-----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, DIuk7L7tAuPfF7VrhrTfEgNR+JQ1sqkyQTYHxvinryeCDYr35IOS9JAloAjiqBHp 24zN1OCPOmVUA6S1gZkvcQ== 0000950134-97-008086.txt : 19971110 0000950134-97-008086.hdr.sgml : 19971110 ACCESSION NUMBER: 0000950134-97-008086 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971107 SROS: NYSE 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: 10-Q SEC ACT: SEC FILE NUMBER: 001-06776 FILM NUMBER: 97710312 BUSINESS ADDRESS: STREET 1: P O BOX 199000 STREET 2: 2728 N HARWOOD CITY: DALLAS STATE: TX ZIP: 75219 BUSINESS PHONE: 2145596500 MAIL ADDRESS: STREET 1: PO BOX 199000 STREET 2: 2728 N HARWOOD CITY: DALLAS STATE: TX ZIP: 75219 FORMER COMPANY: FORMER CONFORMED NAME: CENTEX CONSTRUCTION CO INC DATE OF NAME CHANGE: 19681211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 3333 HOLDING CORP CENTRAL INDEX KEY: 0000818762 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 752178860 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09624 FILM NUMBER: 97710313 BUSINESS ADDRESS: STREET 1: 3333 LEE PKWY STREET 2: SUITE 500 CITY: DALLAS STATE: TX ZIP: 75219 BUSINESS PHONE: 2145596700 MAIL ADDRESS: STREET 1: PO BOX 19000 STREET 2: PO BOX 19000 CITY: DALLAS STATE: TX ZIP: 75219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTEX DEVELOPMENT CO LP CENTRAL INDEX KEY: 0000818764 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 752168471 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09625 FILM NUMBER: 97710314 BUSINESS ADDRESS: STREET 1: PO BOX 19000 CITY: DALLAS STATE: TX ZIP: 75219 BUSINESS PHONE: 2145596700 MAIL ADDRESS: STREET 1: PO BOX 19000 STREET 2: PO BOX 19000 CITY: DALLAS STATE: TX ZIP: 75219 10-Q 1 FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q JOINT QUARTERLY REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended SEPTEMBER 30, 1997 Commission File No. 1-6776 Centex Corporation A Nevada Corporation IRS Employer Identification No. 75-0778259 2728 N. Harwood Dallas, Texas 75201 (214) 981-5000 Commission File Nos. 1-9624 and 1-9625, respectively 3333 HOLDING CORPORATION A Nevada Corporation CENTEX DEVELOPMENT COMPANY, L.P. A Delaware Limited Partnership IRS Employer Identification Nos. 75-2178860 and 75-2168471, respectively 2728 N. Harwood Dallas, Texas 75201 (214) 981-6700 The registrants have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and have been subject to such filing requirements for the past 90 days. As of the close of business on November 4, 1997, 29,658,506 shares of Centex Corporation common stock were outstanding, 1,000 shares of common stock of 3333 Holding Corporation were outstanding, and 900 class B units of limited partnership interest of Centex Development Company, L.P. were outstanding. 2 CENTEX CORPORATION 3333 HOLDING CORPORATION CENTEX DEVELOPMENT COMPANY, L.P. FORM 10-Q TABLE OF CONTENTS SEPTEMBER 30, 1997 CENTEX CORPORATION
PAGE PART I. FINANCIAL INFORMATION ITEM 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Statement of Earnings for the Three Months Ended September 30, 1997 2 Condensed Consolidated Statement of Earnings for the Six Months Ended September 30, 1997 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statement of Cash Flows for the Six Months Ended September 30, 1997 5 Notes to Condensed Consolidated Financial Statements 6-9 ITEM 2. Management's Discussion and Analysis of Results of Operations and Financial Condition 10-14 PART II. OTHER INFORMATION ITEM 4. Submission of Matters to a Vote of Security Holders 15 ITEM 6. Exhibits and Reports on Form 8-K 15 SIGNATURES 16
-i- 3 3333 HOLDING CORPORATION CENTEX DEVELOPMENT COMPANY, L.P.
PAGE PART I. FINANCIAL INFORMATION ITEM 1. Condensed Combining Financial Statements 17 Condensed Combining Statement of Operations for the Three Months Ended September 30, 1997 18 Condensed Combining Statement of Operations for the Six Months Ended September 30, 1997 19 Condensed Combining Balance Sheets 20 Condensed Combining Statement of Cash Flows for the Six Months Ended September 30, 1997 21 Notes to Condensed Combining Financial Statements 22 ITEM 2. Management's Discussion and Analysis of Results of Operations and Financial Condition 23 PART II. OTHER INFORMATION ITEM 4. Submission of Matters to a Vote of Security Holders 24 ITEM 6. Exhibits and Reports on Form 8-K 24 SIGNATURES 25-26
-ii- 4 CENTEX CORPORATION PART I. FINANCIAL INFORMATION CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ITEM 1. The condensed consolidated financial statements include the accounts of Centex Corporation and subsidiaries ("Centex" or the "Company"), and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's latest annual report on Form 10-K. In the opinion of the Company, all adjustments necessary to present fairly the information in the following condensed consolidated financial statements of the Company have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. -1- 5 CENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (dollars in thousands, except per share data) (unaudited)
For the Three Months Ended September 30, ----------------------------- 1997 1996 ------------ ------------ REVENUES Home Building Housing $ 586,839 $ 607,669 Manufactured Housing 33,594 -- Investment Real Estate 5,331 635 Financial Services 57,294 40,992 Construction Products 83,412 65,538 Contracting and Construction Services 225,276 286,769 ------------ ------------ 991,746 1,001,603 ------------ ------------ COSTS AND EXPENSES Home Building Housing 545,330 569,591 Manufactured Housing 30,754 -- Investment Real Estate (1,288) (2,772) Financial Services 49,731 34,856 Construction Products 55,707 45,486 Contracting and Construction Services 224,085 286,909 Other, net 1,571 733 Corporate General and Administrative 4,904 4,426 Interest Expense 8,719 9,209 Minority Interest 13,538 9,846 ------------ ------------ 933,051 958,284 ------------ ------------ EARNINGS BEFORE INCOME TAXES 58,695 43,319 Income Taxes 22,304 15,079 ------------ ------------ NET EARNINGS $ 36,391 $ 28,240 ============ ============ EARNINGS PER SHARE $ 1.20 $ 0.96 ============ ============ AVERAGE SHARES OUTSTANDING 30,423,315 29,292,634 ============ ============ CASH DIVIDENDS PER SHARE $ 0.07 $ 0.05 ============ ============
