-----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, Elt+/PMzqZn4kjMVm9FXZtbC3MfZqB+v8iP81FUwBNtWaANgmXraaMJBRWbKTNj7 yv+/TsQPJ8CDBe1fDL3k8Q== 0000950124-06-000427.txt : 20060203 0000950124-06-000427.hdr.sgml : 20060203 20060203094141 ACCESSION NUMBER: 0000950124-06-000427 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060201 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060203 DATE AS OF CHANGE: 20060203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PULTE HOMES INC/MI/ CENTRAL INDEX KEY: 0000822416 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 382766606 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09804 FILM NUMBER: 06575770 BUSINESS ADDRESS: STREET 1: 100 BLOOMFIELD HILLS PKWY STE 300 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48304 BUSINESS PHONE: 2486472750 MAIL ADDRESS: STREET 1: 100 BLOOMFIELD HILLS PKWY STE 300 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48304 FORMER COMPANY: FORMER CONFORMED NAME: PULTE CORP DATE OF NAME CHANGE: 19931118 FORMER COMPANY: FORMER CONFORMED NAME: PHM CORP DATE OF NAME CHANGE: 19920703 8-K 1 k02046e8vk.htm CURRENT REPORT, DATED FEBRUARY 1, 2006 e8vk
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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): February 1, 2006
PULTE HOMES, INC.
(Exact name of registrant as specified in its Charter)
         
Michigan   1-9804   38-2766606
         
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (IRS Employer
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)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

TABLE OF CONTENTS

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
Item 8.01 OTHER EVENTS
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURES
INDEX TO EXHIBITS
Fourth quarter earnings press release dated February 1, 2006
Stock repurchase authorization increase press release

Table of Contents

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 1, 2006, Pulte Homes, Inc. issued a press release announcing earnings for the fourth quarter and year ended December 31, 2005. A copy of this earnings press release is furnished with this Current Report on Form 8-K and is incorporated in Item 2.02 by reference.
Item 8.01 OTHER EVENTS
On February 1, 2006, Pulte Homes, Inc. issued a press release announcing that its Board of Directors approved a $200 million increase to the Company’s stock repurchase authorization. A copy of this press release is attached to this Current Report on Form 8-K and is incorporated in Item 8.01 by reference.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
     
99.1
  Fourth quarter earnings press release dated February 1, 2006.
 
99.2
  Stock repurchase authorization increase press release dated February 1, 2006.
The information in Item 2.02 of this Current Report on Form 8-K, including the earnings press release incorporated in such Item 2.02, 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: February 3, 2006  By:   /s/ Roger A. Cregg    
    Name:   Roger A. Cregg   
    Title:   Executive Vice President and Chief Financial Officer   

 

Table of Contents

         
INDEX TO EXHIBITS
         
Exhibit No.   Description
  99.1    
Fourth quarter earnings press release dated February 1, 2006
 
  99.2    
Stock repurchase authorization increase press release dated February 1, 2006

 

