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):
July 29, 2008

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 (Address of principal executive offices)		75201 (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

On July 29, 2008, Centex Corporation, a Nevada corporation (the “Corporation”), announced its results of operations for the quarter ended June 30, 2008. A copy of the Corporation’s press release (the “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.

The Press Release refers to certain non-GAAP financial measures. Housing operating earnings is a non-GAAP financial measure and is defined by the Corporation as housing revenues less housing cost of sales less selling, general and administrative expenses. Housing operating margin is a non-GAAP financial measure and is defined by the Corporation as housing operating earnings divided by total housing revenues. Reconciliations of these non-GAAP financial measures are included in the attachments to the Press Release. For additional information concerning the Corporation’s use of these non-GAAP financial measures, see the Corporation’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 23, 2007, which is also available on the Corporation’s web site at www.centex.com.

These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures. There are limitations to these non-GAAP financial measures because they are not prepared in accordance with GAAP and they may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and charges being excluded. The Corporation compensates for these limitations by using these non-GAAP financial measures as supplements to the GAAP measures. The non-GAAP financial measures should be read only in conjunction with the Corporation’s consolidated financial statements prepared in accordance with GAAP.

Item 7.01. Regulation FD Disclosure

Historical Data. Centex Corporation, a Nevada corporation (the “Corporation”), included in its Press Release, and will include in its quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2008, minor changes in its segment reporting structure. Prior year segment information was reclassified to conform to the new presentation. To facilitate investor understanding and comparison of current segment results against historical results, historical comparative data for two years, by quarter, based on the new segment structure, including revenues and operating earnings as well as statistical data, such as unit closings, sales, and backlog, is being furnished as Exhibit 99.2 hereto and is incorporated in this Item 7.01 by reference, but shall not be deemed filed for any purpose under the Securities Exchange Act of 1934.

Investor Materials. As previously announced, senior management of the Corporation will hold a conference call on July 30, 2008 at 10 a.m. Eastern time (9 a.m. Central time) to discuss the results of operations of the Corporation for the quarter ended June 30, 2008. A copy of the presentation materials to be provided to investors in connection with this conference call is being furnished as Exhibit 99.3 hereto and is hereby incorporated in this Item 7.01 by reference, but shall not be deemed filed for any purpose under the Securities Exchange Act of 1934. A copy of the presentation will be available on the Corporation’s web site at www.centex.com. A transcript of the conference call will be available on the Corporation’s web site on or before August 25, 2008.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits The following exhibits are filed or furnished with this Report.

Exhibit
Number	Description
99.1	Press Release dated July 29, 2008
99.2	Historical Supplemental Home Building Data
99.3	Investor materials furnished in connection with the conference call to be held on July 30, 2008

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.

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

Date: July 29, 2008

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated July 29, 2008
99.2	Historical Supplemental Home Building Data
99.3	Investor materials furnished in connection with the conference call to be held on July 30, 2008

EX-99.1

Exhibit 99.1

	Centex Corporation
	2728 N. Harwood
	Dallas, Texas 75201-1516
	P.O. Box 199000
	Dallas, Texas 75219-9000

news release

For Immediate Release

For additional information, please contact:
Matthew G. Moyer, Vice President — Investor Relations
Eric Bruner, Director — Public Relations
214.981.5000

CENTEX REPORTS FIRST QUARTER RESULTS

DALLAS — July 29, 2008: Centex Corporation (NYSE: CTX) today reported financial results for its fiscal first quarter ended June 30, 2008.

Highlights of the quarter ended June 30, 2008 (compared to last year’s first quarter):

• Sales (orders) decreased 35% (down 23% on a per neighborhood basis) to 4,215

• Loss from continuing operations of $1.36 per diluted share

• Reduced homebuilding SG&A expenses by 44% or $132 million

• Generated positive cash flow from homebuilding operations

• June 30^th cash balance of $1.24 billion

“The housing market worsened in the June quarter, and I don’t expect to see it improve this fiscal year,” said Tim Eller, chairman and CEO of Centex Corp. “We ended the quarter with $1.24 billion in cash, improved our gross margins sequentially and continued to reduce overhead expenses. I am confident that we will continue to lower our costs and improve our balance sheet through positive homebuilding operating cash flow generation over the remainder of this fiscal year.”

