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): April 26, 2004

PULTE HOMES, INC.

(Exact name of registrant as specified in its Charter)

Michigan	1-9804	38-2766606
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

100 Bloomfield Hills Parkway, Suite 300, Bloomfield Hills, Michigan 48304
(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

	Item 12. Results of Operations and Financial Condition
SIGNATURES
Press Release dated April 26, 2004

Item 12. Results of Operations and Financial Condition

     On April 26, 2004, Pulte Homes, Inc. issued a press release announcing earnings for the first quarter ended March 31, 2004. A copy of the press release is furnished with this Current Report on Form 8-K following the signature page and is incorporated in this Item 12 by reference. The information in this Current Report on Form 8-K and the attached press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

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: April 26, 2004	By:	/s/ John R. Stoller
		Name: Title:	John R. Stoller Senior Vice President, General Counsel and Secretary

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	First quarter earnings press release dated April 26, 2004.

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE	Company Contacts
	Investors: James Zeumer
	(248) 433-4597
	email: jim.zeumer@pulte.com
	Media: Mark Marymee
	(248) 433-4648
	email: mark.marymee@pulte.com

PULTE HOMES ANNOUNCES RECORD FIRST QUARTER RESULTS

• First Quarter Income from Continuing Operations Increases 53% to $132 million

• Earnings Per Diluted Share from Continuing Operations Increase 46% to $1.02

• First Quarter Net New Orders Increase 31% to 10,751 Homes

• Backlog Climbs 35% to 17,664 Homes valued at $5.4 Billion

• Company Raises Earnings Guidance for 2004

     Bloomfield Hills, MI, April 26, 2004 - Pulte Homes, Inc. (NYSE: PHM) announced today record financial results for its first quarter ended March 31, 2004. First quarter income from continuing operations was a record $131.8 million, an increase of 53% over prior year first quarter income of $86.3 million. First quarter earnings per diluted share from continuing operations of $1.02 represents an increase of 46% over prior year earnings per diluted share from continuing operations of $.70. All per share results reflect the Company’s two-for-one stock split that was effective January 2, 2004.

     For the quarter, Pulte’s consolidated revenues were $2.04 billion, an increase of 31% over prior year revenues of $1.55 billion.

     “With our unique customer segmentation strategy and an unmatched land pipeline, Pulte is continuing to expand its share of the U.S. housing market as reflected in our 31% increase in net new orders,” said Richard J. Dugas, Jr., President and CEO of Pulte Homes. “Given Pulte’s strong market position and excellent first-quarter results, we are raising our earnings guidance for 2004 to a range of $7.00 to $7.25 per diluted share, up from prior guidance of $6.00 to $6.25 per diluted share.”

     First quarter revenues from domestic homebuilding settlements increased 34% to $1.9 billion. Higher revenues for the period were the result of a 22% increase in closings to 7,039 houses, combined with a 10% increase in average selling price to $276,000. The higher average selling price resulted from favorable changes in the mix of houses closed combined with price increases realized during the quarter.

     First quarter domestic homebuilding pretax income increased 61% to $222.5 million, compared with prior year first quarter pretax income of $138.4 million. Pretax income for the quarter benefited from an approximately 180 basis point improvement in gross margins from home sales to 21.9%

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reflecting price increases realized during the quarter, a favorable product mix and initiatives to improve overall operating efficiencies. The Company was also successful in lowering domestic homebuilding selling, general & administrative expenses as a percent of home settlement revenues for the quarter by approximately 100 basis points to 10.6%.

     Land sales and related gross profit in the first quarter were $23.1 million and $3.5 million, respectively, compared with $32.9 million and $8.8 million, respectively, in the prior year. Land sales are an important part of Pulte’s overall land management strategy, but sales can fluctuate quarter-to-quarter depending upon the timing of individual land transactions.

     Domestic net new home orders for the quarter were 10,751, up 31% over prior year first quarter orders of 8,233 homes. Pulte’s ending backlog was valued at a record $5.4 billion (17,664 homes), compared with a value of $3.6 billion (13,053 homes) last year.

     “Our organization remains focused on the four areas we have identified as the drivers to continued business success for Pulte Homes: growth through segmentation, operational excellence, people development and financial discipline,” said Dugas. “Our ability to drive sales, to raise prices and margins and to strengthen our overall operations in large part reflects the strides we are making in each area.”

     The Company’s financial services operations reported first quarter pretax income of $10.1 million, down from prior year pretax income of $17.1 million. Loan originations for the quarter increased 18% to 6,113, but a less favorable interest rate environment and higher overhead costs in support of better customer service combined to lower reported pretax income. Mortgage capture rates for the quarter increased to 86.1%, compared with 80.5% last year.

     For the first quarter, Pulte’s International operations reported pretax income of $.2 million, compared with a pretax loss of $1.0 million last year. The Company continues to evaluate various long-term strategic initiatives with regard to its International operations.

     A conference call discussing Pulte’s first quarter results will be held Tuesday, April 27, 2004 at 8:30 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.

Certain statements in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic and business conditions; (2) interest rate changes and the availability of mortgage financing; (3) the relative stability of debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of insurance covering risks associated with our business; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth initiatives and/or local building moratoria; (10) governmental regulation, including the interpretation of tax, labor and environmental laws; (11) changes in consumer confidence and preferences; (12) required accounting changes; (13) terrorist acts and other acts of war; and (14) other factors over which the Company has little or no control.