See notes to condensed consolidated financial statements. -2- 6 CENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (dollars in thousands, except per share data) (unaudited)
For the Six Months Ended September 30, ---------------------------- 1997 1996 ------------ ------------ REVENUES Home Building Housing $ 1,047,685 $ 1,137,490 Manufactured Housing 65,488 -- Investment Real Estate 12,111 2,010 Financial Services 104,537 78,923 Construction Products 161,366 126,596 Contracting and Construction Services 461,934 548,995 ------------ ------------ 1,853,121 1,894,014 ------------ ------------ COSTS AND EXPENSES Home Building Housing 978,716 1,070,327 Manufactured Housing 60,432 -- Investment Real Estate (2,657) (5,220) Financial Services 91,769 66,686 Construction Products 110,255 91,346 Contracting and Construction Services 459,732 548,632 Other, net 2,920 862 Corporate General and Administrative 9,264 8,475 Interest Expense 16,525 18,791 Minority Interest 25,051 17,445 ------------ ------------ 1,752,007 1,817,344 ------------ ------------ EARNINGS BEFORE INCOME TAXES 101,114 76,670 Income Taxes 37,713 26,611 ------------ ------------ NET EARNINGS $ 63,401 $ 50,059 ============ ============ EARNINGS PER SHARE $ 2.10 $ 1.71 ============ ============ AVERAGE SHARES OUTSTANDING 30,145,726 29,242,508 ============ ============ CASH DIVIDENDS PER SHARE $ 0.12 $ 0.10 ============ ============
See notes to condensed consolidated financial statements. -3- 7 CENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands)
Centex Corporation and Subsidiaries Centex Corporation Financial Services ------------------------- ------------------------- --------------------------- September 30, March 31, September 30, March 31, September 30, March 31, 1997* 1997** 1997* 1997** 1997* 1997** ------------- ---------- ------------- ---------- ------------- ----------- ASSETS Cash and Cash Equivalents $ 70,752 $ 31,320 $ 60,266 $ 21,679 $ 10,486 $ 9,641 Receivables - Residential Mortgage Loans 732,362 632,657 -- -- 732,362 632,657 Other 360,934 354,728 329,763 331,091 31,171 23,637 Affiliates -- -- -- -- (1,507) (19,985) Inventories 1,093,991 1,001,759 1,093,991 1,001,759 -- -- Investments - Centex Development Company, L. P 27,260 32,664 27,260 32,664 -- -- Joint Ventures and Other 3,717 5,277 3,717 5,277 -- -- Unconsolidated Subsidiaries -- -- 53,309 68,171 -- -- Property and Equipment, net 301,432 293,143 282,908 276,627 18,524 16,516 Other Assets - Deferred Income Taxes 180,291 197,413 180,529 195,983 (238) 1,430 Goodwill, net 106,724 103,622 96,081 91,442 10,643 12,180 Deferred Charges and Other 31,638 26,246 20,916 18,233 10,722 8,013 ---------- ---------- ---------- ---------- ---------- ---------- $2,909,101 $2,678,829 $2,148,740 $2,042,926 $ 812,163 $ 684,089 ========== ========== ========== ========== ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable and Accrued Liabilities $ 694,814 $ 737,698 $ 638,209 $ 685,050 $ 56,605 $ 52,648 Short-term Debt 829,349 627,518 129,000 47,000 700,349 580,518 Long-term Debt 239,886 236,769 239,886 236,769 -- -- Minority Stockholders' Interest 142,888 142,230 139,481 139,493 3,407 2,737 Negative Goodwill 90,837 98,837 90,837 98,837 -- -- Stockholders' Equity - Preferred Stock, Authorized 5,000,000 Shares, None Issued -- -- -- -- -- -- Common Stock $.25 Par Value; Authorized 50,000,000 Shares; Issued and Outstanding 29,659,531 and 29,016,089 respectively 7,414 7,254 7,414 7,254 1 1 Capital in Excess of Par Value 34,311 18,789 34,311 18,789 46,444 44,075 Retained Earnings 869,602 809,734 869,602 809,734 5,357 4,110 ---------- ---------- ---------- ---------- ---------- ---------- Total Stockholders' Equity 911,327 835,777 911,327 835,777 51,802 48,186 ---------- ---------- ---------- ---------- ---------- ---------- $2,909,101 $2,678,829 $2,148,740 $2,042,926 $ 812,163 $ 684,089 ========== ========== ========== ========== ========== ==========
See notes to condensed consolidated financial statements. In the supplemental data presented above, "Centex Corporation" represents the adding together 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. * Unaudited ** Condensed from audited financial statements. -4- 8 CENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited)
For the Six Months Ended September 30, ---------------------- 1997 1996 --------- --------- CASH FLOWS - OPERATING ACTIVITIES Net Earnings $ 63,401 $ 50,059 Adjustments - Depreciation and Amortization 11,800 6,395 Deferred Income Taxes 24,651 17,657 Equity in Earnings of CDC and Joint Ventures (915) (745) Minority Interests in Earnings of Subsidiaries 25,051 17,445 Increase in Receivables (6,206) (10,240) (Increase) Decrease in Residential Mortgage Loans (99,705) 105,385 (Increase) Decrease in Inventories (92,232) 26,700 (Decrease) Increase in Payables and Accruals (42,884) 13,834 Increase in Other Assets (19,727) (27,519) Other, net (24,393) 4,863 --------- --------- (161,159) 203,834 --------- --------- CASH FLOWS - INVESTING ACTIVITIES Decrease in Advances to CDC and Joint Ventures 7,879 5,020 (Increase) Decrease in Property and Equipment, net (24,385) 1,046 --------- --------- (16,506) 6,066 --------- --------- CASH FLOWS - FINANCING ACTIVITIES Increase (Decrease) in Debt 204,948 (159,059) Proceeds from Stock Option Exercises 15,682 3,200 Dividends Paid (3,533) (2,854) --------- --------- 217,097 (158,713) --------- --------- NET INCREASE IN CASH 39,432 51,187 CASH AT BEGINNING OF PERIOD 31,320 14,042 --------- --------- CASH AT END OF PERIOD $ 70,752 $ 65,229 ========= =========
See notes to condensed consolidated financial statements. -5- 9 CENTEX CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (unaudited) (A) A summary of changes in stockholders' equity is presented below:
Capital in Preferred Common Excess of Retained Stock Stock Par Value Earnings Total --------- --------- ---------- --------- --------- (dollars in thousands) Balance, March 31, 1997 $ -- $ 7,254 $ 18,789 $ 809,734 $ 835,777 Net Earnings -- -- -- 63,401 63,401 Exercise of Stock Options -- 160 15,522 -- 15,682 Cash Dividends -- -- -- (3,533) (3,533) --------- --------- --------- --------- --------- BALANCE, SEPTEMBER 30, 1997 $ -- $ 7,414 $ 34,311 $ 869,602 $ 911,327 ========= ========= ========= ========= =========
(B) On November 30, 1987, the Company distributed to a nominee, all of the issued and outstanding shares of common stock of 3333 Holding Corporation and warrants to purchase approximately 80% of the Class B units of limited partnership interest in Centex Development Company, L. P. (CDC). A wholly-owned subsidiary of 3333 Holding Corporation serves as general partner of Centex Development Company, L. P. These securities are held by the nominee on behalf of Centex stockholders, and will trade in tandem with the common stock of Centex, until such time as they are detached. Supplementary condensed combined financial statements for Centex, 3333 Holding Corporation and Subsidiary and Centex Development Company, L.P. are as follows: -6- 10 NOTES - continued CENTEX CORPORATION, 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L. P. SUPPLEMENTARY CONDENSED COMBINED BALANCE SHEETS (dollars in thousands)
September 30, March 31, 1997 1997 * ------------- ---------- ASSETS Cash and Cash Equivalents $ 71,227 $ 31,950 Receivables 1,094,894 989,886 Inventories 1,132,151 1,041,855 Investments - Joint Ventures and Other 3,803 5,479 Property and Equipment, net 301,432 293,143 Other Assets 318,753 327,281 ---------- ---------- $2,922,260 $2,689,594 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable and Accrued Liabilities $ 697,628 $ 740,230 Short-term Debt 838,436 634,573 Long-term Debt 239,886 236,769 Minority Stockholders' Interest 142,888 142,230 Negative Goodwill 90,837 98,837 Stockholders' Equity 912,585 836,955 ---------- ---------- $2,922,260 $2,689,594 ========== ==========
*Condensed from audited financial statements. SUPPLEMENTARY CONDENSED COMBINED STATEMENT OF EARNINGS (dollars in thousands)
For the Six Months Ended September 30, ----------------------- 1997 1996 ---------- ---------- Revenues $1,855,818 $1,897,702 Costs and Expenses 1,754,624 1,820,753 ---------- ---------- Earnings Before Income Taxes 101,194 76,949 Income Taxes 37,713 26,611 ---------- ---------- NET EARNINGS $ 63,481 $ 50,338 ========== ==========
-7- 11 Notes - continued (C) In order to assure the future availability of land for its Home Building operation, the Company has made deposits totaling $19 million as of September 30, 1997 for options to purchase undeveloped land and developed lots having a total purchase price of approximately $465 million. These options and commitments expire at various dates to the year 2003. The Company has also committed to purchase land and developed lots totaling approximately $13 million. In addition, the Company has executed lot purchase contracts with CDC which aggregate approximately $9 million. (D) Interest expense relating to the financial services operations is included in its costs and expenses. Interest related to non-financial services is included as interest expense.
Six Months Ended -------------------- 9/30/97 9/30/96 -------- -------- Total Interest Incurred $ 36,734 $ 35,031 Less - Financial Services (20,209) (16,240) -------- -------- Interest Expense $ 16,525 $ 18,791 ======== ========
(E) During April, 1994, Centex Construction Products, Inc. (CXP) completed an initial public offering of its stock which began trading on the New York Stock Exchange under the symbol "CXP". Centex's ownership interest in CXP was 54.2% as of September 30, 1997. (F) During the quarter ended June 30, 1996, Centex's Home Building subsidiary completed a business combination transaction and reorganization with Vista Properties, Inc. As a result of the combination, Centex's Investment Real Estate portfolio, valued in excess of $125 million, was reduced to a nominal "book basis" after recording certain Vista-related tax benefits. As these properties are developed or sold, the net sales proceeds will be reflected as operating margin. "Negative Goodwill" recorded as a result of the business combination is being amortized to earnings over approximately seven years which represents the estimated period over which the land will be developed and/or sold. All investment property operations are being reported through Centex's "Investment Real Estate" business segment. (G) During March, 1997, Centex Real Estate Corporation acquired 78% of Cavco Industries, Inc.'s (Cavco) outstanding common stock for a total of $74.3 million. Goodwill of $68.7 million was recorded in connection with the acquisition (approximately $53.6 million relates to the 78% acquired by Centex) and is being amortized to earnings over 30 years. Cavco's operations are being reported through the "Manufactured Housing" segment within the Home Building line of business. -8- 12 Notes - continued (H) In March 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings Per Share" (SFAS No. 128). This Statement establishes new standards for computing and presenting earnings per share (EPS). SFAS No. 128 replaces the presentation of primary EPS previously prescribed by Accounting Principles Board Opinion No. 15 (APB No. 15) with a presentation of basic EPS which is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. SFAS No. 128 also requires dual presentation of basic and diluted EPS. Diluted EPS is computed similarly to fully diluted EPS pursuant to APB No. 15. Proforma basic and diluted EPS for the quarter and six months ended September 30, 1997 and 1996, assuming that SFAS No. 128 was effective as of the beginning of the year are presented below.