Corporate Results
Fiscal 2009’s first quarter revenues were $1.13 billion, 41% lower than the same quarter last year. The loss from continuing operations for the first quarter was $169 million, or a loss of $1.36 per diluted share, up from a loss of $132 million, or $1.08 per diluted share, in the previous year’s fiscal first quarter. Included in the first quarter of fiscal 2009’s loss from continuing operations are $80 million of impairments and other land-related charges, including the company’s share of joint venture impairments. First quarter’s corporate general and administrative expenses were $58.6 million this year, up from $45.0 million in last year’s first quarter reflecting primarily an increase in reserves, strategic investments to improve our core business processes and the centralization of certain division functions. “Restoring profitability remains a top company priority. While corporate G&A was higher this quarter, I am pleased that when combined with homebuilding SG&A, the total was down 35% from last year’s first quarter as we continue to adjust overhead spending to the new revenue realities,” Mr. Eller said.

Home Building
Fiscal 2009’s first quarter revenues were $1.05 billion, 42% lower than the same quarter last year as a result of a 35% decrease in closings to 3,939 homes and a 10% decrease in average sales price to $262,044. Home building reported an operating loss of $131 million for the quarter versus a loss of $172 million in last year’s first quarter. The operating loss includes $80 million of impairments and write offs.

Housing operating losses (housing revenues less housing cost of sales and SG&A) were $44 million, up from a loss of $5 million in the previous year. The increase in loss is a result of a 470 bps reduction in housing gross margin as well as a 42% decrease in housing revenues. The reduction in gross margin was primarily a result of a 170 bps increase in discounts and sales incentives to 10.5% of revenues and higher financing and closing costs.

Financial Services
Financial Services reported operating earnings of $6 million this quarter, down from earnings of $15 million in the first quarter of fiscal 2007, due principally to lower origination volumes.

Other
Centex recently announced new national energy-efficiency standards starting in January 2009. Homes equipped with the “Centex Energy Advantage” are up to 22% more energy efficient than comparable new homes and up to 40% more efficient than a typical 10-year-old home, according to the NAHB Research Center. “Centex Energy Advantage takes direct aim at making home ownership more affordable. As energy costs continue to mount, first-time homebuyers are increasingly sensitive to the operating costs of a home,” Mr. Eller said. “We believe the Centex Energy Advantage will be a key consideration among customers who are budget-conscious or environmentally sensitive.”

During the fiscal first quarter, the Company increased by $49 million a valuation allowance related to its deferred tax asset in accordance with Statement of Financial Accounting Standards No. 109, “Accounting for Income Taxes.” The increase in the valuation allowance was reflected as a charge to income tax expense and a reduction of the Company’s deferred tax asset. At the end of the quarter, the balance of the Company’s deferred tax asset was $143 million, net of a valuation allowance of $879 million.

Non-GAAP Financial Measures
Explanations of non-GAAP financial measures used in this press release and the accompanying attachments, and reconciliations of the non-GAAP financial measures to the comparable GAAP financial measures, are given in the applicable attachments.

     Centex senior management will host a conference call to discuss the first quarter financial results at 10 a.m. Eastern Time (9 a.m. Central Time) on Wednesday, July 30th. The live webcast may be accessed on the Investor Relations section of the Centex web site at http://ir.centex.com. A replay of the webcast, as well as the presentation, will be archived on the Investor Relations page under the “Presentations” link.

# # #

Forward-Looking Statements
Some of the statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they relate only to anticipated or expected events, activities, trends or results, which are inherently subject to risks, uncertainties and other factors. Actual results and outcomes may differ materially from what is expressed or forecast in such statements. Important factors include, but are not limited to: (1) the effects of the current downturn in the homebuilding industry, including potential adverse market conditions that could result in additional inventory or other impairments; (2) changes in national or regional economic or business conditions, including employment levels and interest rates; (3) competition; (4) customer cancellations; (5) price changes in raw materials or other components of our houses; (6) the effects of disruptions in the mortgage finance industry, including tightening of credit and reduction in liquidity; (7) the availability of adequate sources of financing to continue to implement our business strategy; and (8) our ability to generate cash from sales of assets and other sources that supplement our existing capital resources. These and other risks and uncertainties are described in greater detail in our periodic and other reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2008. Forward-looking statements included in this press release are made as of its date. We do not undertake any obligation to update or revise any forward-looking statement.

