Exhibit 99.1
FOR IMMEDIATE RELEASE
For additional information, contact at (214) 981-5000:
Leldon E. Echols, Executive Vice President and Chief Financial Officer
Matthew G. Moyer, Vice President—Investor Relations
http://www.centex.com
Leldon E. Echols, Executive Vice President and Chief Financial Officer
Matthew G. Moyer, Vice President—Investor Relations
http://www.centex.com
CENTEX REPORTS RECORD FIRST QUARTER RESULTS
First Quarter Net Earnings Grow 32%
Raises Fiscal Year 2006 Earnings Guidance to a range of
$9.10 to $9.35 per diluted share
Raises Fiscal Year 2006 Earnings Guidance to a range of
$9.10 to $9.35 per diluted share
DALLAS– July 26, 2005: Centex Corporation(NYSE: CTX)today announced record first quarter revenues, operating earnings and diluted earnings per share.
Highlights of the quarter ended June 30, 2005 (compared to last year’s first quarter):
• | Revenues increased 16% to $3.22 billion | ||
• | Net earnings grew 32% to $234 million | ||
• | Earnings per diluted share grew 29% to $1.74 | ||
• | Domestic home building operating earnings increased 52% to $341 million | ||
• | Domestic home sales (orders) rose 15%; backlog rose 22% to 20,773 units |
“Overall, it was another excellent quarter at Centex with domestic home building operating earnings increasing by 52% and sales (orders) growing by 15%. We were also especially pleased by the 12% growth in unit closings with balanced contributions from increased closings per neighborhood and new neighborhood openings,” said Tim Eller, Chairman and CEO. “The outstanding first quarter earnings growth in our home building operations were somewhat tempered by lower year-over-year contributions from CTX Mortgage and our Construction Services business.”
Centex Corporation, Page 2 of 4
HOME BUILDING
Domestic
Operating earnings from Centex Homes were $341 million for the first quarter this year, 52% higher than the first quarter a year ago. Fiscal 2006’s first quarter revenues from Centex Homes were $2.40 billion, 26% higher than the same quarter last year.
The 52% increase in operating earnings was achieved on a 12% increase in closings to 8,235 homes in this year’s first quarter, as well as a 240 basis point improvement in the operating margin to 14.2%. The operating margin improvement was composed mainly of gross margin improvement, which was driven primarily by an increase in the average selling price of homes delivered, geographic mix and ongoing process improvement initiatives, partially offset by higher material and labor costs.
New home orders for this year’s first quarter were 10,419 homes, 15% above last year’s level. The backlog of homes sold but not delivered at June 30, 2005 was 20,773 units, 22% higher than the backlog at the same time a year ago. On a dollar basis, backlog grew 31% to $6.58 billion.
International
For this year’s first quarter, Fairclough closed 358 homes versus 314 homes for the same quarter last year. Operating earnings for the quarter were $10 million, a 32% increase over last year’s first quarter. Operating margin increased 20 basis points over last year to 7.8%.
FINANCIAL SERVICES
Operating earnings from Financial Services for the first quarter this year were $48 million, a 17% decrease from the same quarter last year. Revenues from this segment were $304 million for the first quarter this year, 11% above the same quarter a year ago.
CTX Mortgage Company
Operating earnings from CTX Mortgage Company totaled $21 million for the first quarter of fiscal year 2006, 34% lower than fiscal 2005’s first quarter, primarily reflecting industry-wide reductions in refinancing volume. Originations from Centex Homes’ closings increased 12% while retail originations fell 13%. CTX Mortgage provided mortgage loans to 75% of Centex Homes’ buyers during the first quarter.
Centex Home Equity Company
Centex Home Equity Company (CHEC) reported operating earnings of $28 million for the first quarter of fiscal year 2006, an 8% improvement over last year’s first quarter. The increased earnings were driven by the growth in the loan portfolio offset by a slightly lower return on that portfolio. CHEC’s loan servicing portfolio, on which it earns an interest margin, reached $8.21 billion, growing 19% versus last year. The return earned on the servicing portfolio fell 16 basis points to 1.36% for the first fiscal quarter of 2006 due to an increase in short-term lending rates and competitive industry pricing.
