from this transaction will be used for share repurchases.

     Centex repurchased 1,000,000 shares in the quarter at an average price of $70.03 per share. The company has 5,000,000 shares remaining in its current repurchase authorization and intends to continue to repurchase shares during the third fiscal quarter.

     Second quarter earnings also included a $28 million payment from the U.S. Treasury that was effectively a tax refund. This payment increased earnings by approximately $0.21 per diluted share.

     Centex recently announced that it is exploring strategic alternatives for its sub-prime mortgage operation, Centex Home Equity Company. The alternatives being considered include a possible sale of CHEC. This is consistent with Centex’s strategic intentions to focus on its home building business. If a decision is made to sell, the Board of Directors will determine the use of net proceeds, which may include investment in home building operations and additional share repurchases.

OUTLOOK

     Based on its strong operating performance in the second quarter and the strength of the backlog, the company is raising its guidance for fiscal 2006 earnings from continuing operations to a range of $9.65 to $9.85 per diluted share, which would represent earnings per share growth of 32% to 35% over last fiscal year.

     Centex Corporation will hold its annual investor conference in New York City on Tuesday, November 15, 2005. Centex will update its earnings outlook and provide important perspectives on the actions the company is taking to strengthen its leadership position in the home building industry. The conference will be held at the Hudson Theatre at the Millennium Broadway Hotel, 145 West 44^th Street, just east of Broadway. Participants can register for the conference electronically at http://www.centexevents.com.

-MORE-

CENTEX REPORTS RECORD SECOND QUARTER RESULTS, Page 4 of 4

     Centex’s senior management will conduct a conference call to discuss the second quarter fiscal year 2006 financial results at 10 a.m. Eastern Time (9 a.m. Central Time) on Wednesday, October 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.

# # #

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. These 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, 2005 (including under the captions “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), as well as recent Quarterly Reports on Form 10-Q, which are on file with the SEC and may be obtained free of charge through the Web site maintained by the SEC at http://www.sec.gov. The factors discussed in these reports include, but are not limited to, changes in national or regional economic or business conditions, including employment levels and interest rates, competition, shortages or price changes in raw materials, or labor shortages, and other factors that could affect demand for our homes, mortgage loans or construction services or the profitability of our operations. 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
(2) Condensed Consolidated Balance Sheets
(3) Condensed Consolidated Cash Flows
(4) Supplemental Home Building Data
(5) Housing Activity by Geographic Area
(6) Housing Activity Dollar Values by Geographic Area
(7) Supplemental Financial Services Data
(8) Supplemental Financial Data

-MORE-

Attachment 1

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

	Quarter Ended									Six Months Ended
	September 30,									September 30,
	(unaudited)									(unaudited)
	2005			2004(B)			Change			2005			2004(B)			Change
Revenues
Home Building (A)	$	2,888,409		$	2,131,577			36	%	$	5,287,586		$	4,030,673			31	%
Financial Services		326,232			276,923			18	%		630,068			551,244			14	%
Construction Services		391,922			452,228			(13	%)		757,977			886,445			(14	%)
Other		23,167			24,296			(5	%)		47,857			83,717			(43	%)
Total	$	3,629,730		$	2,885,024			26	%	$	6,723,488		$	5,552,079			21	%
Operating Earnings
Home Building (A)	$	458,636		$	283,165			62	%	$	799,540		$	506,754			58	%
Financial Services		53,731			53,252			1	%		101,461			110,826			(8	%)
Construction Services		4,030			5,514			(27	%)		6,726			9,980			(33	%)
Other		(2,887	)		(2,302	)		(25	%)		(5,648	)		5,040			(212	%)
Total Operating Earnings		513,510			339,629			51	%		902,079			632,600			43	%
Corporate General Expenses		(23,558	)		(19,019	)					(44,160	)		(38,604	)
Interest Expense		(3,072	)		(4,711	)					(5,696	)		(9,117	)
Earnings from Continuing Operations Before Income Taxes		486,880			315,899			54	%		852,223			584,879			46	%
Income Taxes		(152,065	)		(112,540	)					(290,251	)		(209,673	)
Earnings from Continuing Operations		334,815			203,359			65	%		561,972			375,206			50	%
Earnings (Loss) from Discontinued Operations, net (A)		(285	)		7,253						6,228			12,639
Net Earnings	$	334,530		$	210,612			59	%	$	568,200		$	387,845			47	%
Earnings Per Share — Basic
Earnings per Share — Continuing Operations	$	2.60		$	1.64			59	%	$	4.37		$	3.03			44	%
Earnings per Share — Discontinued Operations		—			0.06						0.05			0.10
Earnings Per Share — Basic	$	2.60		$	1.70			53	%	$	4.42		$	3.13			41	%
Earnings Per Share — Diluted
Earnings per Share — Continuing Operations	$	2.49		$	1.55			61	%	$	4.17		$	2.86			46	%
Earnings per Share — Discontinued Operations		—			0.06						0.05			0.10
Earnings Per Share — Diluted	$	2.49		$	1.61			55	%	$	4.22		$	2.96			43	%
Average Shares Outstanding:
Basic		128,565,026			124,036,791			4	%		128,618,235			123,806,272			4	%
Diluted		134,526,936			130,981,144			3	%		134,725,654			131,122,570			3	%

