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 SECOND QUARTER RESULTS
Operating earnings grow 51% to $514 million
Earnings per diluted share from continuing operations increase 61% to $2.49
Fiscal Year 2006 earnings from continuing operations raised to a range of
$9.65 to $9.85 per diluted share
Earnings per diluted share from continuing operations increase 61% to $2.49
Fiscal Year 2006 earnings from continuing operations raised to a range of
$9.65 to $9.85 per diluted share
DALLAS- October 25, 2005: Centex Corporation(NYSE: CTX)today announced record second quarter revenues, operating earnings and diluted earnings per share.
Highlights of the quarter ended September 30, 2005 (compared to last year’s second quarter):
• | Revenues increased 26% to $3.63 billion | ||
• | Net earnings grew 59% to $335 million, which includes the benefit from a tax refund of $28 million or $0.21 per diluted share | ||
• | Home Building operating margin was 15.9%, up 260 basis points | ||
• | Home Building unit backlog rose 19%, dollar value grew 30% | ||
• | Home closings increased 17%, sales (orders) rose 12% |
“We performed very well in the quarter, achieving strong closings growth, increased backlog and expanded operating margins,” said Tim Eller, Centex’s Chairman and CEO. “The long-term fundamentals driving the industry remain strong. Our sharpened focus on home building, our diverse geographic and product mix, emphasis on quality and customer satisfaction, and industry leadership position provide opportunities for continued superior performance in the years ahead.”
HOME BUILDING
Fiscal 2006’s second quarter revenues from Centex Homes were $2.89 billion, 36% higher than the same quarter last year. Operating earnings from Centex Homes were $459 million for the quarter this year, 62% higher than the same quarter a year ago.
CENTEX REPORTS RECORD SECOND QUARTER RESULTS, Page 2 of 4
This 62% increase in operating earnings was achieved on a 17% increase in closings to 9,157 homes, as well as a 260 basis point improvement in operating margin to 15.9%. The improvement was primarily due to an increase in housing operating margin and a higher contribution from land sales. The housing operating margin improved primarily due to an increase in the average sales price of delivered homes, SG&A leverage and continuing process improvements. Housing operating margin increased 48% and improved by 150 basis points excluding earnings from land sales and other income.
Centex posted $173 million in land sales and other revenue, which contributed operating earnings of $59 million in the quarter. These land sales were primarily in the areas of Naples, Fla. and Washington, D.C. Profit from land and lot sales is now expected to be approximately $100 million for the current fiscal year, up from a previously-expected range of $25 to $75 million.
For the current six months, revenues from Centex Homes were $5.29 billion, 31% higher than the same period in fiscal 2005. Operating earnings from Centex Homes were $800 million for the six-month period this year, 58% higher than the year-ago period.
OTHER BUSINESSES
CTX Mortgage
Operating earnings from CTX Mortgage totaled $21 million for this year’s second quarter versus $22 million for the same quarter a year ago. Total originations increased 16%, driven by a 20% increase in originations from home building operations. CTX Mortgage provided loans to 75% of Centex Homes’ buyers during the second quarter.
Centex Home Equity Company
Centex Home Equity Company (CHEC) reported operating earnings of $34 million for the second quarter of fiscal 2006, a 9% improvement over last year’s second quarter. The increased earnings were driven by the growth in the loan portfolio partially offset by a lower return on that portfolio. CHEC’s loan servicing portfolio, on which it earns an interest margin, reached $8.54 billion, growing 19% versus last year. The return earned on the servicing portfolio fell 16 basis points to 1.63% for the second fiscal quarter of 2006 due to an increase in borrowing costs and competitive industry pricing.
Construction Services
Operating earnings from Construction Services were $4 million for the second quarter this year, resulting in an operating margin of 1%, down 19 basis points from last year’s second quarter. New contracts for the quarter were approximately $837 million, increasing the backlog of uncompleted construction contracts at September 30, 2005 to $2.80 billion, 79% more than at the same date a year ago. Operating margins in this backlog are anticipated to be higher than those posted this quarter and within historical averages.
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CENTEX REPORTS RECORD SECOND QUARTER RESULTS, Page 3 of 4
ADDITIONAL DEVELOPMENTS
On September 16, 2005 the company completed the sale of its United Kingdom home building operations. Net proceeds of the sale, after projected foreign and domestic taxes, were approximately $290 million. The transaction is consistent with the company’s strategic plan to focus on its domestic home building operations. Substantially all the proceeds from this transaction will be used for share repurchases.
