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, 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 9.01 FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURES
INDEX TO EXHIBITS
First Quarter Earnings Press Release

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 26, 2006, Pulte Homes, Inc. issued a press release announcing earnings for the first quarter ended March 31, 2006. 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 9.01 FINANCIAL STATEMENTS AND EXHIBITS

99.1 First quarter earnings press release dated April 26, 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: April 27, 2006	By:	/s/ Steven M. Cook
		Name:	Steven M. Cook
		Title:	Vice President, General Counsel and Secretary

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	First quarter earnings press release dated April 26, 2006.

EX-99

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

• Earnings from Continuing Operations Increases 22% to Q1 Record $1.01 Per Diluted Share

• Consolidated Revenues Climb 18% to a Record $3 Billion

• Homebuilding Settlement Revenues Increase 17% to $2.9 Billion; Closings Up 7% to 8,602 Homes

• Q1 Sale of Foreign Banking Investment Generates Pretax Income of $31.6 Million

• Pulte Homes Upgraded to “BBB” by Standard & Poor’s

     Bloomfield Hills, MI, April 26, 2006 - Pulte Homes, Inc. (NYSE: PHM) announced today record financial results for its first quarter ended March 31, 2006. First quarter income from continuing operations was a record $262.6 million, an increase of 21% over prior year first quarter income of $217.5 million. First quarter earnings from continuing operations of $1.01 per diluted share represents an increase of 22% over prior year earnings from continuing operations of $.83 per diluted share.

     “We continue to implement initiatives in support of our core business strategies: market share expansion through diversification, operational excellence, people development and financial discipline,” said Richard J. Dugas, Jr., President and CEO of Pulte Homes. “By focusing on these key business drivers, Pulte Homes delivered solid Q1 operating and financial results, while ending the quarter with a strong balance sheet and well positioned land pipeline. Based on our Q1 results and expectations that a soft landing is unfolding for the U.S. housing industry, we continue to target 2006 earnings of $6.00 to $6.25 per diluted share.”

     For the quarter, Pulte’s consolidated revenues were $3 billion, an increase of 18% over prior year revenues of $2.5 billion.

     First quarter revenues from homebuilding settlements increased 17% to $2.9 billion. Higher revenues for the period were the result of a 7% increase in closings to 8,602 homes, combined with a 9% increase in average selling price to $336,000. 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 homebuilding pretax income increased 5% to $377.6 million, compared with prior year first quarter homebuilding pretax income of $359.6 million.

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     Land sales and related gross profit in the first quarter increased to $25.9 million and $4.8 million, respectively, compared with $24.2 million and $3.4 million, respectively, in the prior year. Land sales are an important part of Pulte Homes’ overall land management strategy, but sales can fluctuate quarter-to-quarter depending upon the timing of individual land transactions.

     Net new home orders for the quarter were $3.7 billion (representing 10,725 homes), a decrease of 4% compared with prior year orders of $3.8 billion (representing 12,067 homes). The Company’s ending backlog was valued at a record $7.1 billion, compared with a value of $6.5 billion last year.

     The Company’s financial services operations reported first quarter pretax income of $49.3 million, compared with prior year pretax income of $10.1 million. Financial services pretax income for the period benefited from a 7% increase in originations to 8,091 loans, with a value of $1.7 billion. In addition, first quarter results reflect a gain of approximately $31.6 million from the previously announced sale by Pulte Mortgage LLC of its investment in a Mexico-based mortgage-banking company.

     Subsequent to the close of Pulte’s first quarter, the Company also announced that Standard & Poor’s Ratings Services raised its corporate credit rating on Pulte Homes’ senior notes to ‘BBB’ from ‘BBB-’. The outlook was revised to stable from positive. In discussing the reasons for the ratings change, S&P said, “The upgrade acknowledges Pulte’s leading market position in the consolidating homebuilding industry, a lowly leveraged balance sheet, and ample liquidity.”

     “We are very pleased with this ratings upgrade from S&P and the recognition of Pulte’s improved financial performance,” said Roger A. Cregg, Executive Vice President and Chief Financial Officer of Pulte Homes. “Financial discipline, along with market share growth, operational excellence and people development, remain at the core of Pulte’s operating philosophy.”

     A conference call discussing Pulte’s first quarter results and its recent ratings upgrade will be held Thursday, April 27, 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. See our Annual Report on Form 10-K and Annual Report to Shareholders for the year ended December 31, 2005 and our other public filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to our business. 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.