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Centex Corporation, Page 3 of 4
CONSTRUCTION SERVICES
Operating earnings from Construction Services were $3 million for the first quarter this fiscal year, resulting in an operating margin of 0.7%, down 29 basis points from last year’s first quarter. New contracts for the quarter were approximately $718 million increasing the backlog of uncompleted construction contracts at June 30, 2005 to $2.35 billion, 43% more than at June 30, 2004. Operating margins in this backlog are anticipated to be higher than those posted this quarter and within historical averages.
OTHER
The company repurchased 750,000 shares in the quarter at an average price of $68.38 per share. The company has approximately 2 million shares remaining in its current authorization. The company intends to continue to repurchase shares during the second fiscal quarter.
Centex recently announced that it is exploring strategic alternatives for its London-based operations, Fairclough Homes. Centex has received and is evaluating expressions of interest concerning the possible sale of the division. If a decision is made to sell, the Board of Directors will determine the use of net proceeds, which may include additional share repurchases and investment in domestic home building operations.
OUTLOOK
Based on current positive sales trends and the strength of the backlog, the company is raising its fiscal 2006 earnings per diluted share guidance to a range of $9.10 to $9.35, which would represent earnings per share growth of 19% to 22% over last year.
Centex’s senior management will conduct a conference call to discuss the first quarter fiscal year 2006 financial results at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on Wednesday, July 27. The conference call, accompanied by a slide presentation, will be webcast simultaneously on the Centex Web site athttp://www.centex.com. A replay of the call, as well as the presentation, will be archived on that site.
# # #
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Centex Corporation, Page 4 of 4
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when Centex is discussing its beliefs, estimates or expectations. Such statements include projections, forecasts, and plans and objectives of management for future operations and operating and financial performance, as well as any related assumptions. These statements are not historical facts or guarantees of future performance but instead represent only Centex’s belief at the time the statements were made regarding future events, which are subject to significant risks, uncertainties and other factors, many of which are outside of Centex’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. These risks and uncertainties are described in greater detail in Centex’s most recent Annual Report onForm 10-K for the fiscal year ended March 31, 2005 (including under the captions “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), as well as recent Current Reports onForm 8-K, which are on file with the SEC and may be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. Centex makes no commitment, and disclaims any duty, to update or revise any forward-looking statement to reflect future events or changes in Centex’s expectations.
NOTE ATTACHMENTS:
(1) Revenues and Earnings by Lines of Business
(2) Condensed Consolidated Balance Sheets
(3) Condensed Consolidated Cash Flows
(4) Supplemental Domestic Home Building Data
(5) Domestic Housing Activity by Geographic Area
(6) Domestic Housing Activity Dollar Values by Geographic Area
(7) Supplemental International Home Building Data
(8) Supplemental Financial Services Data
(9) Supplemental Financial Data
(1) Revenues and Earnings by Lines of Business
(2) Condensed Consolidated Balance Sheets
(3) Condensed Consolidated Cash Flows
(4) Supplemental Domestic Home Building Data
(5) Domestic Housing Activity by Geographic Area
(6) Domestic Housing Activity Dollar Values by Geographic Area
(7) Supplemental International Home Building Data
(8) Supplemental Financial Services Data
(9) Supplemental Financial Data
Attachment 1
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands, except per share data)
Revenues and Earnings by Lines of Business