Centex repurchased 1,000,000 shares in the quarter at an average price of $70.03 per share. The company has 5,000,000 shares remaining in its current repurchase authorization and intends to continue to repurchase shares during the third fiscal quarter.
Second quarter earnings also included a $28 million payment from the U.S. Treasury that was effectively a tax refund. This payment increased earnings by approximately $0.21 per diluted share.
Centex recently announced that it is exploring strategic alternatives for its sub-prime mortgage operation, Centex Home Equity Company. The alternatives being considered include a possible sale of CHEC. This is consistent with Centex’s strategic intentions to focus on its home building business. If a decision is made to sell, the Board of Directors will determine the use of net proceeds, which may include investment in home building operations and additional share repurchases.
OUTLOOK
Based on its strong operating performance in the second quarter and the strength of the backlog, the company is raising its guidance for fiscal 2006 earnings from continuing operations to a range of $9.65 to $9.85 per diluted share, which would represent earnings per share growth of 32% to 35% over last fiscal year.
Centex Corporation will hold its annual investor conference in New York City on Tuesday, November 15, 2005. Centex will update its earnings outlook and provide important perspectives on the actions the company is taking to strengthen its leadership position in the home building industry. The conference will be held at the Hudson Theatre at the Millennium Broadway Hotel, 145 West 44th Street, just east of Broadway. Participants can register for the conference electronically athttp://www.centexevents.com.
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CENTEX REPORTS RECORD SECOND QUARTER RESULTS, Page 4 of 4
Centex’s senior management will conduct a conference call to discuss the second quarter fiscal year 2006 financial results at 10 a.m. Eastern Time (9 a.m. Central Time) on Wednesday, October 26. 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.
# # #
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 on Form 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 Quarterly Reports on Form 10-Q, which are on file with the SEC and may be obtained free of charge through the Web site maintained by the SEC at http://www.sec.gov. The factors discussed in these reports include, but are not limited to, changes in national or regional economic or business conditions, including employment levels and interest rates, competition, shortages or price changes in raw materials, or labor shortages, and other factors that could affect demand for our homes, mortgage loans or construction services or the profitability of our operations. 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 Home Building Data
(5) Housing Activity by Geographic Area
(6) Housing Activity Dollar Values by Geographic Area
(7) Supplemental Financial Services Data
(8) Supplemental Financial Data
(1) Revenues and Earnings by Lines of Business
(2) Condensed Consolidated Balance Sheets
(3) Condensed Consolidated Cash Flows
(4) Supplemental Home Building Data
(5) Housing Activity by Geographic Area
(6) Housing Activity Dollar Values by Geographic Area
(7) Supplemental Financial Services Data
(8) Supplemental Financial Data
