8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 24, 2001     

PULTE HOMES, INC
(Exact name of registrant as specified in its Chapter)

Michigan		38-2766606
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

33 Bloomfield Hills Parkway, Suite 200, Bloomfield Hills, Michigan 49304
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code       (248) 647-2750    

(Former name or former address, if changed since last report)

TABLE OF CONTENTS

Press Release dated 7/24/01

Item 5. Other Events

      On July 24, 2001, Pulte Homes, Inc., a Michigan corporation (“Pulte”), announced its earnings for the second quarter ended June 30, 2001.

      On July 24, 2001, Pulte issued the press release attached hereto as Exhibit 99.1 announcing its earnings for the second quarter ended June 30, 2001. The information contained in the press release is incorporated herein by reference.

Item 7. Exhibits

      Exhibit 99.1 Press Release dated July 24, 2001.

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.

	PULTE HOMES, INC.
Date
July 26, 2001	By:	/s/	John R. Stoller
			Name:	John R. Stoller
			Title:	Senior Vice President,
				General Counsel and
				Secretary

INDEX TO EXHIBITS

Exhibit No.	Description
Exhibit 99.1	Press Release dated July 24, 2001

  EX-99.1 2 k63992ex99-1.htm PRESS RELEASE DATED 7/24/01

Exhibit 99.1

FOR IMMEDIATE RELEASE	Contact: James Zeumer
	Pulte Homes, Inc.
	Vice President
	(248) 433-4597
	email: jzeumer@pulte.com

PULTE HOMES ANNOUNCES 27% INCREASE IN NET INCOME FROM
CONTINUING OPERATIONS; EARNINGS INCREASE TO A RECORD $1.40 PER
SHARE

Backlog value exceeds $2.0 billion, as unit backlog increases 12%

      Bloomfield Hills, MI, July 24, 2001 – Pulte Homes, Inc. (NYSE: PHM) announced today record financial results for its second quarter and six months ended June 30, 2001. For the quarter, net income from continuing operations increased 27% to a record $60.6 million, or $1.40 per share, as compared to $47.7 million, or $1.15 per share, last year. Total revenues for the quarter increased 4% to just over $1.0 billion.

      Domestic homebuilding revenues increased 3% to a second quarter record $997.7 million. Higher revenues for the quarter resulted from a 9% increase in average selling price to $219,000, partially offset by a 6% decrease in closings for the period. Lower closings for the quarter resulted from delays associated with the development of new communities, as well as lower inventory of homes available for delivery during the quarter. A higher average sales price for the quarter, combined with reduced operating costs, helped drive a 160 basis point increase in margins to 20.3%. Domestic homebuilding pre-tax income for the quarter was $107.7 million, or 10.8% of revenues, an increase of 26% over prior year pre-tax income of $85.6 million, or 8.9% of revenues.

      “Pulte Homes’ second quarter and six-month results reflect the continued strength in the U.S. housing market, as well as company specific initiatives we’ve implemented to expand margins and increase returns to our shareholders,” said Robert K. Burgess, Chairman and Chief Executive Officer. “As a backdrop to our strong second quarter results, we are working aggressively to complete our previously announced merger with Del Webb. The better our understanding of Del Webb, the more excited we become about the opportunities and synergies this merger will create.”

      For the quarter, orders for Pulte Homes’ domestic homebuilding operations totaled 5,178, as compared to 5,159 homes in the prior year. Domestic homebuilding backlog value at the end of the quarter was $2.0 billion (8,791 homes), up from $1.8 billion (7,830 homes) last year.

      The Company’s financial services operations reported pre-tax income for the second quarter of $5.8 million, up from $3.4 million in the prior year, as revenues increased 56% to

$16.4 million. Higher revenues for the quarter were driven by a 25% increase in loans originated (4,013), as the company’s mortgage operations increased its capture rate to 73.1%, up from 62.2% in the prior year.

      For the second quarter, Pulte Homes’ International operations reported a pre-tax loss of $1.5 million, as compared to income of $1.6 million for the comparable period last year. The loss for the quarter was driven by decreased closings from the Company’s Mexico operations where changes in government lending practices slowed mortgage funding during the quarter.

Other Second Quarter Highlights

      On May 1, 2001, Pulte Homes and Del Webb Corporation announced a merger of the two companies under which Pulte Homes will acquire all the outstanding shares of Del Webb in a tax-free, stock-for-stock transaction. The companies have received needed regulatory approvals and have scheduled their respective Special Meetings of Shareholders for July 27, 2001.

      On May 21, 2001, Pulte Homes also announced the purchase of five communities in the Philadelphia, Pennsylvania market from Westrum Development Company. Pulte Homes ultimately agreed to purchase 14 communities from Westrum, representing lots and closings expected to range between 300 to 400 homes annually.

