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): January 30, 2008

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))

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 30, 2008, Pulte Homes, Inc. issued a press release announcing its financial results for its fourth quarter and full year ended December 31, 2007. 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 Fourth Quarter and Full Year 2007 earnings press release dated January 30, 2008.

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: January 31, 2008	By:	/s/ Steven M. Cook
		Name:	Steven M. Cook
		Title:	Vice President, General Counsel and Secretary

INDEX TO EXHIBITS

Exhibit No.	Description
99.2	Fourth Quarter and Full Year 2007 earnings press release dated January 30, 2008.

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE	Company Contacts Investors: Calvin Boyd (248) 433-4527 email: calvin.boyd@pulte.com
	Media: Mark Marymee (248) 433-4648 email: mark.marymee@pulte.com

PULTE HOMES REPORTS FOURTH QUARTER AND FULL YEAR 2007
FINANCIAL RESULTS

• Company Ended 2007 With $1.1 Billion of Cash

• Company Targets Year-End 2008 Cash Position of $2 Billion to $2.2 Billion

• Pre-Impairment, Pre-tax Income Exceeded the High End of Previous Guidance Range

• Net New Orders Were 4,562 for the Quarter, Down 29% from the Prior Year Fourth Quarter

• Closed 8,714 Homes in Fourth Quarter 2007, a Decrease of 31% From Last Year; Average Sales Price Per Home Decreased 6% from the Prior Year Fourth Quarter to Approximately $319,000

• Backlog at December 31, 2007 of 7,890 Homes, Valued at $2.5 Billion

• Impairments and Land-Related Charges of $509 Million, and $34 Million in Goodwill Impairment for the Fourth Quarter 2007

• After-Tax, Non-Cash Deferred Tax Valuation Allowance of $622 Million Recorded During the Fourth Quarter 2007

• Q4 2007 Loss From Continuing Operations of $3.54 Per Share, Inclusive of Impairments, Land-Related Charges, Impairment of Goodwill and Deferred Tax Valuation Allowance

• Company Provides First Quarter 2008 Guidance

          Bloomfield Hills, MI, January 30, 2008 — Pulte Homes (NYSE: PHM) announced today financial results for its fourth quarter and year ended December 31, 2007. For the quarter, the Company reported a pre-tax loss from continuing operations of $453.8 million, compared with an $18.1 million pre-tax loss for the prior year fourth quarter. The fourth quarter 2007 pre-tax loss included $543.3 million of charges related to inventory impairments, other land-related charges and impairment of goodwill. These charges were equal to $1.28 per share on an after-tax

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basis, before consideration of the valuation allowance related to the deferred tax assets discussed below. In the fourth quarter of 2006, these charges totaled $349.9 million, or $0.64 per share on an after-tax basis.

          An after-tax, non-cash valuation allowance of $622 million, or $2.46 per share, was recorded during the fourth quarter of 2007 by the Company related to its deferred tax assets in accordance with Statement of Financial Accounting Standards No. 109 “Accounting for Income Taxes.” This allowance is reflected as a charge to fourth quarter income tax expense and a reduction of the Company’s deferred tax assets as of December 31, 2007. Including this valuation allowance, the Company recorded a loss from continuing operations of $893.3 million, or $3.54 per share, for the fourth quarter 2007, compared with a loss of $8.3 million, or $0.03 per share, for the prior year fourth quarter.

          Consolidated revenues for the quarter were $2.9 billion, a decline of 34% from prior year revenues of $4.4 billion.

          For the full year 2007, Pulte Homes reported consolidated revenues of $9.3 billion, a decrease of 35% from the prior year. The Company had a loss from continuing operations of $9.02 per share, compared with earnings of $2.67 per diluted share in the prior year.

          “The challenging market conditions that plagued the homebuilding industry for the first nine months of 2007 worsened in the fourth quarter,” said Richard J. Dugas, Jr., President and CEO of Pulte Homes. “Levels of new and existing home inventory remain elevated, buyer demand for new homes continues to be weak, and mortgage availability is still a problem for many prospective homebuyers. However, in the midst of this difficult operating environment, we were able to exceed our goal of $1 billion of cash at year-end and exceed our guidance previously provided related to income from operations of break-even to $0.10 per diluted share, exclusive of any impairments or land-related charges. We were also successful in lowering overhead spending and improving our house and land inventory positions. Pulte will continue to focus on generating cash and strengthening the balance sheet as we navigate through this ongoing industry downturn.”

