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EXHIBIT 99.1
CENTEX CORPORATION REPORTS RESULTS
FOR THIRD QUARTER AND NINE MONTHS
DALLAS, TX January 23, 2001): Centex Corporation (NYSE: CTX) today
reported the second best quarterly financial results in its history for the
quarter ended December 31, 2000, the third quarter of fiscal 2001. The Company
also reported results for the nine months ended December 31, 2000.
CENTEX WILL CONDUCT A CONFERENCE CALL WITH SENIOR MANAGEMENT TO DISCUSS
THE THIRD QUARTER RESULTS AND OTHER MATTERS AT 10 A.M. CENTRAL TIME (11 A.M.
EASTERN TIME) TODAY. THE CONFERENCE CALL, ACCOMPANIED BY A SLIDE PRESENTATION,
WILL BE WEBCAST SIMULTANEOUSLY ON THE CENTEX WEB SITE, WWW.CENTEX.COM. A REPLAY
OF THE CALL, ALONG WITH THE SLIDE PRESENTATION, WILL BE AVAILABLE AT THAT SITE
UNTIL FEBRUARY 6, 2001. TO LISTEN TO THE CALL BY TELEPHONE OR TO RECEIVE
ADDITIONAL INFORMATION, CONTACT CENTEX INVESTOR RELATIONS AT (214)981-6503.
Net earnings for this year's third quarter were $68,467,000 or $1.12
per diluted share, 8% higher than $63,176,000 or $1.04 per diluted share for the
same quarter a year ago. Current quarter revenues of $1,638,613,000 were 15%
higher than $1,429,161,000 for the same quarter last year.
Net earnings for the first nine months of fiscal 2001 were
$175,766,000, 6% less than $187,107,000 for the same period in the prior fiscal
year. Diluted earnings per share for the nine months this year were $2.91, 5%
less than $3.06 for the same period last year. Revenues for the first nine
months of fiscal 2001 totaled $4,661,175,000, a 10% increase over $4,230,837,000
for the same period in fiscal 2000.
For the first nine months of fiscal 2001, Centex's annualized rate of
return on beginning stockholders' equity was 16.5%.
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CENTEX CORPORATION 2
Through its subsidiaries, Dallas-based Centex ranks among the nation's
leading home builders, non-bank-affiliated retail mortgage lenders and general
building contractors. The Company also has operations in home services and
investment real estate and owns a majority interest in Centex Construction
Products, Inc., a publicly held company which produces and distributes cement,
gypsum wallboard, paperboard and concrete and aggregates.
HOME BUILDING
Operating earnings from Centex Homes (Conventional Homes) were $100.6
million for the third quarter this year, 37% higher than $73.3 million for the
same quarter a year ago. Manufactured Homes reported an operating loss of $2.5
million for the current quarter versus operating earnings of $2.7 million for
the same quarter last year. Total operating earnings from Home Building were
$98.1 million for the third quarter this year, 29% higher than $76.0 million for
the same quarter in fiscal 2000.
Revenues from Centex Homes were $1.04 billion for the third quarter
this year, 20% higher than $863 million for last year's third quarter.
Manufactured Homes revenues for the current quarter were $29.5 million, 37% less
than $47.2 million for the same quarter a year ago. Total Home Building revenues
for the third quarter this year were $1.07 billion, a 17% increase over $910
million for the same quarter last year.
Centex Homes' closings for the third quarter this year totaled 4,893
units, a 9% increase over 4,495 units for the third quarter last year. Home
sales (orders) for this year's third quarter were 4,351 units, 6% higher than
4,089 units for the same quarter a year ago. The backlog of homes sold but not
closed at December 31, 2000 totaled 8,603 units, valued at $1.79 billion, versus
than 7,413 units at December 31, 1999, valued at $1.40 billion.