Three Months Ended Six Months Ended September 30, September 30, ------------------ ---------------- 1997 1996 1997 1996 ----- ----- ----- ----- Earnings per common share: Basic $1.23 $0.99 $2.16 $1.76 Diluted $1.19 $0.96 $2.09 $1.70
In June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income", which requires that changes in comprehensive income be shown in a financial statement that is displayed with the same prominence as other financial statements. This Statement is effective for periods beginning after December 15, 1997. The Company does not expect adoption of the Statement to have a material effect on the presentation of its financial statements. In June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 131, "Disclosures About Segments of an Enterprise and Related Information", (SFAS No. 131) which changes the way public companies report information about segments. SFAS No. 131, which is based on the management approach to segment reporting, requires companies to report selected quarterly segment information and entity-wide disclosures about products and services, major customers, and the material countries in which the entity holds assets and reports revenues. This Statement is effective for financial statements for periods beginning after December 15, 1997. The Company does not expect adoption of the Statement to have a material effect on the presentation of its financial statements. -9- 13 CENTEX CORPORATION ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION Centex's consolidated revenues for the quarter were $991.7 million, slightly less than $1.0 billion for the same quarter last year. Earnings before income taxes were $58.7 million, 35% higher than $43.3 million last year. Net earnings were $36.4 million and earnings per share were $1.20 for this quarter compared to $28.2 million and $.96, respectively, for the same quarter last year. For the six months ended September 30, 1997, corporate revenues totaled $1.85 billion, 2% less than $1.89 billion for the same period last year. Earnings before income taxes were $101.1 million, 32% higher than $76.7 million for the same period last year. Net earnings were $63.4 million and earnings per share were $2.10 for the six months ended September 30, 1997 compared to $50.1 million and $1.71 for the six months ended September 30, 1996. Net earnings for both the quarter and the six months increased a higher percentage than earnings per share due to more average shares outstanding in the fiscal 1998 periods. HOME BUILDING Housing The following summarizes Housing results for the quarter and fiscal year-to-date ended September 30, 1997 compared to the quarter and fiscal year-to-date ended September 30, 1996 (dollars in millions, except per unit data):
Quarter Ended Quarter Ended 9/30/97 9/30/96 ------------------------- ------------------------ Housing Revenues $ 586.9 100.0% $ 607.7 100.0% Cost of Sales (468.3) (79.8%) (497.5) (81.9%) Selling, General & Administrative (77.1) (13.1%) (72.1) (11.8%) ---------- ---------- ---------- ---------- Operating Earnings $ 41.5 7.1% $ 38.1 6.3% ========== ========== ========== ========== Units Closed 3,118 3,514 Unit Sales Price $ 185,649 $ 169,552 % Change 9.5% 3.9% Operating Earnings per Unit $ 13,313 $ 10,836 % Change 22.9% 29.2%
-10- 14
Fiscal Fiscal Year-to-Date Year-to-Date 9/30/97 9/30/96 ------------------------- ------------------------ Housing Revenues $ 1,047.7 100.0% $ 1,137.5 100.0% Cost of Sales (836.7) (79.8%) (929.8) (81.7%) Selling, General & Administrative (142.0) (13.6%) (140.5) (12.4%) ---------- ---------- ---------- ---------- Operating Earnings $ 69.0 6.6% $ 67.2 5.9% ========== ========== ========== ========== Units Closed 5,684 6,609 Unit Sales Price $ 181,956 $ 168,532 % Change 8.0% 4.2% Operating Earnings per Unit $ 12,134 $ 10,162 % Change 19.4% 31.6%
Home closings for the current quarter were 3,118 units, 11% less than last year. Home sales (orders) rose 21% for this year's quarter to 3,134 units. Home closings for the six months this year were 5,684, 14% less than closings for the same period last year. Home orders increased 8% for the six months this year to 6,233 units. The backlog of homes sold but not closed at September 30, 1997 was 4,857 units, 4% higher than the September 30, 1996 backlog. The margin improvement that occurred despite lower closings and the increase in home sales (orders) reflected a resurgence in the California home building market as well as Centex Homes' continuing focus on improved efficiency throughout its operations. Manufactured Housing The following summarizes Manufactured Housing's results for the quarter and fiscal year-to-date ended September 30, 1997 (dollars in millions):
Fiscal Quarter Ended Year-to-Date 9/30/97 9/30/97 -------------------- -------------------- Manufactured Housing Revenues $ 33,594 100.0% $ 65,488 100.0% Cost of Sales (26,068) (77.6%) (52,420) (80.0%) Selling, General & Administrative (4,113) (12.2%) (6,866) (10.5%) -------- -------- -------- -------- Earnings before Goodwill and Minority Interest 3,413 10.2% 6,202 9.5% ======== ======== Goodwill Amortization (573) (1,146) -------- -------- Earnings before Minority Interest 2,840 5,056 Minority Interest Expense (812) (1,300) -------- -------- Operating Earnings $ 2,028 $ 3,756 ======== ======== Units Produced 1,400 2,618 ======== ========