(A)	Home Building excludes the United Kingdom Home Building operations which was sold in September, 2005 and is reflected in discontinued operations.
(B)	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
	September 30,		March 31,		September 30,		March 31,		September 30,		March 31,
	2005		2005		2005		2005		2005		2005
Assets
Cash —
Unrestricted	$	254	$	503	$	241	$	491	$	13	$	12
Restricted		472		378		50		53		422		325
Receivables —
Residential Mortgage Loans Held for Investment		8,537		7,914		—		—		8,537		7,914
Residential Mortgage Loans Held for Sale		2,014		1,775		—		—		2,014		1,775
Other Receivables		747		792		547		594		200		198
Inventories —
Homebuilding		7,970		6,439		7,970		6,439		—		—
Land Held Under Option Agreements not Owned		699		457		699		457		—		—
Other		9		33		4		27		5		6
Investments		284		164		1,029		736		—		—
Property and Equipment, net		163		160		120		117		43		43
Goodwill		217		217		206		205		11		12
Deferred Charges and Other Assets		697		502		399		333		298		169
Assets of Discontinued Operations		—		677		—		677		—		—
	$	22,063	$	20,011	$	11,265	$	10,129	$	11,543	$	10,454
Liabilities and Stockholders’ Equity
Accounts Payable and Accrued Liabilities	$	2,276	$	2,109	$	2,125	$	1,950	$	247	$	114
Debt
Non-Financial Services		3,739		3,108		3,739		3,108		—		—
Financial Services		10,645		9,721		—		—		10,645		9,721
Liabilities of Discontinued Operations		—		334		—		334		—		—
Minority Interests		671		458		669		456		2		2
Stockholders’ Equity		4,732		4,281		4,732		4,281		649		617
	$	22,063	$	20,011	$	11,265	$	10,129	$	11,543	$	10,454

* 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 Six Months Ended September 30,						For the Six Months Ended September 30,						For the Six Months Ended September 30,
	2005			2004			2005			2004			2005			2004
Cash Flows — Operating Activities
Net Earnings	$	568		$	388		$	568		$	388		$	56		$	69
Adjustments —
Depreciation and Amortization		34			28			25			19			9			9
Other Noncash Adjustments		(109	)		57			(51	)		(32	)		(89	)		42
(Increase) Decrease in Loans Held for Sale		(239	)		253			—			—			(239	)		253
(Increase) Decrease in Inventories		(1,542	)		(937	)		(1,544	)		(939	)		2			2
Other Operating Activities		15			(48	)		113			14			43			(83	)
		(1,273	)		(259	)		(889	)		(550	)		(218	)		292
Cash Flows — Investing Activities
Increase in Loans Held for Investment		(671	)		(733	)		—			—			(671	)		(733	)
Other Investing Activities		219			(39	)		87			(12	)		(9	)		(6	)
		(452	)		(772	)		87			(12	)		(680	)		(739	)
Cash Flows — Financing Activities
Increase (Decrease) in Short-Term Debt, net		1,587			94			(4	)		77			1,591			17
Issuance of Long-Term Debt, net		4			829			671			382			(667	)		447
Other Financing Activities		(113	)		5			(113	)		5			(25	)		(22	)
		1,478			928			554			464			899			442
Effect of Exchange Rate on Cash		(2	)		—			(2	)		—			—			—
Net (Decrease) Increase in Cash and Cash Equivalents		(249	)		(103	)		(250	)		(98	)		1			(5	)
Cash and Cash Equivalents at Beginning of Period		503			179			491			161			12			18
Cash and Cash Equivalents at End of Period	$	254		$	76		$	241		$	63		$	13		$	13