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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 | Six Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||
2005 | 2004(B) | Change | 2005 | 2004(B) | �� | Change | ||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Home Building (A) | $ | 2,888,409 | $ | 2,131,577 | 36 | % | $ | 5,287,586 | $ | 4,030,673 | 31 | % | ||||||||||||
Financial Services | 326,232 | 276,923 | 18 | % | 630,068 | 551,244 | 14 | % | ||||||||||||||||
Construction Services | 391,922 | 452,228 | (13 | %) | 757,977 | 886,445 | (14 | %) | ||||||||||||||||
Other | 23,167 | 24,296 | (5 | %) | 47,857 | 83,717 | (43 | %) | ||||||||||||||||
Total | $ | 3,629,730 | $ | 2,885,024 | 26 | % | $ | 6,723,488 | $ | 5,552,079 | 21 | % | ||||||||||||
Operating Earnings | ||||||||||||||||||||||||
Home Building (A) | $ | 458,636 | $ | 283,165 | 62 | % | $ | 799,540 | $ | 506,754 | 58 | % | ||||||||||||
Financial Services | 53,731 | 53,252 | 1 | % | 101,461 | 110,826 | (8 | %) | ||||||||||||||||
Construction Services | 4,030 | 5,514 | (27 | %) | 6,726 | 9,980 | (33 | %) | ||||||||||||||||
Other | (2,887 | ) | (2,302 | ) | (25 | %) | (5,648 | ) | 5,040 | (212 | %) | |||||||||||||
Total Operating Earnings | 513,510 | 339,629 | 51 | % | 902,079 | 632,600 | 43 | % | ||||||||||||||||
Corporate General Expenses | (23,558 | ) | (19,019 | ) | (44,160 | ) | (38,604 | ) | ||||||||||||||||
Interest Expense | (3,072 | ) | (4,711 | ) | (5,696 | ) | (9,117 | ) | ||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | 486,880 | 315,899 | 54 | % | 852,223 | 584,879 | 46 | % | ||||||||||||||||
Income Taxes | (152,065 | ) | (112,540 | ) | (290,251 | ) | (209,673 | ) | ||||||||||||||||
Earnings from Continuing Operations | 334,815 | 203,359 | 65 | % | 561,972 | 375,206 | 50 | % | ||||||||||||||||
Earnings (Loss) from Discontinued Operations, net (A) | (285 | ) | 7,253 | 6,228 | 12,639 | |||||||||||||||||||
Net Earnings | $ | 334,530 | $ | 210,612 | 59 | % | $ | 568,200 | $ | 387,845 | 47 | % | ||||||||||||
Earnings Per Share — Basic | ||||||||||||||||||||||||
Earnings per Share — Continuing Operations | $ | 2.60 | $ | 1.64 | 59 | % | $ | 4.37 | $ | 3.03 | 44 | % | ||||||||||||
Earnings per Share — Discontinued Operations | — | 0.06 | 0.05 | 0.10 | ||||||||||||||||||||
Earnings Per Share — Basic | $ | 2.60 | $ | 1.70 | 53 | % | $ | 4.42 | $ | 3.13 | 41 | % | ||||||||||||
Earnings Per Share — Diluted | ||||||||||||||||||||||||
Earnings per Share — Continuing Operations | $ | 2.49 | $ | 1.55 | 61 | % | $ | 4.17 | $ | 2.86 | 46 | % | ||||||||||||
Earnings per Share — Discontinued Operations | — | 0.06 | 0.05 | 0.10 | ||||||||||||||||||||
Earnings Per Share — Diluted | $ | 2.49 | $ | 1.61 | 55 | % | $ | 4.22 | $ | 2.96 | 43 | % | ||||||||||||
Average Shares Outstanding: | ||||||||||||||||||||||||
Basic | 128,565,026 | 124,036,791 | 4 | % | 128,618,235 | 123,806,272 | 4 | % | ||||||||||||||||
Diluted | 134,526,936 | 130,981,144 | 3 | % | 134,725,654 | 131,122,570 | 3 | % |
(A) | Home Building excludes the United Kingdom Home Building operations which was sold in September, 2005 and is reflected in discontinued operations. | |
(B) | Certain prior year items have been reclassified to conform to current period classifications. |
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 | ||||||||||||||||||||||
September 30, | March 31, | September 30, | March 31, | September 30, | March 31, | |||||||||||||||||||