Note Attachments
(1) Revenues and Earnings by Lines of Business
(2) Condensed Consolidated Balance Sheet
(3) Home Building Segment Data
(4) Supplemental Home Building Data

Attachment 1

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

	Quarter Ended
	June 30,
	(unaudited)
	2008			2007 (C)			Change
Revenues
Home Building (A)	$	1,049,699		$	1,803,820			(42	%)
Financial Services		76,423			97,966			(22	%)
Total	$	1,126,122		$	1,901,786			(41	%)
Operating Earnings (Loss)
Home Building (A)	$	(131,103	)	$	(171,779	)
Financial Services		6,067			14,969
Other		7,108			4,926
Total Operating Earnings (Loss)		(117,928	)		(151,884	)
Corporate General and Administrative Expenses		(58,639	)		(44,981	)
Interest Expense		(6,180	)		—
Loss from Continuing Operations Before Income Taxes		(182,747	)		(196,865	)
Income Tax Benefit (B)		13,635			64,784
Loss from Continuing Operations		(169,112	)		(132,081	)
Earnings from Discontinued Operations, net		19,013			4,122
Net Loss	$	(150,099	)	$	(127,959	)
Earnings (Loss) Per Share — Basic and Diluted
Continuing Operations	$	(1.36	)	$	(1.08	)
Discontinued Operations		0.15			0.03
Earnings (Loss) Per Share — Basic and Diluted	$	(1.21	)	$	(1.05	)
Average Shares Outstanding — Basic and Diluted		124,231,358			121,469,951

(A)	See Attachment 3 for detailed home building segment revenues and earnings.
(B)	Current period includes a $49 million valuation allowance related to the deferred tax assets.
(C)	Prior periods have been conformed to the current year presentation.

INTEREST ANALYSIS

	Quarter Ended
	June 30,
	(unaudited)
	2008			2007
Total Interest Incurred	$	61,752		$	82,351
Less — Interest Capitalized		(51,269	)		(61,863	)
— Financial Services’ Interest Expense		(4,303	)		(20,488	)
Interest Expense, net	$	6,180		$	—
Capitalized Interest Charged to Home Building’s Costs and Expenses	$	25,535		$	43,066

Attachment 2

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

BALANCE SHEET

	June 30,		March 31,
	2008		2008
Assets
Cash -
Unrestricted	$	1,235	$	587
Restricted		50		51
Receivables -
Residential Mortgage Loans Held for Sale, net		563		516
Other Receivables		220		824
Inventories -
Direct Construction		1,574		1,746
Land Under Development		2,633		2,883
Land Held for Development and Sale		653		558
Land Held Under Option Agreements not Owned		143		148
Other		16		27
Investments		219		207
Property and Equipment, net		69		78
Goodwill		52		52
Deferred Tax Asset, Net of Valuation Allowance of $879 and $830		143		191
Deferred Charges and Other Assets		158		172
Assets of Discontinued Operations		—		97
	$	7,728	$	8,137
Liabilities and Stockholders’ Equity
Accounts Payable and Accrued Liabilities	$	1,868	$	2,064
Senior Notes and Other		3,254		3,325
Financial Services Debt Secured by Mortgage Loans		400		337
Liabilities of Discontinued Operations		—		34
Minority Interests		62		78
Stockholders’ Equity		2,144		2,299
	$	7,728	$	8,137

Attachment 3

Centex Corporation and Subsidiaries
Home Building Segment Data (A)
(Dollars in thousands, except per unit data)
(Unaudited)

	Revenues							Closings (Units)							Average Housing Revenue per Unit
	2008		2007		Change			2008		2007		Change			2008		2007		Change
Quarter Ended June 30,
East	$	183,131	$	360,776		(49	%)		644		1,119		(42	%)	$	279,894	$	317,134		(12	%)
Southeast		136,242		213,857		(36	%)		498		716		(30	%)		261,394		290,675		(10	%)
Central		131,973		202,028		(35	%)		607		940		(35	%)		216,713		212,744		2	%
Texas		177,341		263,540		(33	%)		1,007		1,521		(34	%)		174,839		171,728		2	%
Northwest		253,780		378,566		(33	%)		621		915		(32	%)		408,663		410,491		—	%
Southwest		152,938		342,397		(55	%)		526		774		(32	%)		282,120		438,145		(36	%)
Other homebuilding		14,294		42,656		(66	%)		36		110		(67	%)		332,833		325,836		2	%
Total Home Building	$	1,049,699	$	1,803,820		(42	%)		3,939		6,095		(35	%)	$	262,044	$	291,179		(10	%)