(dollars in thousands, except per share data)
Quarter Ended | ||||||||||||
June 30, | ||||||||||||
(unaudited) | ||||||||||||
2005 | 2004 | Change | ||||||||||
Revenues | ||||||||||||
Home Building | $ | 2,526,043 | $ | 1,998,114 | 26 | % | ||||||
Financial Services | 303,836 | 274,321 | 11 | % | ||||||||
Construction Services | 366,055 | 434,217 | (16 | %) | ||||||||
Other | 24,690 | 59,421 | (58 | %) | ||||||||
Total | $ | 3,220,624 | $ | 2,766,073 | 16 | % | ||||||
Operating Earnings | �� | |||||||||||
Home Building | $ | 350,760 | $ | 231,120 | 52 | % | ||||||
Financial Services | 47,730 | 57,574 | (17 | %) | ||||||||
Construction Services | 2,696 | 4,466 | (40 | %) | ||||||||
Other | (2,761 | ) | 7,342 | (138 | %) | |||||||
Total Operating Earnings | 398,425 | 300,502 | 33 | % | ||||||||
Corporate General Expenses | (20,602 | ) | (19,585 | ) | ||||||||
Interest Expense | (3,374 | ) | (5,025 | ) | ||||||||
Earnings Before Income Taxes | 374,449 | 275,892 | 36 | % | ||||||||
Income Taxes | (140,779 | ) | (98,659 | ) | ||||||||
Net Earnings | $ | 233,670 | $ | 177,233 | 32 | % | ||||||
Earnings Per Share — Basic | $ | 1.82 | $ | 1.43 | 27 | % | ||||||
Earnings Per Share — Diluted | $ | 1.74 | $ | 1.35 | 29 | % | ||||||
Average Shares Outstanding: | ||||||||||||
Basic | 128,672,028 | 123,573,221 | 4 | % | ||||||||
Diluted | 134,584,442 | 130,926,818 | 3 | % |
Attachment 2
Centex Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions)
(unaudited)
Condensed Consolidated Balance Sheets
(Dollars in millions)
(unaudited)
Centex Corporation and Subsidiaries | Centex Corporation* | Financial Services | ||||||||||||||||||||||
June 30, | March 31, | June 30, | March 31, | June 30, | March 31, | |||||||||||||||||||
2005 | 2005 | 2005 | 2005 | 2005 | 2005 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash - | ||||||||||||||||||||||||
Unrestricted | $ | 63 | $ | 503 | $ | 47 | $ | 491 | $ | 16 | 12 | |||||||||||||
Restricted | 419 | 378 | 53 | 53 | 366 | 325 | ||||||||||||||||||
Receivables - | ||||||||||||||||||||||||
Residential Mortgage Loans Held for Investment | 8,207 | 7,914 | — | — | 8,207 | 7,914 | ||||||||||||||||||
Residential Mortgage Loans Held for Sale | 2,021 | 1,775 | — | — | 2,021 | 1,775 | ||||||||||||||||||
Other Receivables | 760 | 797 | 563 | 599 | 197 | 198 | ||||||||||||||||||
Inventories - | ||||||||||||||||||||||||
Homebuilding | 7,792 | 7,072 | 7,792 | 7,072 | — | — | ||||||||||||||||||
Land Held Under Option Agreements not Owned | 613 | 457 | 613 | 457 | — | — | ||||||||||||||||||
Other | 32 | 33 | 27 | 27 | 5 | 6 | ||||||||||||||||||
Investments | 185 | 164 | 807 | 736 | — | — | ||||||||||||||||||
Property and Equipment, net | 163 | 162 | 120 | 119 | 43 | 43 | ||||||||||||||||||
Goodwill | 254 | 253 | 242 | 241 | 12 | 12 | ||||||||||||||||||
Deferred Charges and Other Assets | 640 | 503 | 381 | 334 | 259 | 169 | ||||||||||||||||||
$ | 21,149 | $ | 20,011 | $ | 10,645 | $ | 10,129 | $ | 11,126 | $ | 10,454 | |||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities | $ | 2,195 | $ | 2,304 | $ | 1,978 | $ | 2,145 | $ | 223 | $ | 114 | ||||||||||||
Debt | ||||||||||||||||||||||||
Non-Financial Services | 3,586 | 3,247 | 3,586 | 3,247 | — | — | ||||||||||||||||||
Financial Services | 10,285 | 9,721 | — | — | 10,285 | 9,721 | ||||||||||||||||||
Minority Interests | 600 | 458 | 598 | 456 | 2 | 2 | ||||||||||||||||||
Stockholders’ Equity | 4,483 | 4,281 | 4,483 | 4,281 | 616 | 617 | ||||||||||||||||||
$ | 21,149 | $ | 20,011 | $ | 10,645 | $ | 10,129 | $ | 11,126 | $ | 10,454 | |||||||||||||
* In the supplemental data presented above, “Centex Corporation” represents the consolidation of all subsidiaries other than those included in Financial Services. Transactions between Centex Corporation and Financial Services have been eliminated from the Centex Corporation and Subsidiaries balance sheets. We believe that separate disclosure of the consolidating information is useful because: the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and Centex Corporation has limited obligations with respect to the indebtedness of its Financial Services subsidiaries. Management uses this information in its financial and strategic planning.