The Manufactured Housing operation was acquired in late March, 1997. Accordingly, there is no comparative data for the quarter and fiscal year-to-date ended September 30, 1996. -11- 15 INVESTMENT REAL ESTATE For the quarter ended September 30, 1997, Centex's Investment Real Estate operation, through which all investment property transactions are reported, had operating earnings of $6.6 million, 94% higher than $3.4 million for the same quarter a year ago. For the current six months, operating earnings from Investment Real Estate were $14.8 million, a 104% increase over $7.2 million for the same period in fiscal 1997. FINANCIAL SERVICES The following summarizes Financial Services' results for the quarter and fiscal year-to-date ended September 30, 1997 compared to the quarter and fiscal year-to-date ended September 30, 1996 (dollars in millions):
Fiscal Fiscal Quarter Ended Quarter Ended Year-to-Date Year-to-Date 9/30/97 9/30/96 9/30/97 9/30/96 ------------- ------------- ------------ ------------ Revenues $ 57.3 $ 41.0 $ 104.5 $ 78.9 ------- ------- ------- ------- Operating Earnings $ 7.6 $ 6.1 $ 12.8 $ 12.2 ------- ------- ------- ------- Origination Volume $ 1,660 $ 1,381 $ 3,092 $ 2,784 ------- ------- ------- ------- Number of Loans Originated Centex-built Homes ("Builder") 2,186 2,601 3,958 4,945 Non-Centex-built Homes ("Retail") 10,352 8,725 19,832 18,224 Centex Home Equity 1,644 702 2,820 927 ------- ------- ------- ------- 14,182 12,028 26,610 24,096 ======= ======= ======= =======
Builder applications for the quarter of 2,139 increased 9% over last year while Retail applications rose 26% to 10,424. Builder applications of 4,544 for the six month period were 4% higher than a year ago. Retail applications increased 15% from 17,874 a year ago to 20,601 for the six months. The profit per loan of $796 for this year's quarter was a 36% improvement over last year's per loan profit of $585 as a result of increased originations and the centralization of certain back-office functions. Centex Home Equity Corporation (CHEC) generated 5,783 "B & C" loan applications for the quarter, an increase of 49% compared to the same quarter a year ago. CHEC applications for the six months rose 65% to 8,638. -12- 16 CONSTRUCTION PRODUCTS Revenues from CXP were $83.4 million for the quarter this year, 27% higher than last year. CXP's operating earnings, net of minority interest, were a record $15.1 million for the quarter this year, 48% higher than last year's earnings. CXP's revenues for the current six months were $161.4 million, 27% higher than last year. CXP's operating earnings, net of minority interest, were $27.3 million, a 54% improvement over results for the same period a year ago. CXP's record earnings were favorably impacted by higher average Cement and Gypsum Wallboard pricing and higher sales volumes, particularly the increase in Gypsum Wallboard sales related primarily to the acquisition of the Eagle Gypsum Wallboard plant in late fiscal 1997. CONTRACTING AND CONSTRUCTION SERVICES The following summarizes Contracting and Construction Services results for the quarter and fiscal year-to-date ended September 30, 1997 compared to the quarter and fiscal year-to-date ended September 30, 1996 (dollars in millions):
Fiscal Fiscal Quarter Ended Quarter Ended Year-to-Date Year-to-Date 9/30/97 9/30/96 9/30/97 9/30/96 ------------- ------------- ------------ ------------ Revenues $ 225.3 $ 286.8 $ 461.9 $ 549.0 -------- -------- -------- -------- Operating Earnings $ 1.2 $ (.1) $ 2.2 $ .4 -------- -------- -------- -------- New Contracts Received $ 303 $ 220 $ 491 $ 497 -------- -------- -------- -------- Backlog of Uncompleted Contracts $ 1,143 $ 1,150 $ 1,143 $ 1,150 -------- -------- -------- --------
The construction sector is improving as the economy strengthens and profit margins on contracts recently acquired by the group continue to improve. During the current and prior fiscal years, the Contracting and Construction Services operation has provided a positive average net cash flow in excess of Centex's investment in the group of approximately $55-60 million. FINANCIAL CONDITION AND LIQUIDITY Centex fulfills its short-term financing requirements with cash generated from its operations and funds available under its credit facilities. These credit facilities also serve as back-up lines for overnight borrowings under its uncommitted bank facilities and commercial paper program. In addition, CTX Mortgage Company has its own $700 million of committed credit facilities and approximately $600 million of uncommitted facilities to finance mortgages which are held during the period they are being securitized and readied for delivery against forward sale commitments. The $204.9 million increase in debt was primarily used to fund the increase in both residential mortgage loans and inventories and to reduce payables and accruals. The increase in residential mortgage loans was primarily due to the increase in the Company's new home equity lending business. The Company believes it has adequate resources and sufficient credit facilities to satisfy its current needs and provide for future growth. -13- 17 OTHER DEVELOPMENTS AND OUTLOOK During the quarter, Centex Senior Service Corporation, a Centex subsidiary, began constructing its first assisted living project in Round Rock, Texas, near Austin. The 28-bed facility, which will be operated by Centex Senior Services under the name "Kensington Cottages by Centex", will provide specialized personal care services in a secure home environment for people with Alzheimer's disease and related memory disorders. The facility, which will cost approximately $1 million, should be ready for occupancy in the spring of 1998. Favorable interest rates during much of the quarter positively impacted the Company's home sales and mortgage applications. If interest rates remain at or close to current levels, Centex's Home Building sales and margins are expected to show continued improvement and Home Building results for fiscal 1998 are likely to surpass last year's record performance. In addition, Centex expects improvement in its Financial Services operations and that Contracting and Construction Services should continue to report positive results. Finally, CXP is positioned to report its fourth consecutive year of record earnings. As a result, Centex's fiscal 1998 financial results should exceed the record levels posted in fiscal 1997. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The information contained in this report includes forward looking statements involving a number of risks and uncertainties. In addition to the factors discussed, other determinants that could cause actual results to differ include: increases in interest rates; business conditions; growth in the home building, financial services, contracting and construction services, and construction products industries and the economy in general; competitive factors; and the cost of building materials. These and other factors are described in the Joint Annual Report on Form 10-K of Centex Corporation and 3333 Holding Corporation and Centex Development Company, L.P., and in the Annual Report on Form 10-K for Centex Construction Products, Inc., for the fiscal year ended March 31, 1997. Both reports are filed with the Securities and Exchange Commission. -14- 18 CENTEX CORPORATION PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS On July 24, 1997, Centex held its Annual Meeting of Stockholders. At the Annual Meeting, Dan W. Cook, III, Laurence E. Hirsch and Charles H. Pistor were elected as directors to serve for a three-year term until the 2000 Annual Meeting. Voting results for these nominees are summarized as follows:
Number of Shares ------------------------- For Against ---------- ---------- Dan W. Cook, III 20,839,212 2,962,570 ---------- ---------- Laurence E. Hirsch 20,832,052 2,969,730 ---------- ---------- Charles H. Pistor 20,853,922 2,947,860 ---------- ----------
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit 27 - Financial Data Schedule (b) Reports on Form 8-K The Registrant filed no reports on Form 8-K during the quarter ended September 30, 1997. All other items required under Part II are omitted because they are not applicable. -15- 19 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 thereunto duly authorized. CENTEX CORPORATION -------------------------------- Registrant November 7, 1997 /s/ David W. Quinn -------------------------------- David W. Quinn Vice Chairman and Chief Financial Officer (principal financial officer) November 7, 1997 /s/ Barry G. Wilson -------------------------------- Barry G. Wilson Controller (chief accounting officer) -16- 20 3333 HOLDING CORPORATION CENTEX DEVELOPMENT COMPANY, L.P. PART I. FINANCIAL INFORMATION CONDENSED COMBINING FINANCIAL STATEMENTS ITEM 1. The condensed combining financial statements include the accounts of 3333 Holding Corporation and subsidiary and Centex Development Company, L.P. (collectively the "Companies"), and have been prepared by the Companies, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Companies believe that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed combining financial statements be read in conjunction with the financial statements and the notes thereto included in the Companies' latest annual report on Form 10-K. In the opinion of the Companies, all adjustments necessary to present fairly the information in the following condensed financial statements of the Companies have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. -17- 21 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L.P. CONDENSED COMBINING STATEMENT OF OPERATIONS (dollars in thousands, except per share/unit data) (unaudited)
For the Three Months Ended September 30, --------------------------------------------------------------------------------------- 1997 1996 --------------------------------------------- --------------------------------------- 3333 Holding 3333 Holding Centex Corporation Centex Corporation Development and Development and Combined Company, L.P. Subsidiary Combined Company, L.P. Subsidiary -------- ------------- ------------ -------- ------------- ----------- Revenues $ 3,094 $ 3,002 $ 337 $ 825 $ 691 $ 445 Costs and Expenses 2,746 2,642 349 916 881 346 ------- ------- ------- ------- ------- ------- Earnings (Loss) Before Income Taxes 348 360 (12) (91) (190) 99 Income Taxes -- -- -- -- -- -- ------- ------- ------- ------- ------- ------- NET EARNINGS (LOSS) $ 348 $ 360 $ (12) $ (91) $ (190) $ 99 ======= ========= ========= ======= ========== ======= EARNINGS (LOSS) PER SHARE/UNIT (Average Outstanding Shares, 1,000; Units, 1,000) $ 360 $ (12) $ (190) $ 99 ========= ========= ========== =======
See notes to condensed combining financial statements. -18- 22 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L.P. CONDENSED COMBINING STATEMENT OF OPERATIONS (dollars in thousands, except per share/unit data) (unaudited)
For the Six Months Ended September 30, ---------------------------------------------------------------------------------- 1997 1996 --------------------------------------- --------------------------------------- 3333 HOLDING 3333 HOLDING CENTEX CORPORATION CENTEX CORPORATION DEVELOPMENT AND DEVELOPMENT AND COMBINED COMPANY, L.P. SUBSIDIARY COMBINED COMPANY, L.P. SUBSIDIARY -------- ------------- ------------ -------- ------------- ------------ Revenues $ 6,835 $ 6,625 $ 749 $ 4,297 $ 4,013 $ 1,024 Costs and Expenses 5,696 5,566 669 4,032 4,027 745 ------- ---------- ---------- ------- ---------- ------------ Earnings (Loss) Before Income Taxes 1,139 1,059 80 265 (14) 279 Income Taxes -- -- -- -- -- -- ------- ---------- ---------- ------- ----------- ------------ NET EARNINGS (LOSS) $ 1,139 $ 1,059 $ 80 $ 265 $ (14) $ 279 ======= ========== ========== ======= =========== ============ EARNINGS (LOSS) PER SHARE/UNIT (Average Outstanding Shares, 1,000; Units, 1,000) $ 1,059 $ 80 $ (14) $ 279 ========== ========= =========== ============