EX-99.1 2 k02046exv99w1.txt FOURTH QUARTER EARNINGS PRESS RELEASE DATED FEBRUARY 1, 2006 [PULTE HOMES LOGO] EXHIBIT 99.1 FOR IMMEDIATE RELEASE Investor Relations ------------------ Contact: James Zeumer Vice President (248) 433-4597 email: jim.zeumer@pulte.com Media Relations Contact: Mark Marymee Corporate Communications (248) 433-4648 email: mark.marymee@pulte.com PULTE HOMES REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2005 FINANCIAL RESULTS - - FOURTH QUARTER EARNINGS FROM CONTINUING OPERATIONS INCREASE 28% TO A RECORD $2.03 PER DILUTED SHARE - - Q4 HOME SETTLEMENT REVENUES CLIMB 28% TO A RECORD $5.0 BILLION - - NET NEW ORDERS FOR THE QUARTER CLIMB 24% TO $3.3 BILLION; BACKLOG VALUE INCREASES 22% TO $6.3 BILLION - - 2005 CONSOLIDATED REVENUES INCREASE 28% TO A RECORD $14.7 BILLION; 2005 EARNINGS FROM CONTINUING OPERATIONS INCREASE 43% TO $5.47 PER DILUTED SHARE - - COMPANY REAFFIRMS GUIDANCE FOR 2006 EARNINGS FROM CONTINUING OPERATIONS IN THE RANGE OF $6.00 TO $6.25 PER DILUTED SHARE - - COMPANY REPURCHASES $102 MILLION OF STOCK DURING Q4; BOARD APPROVES NEW $200 MILLION SHARE REPURCHASE AUTHORIZATION BLOOMFIELD HILLS, MI, FEBRUARY 1, 2006 - Pulte Homes, Inc. (NYSE: PHM) today announced record financial results for its fourth quarter and year ended December 31, 2005. For the quarter, income from continuing operations increased 28% to a record $531.7 million, compared with $415.2 million in 2004. Fourth quarter earnings from continuing operations increased 28% to $2.03 per diluted share, compared with prior year earnings from continuing operations of $1.59 per diluted share. Quarterly and annual earnings per share for both years have been adjusted for the Company's 2:1 stock split effected September 1, 2005 and for the reclassification of Pulte's Mexico business to Discontinued Operations following its sale as announced on December 27, 2005. Consolidated fourth quarter revenues for the Company increased 24% to $5.1 billion. For the full year 2005, Pulte Homes reported record consolidated revenues of $14.7 billion, an increase of 28% over the prior year. Full year earnings from continuing operations gained 43% to $5.47 per diluted share, compared with $3.82 in the prior year. "We are very pleased with Pulte's fourth quarter and full year operating and financial results," said Richard J. Dugas, Jr., President and Chief Executive Officer. "The strength of Pulte's diversified 1 business model, particularly our customer segment diversity that includes an unmatched position serving the exploding Active Adult population with our Del Webb brand, once again allowed Pulte to post excellent new order growth that is among the strongest in our industry. Fundamentally, our strategy of serving all major buyer segments and geographies offers opportunities for increased growth and more consistent financial performance." "Through the scale, scope and diversification advantages Pulte maintains, we see opportunity for further growth in 2006. We continue to target 2006 earnings growth of roughly 10% to 15%, which is in-line with current guidance for earnings of $6.00 to $6.25 per share," said Dugas. In a separate release, Pulte Homes announced that its Board of Directors has authorized the Company to repurchase up to an additional $200 million of its outstanding stock. "During the fourth quarter of 2005, we repurchased approximately $102 million worth of our outstanding shares, which used all but approximately $20 million of the previous authorization," said Roger A. Cregg, Executive Vice President and CFO. "Given current market conditions, we see an opportunity to invest in our business through the purchase of land assets and our own stock." FOURTH QUARTER RESULTS Revenues from homebuilding settlements for the fourth quarter increased 28% to a record $5 billion. Higher revenues for the period were the result of a 9% increase in average selling price to $321,000 combined with a 17% increase in total home deliveries to 15,670 homes. The higher average selling price for the period reflects a combination of price increases realized during the quarter and changes in the mix of homes delivered. Fourth quarter homebuilding pretax income increased 23% to $820.5 million, compared with prior year pretax income of $664.8 million. Pretax income for the period benefited from a 130 basis point decrease in Selling, General & Administrative expenses as a percent of home settlement revenues, partially offset by a 40 basis point decrease in gross margins from home settlements. In addition, land sales during the quarter generated $9.3 million in gross profits, compared with $62.9 million in 2004. Land sales are an important component of the Company's domestic homebuilding operations, but can fluctuate quarter-to-quarter depending upon the timing of individual land transactions. The dollar value of net new home orders for the quarter was $3.3 billion, or 9,821 