          The Company ended the year with $1.1 billion in cash and no debt outstanding under its $1.86 billion revolving credit facility.

Fourth Quarter Results

          Revenues from homebuilding settlements in the fourth quarter decreased 35% to $2.8 billion, compared with $4.3 billion last year. The change in revenue for the quarter reflects a 31% decrease in closings to 8,714 homes and a 6% decrease in average selling price to $319,000.

          Fourth quarter homebuilding pre-tax loss from continuing operations was $459.2 million, compared with a $34.1 million pre-tax loss for the prior year quarter. The pre-tax loss for the period reflects a decline in gross margins from 11% to less than one percent. Homebuilding SG&A expense decreased $59.3 million, or 19%, compared with the prior year quarter. Homebuilding pre-tax loss for the fourth quarter 2007 is inclusive of approximately $508.9 million of pre-tax charges, or $1.18 per share on an after-tax basis (before consideration of the deferred tax valuation allowance), resulting from adjustments to land inventory and land held for

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sale, including the Company’s investments in unconsolidated joint ventures, and the write-off of deposits and other related costs associated with land transactions the Company no longer plans to pursue. In the fourth quarter of 2006, these charges totaled $349.9 million, or $0.64 per share on an after-tax basis. The homebuilding pre-tax loss for the fourth quarter of 2007 also includes goodwill impairment of $34.4 million, or $0.10 per share on an after-tax basis (before consideration of the deferred tax valuation allowance). An after-tax valuation allowance of $622 million, or $2.46 per share, was recorded during the quarter associated with the Company’s deferred tax assets.

          Net new home orders for the fourth quarter were 4,562 homes, valued at $1.2 billion, which represent declines of 29% and 41%, respectively, from prior year fourth quarter results. Pulte Homes’ ending backlog as of December 31, 2007 was valued at $2.5 billion (7,890 homes), compared with a value of $3.6 billion (10,255 homes) at the end of last year’s fourth quarter.

          The Company’s financial services operations reported pre-tax income of $10.3 million for the fourth quarter 2007, compared with $29.7 million of pre-tax income for the prior year’s quarter. The decrease in fourth quarter 2007 pre-tax income was primarily due to a 47% decline in mortgage loans originated during the quarter compared with the prior year’s quarter. The mortgage capture rate for the quarter was approximately 91%, compared with 93% for the same quarter last year.

Full Year Results

          For the year 2007, Pulte Homes’ loss from continuing operations was $2.3 billion, or $9.02 per share, compared with prior year income from continuing operations of $689.6 million, or $2.67 per diluted share. Consolidated revenues for the year were $9.3 billion, down from $14.3 billion for the prior year.

          Revenues from homebuilding settlements for the period were $8.9 billion, down 36% from the prior year. Lower revenues for the year resulted from a 4% decrease in average selling price to $322,000, combined with a 34% decrease in the number of homes closed to 27,540.

          Homebuilding pre-tax loss for 2007 was $2.5 billion, compared with pre-tax income of approximately $1 billion for the prior year. The pre-tax loss reflects a decline in gross margins to -5% from 17.4% in the prior year. Homebuilding SG&A expense declined $75.2 million, or 7%, for the current year compared with the prior year. Homebuilding pre-tax loss for 2007 is inclusive of approximately $2.2 billion of pre-tax charges, or $5.48 per share on an after-tax basis (before consideration of the deferred tax valuation allowance), resulting from adjustments to land inventory and land held for sale, including the Company’s investments in unconsolidated joint ventures, and the write-off of deposits and other related costs associated with land transactions the Company no longer plans to pursue. For 2006, these charges totaled $505 million, or $1.24 per share on an after-tax basis. Homebuilding pre-tax loss for 2007 also includes goodwill impairment of $370 million, or $1.33 per share on an after-tax basis (before consideration of the deferred tax valuation allowance), and a pre-tax restructuring charge of approximately $45.7 million, or $0.11 per share on an after-tax basis (before consideration of the deferred tax valuation allowance), related to the restructuring plan announced by the Company during its second quarter. An after-tax valuation allowance of $622 million, or $2.47 per share, was recorded in 2007 associated with the Company’s deferred tax assets.