Pulte Homes, Inc., (www.pulte.com) based in Bloomfield Hills, Michigan, has operations in 44 markets across the United States. Under its Del Webb (www.delwebb.com) brand, the Company is also the

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nation’s leading builder of active adult communities for people age 55 and older. Over its history, the Company has constructed more than 370,000 homes and has been named Builder of the Year for 2002 by Professional Builder magazine. Pulte Mortgage LLC 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
(000’s omitted, except per share data)
(Unaudited)

	Three Months Ended
	March 31,
	2004			2003
CONSOLIDATED RESULTS:
Revenues:
Homebuilding	$	2,013,279		$	1,523,439
Financial Services		24,572			27,596
Corporate		897			1,555
Total Revenues	$	2,038,748		$	1,552,590
Pre-tax income (loss):
Homebuilding	$	222,763		$	137,412
Financial Services		10,089			17,116
Corporate		(20,228	)		(15,369	)
Income from continuing operations before income taxes		212,624			139,159
Income taxes		(80,787	)		(52,858	)
Income from continuing operations		131,837			86,301
Loss from discontinued operations		(208	)		(164	)
Net income	$	131,629		$	86,137
EARNINGS PER SHARE - ASSUMING DILUTION:
Income from continuing operations	$	1.02		$	.70
Loss from discontinued operations		—			—
Net income	$	1.02		$	.69
Shares used in per share calculations		128,829			124,038

All share and per share amounts have been restated to retroactively reflect the stock split effected January 2, 2004.

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Pulte Homes, Inc.

Condensed Consolidated Balance Sheets
($000’s omitted)
(Unaudited)

	March 31,		December 31,		March 31,
	2004		2003		2003
ASSETS
Cash and equivalents	$	464,414	$	404,092	$	479,577
Unfunded settlements		70,617		122,300		49,754
House and land inventories		6,009,141		5,528,410		4,604,208
Land, not owned, under option agreements		136,036		73,256		—
Residential mortgage loans available-for-sale		304,526		541,126		389,150
Goodwill		307,693		307,693		307,693
Intangible assets		141,642		143,704		149,892
Other assets		920,058		942,771		813,724
	$	8,354,127	$	8,063,352	$	6,793,998
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable, accrued and other liabilities	$	1,861,741	$	1,905,579	$	1,368,811
Collateralized short-term debt, recourse solely to applicable subsidiary assets		255,738		479,287		343,724
Income taxes		38,284		79,391		40,523
Senior notes and subordinated debentures		2,573,633		2,150,972		2,209,882
Total Liabilities		4,729,396		4,615,229		3,962,940
Shareholders’ Equity		3,624,731		3,448,123		2,831,058
	$	8,354,127	$	8,063,352	$	6,793,998

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Pulte Homes, Inc.
Segment Data
($000’s omitted)

	Three Months Ended
	March 31,
	2004			2003
HOMEBUILDING:
Pre-tax income:
Domestic	$	222,525		$	138,438
International		238			(1,026	)
Total Homebuilding	$	222,763		$	137,412
Domestic Homebuilding:
Home sales (settlements)	$	1,942,541		$	1,447,198
Land sales		23,141			32,909
Domestic Homebuilding Revenue		1,965,682			1,480,107
Home cost of sales		(1,516,324	)		(1,155,225	)
Land cost of sales		(19,612	)		(24,060	)
Selling, general & administrative expense		(205,601	)		(167,100	)
Other income (expense), net		(1,620	)		4,716
Pre-tax income	$	222,525		$	138,438
International Homebuilding:
Home sales (settlements)	$	47,597		$	43,332
Cost of sales		(38,630	)		(35,684	)
Selling, general & administrative expense		(8,353	)		(10,463	)
Other income (expense), net		(798	)		(391	)
Minority Interest		(397	)		1,135
Equity in income of joint venture operations		819			1,045
Pre-tax income	$	238		$	(1,026	)
FINANCIAL SERVICES:
Pre-tax income	$	10,089		$	17,116
CORPORATE:
Pre-tax loss:
Net interest expense	$	(11,635	)	$	(9,016	)
Other Corporate expense, net		(8,593	)		(6,353	)
Total Corporate	$	(20,228	)	$	(15,369	)

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Pulte Homes, Inc.
Business Operating Data
($000’s omitted)

	Three Months Ended
	March 31,
	2004		2003
HOMEBUILDING UNIT SETTLEMENTS:
Domestic		7,039		5,785
International		1,601		1,191
Total Pulte settlement units		8,640		6,976
HOMEBUILDING SETTLEMENT REVENUES:
Domestic	$	1,942,541	$	1,447,198
International		47,597		43,332
Total Pulte settlement revenues	$	1,990,138	$	1,490,530
Domestic Homebuilding
Unit settlements:
Northeast		519		426
Southeast		1,705		1,749
Midwest		773		842
Central		974		734
West		3,068		2,034
		7,039		5,785
Average selling price	$	276	$	250
Unit net new orders:
Northeast		714		736
Southeast		2,769		2,263
Midwest		1,487		1,118
Central		1,576		1,185
West		4,205		2,931
		10,751		8,233
Unit backlog:
Northeast		1,730		1,439
Southeast		4,790		3,453
Midwest		2,115		1,877
Central		1,758		1,356
West		7,271		4,928
		17,664		13,053
Dollars in backlog	$	5,357,000	$	3,564,000

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Pulte Homes, Inc.
Business Operating Data, continued
($000’s omitted)

	Three Months Ended
	March 31,
	2004		2003
MORTGAGE
ORIGINATIONS:
Origination volume		6,113		5,162
Origination principal	$	1,152,700	$	867,200

Pulte Homes, Inc.
Supplemental Information
($000’s omitted)

	Three Months Ended
	March 31,
	2004		2003
Corporate interest expense	$	12,532	$	10,571
Homebuilding interest expense (included in home cost of sales)		21,612		11,409
Financial Services interest expense		1,498		1,677
Total interest expense	$	35,642	$	23,657
Depreciation & amortization	$	10,160	$	8,331

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