	Sales (Orders) (Units)							Sales (Orders) Backlog (Units)							Sales (Orders) Backlog
	2008		2007		Change			2008		2007		Change			2008		2007		Change
Quarter Ended June 30,
East		1,016		1,282		(21	%)		1,662		2,011		(17	%)	$	469,766	$	668,842		(30	%)
Southeast		579		743		(22	%)		1,417		1,546		(8	%)		396,138		456,564		(13	%)
Central		499		1,091		(54	%)		1,008		2,030		(50	%)		211,775		415,423		(49	%)
Texas		1,251		1,570		(20	%)		2,121		2,319		(9	%)		370,156		403,087		(8	%)
Northwest		515		796		(35	%)		1,144		1,551		(26	%)		411,217		677,900		(39	%)
Southwest		322		962		(67	%)		670		1,441		(54	%)		190,509		537,290		(65	%)
Other homebuilding		33		30		10	%		—		132		(100	%)		—		49,067		(100	%)
Total Home Building		4,215		6,474		(35	%)		8,022		11,030		(27	%)	$	2,049,561	$	3,208,173		(36	%)

	Operating Earnings (Loss)						Impairments & Write-offs (B)				Lots Owned (Units)				Lots Controlled (Units)
	2008			2007			2008		2007		2008		2007		2008		2007
Quarter Ended June 30,
East	$	(21,788	)	$	18,052		$	8,902	$	7,372		14,346		18,170		5,577		23,201
Southeast		(65,460	)		(13,017	)		31,155		10,459		20,462		25,027		2,470		6,537
Central		(20,392	)		(9,092	)		10,473		5,793		5,449		8,773		1,375		5,561
Texas		7,976			15,214			8		335		13,620		18,617		3,309		9,178
Northwest		(2,645	)		(29,358	)		4,959		21,795		5,059		8,531		1,149		5,824
Southwest		(28,449	)		(116,676	)		4,719		88,337		6,506		13,377		670		4,047
Other homebuilding		(345	)		(36,902	)		—		31,371		1,324		3,870		—		—
Total Home Building	$	(131,103	)	$	(171,779	)		60,216		165,462		66,766		96,365		14,550		54,348
Share of Joint Venture Impairments								19,698		27,050
Total Impairments							$	79,914	$	192,512

(A)	Prior periods have been conformed to the current year presentation.
(B)	Impairments and write-offs by segment include land-related impairments and write-offs and goodwill impairments.

Attachment 4

Centex Corporation and Subsidiaries
Supplemental Home Building Data
(Dollars in thousands, except per unit data)
(unaudited)

RECONCILIATION OF HOUSING/HOME BUILDING OPERATING EARNINGS

	Quarter Ended June 30,
	2008					2007
HOME BUILDING
Revenues — Housing	$	1,032,191		100.0	%	$	1,774,738		100.0	%
Cost of Sales — Housing		(910,126	)	(88.2	%)		(1,481,351	)	(83.5	%)
Gross Margin — Housing		122,065		11.8	%		293,387		16.5	%
Selling, General & Administrative (A)		(166,215	)	(16.1	%)		(298,628	)	(16.8	%)
Housing Operating Loss (B)		(44,150	)	(4.3	%)		(5,241	)	(0.3	%)
Revenues — Land Sales & Other		17,508					29,082
Cost of Sales — Land Sales & Other		(88,262	)				(175,567	)
Gross Margin — Land Sales & Other		(70,754	)				(146,485	)
Losses from Unconsolidated Entities and Other (C)		(16,199	)				(20,053	)
Operating Loss	$	(131,103	)	(12.5	%)	$	(171,779	)	(9.5	%)
Average Neighborhoods		568					676
% Change		(16.0	%)				1.0	%

(A)	Selling, General & Administrative expenses above are those associated with field operations.
(B)	Housing Operating Earnings is defined as housing revenues less housing cost of sales less selling, general & administrative expenses. Housing Operating Margin is defined as housing operating earnings divided by total housing revenues.
(C)	Includes losses from unconsolidated entities of $20,297 and $25,353, respectively.

IMPAIRMENTS AND WRITE-OFFS

	Quarter Ended June 30,
	2008		2007
Impairment Charges	$	50,115	$	142,592
Write-offs of Land Deposits and Pre-Acquisition Costs		10,101		22,870
Subtotal		60,216		165,462
Share of Joint Venture Impairments		19,698		27,050
Total Impairments and Write-offs	$	79,914	$	192,512

EX-99.2

Exhibit 99.2

Centex Corporation and Subsidiaries
Supplemental Home Building Data
Restated Housing Data by Geographic Area (A)
(Unaudited)

(A) The Company’s Report on Form 10-Q at June 30, 2008 includes a change in reporting segments. Prior year segment information included in the March 31, 2008 Form 10-K was revised to conform to the current presentation. Further information regarding the home building reporting segments shown below may be found in Item 1, Footnote (I) (Business Segments) of Centex’s Form 10-Q for the quarter ended June 30, 2008. The following tables present the last two fiscal years’ home building data by quarter for the new reporting segments.