Attachment 3
Centex Corporation and Subsidiaries
Condensed Consolidated Cash Flows
(Dollars in millions)
(unaudited)
Condensed Consolidated Cash Flows
(Dollars in millions)
(unaudited)
Centex Corporation and Subsidiaries | Centex Corporation* | Financial Services | ||||||||||||||||||||||
For the Quarter Ended June 30, | For the Quarter Ended June 30, | For the Quarter Ended June 30, | ||||||||||||||||||||||
2005 | 2004 | 2005 | 2004 | 2005 | 2004 | |||||||||||||||||||
Cash Flows — Operating Activities | ||||||||||||||||||||||||
Net Earnings | $ | 234 | $ | 177 | $ | 234 | $ | 177 | $ | 29 | $ | 36 | ||||||||||||
Adjustments - | ||||||||||||||||||||||||
Depreciation and Amortization | 16 | 12 | 12 | 8 | 4 | 4 | ||||||||||||||||||
Other Noncash Adjustments | (89 | ) | 24 | (19 | ) | (29 | ) | (75 | ) | 17 | ||||||||||||||
Increase in Loans Held for Sale | (245 | ) | (26 | ) | — | — | (245 | ) | (26 | ) | ||||||||||||||
(Increase) Decrease in Inventories | (755 | ) | (528 | ) | (757 | ) | (529 | ) | 2 | 1 | ||||||||||||||
Other Operating Activities | (141 | ) | (111 | ) | (167 | ) | (26 | ) | 72 | (103 | ) | |||||||||||||
(980 | ) | (452 | ) | (697 | ) | (399 | ) | (213 | ) | (71 | ) | |||||||||||||
Cash Flows — Investing Activities | ||||||||||||||||||||||||
Increase in Loans Held for Investment | (318 | ) | (450 | ) | — | — | (318 | ) | (450 | ) | ||||||||||||||
Other Investing Activities | (7 | ) | (40 | ) | (48 | ) | (20 | ) | (4 | ) | (2 | ) | ||||||||||||
(325 | ) | (490 | ) | (48 | ) | (20 | ) | (322 | ) | (452 | ) | |||||||||||||
Cash Flows — Financing Activities | ||||||||||||||||||||||||
Increase in Short-Term Debt, net | 421 | 220 | 181 | — | 240 | 220 | ||||||||||||||||||
Issuance of Long-Term Debt, net | 488 | 690 | 164 | 391 | 324 | 299 | ||||||||||||||||||
Other Financing Activities | (43 | ) | 4 | (43 | ) | 4 | (25 | ) | — | |||||||||||||||
866 | 914 | 302 | 395 | 539 | 519 | |||||||||||||||||||
Effect of Exchange Rate on Cash | (1 | ) | 1 | (1 | ) | 1 | — | — | ||||||||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (440 | ) | (27 | ) | (444 | ) | (23 | ) | 4 | (4 | ) | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | 503 | 179 | 491 | 161 | 12 | 18 | ||||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 63 | $ | 152 | $ | 47 | $ | 138 | $ | 16 | $ | 14 | ||||||||||||
* In the supplemental data presented above, “Centex Corporation” represents the consolidation of all subsidiaries other than those included in Financial Services. Transactions between Centex Corporation and Financial Services have been eliminated from the Centex Corporation and Subsidiaries cash flows. We believe that separate disclosure of the consolidating information is useful because: the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and Centex Corporation has limited obligations with respect to the indebtedness of its Financial Services subsidiaries. Management uses this information in its financial and strategic planning.
