8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): May 23, 2007

Pulte Homes, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Michigan	001-09804	38-2766606
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. 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

Not Applicable
______________________________________________
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:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.05 Costs Associated with Exit or Disposal Activities.

On May 23, 2007, Pulte Homes, Inc. (the "Company") began communicating to affected employees a restructuring plan designed to reduce costs and improve operating efficiencies. On May 29, 2007, the Company issued a press release regarding the restructuring plan, which is attached hereto as Exhibit 99.1 and incorporated herein by reference. The Company expects to substantially complete the workforce reduction actions of the restructuring by June 30, 2007 and the remainder of the restructuring, primarily the consolidation of certain facilities related to administrative activities, by December 31, 2007.

At this time, the Company is not able in good faith to make a determination of an estimate or range of estimates of amounts to be incurred for each major type of cost nor the future cash expenditures associated therewith as required by paragraphs (b) and (d) of Item 2.05 of Form 8-K. The Company will file amendments to this Form 8-K as necessary after it makes a determination of such amounts.

Item 9.01 Financial Statements and Exhibits.

99.1 Press release announcing Restructuring Plan, dated May 29, 2007

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.
May 30, 2007	By:	Steven M. Cook
		Name: Steven M. Cook
		Title: Vice President, General Counsel and Secretary

Exhibit Index

Exhibit No.	Description
99.1	Press release announcing Restructuring Plan, dated May 29, 2007

EX-99.1

FOR IMMEDIATE RELEASE

EXHIBIT 99.1

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 ANNOUNCES RESTRUCTURING PLAN

Bloomfield Hills, Mich., May 29, 2007 – Pulte Homes (NYSE: PHM) today announced a restructuring plan designed to reduce costs and improve operating efficiencies. This step is in response to the challenging operating environment that continues to exist in the U.S. homebuilding industry. The restructuring will result in reducing the Company’s workforce by approximately 16 percent.

The Company expects to incur a previously unforecasted pre-tax charge in 2007 in the range of $40 million to $50 million in connection with the restructuring plan, the majority of which will be incurred in the second quarter of 2007. This charge primarily consists of severance costs and includes facility related expenses associated with consolidating certain administrative activities.

“The homebuilding environment remains difficult and our current overhead levels are structured for a business that is larger than the market presently allows,” said Richard J. Dugas, Jr., President and CEO of Pulte Homes. “Despite reducing our workforce by approximately twenty-five percent in 2006 and early 2007, we find it necessary at this time to further reduce overhead expenditures, including, unfortunately, reducing an additional sixteen percent of our jobs,” Dugas said. “Workforce reductions are an extremely painful reality in the industry at this time and we wish our former associates the best.”

As a result of this restructuring plan and other planned spending cuts, Pulte expects a reduction in 2007 pre-tax expenditures of $90 million to $110 million, excluding restructuring charges. On an annualized basis, these collective actions are expected to save the Company approximately $200 million on a pre-tax basis.

Certain statements in this release regarding the restructuring plan and total estimated charges and cost reductions associated with this plan are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current assumptions and expectations of the Company’s management and are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those discussed in the forward-looking statements. Important factors that could cause actual results to differ materially from those presently expected include, but are not limited to, difficulties in successfully implementing the restructuring plan, unanticipated delays in the implementation of the restructuring plan, unanticipated costs and expenses relating to the implementation of the restructuring plan, declines in the Company’s revenues and earnings, and adverse changes in general economic or market conditions. See the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 for a discussion of 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 a FORTUNE 200 company with operations in 50 markets and 26 states. In 2006, it delivered 41,487 homes and generated consolidated revenues of $14.3 billion. During its 57-year history, the company has constructed nearly 500,000 homes. In 2006, Pulte Homes received the most awards in the J.D. Power and Associates® New Home-Builder Customer Satisfaction Study^sm, marking the seventh-straight year Pulte achieved this distinction. 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. 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