HOME BUILDING REVENUES
(Dollars in thousands)

	Fiscal Year Ended March 31, 2008
	Q1		Q2		Q3		Q4		Fiscal Year
East	$	360,776	$	488,230	$	376,321	$	447,909	$	1,673,236
Southeast		213,857		260,122		206,755		259,387		940,121
Central		202,028		249,632		205,718		206,741		864,119
Texas		263,540		293,088		254,073		288,069		1,098,770
Northwest		378,566		368,158		351,892		474,532		1,573,148
Southwest		342,397		389,508		382,327		459,200		1,573,432
Other homebuilding		42,656		56,746		33,998		109,388		242,788
	$	1,803,820	$	2,105,484	$	1,811,084	$	2,245,226	$	7,965,614

	Fiscal Year Ended March 31, 2007
	Q1		Q2		Q3		Q4		Fiscal Year
East	$	544,423	$	572,540	$	518,342	$	620,397	$	2,255,702
Southeast		397,782		382,309		340,574		565,338		1,686,003
Central		325,802		307,659		267,994		252,822		1,154,277
Texas		289,232		319,783		324,473		420,787		1,354,275
Northwest		468,991		512,574		485,800		548,909		2,016,274
Southwest		547,157		496,921		555,404		931,338		2,530,820
Other homebuilding		76,450		66,261		94,664		180,101		417,476
	$	2,649,837	$	2,658,047	$	2,587,251	$	3,519,692	$	11,414,827

HOME BUILDING OPERATING EARNINGS (LOSS)
(Dollars in thousands)

	Fiscal Year Ended March 31, 2008
	Q1			Q2			Q3			Q4			Fiscal Year
East	$	18,052		$	17,010		$	(47,892	)	$	(68,610	)	$	(81,440	)
Southeast		(13,017	)		(153,088	)		(127,261	)		(129,062	)		(422,428	)
Central		(9,092	)		(54,421	)		(48,347	)		(42,414	)		(154,274	)
Texas		15,214			23,000			10,671			(23,174	)		25,711
Northwest		(29,358	)		(193,445	)		(191,142	)		(163,710	)		(577,655	)
Southwest		(116,676	)		(483,437	)		(187,775	)		(369,188	)		(1,157,076	)
Other homebuilding		(36,902	)		(108,312	)		(33,519	)		(57,223	)		(235,956	)
	$	(171,779	)	$	(952,693	)	$	(625,265	)	$	(853,381	)	$	(2,603,118	)

	Fiscal Year Ended March 31, 2007
	Q1		Q2			Q3			Q4			Fiscal Year
East	$	82,979	$	75,556		$	(31,231	)	$	24,517		$	151,821
Southeast		60,602		23,120			9,615			15,565			108,902
Central		7,880		(2,356	)		(33,209	)		(37,451	)		(65,136	)
Texas		26,108		30,723			26,721			35,411			118,963
Northwest		75,044		80,383			(76,612	)		44,911			123,726
Southwest		42,408		(63,379	)		(132,177	)		(52,598	)		(205,746	)
Other homebuilding		16,892		4,688			(5,509	)		(43,248	)		(27,177	)
	$	311,913	$	148,735		$	(242,402	)	$	(12,893	)	$	205,353

Centex Corporation and Subsidiaries
Supplemental Home Building Data
Restated Housing Data by Geographic Area
(Unaudited)

IMPAIRMENTS AND WRITE-OFFS (A)
(Dollars in thousands)

	Fiscal Year Ended March 31, 2008
	Q1		Q2		Q3		Q4		Fiscal Year
East	$	7,372	$	26,342	$	52,137	$	23,285	$	109,136
Southeast		10,459		111,317		116,623		63,435		301,834
Central		5,793		49,980		36,553		10,484		102,810
Texas		335		1,069		1,280		17,501		20,185
Northwest		21,795		209,089		168,009		113,058		511,951
Southwest		88,337		436,965		125,684		122,023		773,009
Other homebuilding		31,371		111,765		29,029		—		172,165
Segment Totals		165,462		946,527		529,315		349,786		1,991,090
Share of Joint Venture Impairments		27,050		36,612		24,850		12,013		100,525
	$	192,512	$	983,139	$	554,165	$	361,799	$	2,091,615