2005 | 2005 | 2005 | 2005 | 2005 | 2005 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash — | ||||||||||||||||||||||||
Unrestricted | $ | 254 | $ | 503 | $ | 241 | $ | 491 | $ | 13 | $ | 12 | ||||||||||||
Restricted | 472 | 378 | 50 | 53 | 422 | 325 | ||||||||||||||||||
Receivables — | ||||||||||||||||||||||||
Residential Mortgage Loans Held for Investment | 8,537 | 7,914 | — | — | 8,537 | 7,914 | ||||||||||||||||||
Residential Mortgage Loans Held for Sale | 2,014 | 1,775 | — | — | 2,014 | 1,775 | ||||||||||||||||||
Other Receivables | 747 | 792 | 547 | 594 | 200 | 198 | ||||||||||||||||||
Inventories — | ||||||||||||||||||||||||
Homebuilding | 7,970 | 6,439 | 7,970 | 6,439 | — | — | ||||||||||||||||||
Land Held Under Option Agreements not Owned | 699 | 457 | 699 | 457 | — | — | ||||||||||||||||||
Other | 9 | 33 | 4 | 27 | 5 | 6 | ||||||||||||||||||
Investments | 284 | 164 | 1,029 | 736 | — | — | ||||||||||||||||||
Property and Equipment, net | 163 | 160 | 120 | 117 | 43 | 43 | ||||||||||||||||||
Goodwill | 217 | 217 | 206 | 205 | 11 | 12 | ||||||||||||||||||
Deferred Charges and Other Assets | 697 | 502 | 399 | 333 | 298 | 169 | ||||||||||||||||||
Assets of Discontinued Operations | — | 677 | — | 677 | — | — | ||||||||||||||||||
$ | 22,063 | $ | 20,011 | $ | 11,265 | $ | 10,129 | $ | 11,543 | $ | 10,454 | |||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities | $ | 2,276 | $ | 2,109 | $ | 2,125 | $ | 1,950 | $ | 247 | $ | 114 | ||||||||||||
Debt | ||||||||||||||||||||||||
Non-Financial Services | 3,739 | 3,108 | 3,739 | 3,108 | — | — | ||||||||||||||||||
Financial Services | 10,645 | 9,721 | — | — | 10,645 | 9,721 | ||||||||||||||||||
Liabilities of Discontinued Operations | — | 334 | — | 334 | — | — | ||||||||||||||||||
Minority Interests | 671 | 458 | 669 | 456 | 2 | 2 | ||||||||||||||||||
Stockholders’ Equity | 4,732 | 4,281 | 4,732 | 4,281 | 649 | 617 | ||||||||||||||||||
$ | 22,063 | $ | 20,011 | $ | 11,265 | $ | 10,129 | $ | 11,543 | $ | 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 Six Months Ended September 30, | For the Six Months Ended September 30, | For the Six Months Ended September 30, | ||||||||||||||||||||||
2005 | 2004 | 2005 | 2004 | 2005 | 2004 | |||||||||||||||||||
Cash Flows — Operating Activities | ||||||||||||||||||||||||
Net Earnings | $ | 568 | $ | 388 | $ | 568 | $ | 388 | $ | 56 | $ | 69 | ||||||||||||
Adjustments — | ||||||||||||||||||||||||
Depreciation and Amortization | 34 | 28 | 25 | 19 | 9 | 9 | ||||||||||||||||||
Other Noncash Adjustments | (109 | ) | 57 | (51 | ) | (32 | ) | (89 | ) | 42 | ||||||||||||||
(Increase) Decrease in Loans Held for Sale | (239 | ) | 253 | — | — | (239 | ) | 253 | ||||||||||||||||
(Increase) Decrease in Inventories | (1,542 | ) | (937 | ) | (1,544 | ) | (939 | ) | 2 | 2 | ||||||||||||||
Other Operating Activities | 15 | (48 | ) | 113 | 14 | 43 | (83 | ) | ||||||||||||||||
(1,273 | ) | (259 | ) | (889 | ) | (550 | ) | (218 | ) | 292 | ||||||||||||||
Cash Flows — Investing Activities | ||||||||||||||||||||||||
Increase in Loans Held for Investment | (671 | ) | (733 | ) | — | — | (671 | ) | (733 | ) | ||||||||||||||
Other Investing Activities | 219 | (39 | ) | 87 | (12 | ) | (9 | ) | (6 | ) | ||||||||||||||
(452 | ) | (772 | ) | 87 | (12 | ) | (680 | ) | (739 | ) | ||||||||||||||
Cash Flows — Financing Activities | ||||||||||||||||||||||||
