PulteGroup (PHM) 8-K Pulte Homes Reports First Quarter 2007 Financial Results

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 FIRST QUARTER 2007 FINANCIAL RESULTS

• Net Loss of $0.33 Per Diluted Share, Including $132.1 Million in Impairments and Land-Related Charges

• Consolidated Revenues of $1.9 Billion for the Quarter, Down 37%

• Q1 Closings were 5,420 Homes, a Decline of 37%; Average Sales Price Per Home Decreased 2% to $330,000

• Contract Backlog Valued at $4.7 Billion, Representing 13,334 Homes

• Q1 2007 Debt-to-Capitalization Ratio 35%

• Company Provides Second Quarter 2007 Guidance

          Bloomfield Hills, MI, April 25, 2007— Pulte Homes (NYSE: PHM) announced today financial results for its first quarter ended March 31, 2007. For the quarter, the Company reported a net loss of $85.7 million, or $0.33 per diluted share, compared with $262.6 million of net income for the prior year first quarter, or $1.01 per diluted share. Consolidated revenues for the quarter were $1.9 billion, a decline of 37% from prior year revenues of $3 billion.

          “Overall, the homebuilding environment remained challenging during the first quarter of 2007, as elevated inventory levels combined with weak consumer confidence for housing continue to place pressure on results,” said Richard J. Dugas, Jr., President and CEO of Pulte Homes. “During this period of market weakness, Pulte continues to focus on maintaining a healthy balance sheet and adjusting our house and land inventory levels to better match current market conditions.”

          Revenues from homebuilding settlements in the first quarter decreased 38% to $1.8 billion compared with $2.9 billion last year. The change in revenue for the quarter reflects a 37% decrease in closings to 5,420 homes, and a 2% decrease in average selling price to $330,000.

          First quarter homebuilding pre-tax loss was approximately $148.4 million, compared with prior year pre-tax income of $377.6 million. The pre-tax loss for the period reflects a decline in

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gross margins to 11% from 23% in the prior year quarter, combined with an increase in SG&A as a percentage of home sale revenues to 16% compared with 10% for the same period last year. Homebuilding pre-tax loss for the first quarter of 2007 is inclusive of approximately $132.1 million of pre-tax charges, or $0.31 per diluted share on an after-tax basis, resulting from adjustments to land inventory and land held for sale, and the write-off of deposits and pre-acquisition costs associated with land transactions the Company no longer plans to pursue.

          Net new home orders for the first quarter were 8,499 homes, valued at $2.9 billion, both representing declines of 21% from prior year first quarter results. Pulte Homes’ ending backlog as of March 31, 2007 was valued at $4.7 billion (13,334 homes), compared with a value of $7.1 billion (19,940 homes) at the end of last year’s first quarter. At the end of the first quarter 2007, the Company’s debt-to-capitalization ratio was 35%.

          The Company’s financial services operations reported pre-tax income of $13.2 million for the first quarter 2007 compared with $49.3 million of pre-tax income for the prior year’s quarter. The first quarter 2006 results reflect a gain of approximately $31.6 million from the sale by Pulte Mortgage LLC of its investment in a Mexico-based mortgage-banking unit. The decrease in first quarter 2007 pre-tax income was primarily due to lower mortgage originations funded during the quarter compared with the prior year’s quarter. The mortgage capture rate for the quarter was 93%, compared with 89.3% for the same quarter last year.

Second Quarter 2007 Guidance

          “For the second quarter of 2007, we are providing guidance in the range from break-even to a loss of $.10 per diluted share, exclusive of any additional land-related charges,” said Dugas. “Due to the lack of earnings visibility, difficult market conditions that exist today and uncertainty regarding possible land-related charges going forward, we are not in a position at this time to provide guidance for the remainder of 2007.”

          A conference call discussing Pulte Homes’ first quarter 2007 results will be held Thursday, April 26, 2007 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 atwww.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.