	Fiscal Year Ended March 31, 2007
	Q1		Q2		Q3		Q4		Fiscal Year
East	$	1,918	$	3,811	$	87,744	$	28,436	$	121,909
Southeast		822		19,895		16,494		44,396		81,607
Central		1,888		8,518		34,384		28,060		72,850
Texas		102		264		1,657		3,453		5,476
Northwest		8,958		9,033		87,810		18,857		124,658
Southwest		22,614		76,185		115,271		50,940		265,010
Other homebuilding		—		1,802		7		10,593		12,402
Segment Totals		36,302		119,508		343,367		184,735		683,912
Share of Joint Venture Impairments		—		10,500		96,369		17,655		124,524
	$	36,302	$	130,008	$	439,736	$	202,390	$	808,436

(A) Impairments and write-offs by segment include land-related impairments and write-offs and goodwill impairments.

AVERAGE HOUSING REVENUE PER UNIT

	Fiscal Year Ended March 31, 2008
	Q1		Q2		Q3		Q4		Fiscal Year
East	$	317,134	$	305,645	$	299,578	$	292,863	$	303,202
Southeast	$	290,675	$	262,239	$	247,626	$	236,258	$	257,726
Central	$	212,744	$	208,735	$	201,113	$	202,865	$	206,394
Texas	$	171,728	$	176,170	$	170,509	$	168,982	$	171,878
Northwest	$	410,491	$	409,228	$	392,532	$	439,276	$	413,363
Southwest	$	438,145	$	391,848	$	338,074	$	310,048	$	362,723
Other homebuilding	$	325,836	$	384,043	$	311,101	$	450,171	$	353,900
	$	291,179	$	280,816	$	268,588	$	267,953	$	276,788

	Fiscal Year Ended March 31, 2007
	Q1		Q2		Q3		Q4		Fiscal Year
East	$	329,082	$	331,027	$	321,719	$	315,401	$	324,286
Southeast	$	310,987	$	283,193	$	290,778	$	311,513	$	300,105
Central	$	221,416	$	221,521	$	218,548	$	215,190	$	219,396
Texas	$	164,281	$	169,177	$	169,589	$	168,367	$	167,970
Northwest	$	483,588	$	479,120	$	447,454	$	444,342	$	462,356
Southwest	$	449,873	$	454,793	$	422,916	$	466,193	$	450,145
Other homebuilding	$	299,667	$	303,068	$	402,351	$	427,821	$	371,255
	$	308,014	$	305,201	$	300,968	$	315,157	$	307,810

Centex Corporation and Subsidiaries
Supplemental Home Building Data
Restated Housing Data by Geographic Area
(Unaudited)

CLOSINGS (UNITS)

	Fiscal Year Ended March 31, 2008
	Q1		Q2		Q3		Q4		Fiscal Year
East		1,119		1,553		1,229		1,444		5,345
Southeast		716		965		820		916		3,417
Central		940		1,190		1,016		960		4,106
Texas		1,521		1,641		1,482		1,653		6,297
Northwest		915		898		896		965		3,674
Southwest		774		986		1,125		1,127		4,012
Other homebuilding		110		117		89		35		351
		6,095		7,350		6,657		7,100		27,202

	Fiscal Year Ended March 31, 2007
	Q1		Q2		Q3		Q4		Fiscal Year
East		1,653		1,725		1,604		1,738		6,720
Southeast		1,193		1,305		1,144		1,732		5,374
Central		1,464		1,368		1,214		1,149		5,195
Texas		1,692		1,813		1,896		2,481		7,882
Northwest		946		1,067		1,054		1,236		4,303
Southwest		1,178		1,070		1,280		1,882		5,410
Other homebuilding		192		177		168		364		901
		8,318		8,525		8,360		10,582		35,785

SALES (ORDERS) (UNITS)

	Fiscal Year Ended March 31, 2008
	Q1		Q2		Q3		Q4		Fiscal Year
East		1,282		1,117		934		1,454		4,787
Southeast		743		729		707		1,055		3,234
Central		1,091		982		775		809		3,657
Texas		1,570		1,379		1,307		1,648		5,904
Northwest		796		716		784		986		3,282
Southwest		962		973		971		727		3,633
Other homebuilding		30		57		59		14		160
		6,474		5,953		5,537		6,693		24,657