See notes to condensed combining financial statements. -19- 23 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L.P. CONDENSED COMBINING BALANCE SHEETS (dollars in thousands)
September 30, 1997* March 31, 1997** ------------------------------------------- ------------------------------------------ 3333 HOLDING 3333 HOLDING CENTEX CORPORATION CENTEX CORPORATION DEVELOPMENT AND DEVELOPMENT AND COMBINED COMPANY, L.P. SUBSIDIARY COMBINED COMPANY, L.P. SUBSIDIARY -------- ------------- ------------ -------- ------------- -------------- ASSETS Cash $ 475 $ 473 $ 2 $ 630 $ 625 $ 5 Accounts Receivable 321 3,647 185 312 868 176 Notes Receivable - Centex Corporation and Subsidiaries 7,700 -- 7,700 7,700 -- 7,700 Other 1,462 1,462 -- 2,365 2,365 -- Investment in Affiliate -- -- 767 -- -- 767 Investment in Real Estate Joint Venture 86 86 -- 202 202 -- Projects Held for Development and Sale 36,902 36,902 -- 38,918 38,918 -- Other Assets 100 100 -- -- -- -- ------- ------- --------- --------- ---------- --------- $47,046 $42,670 $ 8,654 $ 50,127 $ 42,978 $ 8,648 ======= ======= ========= ========= ========== ========= LIABILITIES, STOCKHOLDERS' EQUITY AND PARTNERS' CAPITAL Accounts Payable and Accrued Liabilities $ 2,890 $ 3,511 $ 2,890 $ 2,648 $ 2,410 $ 970 Notes Payable - Centex Corporation and Subsidiaries 5,006 -- 5,006 7,000 -- 7,000 Other 9,087 9,087 -- 7,055 7,055 -- Land Sale Deposits 10 10 -- 10 10 -- ------- ------- --------- --------- ---------- --------- Total Liabilities 16,993 12,608 7,896 16,713 9,475 7,970 Stockholders' Equity and Partners' Capital 30,053 30,062 758 33,414 33,503 678 ------- ------- --------- --------- ---------- --------- $47,046 $42,670 $ 8,654 $ 50,127 $ 42,978 $ 8,648 ======= ======= ========= ========= ========== =========
* Unaudited ** Condensed from audited financial statements. See notes to condensed combining financial statements. -20- 24 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L.P. CONDENSED COMBINING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited)
For the Six Months Ended September 30, ---------------------------------------------------------------------------------- 1997 1996 ------------------------------------------- ------------------------------------- 3333 HOLDING 3333 HOLDING CENTEX CORPORATION CENTEX CORPORATION DEVELOPMENT AND DEVELOPMENT AND COMBINED COMPANY, L.P. SUBSIDIARY COMBINED COMPANY, L.P. SUBSIDIARY -------- ------------- ------------- -------- ------------- ----------- CASH FLOWS - OPERATING ACTIVITIES Net Earnings $ 1,139 $ 1,059 $ 80 $ 265 $ (14) $ 279 Net Change in Payables, Accruals, Deposits and Receivables 233 (1,678) 1,911 (831) (552) (279) Decrease in Notes Receivable 903 903 -- 1,245 1,245 -- Decrease (Increase) in Advances to Joint Venture 116 116 -- (62) (62) -- Decrease in Projects Held for Development and Sale 2,016 2,016 -- 2,883 2,883 -- Increase in Other Assets (100) (100) -- -- -- -- ------- ------- ------- ------- ------- ------- 4,307 2,316 1,991 3,500 3,500 -- ------- ------- ------- ------- ------- ------- CASH FLOWS - FINANCING ACTIVITIES (Decrease) Increase in Notes Payable - Centex Corporation and Subsidiaries (1,994) -- (1,994) (1,373) (1,373) -- Other 2,032 2,032 -- -- -- -- Capital Distributions (4,500) (4,500) -- (2,000) (2,000) -- ------- ------- ------- ------- ------- ------- (4,462) (2,468) (1,994) (3,373) (3,373) -- ------- ------- ------- ------- ------- ------- NET INCREASE (DECREASE) IN CASH (155) (152) (3) 127 127 -- CASH AT BEGINNING OF YEAR 630 625 5 231 225 6 ------- ------- ------- ------- ------- ------- CASH AT END OF PERIOD $ 475 $ 473 $ 2 $ 358 $ 352 $ 6 ======= ======= ======= ======= ======= =======
See notes to condensed combining financial statements. -21- 25 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L.P. NOTES TO CONDENSED COMBINING FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (unaudited) (A) On November 30, 1987 Centex Corporation ("Centex") distributed to a nominee all of the issued and outstanding shares of common stock of 3333 Holding Corporation ("Holding") and warrants to purchase approximately 80% of the Class B units of limited partnership interest in Centex Development Company, L.P. (the "Partnership"). 3333 Development Corporation ("Development"), a wholly-owned subsidiary of Holding, serves as general partner of the Partnership. These securities are held by the nominee on behalf of Centex stockholders and will trade in tandem with the common stock of Centex until such time as they are detached. (B) See Note B to the condensed consolidated financial statements of Centex Corporation and subsidiaries included elsewhere in this Form 10-Q for supplementary condensed combined financial statements for Centex Corporation and subsidiaries, Holding and subsidiary and the Partnership. (C) The Partnership sells lots to Centex Homes pursuant to certain purchase and sale agreements. Revenues from these sales totaled $41,000 and $635,000 for the quarter and six months ended September 30, 1997, and $69,000 and $2,977,000 for the quarter and six months ended September 30, 1996, respectively. Additionally, during the six months ended September 30, 1997, the Partnership sold property located in Carrollton, Texas to Centex Homes for $2,866,000. (D) A summary of changes in stockholders' equity is presented below (dollars in thousands).