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          Pulte’s financial services operations reported pre-tax income of $43 million for 2007, compared with $115.5 million in the prior year. The prior year results reflect a first-quarter gain of approximately $31.6 million from the sale by Pulte Mortgage LLC of its investment in a Mexico-based mortgage-banking company. In addition, lower loan originations for the year, down 42% to 23,404 mortgages, also contributed to the decline.

First Quarter 2008 Guidance

          “Given the ongoing weakness in the homebuilding industry, for the first quarter of 2008 we are projecting a net loss from continuing operations in the range from $0.15 to $0.30 per share, exclusive of a tax benefit and any additional impairments or land-related charges,” said Dugas. “This projection reflects the ongoing tough operating environment for homebuilding. However, with our focus on inventory and cash management, we are targeting to end 2008 with a cash position of $2 billion to $2.2 billion, inclusive of an additional $650 million to $850 million generated from operations and a $250 million tax refund.”

          A conference call discussing Pulte Homes’ fourth quarter results will be held Thursday, January 31, 2008 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 the Company’s 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. See the Company’s Annual Report on Form 10-K and Annual Report to Shareholders for the year ended December 31, 2006 and other public filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to Pulte’s 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.

About Pulte Homes

Pulte Homes, Inc., (NYSE: PHM), based in Bloomfield Hills, Mich., is one of America’s largest home building companies with operations in 51 markets and 26 states. During its 57-year history, the company has delivered over 500,000 new homes. Since 2000, Pulte Homes operations have earned more top-three finishes than any other homebuilder in the annual J.D. Power and Associates® New Home-Builder Customer Satisfaction Study.^sm Under its Del Webb

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brand, Pulte is the nation’s largest builder of active adult communities for people age 55 and older. Its DiVosta Homes brand is renowned in Florida for its Built Solid™ building system and distinctive master-planned communities. Pulte Mortgage LLC is a nationwide lender offering Pulte customers a wide variety of loan products and superior 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						Year Ended
	December 31,						December 31,
	2007			2006			2007			2006
CONSOLIDATED RESULTS:
Revenues:
Homebuilding	$	2,859,768		$	4,328,665		$	9,121,730		$	14,075,248
Financial Services		35,083			59,663			134,769			194,596
Other non-operating		3,766			578			6,595			4,564
Total Revenues	$	2,898,617		$	4,388,906		$	9,263,094		$	14,274,408
Pretax income (loss):
Homebuilding	$	(459,236	)	$	(34,094	)	$	(2,509,492	)	$	1,010,368
Financial Services		10,321			29,683			42,980			115,460
Other non-operating		(4,918	)		(13,644	)		(30,391	)		(43,100	)
Income (loss) from continuing operations before income taxes		(453,833	)		(18,055	)		(2,496,903	)		1,082,728
Income taxes (benefit)		439,490			(9,754	)		(222,486	)		393,082
Income (loss) from continuing operations		(893,323	)		(8,301	)		(2,274,417	)		689,646
Income (loss) from discontinued operations		18,662			(111	)		18,662			(2,175	)
Net income (loss)	$	(874,661	)	$	(8,412	)	$	(2,255,755	)	$	687,471
EARNINGS (LOSS) PER SHARE — ASSUMING DILUTION:
Income (loss) from continuing operations	$	(3.54	)	$	(0.03	)	$	(9.02	)	$	2.67
Income (loss) from discontinued operations		0.07			—			0.07			(0.01	)
Net income (loss)	$	(3.46	)	$	(0.03	)	$	(8.94	)	$	2.66
Shares used in per share calculations		252,485			251,248			252,192			258,621

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

	December 31, 2007		December 31,
	(Unaudited)		2006
ASSETS
Cash and equivalents	$	1,060,311	$	551,292
Unfunded settlements		38,714		72,597
House and land inventory		7,027,511		9,374,335
Land held for sale		252,563		465,823
Land, not owned, under option agreements		20,838		43,609
Residential mortgage loans available-for-sale		447,089		871,350
Investments in unconsolidated entities		105,479		150,685
Goodwill		5,654		375,677
Intangible assets, net		110,704		118,954
Other assets		1,050,934		982,034
Deferred income tax assets		105,906		170,518
	$	10,225,703	$	13,176,874
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable, accrued and other liabilities	$	1,859,911	$	2,180,592
Collateralized short-term debt, recourse solely to applicable subsidiary assets		440,611		814,707
Income taxes		126,758		66,267
Senior notes		3,478,230		3,537,947
Total Liabilities		5,905,510		6,599,513
Shareholders’ Equity		4,320,193		6,577,361
	$	10,225,703	$	13,176,874