	Fiscal Year Ended March 31, 2007
	Q1		Q2		Q3		Q4			Fiscal Year
East		1,549		1,217		1,209		1,520			5,495
Southeast		1,017		815		587		1,006			3,425
Central		1,435		1,086		911		1,247			4,679
Texas		2,012		1,873		1,673		1,965			7,523
Northwest		1,019		937		923		1,013			3,892
Southwest		1,151		889		798		1,092			3,930
Other homebuilding		67		11		38		(11	)		105
		8,250		6,828		6,139		7,832			29,049

Centex Corporation and Subsidiaries
Supplemental Home Building Data
Restated Housing Data by Geographic Area
(Unaudited)

SALES (ORDERS) BACKLOG (UNITS)

	As of
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008
East		2,011		1,575		1,280		1,290
Southeast		1,546		1,310		1,197		1,336
Central		2,030		1,822		1,581		1,116
Texas		2,319		2,057		1,882		1,877
Northwest		1,551		1,369		1,257		1,250
Southwest		1,441		1,428		1,274		874
Other homebuilding		132		72		42		3
		11,030		9,633		8,513		7,746

	As of
	June 30, 2006		September 30, 2006		December 31, 2006		March 31, 2007
East		2,969		2,461		2,066		1,848
Southeast		3,292		2,802		2,245		1,519
Central		2,366		2,084		1,781		1,879
Texas		2,949		3,009		2,786		2,270
Northwest		2,154		2,024		1,893		1,670
Southwest		2,706		2,525		2,043		1,253
Other homebuilding		883		717		587		212
		17,319		15,622		13,401		10,651

SALES (ORDERS) BACKLOG (DOLLARS)
(Dollars in thousands)

	As of
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008
East	$	668,842	$	512,869	$	413,400	$	389,701
Southeast		456,564		335,780		314,114		361,264
Central		415,423		366,264		309,782		225,185
Texas		403,087		365,330		322,860		320,780
Northwest		677,900		584,889		495,277		473,766
Southwest		537,290		485,581		397,949		243,767
Other homebuilding		49,067		26,674		13,510		1,341
	$	3,208,173	$	2,677,387	$	2,266,892	$	2,015,804

	As of
	June 30, 2006		September 30, 2006		December 31, 2006		March 31, 2007
East	$	1,013,154	$	791,961	$	665,833	$	611,057
Southeast		1,115,712		886,006		715,821		462,376
Central		495,151		436,270		379,450		395,483
Texas		494,095		512,934		474,956		389,401
Northwest		988,739		943,421		901,090		742,539
Southwest		1,327,145		1,212,337		931,883		493,306
Other homebuilding		312,330		281,043		245,027		81,797
	$	5,746,326	$	5,063,972	$	4,314,060	$	3,175,959

Centex Corporation and Subsidiaries
Supplemental Home Building Data
Restated Housing Data by Geographic Area
(Unaudited)

LOTS OWNED (UNITS)

	As of
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008
East		18,170		17,255		16,073		15,417
Southeast		25,027		24,191		23,547		21,187
Central		8,773		8,216		7,489		5,835
Texas		18,617		17,652		16,802		14,523
Northwest		8,531		7,989		7,596		5,215
Southwest		13,377		13,075		12,449		6,953
Other homebuilding		3,870		3,657		3,645		1,092
		96,365		92,035		87,601		70,222

	As of
	June 30, 2006		September 30, 2006		December 31, 2006		March 31, 2007
East		20,596		21,282		20,444		18,604
Southeast		26,770		25,777		24,801		25,485
Central		11,938		11,412		10,801		9,686
Texas		21,792		20,603		19,465		18,018
Northwest		11,414		11,110		10,348		9,553
Southwest		16,744		15,060		14,069		12,789
Other homebuilding		3,722		4,610		4,258		4,176
		112,976		109,854		104,186		98,311

LOTS CONTROLLED (UNITS)

	As of
	June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008
East		23,201		15,355		11,116		7,043
Southeast		6,537		3,905		3,301		2,442
Central		5,561		4,038		3,375		1,948
Texas		9,178		7,084		5,400		3,467
Northwest		5,824		5,670		4,441		2,217
Southwest		4,047		3,428		3,428		1,030
Other homebuilding		—		—		—		—
		54,348		39,480		31,061		18,147

	As of
	June 30, 2006		September 30, 2006		December 31, 2006		March 31, 2007
East		45,706		39,965		29,274		25,829
Southeast		40,818		25,861		12,509		7,113
Central		16,149		11,930		9,728		5,784
Texas		13,569		15,150		11,982		12,167
Northwest		20,435		16,862		8,154		5,743
Southwest		30,097		25,380		10,066		4,993
Other homebuilding		2,840		601		178		80
		169,614		135,749		81,891		61,709