Six Month Results

      For the six months ended June 30, 2001, Pulte Homes reported increased net income from continuing operations of $99.7 million, or $2.31 per share, up 39% over prior year net income of $71.9 million, or $1.71 per share last year. Consolidated revenues for the period were $1.86 billion, up from $1.76 billion for the first six months of last year.

      Pulte Homes’ domestic homebuilding operations reported total revenues for the period of $1.8 billion, up 4% over the prior year. Higher revenues for the period resulted from a 9% increase in average selling price to $217,000, offset by a 4.6% decrease in the number of homes closed. Gross margins for the domestic operations increased 190 basis points to 20.2%, as pre-tax income for the domestic operations increased 32% to $174.2 million.

      For the first six months, Pulte Homes’ financial services operations reported pre-tax income of $11.2 million, up significantly from prior year pre-tax income of $6.9 million. Higher revenues driven by increased capture rates, combined with a more favorable pricing environment, fueled the improved results. Pulte Homes’ International operations reported a pre-tax loss of $.3 million for the first six months, as compared to pre-tax profit of $1.3 million last year. Lower unit closings out of Mexico hurt profitability during the first half of the year.

      “Overall, the homebuilding industry remains in very good condition, with solid demand and low levels of inventory. Given these market conditions, combined with our expanding margins and record backlog, we are again raising our earnings target for 2001 to between $6.30 and $6.40 per share, up from $5.18 per share last year,” added Burgess.

A conference call discussing Pulte Homes’ second quarter results will be held today at 9:00 a.m. Eastern Time, and web cast live via Pulte.com. Interested investors can access the call via the Company’s home page at www.pulte.com.

As a cautionary note to investors, except for historical information contained herein, certain matters discussed in this press release are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties, including changes in economic conditions and interest rates, increases in raw material and labor costs, weather conditions, and general competitive factors, that may cause actual results to differ materially.

      Pulte Homes, Inc. (www.pulte.com) has operations in 41 markets across the United States, Argentina, Puerto Rico and Mexico where it is the fifth largest builder. Over its history, the Company has constructed more than 275,000 homes and has been honored as “America’s Best Builder.” Pulte Mortgage Corporation, Pulte Homes’ national mortgage company, is a nationwide lender committed to meeting the financing needs of Pulte Homes customers by offering a wide variety of loan products and superior customer service.

/Web site: http://www.pulte.com/

###

Pulte Homes, Inc.
Condensed Consolidated Results
Of Operations

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2001			2000			2001			2000
		(000's omitted, except per share data)
		(Unaudited)
CONSOLIDATED RESULTS:
Revenues:
	Homebuilding	$	1,005,985		$	971,993		$	1,823,305		$	1,737,581
	Financial Services		16,436			10,535			30,511			20,700
	Corporate		905			56			1,622			122
Total Revenues			1,023,326			982,584		$	1,855,438			1,758,403
Pre-tax income (loss):
	Homebuilding	$	106,221		$	87,272		$	173,919		$	133,182
	Financial Services		5,763			3,437			11,215			6,904
	Corporate		(13,417	)		(13,219	)		(22,959	)		(23,134	)
Income from continuing
	operations before
	income taxes		98,567			77,490			162,175			116,952
Income taxes			(37,948	)		(29,830	)		(62,437	)		(45,023	)
Income from continuing
	operations		60,619			47,660			99,738			71,929
Income (loss) from
	discontinued operations		(825	)		32			(573	)		99
Net income		$	59,794		$	47,692		$	99,165		$	72,028
EARNINGS PER SHARE -
	ASSUMING DILUTION:
Income from continuing
	operations	$	1.40		$	1.15		$	2.31		$	1.71
Income(loss)from
	discontinued operations		(.02	)		—			(.01	)		—
Net income		$	1.38		$	1.15		$	2.30		$	1.71
Shares used in per share
	calculations		43,365			41,569			43,191			42,230

Pulte Homes, Inc.
Condensed Consolidated Balance Sheets
($000’s omitted)
(Unaudited)

			June 30,		December 31,		June 30,
			2001		2000		2000
ASSETS
Cash and equivalents			$	101,805	$	183,985	$	31,003
Unfunded settlements				47,604		83,147		39,376
House and land inventories				2,289,842		1,880,263		1,983,751
Residential mortgage loans
	available-for-sale			203,622		259,239		148,836
Other assets				584,692		479,849		508,106
			$	3,227,565	$	2,886,483	$	2,711,072
LIABILITIES AND SHAREHOLDERS’
	EQUITY
Liabilities:
	Accounts payable and accrued
		liabilities	$	750,987	$	708,178	$	659,354
	Unsecured short-term borrowings			—		—		96,000
	Collateralized short-term debt,
		recourse solely to applicable
		subsidiary assets		196,186		242,603		142,029
	Income taxes			36,104		10,169		5,206
	Subordinated debentures and
		senior notes		884,918		677,602		701,219
		Total Liabilities		1,868,195		1,638,552		1,603,808
Shareholders’ Equity				1,359,370		1,247,931		1,107,264
			$	3,227,565	$	2,886,483	$	2,711,072