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

	Three Months Ended						Year Ended
	December 31,						December 31,
	2007			2006			2007			2006
HOMEBUILDING:
Home sales (settlements)	$	2,782,640		$	4,283,094		$	8,881,509		$	13,975,387
Land sales		77,128			45,571			240,221			99,861
Homebuilding Revenue		2,859,768			4,328,665			9,121,730			14,075,248
Home cost of sales		(2,779,490	)		(3,810,916	)		(9,329,354	)		(11,544,905	)
Land cost of sales		(133,156	)		(66,215	)		(418,177	)		(138,528	)
Selling, general & administrative expense		(247,342	)		(306,651	)		(1,060,818	)		(1,136,027	)
Other income (expense), net		(159,016	)		(178,977	)		(822,873	)		(245,420	)
Pretax income (loss)	$	(459,236	)	$	(34,094	)	$	(2,509,492	)	$	1,010,368
FINANCIAL SERVICES:
Pretax income	$	10,321		$	29,683		$	42,980		$	115,460
OTHER NON-OPERATING:
Pretax loss:
Net interest income (expense)	$	2,597		$	(1,852	)	$	2,731		$	(531	)
Other expense, net		(7,515	)		(11,792	)		(33,122	)		(42,569	)
Total Other Non-operating	$	(4,918	)	$	(13,644	)	$	(30,391	)	$	(43,100	)

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

	Three Months Ended				Year Ended
	December 31,				December 31,
	2007		2006		2007		2006
Homebuilding Settlement
Revenues	$	2,782,640	$	4,283,094	$	8,881,509	$	13,975,387
Unit settlements:
Northeast		940		1,054		2,573		3,489
Southeast		1,192		1,476		3,990		4,504
Florida		1,063		1,984		4,007		7,374
Midwest		1,351		1,590		3,888		5,548
Central		628		1,270		2,623		4,815
Southwest		2,458		3,561		7,318		10,548
California		1,082		1,631		3,141		5,209
		8,714		12,566		27,540		41,487
Average selling price	$	319	$	341	$	322	$	337
Unit net new orders:
Northeast		447		623		2,447		2,813
Southeast		656		715		3,563		4,632
Florida		685		769		4,047		4,501
Midwest		530		905		3,319		5,201
Central		495		739		2,371		4,323
Southwest		1,302		1,755		6,609		8,365
California		447		940		2,819		4,090
		4,562		6,446		25,175		33,925
Net new orders — dollars*	$	1,206,000	$	2,053,000	$	7,812,000	$	11,253,000
Unit backlog:
Northeast						791		917
Southeast						1,281		1,708
Florida						1,252		1,212
Midwest						828		1,397
Central						870		1,122
Southwest						2,010		2,719
California						858		1,180
						7,890		10,255
Dollars in backlog					$	2,510,000	$	3,580,000

* Net new order dollars represent a composite of new order dollars combined with other movement of the dollars in backlog related to cancellations and change orders.

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

	Three Months Ended						Year Ended
	December 31,						December 31,
	2007			2006			2007			2006
MORTGAGE ORIGINATIONS:
Origination volume		6,685			12,628			23,404			40,269
Origination principal	$	1,592,600		$	2,762,100		$	5,336,400		$	8,683,500
Capture rate percentage		90.7	%		93.3	%		92.1	%		91.4	%

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

	Three Months Ended				Year Ended
	December 31,				December 31,
	2007		2006		2007		2006
Interest expense:
Homebuilding (included in home cost of sales)	$	72,413	$	93,403	$	314,998	$	255,688
Financial Services		4,019		6,923		16,483		23,721
Other non-operating		1,169		2,430		3,864		5,095
Total interest expense	$	77,601	$	102,756	$	335,345	$	284,504
Depreciation & amortization	$	19,743	$	25,166	$	83,852	$	83,675

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