Attachment 4
Centex Corporation and Subsidiaries
Supplemental Home Building Data — Domestic Operations
(unaudited)
Supplemental Home Building Data — Domestic Operations
(unaudited)
(dollars in millions, except per unit data)
Quarter Ended June 30, | |||||||||||||||||||
2005 | 2004 | ||||||||||||||||||
HOME BUILDING — DOMESTIC | |||||||||||||||||||
Revenues — Housing | $ | 2,358.1 | 100.0 | % | $ | 1,872.3 | 100.0 | % | |||||||||||
Cost of Sales — Housing | (1,673.6 | ) | (71.0 | %) | (1,361.8 | ) | (72.7 | %) | |||||||||||
Gross Margin — Housing | 684.5 | 29.0 | % | 510.5 | 27.3 | % | |||||||||||||
Revenues — Land Sales & Other | 41.0 | 26.8 | |||||||||||||||||
Cost of Sales — Land Sales & Other | (37.1 | ) | (35.1 | ) | |||||||||||||||
Gross Margin — Land Sales & Other | 3.9 | (8.3 | ) | ||||||||||||||||
Total Gross Margin | 688.4 | 28.7 | % | 502.2 | 26.4 | % | |||||||||||||
Selling, General & Administrative | (359.9 | ) | (15.0 | %) | (286.4 | ) | (15.1 | %) | |||||||||||
Other Income | 12.4 | 0.5 | % | 7.8 | 0.5 | % | |||||||||||||
Operating Earnings | $ | 340.9 | 14.2 | % | $ | 223.6 | 11.8 | % | |||||||||||
Units Closed | 8,235 | 7,383 | |||||||||||||||||
Average Unit Sales Price | $ | 286,354 | $ | 253,592 | |||||||||||||||
% Change | 12.9 | % | 9.0 | % | |||||||||||||||
Operating Earnings per Unit | $ | 41,397 | $ | 30,284 | |||||||||||||||
% Change | 36.7 | % | 22.8 | % | |||||||||||||||
Average Neighborhoods | 605 | 570 | |||||||||||||||||
% Change | 6.1 | % | 2.2 | % | |||||||||||||||
LOT POSITION — DOMESTIC |
As of June 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Lot Owned and Controlled: | ||||||||||||
Lots Owned | 106,584 | 82,853 | 29 | % | ||||||||
Lots Controlled | 179,186 | 129,315 | 39 | % | ||||||||
Total | 285,770 | 212,168 | 35 | % | ||||||||
Attachment 5
Centex Corporation and Subsidiaries
Supplemental Home Building Data — Domestic Operations
Housing Activity (Units) by Geographic Area
Supplemental Home Building Data — Domestic Operations
Housing Activity (Units) by Geographic Area
Closings | ||||||||||||
Quarter Ended June 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Mid-Atlantic | 1,545 | 1,303 | 19 | % | ||||||||
Southeast | 1,453 | 1,309 | 11 | % | ||||||||
Midwest | 1,565 | 1,524 | 3 | % | ||||||||
Southwest | 2,188 | 1,988 | 10 | % | ||||||||
West Coast | 1,484 | 1,259 | 18 | % | ||||||||
8,235 | 7,383 | 12 | % | |||||||||
Sales (Orders) Backlog | ||||||||||||
As of June 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Mid-Atlantic | 3,887 | 2,974 | 31 | % | ||||||||
Southeast | 5,388 | 4,324 | 25 | % | ||||||||
Midwest | 3,382 | 3,442 | (2 | %) | ||||||||
Southwest | 4,513 | 3,216 | 40 | % | ||||||||
West Coast | 3,603 | 3,106 | 16 | % | ||||||||
20,773 | 17,062 | 22 | % | |||||||||
Sales (Orders) | ||||||||||||
Quarter Ended June 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Mid-Atlantic | 2,010 | 1,476 | 36 | % | ||||||||
Southeast | 1,835 | 1,926 | (5 | %) | ||||||||
Midwest | 1,635 | 1,574 | 4 | % | ||||||||
Southwest | 3,013 | 2,335 | 29 | % | ||||||||
West Coast | 1,926 | 1,720 | 12 | % | ||||||||
10,419 | 9,031 | 15 | % | |||||||||
Attachment 6