homes, up 24% from the prior year fourth quarter order value of $2.7 billion, or 8,940 homes. Ending backlog for Pulte's homebuilding operations was valued at $6.3 billion, an increase of 22% over the prior year. Yearend unit backlog totaled 17,817 homes, an increase of 12% compared with 15,916 at the end of 2004. Fourth quarter pretax income for the Company's financial services operations totaled $25.9 million, compared with prior year pretax income of $17.7 million. The 47% increase in pretax income was driven by an increase in loan originations and a more favorable interest rate environment. Higher homebuilding volumes, combined with a 180 basis point increase in capture rate to 90.6%, helped drive loan production for the period to 14,972 loans, representing $3 billion in principal value. Effective with the sale of Pulte Mexico as announced on December 27, 2005, Pulte's Mexican business operations were reclassified into Discontinued Operations. In addition, the Company recorded fourth quarter income in discontinued operations associated with the previously announced judgment in the Company's breach of contract case against the United States government. As reported in a November 18, 2005 press release, the company received $48.7 million from the conclusion of this case, with the funds to be used for general corporate purposes. 2 FULL YEAR RESULTS For the year ended December 31, 2005, Pulte Homes' income from continuing operations increased 45% to $1.4 billion, compared with prior year income of $993.6 million. Earnings from continuing operations for 2005 were $5.47 per diluted share, an increase of 43% over prior year earnings from continuing operations of $3.82 per diluted share. Annual earnings per share for both years have been adjusted for the Company's 2:1 stock split effected September 1, 2005 and for the reclassification of Pulte's Mexico business operations to Discontinued Operations following the sale of its homebuilding operations announced on December 27, 2005. Consolidated revenues for 2005 were a record $14.7 billion, up 28% from $11.5 billion in 2004. Revenues from homebuilding settlements for 2005 increased 30% to $14.4 billion. Higher revenues for the period resulted from a 10% increase in average selling price to $315,000 combined with an 18% increase in the number of homes closed which totaled a record 45,630 homes. The increase in average selling price for the period reflects a combination of price increases and a favorable change in the mix of product closed during the period. Homebuilding pretax income for the year increased 41% to a record $2.3 billion, compared with prior year pretax income of $1.6 billion. Gross margins from home sales for the period increased 80 basis points to 23.4%, while Selling, General & Administrative costs as a percentage of settlement revenues dropped approximately 110 basis points to 7.7%. Land sales for the year generated $18.2 million in pretax income, compared with $99.8 million in 2004. For 2005, Pulte's financial services operations reported pretax income of $70.6 million, an increase of 49% over prior year pretax income of $47.4 million. Higher homebuilding volumes, combined with a 140 basis point increase in capture rate to 89.2%, helped drive loan originations for the period to 42,994 loans, representing $8.5 billion in principal value. A conference call discussing Pulte Homes' fourth quarter results will be held Thursday, February 2, 2006, 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. ALL FORWARD-LOOKING STATEMENTS MADE ARE MADE AS OF THE DATE HEREOF, AND THE RISK THAT ACTUAL RESULTS WILL DIFFER MATERIALLY FROM EXPECTATIONS WILL INCREASE WITH THE PASSAGE OF TIME. PULTE UNDERTAKES NO DUTY TO UPDATE ANY FORWARD-LOOKING STATEMENT WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR CHANGES IN PULTE'S EXPECTATIONS. 3 ABOUT PULTE HOMES Pulte Homes, Inc., (NYSE: PHM), based in Bloomfield Hills, Mich., is a FORTUNE 200 company with operations in 54 markets and 27 states. In 2005, the company delivered 45,630 homes in the U.S. and generated consolidated revenues of $14.7 billion. During its 56-year history, the company has constructed more than 450,000 homes. In 2005, Pulte Homes received the most awards in the J.D. Power and Associates New Home-Builder Customer Satisfaction Study(sm), marking the sixth-straight year Pulte achieved this distinction among America's largest homebuilding companies. Pulte operations were highest-ranked in 16 markets and were among the top three in 22 of 27 markets in which it qualified. Under its Del Webb brand, Pulte is the nation's largest builder of active adult communities for people age 55 and better. Its DiVosta operation is nationally recognized for a proprietary building system that has delivered more than 25,000 "Built Solid" homes in Florida since 1960. Pulte Mortgage LLC is a nationwide lender and offers Pulte customers a wide variety of loan products and superior customer service. WEBSITES: www.pulte.com; www.delwebb.com; www.divosta.com ------------------------------------------------ 4 Pulte Homes, Inc. Condensed Consolidated Results Of Operations (000's omitted, except per share data) (Unaudited)