Increase (Decrease) in Short-Term Debt, net | 1,587 | 94 | (4 | ) | 77 | 1,591 | 17 | |||||||||||||||||
Issuance of Long-Term Debt, net | 4 | 829 | 671 | 382 | (667 | ) | 447 | |||||||||||||||||
Other Financing Activities | (113 | ) | 5 | (113 | ) | 5 | (25 | ) | (22 | ) | ||||||||||||||
1,478 | 928 | 554 | 464 | 899 | 442 | |||||||||||||||||||
Effect of Exchange Rate on Cash | (2 | ) | — | (2 | ) | — | — | — | ||||||||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (249 | ) | (103 | ) | (250 | ) | (98 | ) | 1 | (5 | ) | |||||||||||||
Cash and Cash Equivalents at Beginning of Period | 503 | 179 | 491 | 161 | 12 | 18 | ||||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 254 | $ | 76 | $ | 241 | $ | 63 | $ | 13 | $ | 13 | ||||||||||||
* | 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
(Dollars in thousands, except per unit data)
(unaudited)
Supplemental Home Building Data
(Dollars in thousands, except per unit data)
(unaudited)
Quarter Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||||||||||||||||||
HOME BUILDING | ||||||||||||||||||||||||||||||||
Revenues — Housing | $ | 2,715,899 | 100.0 | % | $ | 2,053,139 | 100.0 | % | $ | 5,074,027 | 100.0 | % | $ | 3,925,411 | 100.0 | % | ||||||||||||||||
Cost of Sales — Housing | (1,922,562 | ) | (70.8 | %) | (1,491,284 | ) | (72.6 | %) | (3,596,166 | ) | (70.9 | %) | (2,853,063 | ) | (72.7 | %) | ||||||||||||||||
Gross Margin — Housing | 793,337 | 29.2 | % | 561,855 | 27.4 | % | 1,477,861 | 29.1 | % | 1,072,348 | 27.3 | % | ||||||||||||||||||||
Revenues — Land Sales & Other | 172,510 | 78,438 | 213,559 | 105,262 | ||||||||||||||||||||||||||||
Cost of Sales — Land Sales & Other | (113,439 | ) | (64,609 | ) | (150,555 | ) | (99,726 | ) | ||||||||||||||||||||||||
Gross Margin — Land Sales & Other | 59,071 | 13,829 | 63,004 | 5,536 | ||||||||||||||||||||||||||||
Total Gross Margin | 852,408 | 29.5 | % | 575,684 | 27.0 | % | 1,540,865 | 29.1 | % | 1,077,884 | 26.7 | % | ||||||||||||||||||||
Selling, General & Administrative | (399,730 | ) | (13.8 | %) | (295,809 | ) | (13.9 | %) | (759,697 | ) | (14.4 | %) | (582,192 | ) | (14.4 | %) | ||||||||||||||||
Other Income | 5,958 | 0.2 | % | 3,290 | 0.2 | % | 18,372 | 0.4 | % | 11,062 | 0.3 | % | ||||||||||||||||||||
Operating Earnings | $ | 458,636 | 15.9 | % | $ | 283,165 | 13.3 | % | $ | 799,540 | 15.1 | % | $ | 506,754 | 12.6 | % | ||||||||||||||||
Units Closed | 9,157 | 7,831 | 17,392 | 15,214 | ||||||||||||||||||||||||||||
Average Unit Sales Price | $ | 296,593 | $ | 262,181 | $ | 291,745 | $ | 258,013 | ||||||||||||||||||||||||
% Change | 13.1 | % | 7.3 | % | 13.1 | % | 8.0 | % | ||||||||||||||||||||||||
Operating Earnings per Unit | $ | 50,086 | $ | 36,159 | $ | 45,972 | $ | 33,308 | ||||||||||||||||||||||||
% Change | 38.5 | % | 21.3 | % | 38.0 | % | 21.8 | % | ||||||||||||||||||||||||
Average Neighborhoods | 615 | 576 | 611 | 573 | ||||||||||||||||||||||||||||
% Change | 6.8 | % | 3.0 | % | 6.6 | % | 2.7 | % |
LOT POSITION
As of September 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Lot Owned and Controlled: | ||||||||||||
Lots Owned | 106,041 | 85,335 | 24 | % | ||||||||
Lots Controlled | 179,590 | 136,979 | 31 | % | ||||||||
Total | 285,631 | 222,314 | 28 | % | ||||||||
Attachment 5
Centex Corporation and Subsidiaries
Supplemental Home Building Data
Housing Activity (Units) by Geographic Area
Supplemental Home Building Data
Housing Activity (Units) by Geographic Area