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About Pulte Homes

     Pulte Homes, Inc., (NYSE: PHM), based in Bloomfield Hills, Mich., is a FORTUNE 150 company with operations in 53 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. Under its Del Webb brand, Pulte is the nation’s largest builder of active adult communities for people age 55 and better. Its DiVosta brand is renowned in Florida for its Built Solid™ building system and distinctive master-planned communities featuring a town-center concept. 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

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Pulte Homes, Inc.
Condensed Consolidated Results
Of Operations
(000’s omitted, except per share data)
(Unaudited)

	Three Months Ended
	March 31,
	2006			2005
CONSOLIDATED RESULTS:
Revenues:
Homebuilding	$	2,914,752		$	2,486,294
Financial Services		44,857			30,276
Other non-operating		2,967			1,248
Total Revenues	$	2,962,576		$	2,517,818
Pretax income (loss):
Homebuilding		377,583			359,569
Financial Services		49,344			10,084
Other non-operating		(9,383	)		(22,756	)
Income from continuing operations before income taxes		417,544			346,897
Income taxes		(154,899	)		(129,350	)
Income from continuing operations	$	262,645		$	217,547
Income from discontinued operations		—			695
Net income	$	262,645		$	218,242
EARNINGS PER SHARE — ASSUMING DILUTION:
Income from continuing operations	$	1.01		$	.83
Income from discontinued operations		—			—
Net income	$	1.01		$	.83
Shares used in per share calculations		260,738			262,753

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

	March 31,				March 31,
	2006		December 31,		2005
	(Unaudited)		2005		(Unaudited)
ASSETS
Cash and equivalents	$	121,013	$	1,002,268	$	346,652
Unfunded settlements		85,488		156,663		74,352
House and land inventory		9,791,302		8,756,093		7,924,147
Land held for sale		313,958		257,724		225,408
Land, not owned, under option agreements		59,938		76,671		134,061
Residential mortgage loans available-for-sale		521,577		1,038,506		408,074
Investment in unconsolidated entities		246,479		301,613		309,321
Goodwill		375,937		307,693		307,693
Intangible assets, net		125,142		127,204		133,392
Other assets		1,062,182		1,023,739		1,038,007
	$	12,703,016	$	13,048,174	$	10,901,107
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable, accrued and other liabilities	$	2,467,467	$	2,584,060	$	2,167,584
Unsecured short-term borrowings		24,500		—		—
Collateralized short-term debt, recourse solely to applicable subsidiary assets		447,022		893,001		338,671
Income taxes		165,770		219,504		98,739
Deferred income tax liability		28,051		7,740		15,791
Senior notes and subordinated notes		3,386,882		3,386,527		3,510,455
Total Liabilities		6,519,692		7,090,832		6,131,240
Shareholders’ Equity		6,183,324		5,957,342		4,769,867
	$	12,703,016	$	13,048,174	$	10,901,107

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

	Three Months Ended
	March 31,
	2006			2005
HOMEBUILDING:
Home sales (settlements)	$	2,888,834		$	2,462,109
Land sales		25,918			24,185
Homebuilding Revenue		2,914,752			2,486,294
Home cost of sales		(2,225,966	)		(1,856,468	)
Land cost of sales		(21,143	)		(20,759	)
Selling, general & administrative expense		(284,749	)		(254,431	)
Other income (expense), net		(5,311	)		4,933
Pretax income	$	377,583		$	359,569
FINANCIAL SERVICES:
Pretax income	$	49,344		$	10,084
OTHER NON-OPERATING:
Pretax loss:
Net interest income (expense)	$	1,090		$	(13,747	)
Other expense, net		(10,473	)		(9,009	)
Total Other non-operating	$	(9,383	)	$	(22,756	)

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

	Three Months Ended
	March 31,
	2006		2005
Homebuilding settlement revenues	$	2,888,834	$	2,462,109
Unit settlements:
Northeast		716		538
Southeast		2,504		2,331
Midwest		804		901
Central		1,430		926
West		3,148		3,323
		8,602		8,019
Average selling price	$	336	$	307
Unit net new orders:
Northeast		728		1,028
Southeast		3,375		3,717
Midwest		1,320		1,519
Central		1,728		1,620
West		3,574		4,183
		10,725		12,067
Unit net new orders — dollars	$	3,683,000	$	3,833,000
Unit backlog:
Northeast		1,605		1,973
Southeast		6,536		6,691
Midwest		1,903		1,895
Central		2,515		1,771
West		7,381		7,634
		19,940		19,964
Dollars in backlog	$	7,096,000	$	6,525,000

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

	Three Months Ended
	March 31,
	2006			2005
MORTGAGE ORIGINATIONS:
Origination volume		8,091			7,592
Origination principal	$	1,744,200		$	1,489,400
Capture rate percentage		89.3	%		88.7	%

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

	Three Months Ended
	March 31,
	2006		2005
Interest expense:
Homebuilding (included in home cost of sales)	$	41,169	$	30,544
Financial Services		5,301		2,801
Other non-operating		1,877		14,995
Total interest expense	$	48,347	$	48,340
Depreciation & amortization	$	18,363	$	13,733

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