Pulte Corporation
Segment Data

				Three Months Ended
				June 30,
				2001					2000
				($000's omitted)
HOMEBUILDING:
	Pre-tax income (loss):
	Domestic			$	107,680				$	85,631
	International				(1,459	)				1,641
		Total Homebuilding		$	106,221				$	87,272
Domestic Homebuilding:
	Sales (settlements)			$	997,712		100.0	%	$	967,291		100.0	%
	Cost of sales				(795,145	)	(79.7	%)		(785,990	)	(81.3	%)
	Gross margin,
		before interest			202,567		20.3	%		181,301		18.7	%
	Selling, general
		& administrative
		expense			(99,596	)	(10.0	%)		(87,155	)	(9.0	%)
	Other income (expense)				13,005		1.3	%		(2,026	)	(0.2	%)
	EBIT				115,976		11.6	%		92,120		9.5	%
	Interest				(8,296	)	(0.8	%)		(6,489	)	(0.7	%)
	Pre-tax income			$	107,680		10.8	%	$	85,631		8.9	%
FINANCIAL SERVICES:
	Pre-tax income			$	5,763				$	3,437
MORTGAGE
	ORIGINATIONS:
	Origination volume				4,013					3,206
	Origination
		principal		$	613,700				$	458,200
CORPORATE:
	Pre-tax loss:
	Net interest expense			$	(8,034	)			$	(7,893	)
	Other Corporate
		expense, net			(5,383	)				(5,326	)
			Total Corporate	$	(13,417	)			$	(13,219	)

Pulte Corporation
Segment Data

				Six Months Ended
				June 30,
				2001					2000
				($000's omitted)
HOMEBUILDING:
	Pre-tax income (loss):
	Domestic			$	174,245				$	131,902
	International				(326	)				1,280
		Total Homebuilding		$	173,919				$	133,182
Domestic Homebuilding:
	Sales (settlements)			$	1,803,508		100.0	%	$	1,730,239		100.0	%
	Cost of sales				(1,439,695	)	(79.8	%)		(1,414,354	)	(81.7	%)
	Gross margin,
		before interest			363,813		20.2	%		315,885		18.3	%
	Selling, general
		& administrative
		expense			(185,798	)	(10.3	%)		(168,764	)	(9.8	%)
	Other income (expense)				10,466		0.6	%		(3,652	)	(0.2	%)
	EBIT				188,481		10.5	%		143,469		8.3	%
	Interest				(14,236	)	(0.8	%)		(11,567	)	(0.7	%)
	Pre-tax income			$	174,245		9.7	%	$	131,902		7.6	%
FINANCIAL SERVICES:
	Pre-tax income			$	11,215				$	6,904
MORTGAGE
	ORIGINATIONS:
	Origination volume				7,271					5,643
	Origination
		principal		$	1,102,800				$	800,400
CORPORATE:
	Pre-tax loss:
	Net interest expense			$	(13,683	)			$	(13,559	)
	Other Corporate
		expense, net			(9,276	)				(9,575	)
			Total Corporate	$	(22,959	)			$	(23,134	)

Pulte Homes, Inc.
Business Operating Data

				Three Months Ended				Six Months Ended
				June 30,				June 30,
				2001		2000		2001		2000
				(000's omitted)
HOMEBUILDING UNIT
SETTLEMENTS – PULTE AND
AFFILIATES:
	Domestic				4,551		4,826		8,319		8,724
	International				1,644		2,144		3,418		3,671
	Total Pulte and
		Pulte-affiliate
		settlement units			6,195		6,970		11,737		12,395
HOMEBUILDING REVENUES –
PULTE AND AFFILIATES:
	Domestic			$	997,712	$	967,291	$	1,803,508	$	1,730,239
	International				47,575		44,682		97,507		74,239
	Total Pulte and
		Pulte-affiliate
		revenues		$	1,045,287	$	1,011,973	$	1,901,015	$	1,804,478
Domestic Homebuilding
	Unit settlements:
			Northeast		451		444		844		816
			Southeast		1,751		1,951		3,360		3,613
			Midwest		742		771		1,190		1,362
			Central		870		859		1,502		1,460
			West		737		801		1,423		1,473
					4,551		4,826		8,319		8,724
	Unit net new orders:
			Northeast		655		563		1,187		1,084
			Southeast		1,954		2,049		4,487		4,480
			Midwest		871		653		1,974		1,563
			Central		914		888		2,268		1,992
			West		784		1,006		1,717		2,003
					5,178		5,159		11,633		11,122
	Unit backlog:
			Northeast						1,153		1,108
			Southeast						3,268		3,013
			Midwest						1,691		1,193
			Central						1,580		1,324
			West						1,099		1,192
									8,791		7,830

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EX-99.1

ex99-1