Closings | ||||||||||||||||||||||||
Quarter Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2005 | 2004 | Change | 2005 | 2004 | Change | |||||||||||||||||||
Mid-Atlantic | 1,749 | 1,317 | 33 | % | 3,294 | 2,620 | 26 | % | ||||||||||||||||
Southeast | 1,633 | 1,296 | 26 | % | 3,086 | 2,605 | 18 | % | ||||||||||||||||
Midwest | 1,762 | 1,684 | 5 | % | 3,327 | 3,208 | 4 | % | ||||||||||||||||
Southwest | 2,418 | 2,120 | 14 | % | 4,606 | 4,108 | 12 | % | ||||||||||||||||
West Coast | 1,595 | 1,414 | 13 | % | 3,079 | 2,673 | 15 | % | ||||||||||||||||
9,157 | 7,831 | 17 | % | 17,392 | 15,214 | 14 | % | |||||||||||||||||
Sales (Orders) Backlog | ||||||||||||
As of September 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Mid-Atlantic | 3,835 | 3,316 | 16 | % | ||||||||
Southeast | 5,445 | 4,692 | 16 | % | ||||||||
Midwest | 3,372 | 3,238 | 4 | % | ||||||||
Southwest | 4,862 | 3,359 | 45 | % | ||||||||
West Coast | 3,657 | 3,122 | 17 | % | ||||||||
21,171 | 17,727 | 19 | % | |||||||||
Sales (Orders) | ||||||||||||||||||||||||
Quarter Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2005 | 2004 | Change | 2005 | 2004 | Change | |||||||||||||||||||
Mid-Atlantic | 1,697 | 1,659 | 2 | % | 3,707 | 3,135 | 18 | % | ||||||||||||||||
Southeast | 1,690 | 1,664 | 2 | % | 3,525 | 3,590 | (2 | %) | ||||||||||||||||
Midwest | 1,752 | 1,480 | 18 | % | 3,387 | 3,054 | 11 | % | ||||||||||||||||
Southwest | 2,767 | 2,263 | 22 | % | 5,780 | 4,598 | 26 | % | ||||||||||||||||
West Coast | 1,649 | 1,430 | 15 | % | 3,575 | 3,150 | 13 | % | ||||||||||||||||
9,555 | 8,496 | 12 | % | 19,974 | 17,527 | 14 | % | |||||||||||||||||
Attachment 6
Centex Corporation and Subsidiaries
Supplemental Home Building Data
Housing Activity (Values) by Geographic Area
Supplemental Home Building Data
Housing Activity (Values) by Geographic Area
Housing Revenues - Closings | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Quarter Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2005 | 2004 | Change | 2005 | 2004 | Change | |||||||||||||||||||
Mid-Atlantic | $ | 582,091 | $ | 371,224 | 57 | % | $ | 1,079,369 | $ | 744,223 | 45 | % | ||||||||||||
Southeast | 464,207 | 320,366 | 45 | % | 859,402 | 637,583 | 35 | % | ||||||||||||||||
Midwest | 385,758 | 356,435 | 8 | % | 720,366 | 677,337 | 6 | % | ||||||||||||||||
Southwest | 447,574 | 350,937 | 28 | % | 826,810 | 665,163 | 24 | % | ||||||||||||||||
West Coast | 836,269 | 654,177 | 28 | % | 1,588,080 | 1,201,105 | 32 | % | ||||||||||||||||
$ | 2,715,899 | $ | 2,053,139 | 32 | % | $ | 5,074,027 | $ | 3,925,411 | 29 | % | |||||||||||||
Sales (Orders) Backlog Value | ||||||||||||
(Dollars in thousands) | ||||||||||||
As of September 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Mid-Atlantic | $ | 1,370,548 | $ | 1,056,202 | 30 | % | ||||||
Southeast | 1,635,146 | 1,304,092 | 25 | % | ||||||||
Midwest | 757,856 | 697,633 | 9 | % | ||||||||
Southwest | 1,163,118 | 623,610 | 87 | % | ||||||||
West Coast | 2,034,364 | 1,684,051 | 21 | % | ||||||||
$ | 6,961,032 | $ | 5,365,588 | 30 | % | |||||||
Attachment 7
Centex Corporation and Subsidiaries
Supplemental Financial Services Data
Supplemental Financial Services Data
CTX Mortgage Company
Quarter Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2005 | 2004 | Change | 2005 | 2004 | Change | |||||||||||||||||||
Originations | ||||||||||||||||||||||||
Builder | 6,245 | 5,206 | 20 | % | 11,864 | 10,225 | 16 | % | ||||||||||||||||