Three Months Ended Year Ended December 31, December 31, ---------------------------- ------------------------------ 2005 2004 2005 2004 ------------- ------------ ------------ ------------ CONSOLIDATED RESULTS: Revenues: Homebuilding $ 5,077,843 $ 4,098,732 $ 14,528,236 $ 11,400,008 Financial Services 52,497 36,567 161,414 112,719 Other 1,260 165 4,885 1,749 ------------ ------------ ------------ ------------ Total Revenues $ 5,131,600 $ 4,135,464 $ 14,694,535 $ 11,514,476 ============ ============ ============ ============ Pretax income (loss): Homebuilding $ 820,459 $ 664,822 $ 2,298,822 $ 1,635,580 Financial Services 25,933 17,677 70,586 47,429 Other (15,799) (22,019) (92,394) (90,685) ------------ ------------ ------------ ------------ Income from continuing operations before income taxes 830,593 660,480 2,277,014 1,592,324 Income taxes 298,856 245,292 840,126 598,751 ------------ ------------ ------------ ------------ Income from continuing operations 531,737 415,188 1,436,888 993,573 Income(loss) from discontinued operations 42,802 (17,815) 55,025 (7,032) ------------ ------------ ------------ ------------ Net income $ 574,539 $ 397,373 $ 1,491,913 $ 986,541 ============ ============ ============ ============ EARNINGS PER SHARE - ASSUMING DILUTION: Income from continuing operations $ 2.03 $ 1.59 $ 5.47 $ 3.82 Income (loss) from discontinued operations .16 (.07) .21 (.03) ------------ ------------ ------------ ------------ Net income $ 2.19 $ 1.52 $ 5.68 $ 3.79 ============ ============ ============ ============ Shares used in per share calculations 262,443 261,412 262,801 260,234 ============ ============ ============ ============
5 Pulte Homes, Inc. Condensed Consolidated Balance Sheets ($000's omitted)
December 31, December 31, 2005 2004 (Unaudited) --------------- --------------- ASSETS Cash and equivalents $ 1,002,268 $ 308,118 Unfunded settlements 156,663 118,471 House and land inventory 8,756,093 7,241,350 Land held for sale 257,724 230,086 Land, not owned, under option agreements 76,671 106,380 Residential mortgage loans available-for-sale 1,038,506 697,077 Investments in unconsolidated entities 301,613 258,868 Goodwill 307,693 307,693 Intangible assets, net 127,204 135,454 Other assets 1,023,739 971,634 Deferred income tax asset -- 31,766 --------------- --------------- $ 13,048,174 $ 10,406,897 =============== =============== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, accrued and other liabilities $ 2,584,060 $ 2,201,852 Collateralized short-term debt, recourse solely to applicable subsidiary assets 893,001 617,415 Income taxes 219,504 203,806 Deferred income tax liability 7,740 -- Senior notes and subordinated notes 3,386,527 2,861,550 --------------- --------------- Total Liabilities 7,090,832 5,884,623 Shareholders' Equity 5,957,342 4,522,274 --------------- --------------- $ 13,048,174 $ 10,406,897 =============== ===============
6 Pulte Homes, Inc. Segment Data ($000's omitted) (Unaudited)
Three Months Ended Year Ended December 31, December 31, ---------------------------------- ---------------------------------- 2005 2004 2005 2004 --------------- --------------- --------------- --------------- HOMEBUILDING: Home sales (settlements) $ 5,027,123 $ 3,941,238 $ 14,370,667 $ 11,094,617 Land sales 50,720 157,494 157,569 305,391 --------------- --------------- --------------- --------------- Homebuilding Revenue 5,077,843 4,098,732 14,528,236 11,400,008 Home cost of sales (3,903,857) (3,046,554) (11,005,591) (8,583,551) Land cost of sales (41,387) (94,601) (139,377) (205,589) Selling, general & administrative expense (313,900) (294,647) (1,107,816) (973,629) Other income (expense), net 1,760 1,892 23,370 (1,659) --------------- --------------- --------------- --------------- Pretax income $ 820,459 $ 664,822 $ 2,298,822 $ 1,635,580 =============== =============== =============== =============== FINANCIAL SERVICES: Pretax income $ 25,933 $ 17,677 $ 70,586 $ 47,429 =============== =============== =============== =============== OTHER: Pretax loss: Net interest expense $ (2,481) $ (11,445) $ (43,344) $ (47,372) Other expense, net (13,318) (10,574) (49,050) (43,313) --------------- --------------- --------------- --------------- Total Other $ (15,799) $ (22,019) $ (92,394) $ (90,685) =============== =============== =============== ===============
7 Pulte Homes, Inc. Business Operating Data ($000's omitted) (Unaudited)