* 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
(Dollars in thousands, except per unit data)
(unaudited)

	Quarter Ended September 30,										Six Months Ended September 30,
	2005					2004					2005					2004
HOME BUILDING
Revenues — Housing	$	2,715,899		100.0	%	$	2,053,139		100.0	%	$	5,074,027		100.0	%	$	3,925,411		100.0	%
Cost of Sales — Housing		(1,922,562	)	(70.8	%)		(1,491,284	)	(72.6	%)		(3,596,166	)	(70.9	%)		(2,853,063	)	(72.7	%)
Gross Margin — Housing		793,337		29.2	%		561,855		27.4	%		1,477,861		29.1	%		1,072,348		27.3	%
Revenues — Land Sales & Other		172,510					78,438					213,559					105,262
Cost of Sales — Land Sales & Other		(113,439	)				(64,609	)				(150,555	)				(99,726	)
Gross Margin — Land Sales & Other		59,071					13,829					63,004					5,536
Total Gross Margin		852,408		29.5	%		575,684		27.0	%		1,540,865		29.1	%		1,077,884		26.7	%
Selling, General & Administrative		(399,730	)	(13.8	%)		(295,809	)	(13.9	%)		(759,697	)	(14.4	%)		(582,192	)	(14.4	%)
Other Income		5,958		0.2	%		3,290		0.2	%		18,372		0.4	%		11,062		0.3	%
Operating Earnings	$	458,636		15.9	%	$	283,165		13.3	%	$	799,540		15.1	%	$	506,754		12.6	%
Units Closed		9,157					7,831					17,392					15,214
Average Unit Sales Price	$	296,593				$	262,181				$	291,745				$	258,013
% Change		13.1	%				7.3	%				13.1	%				8.0	%
Operating Earnings per Unit	$	50,086				$	36,159				$	45,972				$	33,308
% Change		38.5	%				21.3	%				38.0	%				21.8	%
Average Neighborhoods		615					576					611					573
% Change		6.8	%				3.0	%				6.6	%				2.7	%

LOT POSITION

	As of September 30,
	2005		2004		Change
Lot Owned and Controlled:
Lots Owned		106,041		85,335		24	%
Lots Controlled		179,590		136,979		31	%
Total		285,631		222,314		28	%

Attachment 5

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

	Closings
	Quarter Ended September 30,							Six Months Ended September 30,
	2005		2004		Change			2005		2004		Change
Mid-Atlantic		1,749		1,317		33	%		3,294		2,620		26	%
Southeast		1,633		1,296		26	%		3,086		2,605		18	%
Midwest		1,762		1,684		5	%		3,327		3,208		4	%
Southwest		2,418		2,120		14	%		4,606		4,108		12	%
West Coast		1,595		1,414		13	%		3,079		2,673		15	%
		9,157		7,831		17	%		17,392		15,214		14	%

	Sales (Orders) Backlog
	As of September 30,
	2005		2004		Change
Mid-Atlantic		3,835		3,316		16	%
Southeast		5,445		4,692		16	%
Midwest		3,372		3,238		4	%
Southwest		4,862		3,359		45	%
West Coast		3,657		3,122		17	%
		21,171		17,727		19	%

	Sales (Orders)
	Quarter Ended September 30,							Six Months Ended September 30,
	2005		2004		Change			2005		2004		Change
Mid-Atlantic		1,697		1,659		2	%		3,707		3,135		18	%
Southeast		1,690		1,664		2	%		3,525		3,590		(2	%)
Midwest		1,752		1,480		18	%		3,387		3,054		11	%
Southwest		2,767		2,263		22	%		5,780		4,598		26	%
West Coast		1,649		1,430		15	%		3,575		3,150		13	%
		9,555		8,496		12	%		19,974		17,527		14	%

Attachment 6

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

	Housing Revenues - Closings
	(Dollars in thousands)
	Quarter Ended September 30,							Six Months Ended September 30,
	2005		2004		Change			2005		2004		Change
Mid-Atlantic	$	582,091	$	371,224		57	%	$	1,079,369	$	744,223		45	%
Southeast		464,207		320,366		45	%		859,402		637,583		35	%
Midwest		385,758		356,435		8	%		720,366		677,337		6	%
Southwest		447,574		350,937		28	%		826,810		665,163		24	%
West Coast		836,269		654,177		28	%		1,588,080		1,201,105		32	%
	$	2,715,899	$	2,053,139		32	%	$	5,074,027	$	3,925,411		29	%