EX-99.3

Exhibit 99.3

First Quarter Results and Conference Call July 30, 2008

Forward-looking Statements Some of the statements in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they relate only to anticipated or expected events, activities, trends or results, which are inherently subject to risks, uncertainties and other factors. Actual results and outcomes may differ materially from what is expressed or forecast in such statements. Important factors include, but are not limited to: (1) the effects of the current downturn in the homebuilding industry, including potential adverse market conditions that could result in additional inventory or other impairments; (2) changes in national or regional economic or business conditions, including employment levels and interest rates; (3) competition; (4) customer cancellations; (5) price changes in raw materials or other components of our houses; (6) the effects of disruptions in the mortgage financing industry, including the tightening of credit and reduction in liquidity; (7) the availability of adequate sources of financing; and (8) our ability to generate cash from sales of assets and other sources that supplement our existing capital resources. These risks and uncertainties are described in greater detail in our periodic and other reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2008. Forward-looking statements included in this presentation are made as of its date, and the risk that actual results will differ materially from expectations expressed will increase with the passage of time. We do not undertake any obligation to update or revise any forward-looking statement.

Market conditions worsened in the quarter Foreclosures are rising Employment is weakening Consumer confidence is waning Mortgage qualification standards are tightening Traffic and sales have diminished

Expect to maintain a strong cash position $1.24 billion cash on hand at June 30 Should increase by fiscal year end Expect positive cash flow from homebuilding operations for FY2009 Conserving cash for future flexibility Minimizing land development spending

Aggressively building a better Centex Focused on asset efficiency and a more flexible land position Improving core Centex business processes Increasing relative share strength in markets that will provide best returns Expect sustainable cost reductions and higher, more consistent future returns

Centex Energy Advantage program Standard for all new Centex homes starting January 2009 Up to 22% more efficient than comparable new homes Up to 40% more efficient than a typical 10-year old home Helps our homebuyers address affordability 17,800 fewer metric tons of carbon yielded annually for each 10,000 homes Equivalent of the greenhouse gas emissions from 2,957 cars for 1 year A positive for customers, shareholders, employees and the environment

First quarter commentary Generated positive cash flow from homebuilding operations Significantly improved balance sheet strength Transitioning back to "build-to-order" model Gross margins improved 410 bps sequentially from March quarter Discounts and incentives down 380 bps sequentially Reduced unsold inventory 72% yoy and 23% sequentially Total company SG&A down 35% yoy Financial services were profitable Winding down retail operations

First quarter homebuilding operations Revenues down 42% to $1.05 billion Closings down 35% to 3,939 homes Average selling price decreased 10% to $262,044 Sales (orders), down 35% Down 22.5% on a per neighborhood basis Backlog 8,022 units, down 27% $2.05 billion, down 36% Own 66,766 lots, down 31% yoy Control options on 14,550 lots, down 73% yoy

East 1,016 -21% 644 -42% Southeast 579 -22% 498 -30% Central 499 -54% 607 -35% Texas 1,251 -20% 1,007 -34% Northwest 515 -35% 621 -32% Southwest 322 -67% 526 -32% Other 33 +10% 36 -67% Total 4,215 -35% 3,939 -35% Homebuilding: First quarter sales and closings Sales % Chg Closings % Chg For the Quarter Ended June 30, 2008

Significantly improved liquidity Cash balance of $1.24 billion at June 30 Expecting balance to be higher on 3/31/09 Continue to proactively lower debt Bought back $67 mil of senior notes in 1Q Will pay off $150 mil of senior notes in 2Q at maturity Expect to reduce joint venture debt by approximately $70 mil in 2Q Significantly increased bank revolver availability Dramatically reducing land spend budget Land acquisition/development now expected to be less than $400 mil for remainder of this fiscal year Cash conservation and accumulation is a top company priority Expect to remain capital self-sufficient

Focused on restoring profitability Observing higher margins on "to-be-built" homes 410 bps sequential improvement in housing gross margin Incentives and discounts should continue to diminish Direct construction cost reductions offsetting higher commodity and energy costs Lowering interest expense Continuing to adjust overhead spending

Key Messages Market conditions worsened in the quarter Expect to maintain a strong cash position Focused on restoring profitability Aggressively building a better Centex

Questions and Answers