Centex Corporation and Subsidiaries
Supplemental Home Building Data — Domestic Operations
Housing Activity (Values) by Geographic Area
Supplemental Home Building Data — Domestic Operations
Housing Activity (Values) by Geographic Area
Housing Revenues - Closings | ||||||||||||
(dollars in millions) | ||||||||||||
Quarter Ended June 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Mid-Atlantic | $ | 495.9 | $ | 373.0 | 33 | % | ||||||
Southeast | 395.2 | 317.2 | 25 | % | ||||||||
Midwest | 336.0 | 320.9 | 5 | % | ||||||||
Southwest | 379.2 | 314.2 | 21 | % | ||||||||
West Coast | 751.8 | 547.0 | 37 | % | ||||||||
$ | 2,358.1 | $ | 1,872.3 | 26 | % | |||||||
Sales (Orders) Backlog Value | ||||||||||||
(dollars in millions) | ||||||||||||
As of June 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Mid-Atlantic | $ | 1,399.8 | $ | 990.7 | 41 | % | ||||||
Southeast | 1,530.3 | 1,193.5 | 28 | % | ||||||||
Midwest | 739.0 | 691.3 | 7 | % | ||||||||
Southwest | 1,024.7 | 535.6 | 91 | % | ||||||||
West Coast | 1,885.2 | 1,592.5 | 18 | % | ||||||||
$ | 6,579.0 | $ | 5,003.6 | 31 | % | |||||||
Attachment 7
Centex Corporation and Subsidiaries
Supplemental Home Building Data — International Operations
(unaudited)
Supplemental Home Building Data — International Operations
(unaudited)
(dollars in millions, except per unit data)
Quarter Ended June 30, | ||||||||||||||||
2005 | 2004 | |||||||||||||||
HOME BUILDING — INTERNATIONAL | ||||||||||||||||
Revenues — Housing | $ | 126.9 | 100.0 | % | $ | 94.7 | 100.0 | % | ||||||||
Cost of Sales — Housing | (98.6 | ) | (77.7 | %) | (72.0 | ) | (76.0 | %) | ||||||||
Gross Margin — Housing | 28.3 | 22.3 | % | 22.7 | 24.0 | % | ||||||||||
Revenues — Land Sales & Other | — | 4.3 | ||||||||||||||
Cost of Sales — Land Sales & Other | — | (4.1 | ) | |||||||||||||
Gross Margin — Land Sales & Other | — | 0.2 | ||||||||||||||
Total Gross Margin | 28.3 | 22.3 | % | 22.9 | 23.1 | % | ||||||||||
Selling, General & Administrative | (18.7 | ) | (14.7 | %) | (15.4 | ) | (15.5 | %) | ||||||||
Other Income | 0.3 | 0.2 | % | — | — | % | ||||||||||
Operating Earnings | $ | 9.9 | 7.8 | % | $ | 7.5 | 7.6 | % | ||||||||
Units Closed | 358 | 314 | ||||||||||||||
Unit Sales | 360 | 382 | ||||||||||||||
Plots Owned and Controlled | 5,569 | 5,423 | ||||||||||||||
Average Unit Sales Price | $ | 354,363 | $ | 301,666 | ||||||||||||
% Change | 17.5 | % | 6.4 | % | ||||||||||||
Operating Earnings per Unit | $ | 27,531 | $ | 23,984 | ||||||||||||
% Change | 14.8 | % | 40.4 | % |
Attachment 8
Centex Corporation and Subsidiaries
Supplemental Financial Services Data
Supplemental Financial Services Data
CTX Mortgage Company
Quarter Ended June 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Originations | ||||||||||||
Builder | 5,619 | 5,019 | 12 | % | ||||||||
Retail | 12,311 | 14,154 | (13 | %) | ||||||||
Total | 17,930 | 19,173 | (6 | %) | ||||||||
Applications | ||||||||||||
Builder | 7,316 | 6,146 | 19 | % | ||||||||
Retail | 10,589 | 10,867 | (3 | %) | ||||||||
Total | 17,905 | 17,013 | 5 | % | ||||||||
Loan Volume (in billions) | $ | 3.82 | $ | 3.50 | 9 | % | ||||||
Average Loan Size | $ | 213,100 | $ | 182,600 | 17 | % | ||||||