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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

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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,
	2007			2006
CONSOLIDATED RESULTS:
Revenues:
Homebuilding	$	1,829,908		$	2,914,752
Financial Services		39,581			44,857
Other non-operating		1,944			2,967
Total Revenues	$	1,871,433		$	2,962,576
Pre-tax income (loss):
Homebuilding	$	(148,386	)	$	377,583
Financial Services		13,195			49,344
Other non-operating		(7,357	)		(9,383	)
Income (loss) before income taxes		(142,548	)		417,544
Income taxes (benefit)		(56,876	)		154,899
Net income (loss)	$	(85,672	)	$	262,645
EARNINGS PER SHARE - ASSUMING DILUTION:
Net income (loss)	$	(.33	)	$	1.01
Shares used in per share calculations		257,717			260,738

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

	March 31,		December 31,		March 31,
	2007		2006		2006
	(Unaudited)		(Unaudited)		(Unaudited)
ASSETS
Cash and equivalents	$	116,948	$	551,292	$	121,013
Unfunded settlements		32,843		72,597		85,488
House and land inventory		9,422,845		9,374,335		9,791,302
Land held for sale		422,089		465,823		313,958
Land, not owned, under option agreements		35,932		43,609		59,938
Residential mortgage loans available-for-sale		336,007		871,350		521,577
Investment in unconsolidated entities		213,824		150,685		246,479
Goodwill		375,677		375,677		375,937
Intangible assets, net		116,892		118,954		125,142
Other assets		906,537		982,034		1,062,182
Deferred income tax assets		171,426		170,518
	$	12,151,020	$	13,176,874	$	12,703,016
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable, accrued and other liabilities	$	1,822,928	$	2,180,592	$	2,467,467
Unsecured short-term borrowings		—		—		24,500
Collateralized short-term debt, recourse solely to applicable subsidiary assets		286,590		814,707		447,022
Income taxes		33,676		66,267		186,319
Deferred income tax liability		—		—		7,502
Senior notes		3,538,303		3,537,947		3,386,882
Total Liabilities		5,681,497		6,599,513		6,519,692
Shareholders’ Equity		6,469,523		6,577,361		6,183,324
	$	12,151,020	$	13,176,874	$	12,703,016

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

	Three Months Ended
	March 31,
	2007			2006
HOMEBUILDING:
Home sales (settlements)	$	1,789,282		$	2,888,834
Land sales		40,626			25,918
Homebuilding Revenue		1,829,908			2,914,752
Home cost of sales		(1,594,471	)		(2,225,966	)
Land cost of sales		(56,362	)		(21,143	)
Selling, general & administrative expense		(281,653	)		(284,749	)
Other expense, net		(45,808	)		(5,311	)
Pre-tax income (loss)	$	(148,386	)	$	377,583
FINANCIAL SERVICES:
Pre-tax income	$	13,195		$	49,344
OTHER NON-OPERATING:
Pre-tax loss:
Net interest income	$	954		$	1,090
Other expense, net		(8,311	)		(10,473	)
Total Other non-operating	$	(7,357	)	$	(9,383	)

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

	Three Months Ended
	March 31,
	2007		2006
Homebuilding settlement revenues	$	1,789,282	$	2,888,834
Unit settlements:
Northeast		371		716
Southeast		755		875
Florida		1,027		1,629
Midwest		446		749
Central		896		1,366
Southwest		1,333		2,026
California		592		1,241
		5,420		8,602
Average selling price	$	330	$	336
Unit net new orders:
Northeast		704		728
Southeast		1,006		1,573
Florida		1,522		1,802
Midwest		759		1,211
Central		885		1,692
Southwest		2,467		2,428
California		1,156		1,291
		8,499		10,725
Net new orders — dollars	$	2,912,000	$	3,683,000
Unit backlog:
Northeast		1,250		1,605
Southeast		1,959		2,278
Florida		1,707		4,258
Midwest		1,512		1,745
Central		1,309		2,401
Southwest		3,853		5,304
California		1,744		2,349
		13,334		19,940
Dollars in backlog	$	4,703,000	$	7,096,000

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

	Three Months Ended
	March 31,
	2007			2006
MORTGAGE ORIGINATIONS:
Origination volume		5,158			8,091
Origination principal	$	1,143,000		$	1,744,200
Capture rate percentage		93.0	%		89.3	%

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

	Three Months Ended
	March 31,
	2007		2006
Interest expense:
Homebuilding (included in home cost of sales)	$	47,958	$	41,169
Financial Services		4,618		5,301
Other non-operating		990		1,877
Total interest expense	$	53,566	$	48,347
Depreciation & amortization	$	21,660	$	18,363

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