Retail | 12,904 | 11,349 | 14 | % | 25,215 | 25,503 | (1 | %) | ||||||||||||||||
Total | 19,149 | 16,555 | 16 | % | 37,079 | 35,728 | 4 | % | ||||||||||||||||
Applications | ||||||||||||||||||||||||
Builder | 7,148 | 5,721 | 25 | % | 14,464 | 11,867 | 22 | % | ||||||||||||||||
Retail | 11,658 | 9,957 | 17 | % | 22,247 | 20,824 | 7 | % | ||||||||||||||||
Total | 18,806 | 15,678 | 20 | % | 36,711 | 32,691 | 12 | % | ||||||||||||||||
Loan Volume (in billions) | $ | 4.28 | $ | 3.09 | 38 | % | $ | 8.10 | $ | 6.59 | 23 | % | ||||||||||||
Average Loan Size | $ | 223,400 | $ | 186,700 | 20 | % | $ | 218,400 | $ | 184,500 | 18 | % | ||||||||||||
Operating Profit per Loan | $ | 1,080 | $ | 1,315 | (18 | %) | $ | 1,132 | $ | 1,506 | (25 | %) | ||||||||||||
Centex Home Equity Company
Quarter Ended September 30, | Six Months Ended September 30, | |||||||||||||||||||||||
2005 | 2004 | Change | 2005 | 2004 | Change | |||||||||||||||||||
Originations | 12,364 | 10,819 | 14 | % | 23,640 | 22,339 | 6 | % | ||||||||||||||||
Applications | 111,290 | 99,333 | 12 | % | 216,197 | 197,298 | 10 | % | ||||||||||||||||
Loan Volume (in billions) | $ | 1.63 | $ | 1.26 | 30 | % | $ | 3.04 | $ | 2.70 | 12 | % | ||||||||||||
Average Loan Size | $ | 132,200 | $ | 116,300 | 14 | % | $ | 128,400 | $ | 120,800 | 6 | % | ||||||||||||
Earnings As a % of Average Portfolio Accounting Method Loans | 1.63 | % | 1.79 | % | 1.50 | % | 1.67 | % | ||||||||||||||||
Servicing Portfolio:
As of September 30, | ||||||||||||
2005 | 2004 | Change | ||||||||||
Number of Loans: | ||||||||||||
Portfolio Accounting Method | 86,550 | 79,607 | ||||||||||
Serviced for Others | 18,815 | 15,508 | ||||||||||
Total | 105,365 | 95,115 | 11 | % | ||||||||
Servicing Portfolio (in billions): | ||||||||||||
Portfolio Accounting Method | $ | 8.54 | $ | 7.18 | ||||||||
Serviced for Others | 1.79 | 1.21 | ||||||||||
Total | $ | 10.33 | $ | 8.39 | 23 | % | ||||||
Attachment 8
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 September 30, | As of March 31, | As of September 30, | ||||||||||
2005 | 2005 | 2004 | ||||||||||
Debt/Capitalization * | ||||||||||||
Debt | $ | 3,739 | $ | 3,108 | $ | 2,737 | ||||||
Minority Interests | 669 | 456 | 490 | |||||||||
Less Minority Interests on Lot Options | (629 | ) | (416 | ) | (463 | ) | ||||||
Stockholders’ Equity | 4,732 | 4,281 | 3,485 | |||||||||
Capitalization | 8,511 | 7,429 | 6,249 | |||||||||
Less Unrestricted Cash | (241 | ) | (491 | ) | (63 | ) | ||||||
Net Capitalization | $ | 8,270 | $ | 6,938 | $ | 6,186 | ||||||
Debt-to-Capitalization Ratio | 43.9 | % | 41.8 | % | 43.8 | % | ||||||
Net Debt-to-Capitalization Ratio | 42.3 | % | 37.7 | % | 43.2 | % | ||||||
Consolidated Debt/Capitalization ** | ||||||||||||
Debt | $ | 14,384 | $ | 12,829 | $ | 11,504 | ||||||
Minority Interests | 671 | 458 | 491 | |||||||||
Less Minority Interests on Lot Options | (629 | ) | (416 | ) | (463 | ) | ||||||
Stockholders’ Equity | 4,732 | 4,281 | 3,485 | |||||||||
Capitalization | 19,158 | 17,152 | 15,017 | |||||||||
Less Unrestricted Cash | (254 | ) | (503 | ) | (76 | ) | ||||||
Net Capitalization | $ | 18,904 | $ | 16,649 | $ | 14,941 | ||||||
Consolidated Debt-to-Capitalization Ratio | 75.1 | % | 74.8 | % | 76.6 | % | ||||||
Consolidated Net Debt-to-Capitalization Ratio | 74.7 | % | 74.0 | % | 76.5 | % | ||||||
* | 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.