The average unit sales price for Centex Homes for the current third
quarter was $208,328, a 10% increase over $189,466 for the third quarter last
year. The per-unit operating margin for the quarter this year was a record
$20,568, a 26% increase over $16,314 for the same quarter a year ago. The Centex
Homes operating margin as a percent of revenue reached 9.7% for the fiscal 2001
third quarter compared to 8.5% for the same quarter in fiscal 2000.
Manufactured Homes produced 920 homes in the current quarter, compared
to 1,386 units during the same quarter last year. The operating margin as a
percent of revenue, prior to goodwill amortization and before the inclusion of
the retail sales operation, was a negative 1.9% for the quarter this year versus
a positive 11.8% for the same quarter a year ago.
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CENTEX CORPORATION 3
Nine month operating earnings from Centex Homes were $262.7 million, a
30% gain over $202.7 million for the year ago period. Manufactured Homes
reported an operating loss of $3.7 million for the nine month period this year
versus operating earnings of $6.8 million for the same period a year ago. Total
Home Building operating earnings for the first nine months of fiscal 2001
reached $259.0 million, 24% higher than $209.5 million for the same period in
fiscal 2000.
For the current nine month period, revenues from Centex Homes were
$2.95 billion, 20% higher than last year's revenues for the same period.
Manufactured Homes revenues were $99.8 million, 32% less than $146.0 million for
the same period a year ago. Total Home Building revenues for the nine months
this year reached $3.05 billion, a 17% improvement over the year ago period.
Centex Homes' closings for the nine months this year reached 14,202
units, 10% higher than 12,854 units for the nine month period last year. Orders
for Centex Homes rose 15% for the nine months this year to 15,226 units.
Manufactured Homes produced 3,074 units during the current nine month
period, a 30% decline from the units produced for the same period a year ago.
INTERNATIONAL HOME BUILDING
London-based Fairclough Homes, which was acquired in April 1999 by
Centex Development Company, L.P., built and closed 841 homes during the first
nine months of fiscal 2001 versus 1,016 units for the same period a year ago.
Due to the unique structure of the acquisition transaction, no significant
earnings from Fairclough will be reported prior to the June 30, 2001 quarter.
INVESTMENT REAL ESTATE
For the third quarter of fiscal 2001, Centex's Investment Real Estate
operation, through which all investment property transactions are reported, had
operating earnings of $13.6 million, 52% higher than earnings of $8.9 million
for the year ago quarter. For the current nine months, operating earnings from
Investment Real Estate were $26.7 million, an 11% increase over operating
earnings of $24.1 million for the same period in fiscal 2000.
The improvements for the quarter and the nine months were due primarily
to increased land sales, the timing of which varies from quarter to quarter.
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CENTEX CORPORATION 4
FINANCIAL SERVICES
Operating earnings from Financial Services for the quarter ended
December 31, 2000 were $2.4 million, 74% less than $9.2 million for the same
quarter last year. This year's third quarter Financial Services revenues of
$121.3 million were 14% higher than $106.6 million for the same quarter a year
ago.
Current quarter operating earnings from CTX Mortgage Company (CTX) and
related companies totaled $5.9 million for the third quarter this year compared
to $5.8 million for the same quarter last year. CTX's total "A" loan
originations for the current quarter were 13,566, 4% higher than 13,063
originations for the same quarter last year. "Builder" (Centex Homes)
originations totaling 2,956 were 21% higher than Builder originations for last
year's quarter, and Retail (third-party) originations of 10,610 were almost the
same as last year.
CTX's loan volume was $2.02 billion for the quarter this year, a 12%
increase over $1.80 billion for the third quarter in fiscal 2000.
Profit-per-loan of $435 for this year's third quarter was slightly less than the
per-loan profit of $445 for the same quarter last year.
CTX's "A" loan applications totaled 12,723 for the third quarter this
year, 14% higher than 11,197 applications for the year ago quarter. Builder
applications rose 36% to 3,135, while Retail applications increased 8% over last
year to 9,588.