	Sales (Orders) Backlog Value
	(Dollars in thousands)
	As of September 30,
	2005		2004		Change
Mid-Atlantic	$	1,370,548	$	1,056,202		30	%
Southeast		1,635,146		1,304,092		25	%
Midwest		757,856		697,633		9	%
Southwest		1,163,118		623,610		87	%
West Coast		2,034,364		1,684,051		21	%
	$	6,961,032	$	5,365,588		30	%

Attachment 7

Centex Corporation and Subsidiaries
Supplemental Financial Services Data

CTX Mortgage Company

	Quarter Ended September 30,							Six Months Ended September 30,
	2005		2004		Change			2005		2004		Change
Originations
Builder		6,245		5,206		20	%		11,864		10,225		16	%
Retail		12,904		11,349		14	%		25,215		25,503		(1	%)
Total		19,149		16,555		16	%		37,079		35,728		4	%
Applications
Builder		7,148		5,721		25	%		14,464		11,867		22	%
Retail		11,658		9,957		17	%		22,247		20,824		7	%
Total		18,806		15,678		20	%		36,711		32,691		12	%
Loan Volume (in billions)	$	4.28	$	3.09		38	%	$	8.10	$	6.59		23	%
Average Loan Size	$	223,400	$	186,700		20	%	$	218,400	$	184,500		18	%
Operating Profit per Loan	$	1,080	$	1,315		(18	%)	$	1,132	$	1,506		(25	%)

Centex Home Equity Company

	Quarter Ended September 30,									Six Months Ended September 30,
	2005			2004			Change			2005			2004			Change
Originations		12,364			10,819			14	%		23,640			22,339			6	%
Applications		111,290			99,333			12	%		216,197			197,298			10	%
Loan Volume (in billions)	$	1.63		$	1.26			30	%	$	3.04		$	2.70			12	%
Average Loan Size	$	132,200		$	116,300			14	%	$	128,400		$	120,800			6	%
Earnings As a % of Average Portfolio Accounting Method Loans		1.63	%		1.79	%					1.50	%		1.67	%

     Servicing Portfolio:

	As of September 30,
	2005		2004		Change
Number of Loans:
Portfolio Accounting Method		86,550		79,607
Serviced for Others		18,815		15,508
Total		105,365		95,115		11	%
Servicing Portfolio (in billions):
Portfolio Accounting Method	$	8.54	$	7.18
Serviced for Others		1.79		1.21
Total	$	10.33	$	8.39		23	%

Attachment 8

Centex Corporation and Subsidiaries
Supplemental Financial Data — Debt-to-Capitalization Ratio
(Dollars in millions)

	As of September 30,			As of March 31,			As of September 30,
	2005			2005			2004
Debt/Capitalization *
Debt	$	3,739		$	3,108		$	2,737
Minority Interests		669			456			490
Less Minority Interests on Lot Options		(629	)		(416	)		(463	)
Stockholders’ Equity		4,732			4,281			3,485
Capitalization		8,511			7,429			6,249
Less Unrestricted Cash		(241	)		(491	)		(63	)
Net Capitalization	$	8,270		$	6,938		$	6,186
Debt-to-Capitalization Ratio		43.9	%		41.8	%		43.8	%
Net Debt-to-Capitalization Ratio		42.3	%		37.7	%		43.2	%
Consolidated Debt/Capitalization **
Debt	$	14,384		$	12,829		$	11,504
Minority Interests		671			458			491
Less Minority Interests on Lot Options		(629	)		(416	)		(463	)
Stockholders’ Equity		4,732			4,281			3,485
Capitalization		19,158			17,152			15,017
Less Unrestricted Cash		(254	)		(503	)		(76	)
Net Capitalization	$	18,904		$	16,649		$	14,941
Consolidated Debt-to-Capitalization Ratio		75.1	%		74.8	%		76.6	%
Consolidated Net Debt-to-Capitalization Ratio		74.7	%		74.0	%		76.5	%

*	Capitalization includes debt, minority interest (excluding lot options), and stockholders’ equity. Capitalization presented above reflects Financial Services on an equity basis and does not include debt attributable to Financial Services.
**	Consolidated capitalization includes debt, minority interest (excluding lot options), and stockholders’ equity, including Financial Services.

Net debt-to-capitalization ratios are provided reflecting net capitalization, including net debt (debt less unrestricted cash), minority interest (excluding lot options), and stockholders’ equity. See Attachments 2 and 3 of the Earnings Release for more information.

EX-99.1

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