Three Months Ended Year Ended December 31, December 31, ----------------------------- ----------------------------- 2005 2004 2005 2004 ------------- ------------- ------------- ------------- Homebuilding Settlement Revenues $ 5,027,123 $ 3,941,238 $ 14,370,667 $ 11,094,617 ============= ============= ============= ============= Unit settlements: Northeast 1,500 1,166 3,909 3,249 Southeast 4,201 3,306 12,911 9,362 Midwest 2,435 2,137 6,121 5,520 Central 2,639 2,347 6,829 6,066 West 4,895 4,468 15,860 14,415 ------------- ------------- ------------- ------------- 15,670 13,424 45,630 38,612 ============= ============= ============= ============= Average selling price $ 321 $ 294 $ 315 $ 287 ============= ============= ============= ============= Unit net new orders: Northeast 697 778 4,019 3,197 Southeast 2,553 2,887 13,271 10,941 Midwest 1,332 1,145 6,231 5,396 Central 1,873 1,288 7,969 5,987 West 3,366 2,842 16,041 15,055 ------------- ------------- ------------- ------------- 9,821 8,940 47,531 40,576 ============= ============= ============= ============= Unit net new orders - dollars: $ 3,285,000 $ 2,650,000 $ 15,518,000 $ 12,101,000 ============= ============= ============= ============= Unit backlog: Northeast 1,593 1,483 Southeast 5,665 5,305 Midwest 1,387 1,277 Central 2,217 1,077 West 6,955 6,774 ------------- ------------- 17,817 15,916 ============= ============= Dollars in backlog $ 6,301,000 $ 5,154,000 ============= =============
8 Pulte Homes, Inc. Business Operating Data, continued ($000's omitted) (Unaudited)
Three Months Ended Year Ended December 31, December 31, ------------------------------ ------------------------------ 2005 2004 2005 2004 ------------- ------------- ------------- ------------- MORTGAGE ORIGINATIONS: Origination volume 14,972 12,316 42,994 35,232 ============= ============= ============= ============= Origination principal $ 3,046,900 $ 2,384,800 $ 8,528,600 $ 6,739,200 ============= ============= ============= ============= Capture rate percentage 90.6% 88.8% 89.2% 87.8% ============= ============= ============= =============
Pulte Homes, Inc. Supplemental Information ($000's omitted) (Unaudited)
Three Months Ended Year Ended December 31, December 31, ------------------------- ------------------------- 2005 2004 2005 2004 ----------- ----------- ----------- ----------- Interest expense: Homebuilding (included in home cost of sales) $ 58,506 $ 45,688 $ 179,584 $ 133,049 Financial Services 5,768 2,592 16,004 7,241 Other 3,721 11,610 48,209 49,121 ----------- ----------- ----------- ----------- Total interest expense $ 67,995 $ 59,890 $ 243,797 $ 189,411 =========== =========== =========== =========== Depreciation & amortization $ 16,702 $ 12,255 $ 61,512 $ 46,296 =========== =========== =========== ===========
9 EX-99.2 3 k02046exv99w2.txt STOCK REPURCHASE AUTHORIZATION INCREASE PRESS RELEASE EXHIBIT 99.2 (PULTE HOMES LOGO) FOR IMMEDIATE RELEASE Contact: James Zeumer Pulte Homes, Inc. Vice President (248) 433-4597 jim.zeumer@pulte.com PULTE HOMES ANNOUNCES $200 MILLION STOCK REPURCHASE PROGRAM BLOOMFIELD HILLS, MI, FEBRUARY 1, 2006 -- Pulte Homes, Inc. (NYSE: PHM) announced today that its Board of Directors authorized an additional $200 million in share repurchases. Shares will be purchased from time-to-time in the open market, depending upon market conditions. "Pulte Homes ended 2005 with a net debt to total capitalization of 29%," said Roger A. Cregg, Executive Vice President and CFO. "During the fourth quarter of 2005, we repurchased approximately $102 million worth of Pulte Homes stock, leaving approximately $20 million available under the existing plan. This increased authorization reflects Board and management agreement that there are opportunities to maximize shareholder value by balancing capital allocation into the business, the payment of dividends and the repurchase of stock, while still maintaining a strong balance sheet." ABOUT PULTE HOMES Pulte Homes, Inc., (NYSE: PHM), based in Bloomfield Hills, Mich., is a FORTUNE 200 company with operations in 54 markets and 27 states. In 2005, the company delivered 45,630 homes in the U.S. and generated consolidated revenues of $14.7 billion. During its 56-year history, the company has constructed more than 450,000 homes. In 2005, Pulte Homes received the most awards in the J.D. Power and Associates New Home-Builder Customer Satisfaction Study(sm), marking the sixth-straight year Pulte achieved this distinction among America's largest homebuilding companies. Pulte opefsrations were highest-ranked in 16 markets and were among the top three in 22 of 27 markets in which it qualified. Under its Del Webb brand, Pulte is the nation's largest builder of active adult communities for people age 55 and better. Its DiVosta operation is nationally recognized for a proprietary building system that has delivered more than 25,000 "Built Solid" homes in Florida since 1960. Pulte Mortgage LLC is a nationwide lender and offers Pulte customers a wide variety of loan products and superior customer service. WEBSITES: www.pulte.com; www.delwebb.com; www.divosta.com ### -----END PRIVACY-ENHANCED MESSAGE-----