Including the $9.5 million impact of changing to the "Portfolio" method
of accounting, Centex Home Equity Corporation (CHEC) reported a loss of $3.5
million for the third quarter this year compared to operating earnings of $4.5
million for the same quarter last year. CHEC originated 6,564 loans during the
quarter this year, a 19% improvement over 5,526 loans for the same quarter in
fiscal 2000. Loan volume reached $443 million, a 27% improvement over $354
million for the year ago quarter.
CHEC reported a per-loan loss of $535 for the current quarter versus a
per-loan profit of $808 for the same quarter last year. CHEC applications for
the current quarter rose 9% over last year to 35,105.
Financial Services operating earnings were $4.6 million for the nine
month period this year, versus $42.4 million for the year ago period. For the
current nine months, Financial Services revenues reached $323.7 million, 6% less
than $343.9 million last year.
CTX Mortgage's operating earnings for the nine months this year were
$16.7 million, 45% less than earnings of $30.6 million for the same period in
fiscal 2000. CTX's "A" loan originations for the current nine months totaled
41,833, 10% less than 46,582 originations for the same period last year. Builder
originations rose 10% from a year ago while Retail originations declined 14%.
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CENTEX CORPORATION 5
Total CTX applications for this year's nine month period were 43,919,
slightly less than 44,210 applications in the year ago period. Builder
applications rose 26% while Retail applications declined 7% from the year ago
period.
Including the $31.8 million impact of its change to the "Portfolio"
method of accounting, CHEC reported a nine month operating loss this year of
$12.0 million versus earnings of $15.0 million for the nine month period last
year. CHEC's originations for the nine months this year rose 31% to 20,310. CHEC
applications of 109,853 for the current nine month period represented a 22%
improvement over applications for the same period in fiscal 2000.
CONSTRUCTION PRODUCTS
Operating earnings from Centex Construction Products, Inc. (CXP),
before minority interest, were $21.0 million, 54% less than $45.3 million for
the same quarter a year ago. Current third quarter revenues from CXP were $90.4
million, 17% less than last year's revenues of $108.4 million for the quarter.
At December 31, 2000, Centex owned 65.3% of CXP.
For the current nine months, CXP's operating earnings, before minority
interest, were $89.8 million, 32% less than $132.6 million for the same period a
year ago. Revenues from CXP were $290.5 million, 10% less than $323.4 million
for the same period a year ago.
CXP's results for both the quarter and the nine months were impacted by
higher fuel and energy costs along with lower product pricing in gypsum
wallboard.
CONTRACTING AND CONSTRUCTION SERVICES
Contracting and Construction Services reported operating earnings of
$8.2 million for the third quarter this year, a 20% improvement over earnings of
$6.8 million for the same quarter in fiscal 2000. Revenues from Contracting and
Construction Services were $345.6 million for the current quarter, a 20%
improvement over revenues of $288.0 million for the same quarter in the prior
fiscal year.
The Centex Construction Group received approximately $319 million of
new contracts during the third quarter this year, 34% less than $487 million of
new contracts for the same quarter a year ago. The backlog of uncompleted
construction projects at December 31, 2000 was approximately $1.45 billion, 9%
higher than the backlog of $1.32 billion reported at December 31, 1999.
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CENTEX CORPORATION 6
Operating earnings from Contracting and Construction Services for the
current nine month period were $21.2 million, a 21% improvement over $17.5
million for the same period last year. Revenues for the current nine months were
$974.7 million, 5% more than revenues of $928.6 million for the nine month
period a year ago.
OTHER DEVELOPMENTS
As part of its increased focus on serving urban markets, Centex Homes
announced in January that it has signed a letter of intent to acquire CityHomes,
a leading builder of upscale urban townhomes in Dallas. The acquisition would
include all homes under construction as well as land or lots for approximately
300 homes. CityHomes, founded in 1997, has been nationally recognized for its
sophisticated luxury homes, generally priced from $250,000 to $450,000, and
their impact on the revitalization of Dallas neighborhoods close to downtown.