Operating Profit per Loan | $ | 1,187 | $ | 1,670 | (29 | %) | ||||||
Centex Home Equity
Quarter Ended June 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Originations | 11,276 | 11,520 | (2 | %) | ||||||||
Applications | 104,907 | 97,965 | 7 | % | ||||||||
Loan Volume (in billions) | $ | 1.40 | $ | 1.44 | (3 | %) | ||||||
Average Loan Size | $ | 124,300 | $ | 125,100 | (1 | %) | ||||||
Earnings As a % of Average Portfolio Accounting Method Loans | 1.36 | % | 1.52 | % | ||||||||
Servicing Portfolio: | As of June 30, | |||||||||||
2005 | 2004 | Change | ||||||||||
Number of Loans: | ||||||||||||
Portfolio Accounting Method | 85,120 | 78,331 | ||||||||||
Serviced for Others | 17,501 | 13,253 | ||||||||||
Total | 102,621 | 91,584 | 12 | % | ||||||||
Servicing Portfolio (in billions): | ||||||||||||
Portfolio Accounting Method | $ | 8.21 | $ | 6.92 | ||||||||
Serviced for Others | 1.56 | 0.94 | ||||||||||
Total | $ | 9.77 | $ | 7.86 | 24 | % | ||||||
Attachment 9
Centex Corporation and Subsidiaries
Supplemental Financial Data — Debt-to-Capitalization Ratio
(dollars in millions)
Supplemental Financial Data — Debt-to-Capitalization Ratio
(dollars in millions)
As of June 30, 2005 | As of March 31, 2005 | As of June 30, 2004 | ||||||||||
Debt/Capitalization * | ||||||||||||
Debt | $ | 3,586 | $ | 3,247 | $ | 2,808 | ||||||
Minority Interests | 598 | 456 | 419 | |||||||||
Less Minority Interests on Lot Options | (557 | ) | (416 | ) | (416 | ) | ||||||
Stockholders’ Equity | 4,483 | 4,281 | 3,266 | |||||||||
Capitalization | 8,110 | 7,568 | 6,077 | |||||||||
Less Unrestricted Cash | (47 | ) | (491 | ) | (155 | ) | ||||||
Net Capitalization | $ | 8,063 | $ | 7,077 | $ | 5,922 | ||||||
Debt-to-Capitalization Ratio | 44.2 | % | 42.9 | % | 46.2 | % | ||||||
Net Debt-to-Capitalization Ratio | 43.9 | % | 38.9 | % | 44.8 | % | ||||||
Consolidated Debt/Capitalization ** | ||||||||||||
Debt | $ | 13,871 | $ | 12,968 | $ | 11,629 | ||||||
Minority Interests | 600 | 458 | 421 | |||||||||
Less Minority Interests on Lot Options | (557 | ) | (416 | ) | (416 | ) | ||||||
Stockholders’ Equity | 4,483 | 4,281 | 3,266 | |||||||||
Capitalization | 18,397 | 17,291 | 14,900 | |||||||||
Less Unrestricted Cash | (63 | ) | (503 | ) | (182 | ) | ||||||
Net Capitalization | $ | 18,334 | $ | 16,788 | $ | 14,718 | ||||||
Consolidated Debt-to-Capitalization Ratio | 75.4 | % | 75.0 | % | 78.0 | % | ||||||
Consolidated Net Debt-to-Capitalization Ratio | 75.3 | % | 74.2 | % | 77.8 | % | ||||||
* Capitalization includes debt, minority interest (excluding lot options), and stockholders’ equity. Capitalization presented above reflects Financial Services on an equity basis and does not include debt attributable to Financial Services.
** Consolidated capitalization includes debt, minority interest (excluding lot options), and stockholders’ equity, including Financial Services.
Net debt-to-capitalization ratios are provided reflecting net capitalization, including net debt (debt less unrestricted cash), minority interest (excluding lot options), and stockholders’ equity. See Attachments 2 and 3 of the Earnings Release for more information.