For the Six Months Ended September 30, 1997 --------------------------------------------------------------------------------------- 3333 Holding Corporation Centex Development Company, L.P. and Subsidiary ------------------------------------ --------------------------------- CLASS B GENERAL LIMITED CAPITAL IN UNITS PARTNERS' PARTNERS' STOCK EXCESS OF RETAINED COMBINED WARRANTS CAPITAL CAPITAL WARRANTS PAR VALUE EARNINGS -------- -------- --------- --------- -------- ---------- -------- Balance at March 31, 1997 $ 33,414 $ 500 $ 767 $ 32,236 $ 1 $ 800 $ (123) Preference Payments (4,500) -- -- (4,500) -- -- -- Net Earnings 1,139 -- -- 1,059 -- -- 80 -------- -------- -------- -------- -------- -------- -------- BALANCE AT SEPTEMBER 30, 1997 $ 30,053 $ 500 $ 767 $ 28,795 $ 1 $ 800 $ (43) ======== ======== ======== ======== ======== ========= ========
The Partnership agreement provides that Class A limited partners are entitled to a cumulative preferred return of 9% per annum on their unrecovered capital. Unrecovered capital represents initial capital contributions as reduced by repayments and is the basis for preference accruals. During the quarter and six months ended September 30, 1997, the Partnership made preference payments to its limited partners, which are Centex affiliates, totaling $1.5 million and $4.5 million, respectively. Preference in arrears at September 30, 1997 amounted to $2.8 million and unrecovered capital totaled $32.8 million. -22- 26 3333 HOLDING CORPORATION AND SUBSIDIARY AND CENTEX DEVELOPMENT COMPANY, L.P. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS On a combined basis, revenues for the quarter and six months ended September 30, 1997 of $3.1 million and $6.8 million, respectively, included results from the sale of commercial property in Texas, and residential property in Florida. Revenues of $825,000 and $4.3 million for the quarter and six months ended September 30, 1996, respectively, included the sale of commercial property in Texas and residential property in Illinois and New Jersey. The quarter ended September 30, 1997 reflected combined net earnings of $348,000, compared to a net loss of $91,000 for the same quarter last year. The six months ended September 30, 1997 reflected combined net earnings of $1.1 million compared to $265,000 for the same period last year. The improvement in earnings relates to the higher margins on real estate sales in the periods ended September 30, 1997 compared to the same periods last year. LIQUIDITY AND CAPITAL RESOURCES Cash generated from sales and the principal collection on notes receivable during the quarter and six months ended September 30, 1997 was sufficient to allow for the Partnership to make preference payments to its limited partners totaling $1.5 million and $4.5 million, respectively. Holding, Development and the Partnership believe that they will be able to provide or obtain the necessary funding for their current operations and future expansion needs. The revenues, earnings and liquidity of these companies are largely dependent on future land sales, the timing of which is uncertain. The ability to obtain external debt or equity capital is subject to the provisions of Holding's loan agreement with Centex and the Partnership Agreement governing the Partnership. -23- 27 3333 HOLDING CORPORATION CENTEX DEVELOPMENT COMPANY, L.P. PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS On July 24, 1997, 3333 Holding Corporation held its Annual Meeting of Stockholders. At the Annual Meeting, J. Stephen Bilheimer, Josiah O. Low, III and David M. Sherer were elected as directors to serve until the next annual election. Voting results for these nominees are summarized as follows:
Number of Shares ------------------------------------------- For Against ------------------ ------------------ J. Stephen Bilheimer 656 120 ------------------ ------------------ Josiah O. Low, III 656 120 ------------------ ------------------ David M. Sherer 656 120 ------------------ ------------------
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit 27.1 - Financial Data Schedule Exhibit 27.2 - Financial Data Schedule (b) Reports on Form 8-K The Registrant filed no reports on Form 8-K during the quarter ended September 30, 1997. All other items required under Part II are omitted because they are not applicable. -24- 28 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 thereunto duly authorized. 3333 HOLDING CORPORATION ---------------------------------- Registrant November 7, 1997 /s/ J. Stephen Bilheimer ---------------------------------- J. Stephen Bilheimer President November 7, 1997 /s/ Kimberly Pinson ---------------------------------- Kimberly Pinson Vice President and Treasurer (chief accounting officer) -25- 29 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 thereunto duly authorized. CENTEX DEVELOPMENT COMPANY, L.P. --------------------------------- Registrant By: 3333 Development Corporation, General Partner November 7, 1997 /s/ J. Stephen Bilheimer --------------------------------- J. Stephen Bilheimer President November 7, 1997 /s/ Kimberly Pinson --------------------------------- Kimberly Pinson Vice President and Treasurer (chief accounting officer) 26 30 EXHIBITS INDEX Exhibit 27 - Financial Data Schedule Exhibit 27.1 - Financial Data Schedule Exhibit 27.2 - Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CENTEX CORPORATION'S SEPTEMBER 30, 1997, FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000018532 CENTEX CORPORATION 1,000 6-MOS MAR-31-1998 APR-01-1997 SEP-30-1997 70,752 0 1,093,296 0 1,093,991 0 511,204 209,772 2,909,101 0 239,886 0 0 7,414 903,913 2,909,101 1,853,121 1,853,121 1,701,167 1,701,167 34,315 0 16,525 101,114 37,713 63,401 0 0 0 63,401 2.10 0.00
EX-27.1 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 3333 HOLDING CORPORATION'S SEPTEMBER 30, 1997, FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000818762 3333 HOLDING CORPORATION 1,000 6-MOS MAR-31-1998 APR-01-1997 SEP-30-1997 2 0 7,885 0 0 0 0 0 8,654 0 0 0 0 1 757 8,654 749 749 669 669 0 0 0 80 0 80 0 0 0 80 0.00 0.00
EX-27.2 4 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CENTEX DEVELOPMENT COMPANY L.P.'S SEPTEMBER 30, 1997, FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000818764 CENTEX DEVELOPMENT COMPANY, L.P. 1,000 6-MOS MAR-31-1998 APR-01-1997 SEP-30-1997 473 0 5,109 0 36,902 0 0 0 42,670 0 0 0 0 500 29,562 42,670 6,625 6,625 5,566 5,566 0 0 0 1,059 0 1,059 0 0 0 1,059 0.00 0.00
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