During the second quarter of fiscal 2001, Centex Homes signed a letter
of intent to acquire the home building assets of The Selective Group, based in
Farmington Hills, Michigan.
During the third quarter of the fiscal year, Centex Construction
Products, Inc. completed the purchase of certain strategic assets from the
successor to Republic Group Incorporated for a purchase price, including $100
million of subordinated debt, of approximately $400 million. Among the principal
strategic assets are a 1.1 billion-square-foot gypsum wallboard plant and a
220,000 ton-per-year lightweight paper mill. The acquisition makes CXP the
nation's fourth largest gypsum wallboard producer and enables the company to
vertically integrate into the lightweight paperboard business.
Also during the quarter, Centex HomeTeam Pest Control acquired four
pest management companies, three in Florida and one in North Carolina. The
acquisitions added a total of 8,200 customers to HomeTeam Pest Control's
existing customer bases in these markets, bringing its total number of customers
nationwide to 121,000.
OUTLOOK
Centex said home sales continue at a high level and home building
prospects remain positive. The Company expects profits from Financial Services
to increase as interest rates fall and its sub-prime loan portfolio grows. In
addition, Contracting and Construction Services is expected to continue to
operate at record levels. However, despite strong product volumes, earnings from
Centex Construction Products will be negatively impacted by higher fuel and
energy costs and lower product pricing in gypsum wallboard.
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CENTEX CORPORATION 7
As a result, Centex said its earnings for the current fiscal year,
ending March 31, 2001, should approximate those of fiscal 2000, and the Company
expects to report record results during fiscal 2002.
# # # # # # #
FORWARD-LOOKING STATEMENTS. THE "OTHER DEVELOPMENTS" AND "OUTLOOK" SECTIONS OF
THIS PRESS RELEASE CONTAIN 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 THE COMPANY IS DISCUSSING ITS BELIEFS, ESTIMATES OR
EXPECTATIONS. THESE STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND
INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES. ACTUAL RESULTS AND OUTCOMES MAY
DIFFER MATERIALLY FROM WHAT IS EXPRESSED OR FORECAST IN SUCH FORWARD-LOOKING
STATEMENTS. THE PRINCIPAL RISKS AND UNCERTAINTIES THAT MAY AFFECT THE COMPANY'S
ACTUAL PERFORMANCE AND RESULTS OF OPERATIONS INCLUDE THE FOLLOWING: GENERAL
ECONOMIC CONDITIONS AND INTEREST RATES; THE CYCLICAL AND SEASONAL NATURE OF THE
COMPANY'S BUSINESSES; ADVERSE WEATHER; CHANGES IN PROPERTY TAXES AND ENERGY
COSTS; CHANGES IN FEDERAL INCOME TAX LAWS AND FEDERAL MORTGAGE FINANCING
PROGRAMS; GOVERNMENTAL REGULATIONS; CHANGES IN GOVERNMENTAL AND PUBLIC POLICY;
CHANGES IN ECONOMIC CONDITIONS SPECIFIC TO ANY ONE OR MORE OF THE COMPANY'S
MARKETS AND BUSINESSES; COMPETITION; AVAILABILITY OF RAW MATERIALS; AND
UNEXPECTED OPERATIONS DIFFICULTIES. THESE AND OTHER FACTORS ARE DESCRIBED IN THE
COMPANY'S MOST RECENT ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED MARCH
31, 2000 AND IN ITS QUARTERLY REPORTS ON FORM 10-Q FOR THE FISCAL QUARTERS ENDED
JUNE 30, 2000 AND SEPTEMBER 30, 2000, EACH OF WHICH IS FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION.
NOTE ATTACHMENTS:
(1) Summary of Consolidated Earnings
(2) Revenues and Earnings by Line of Business (Quarter)
(3) Revenues and Earnings by Line of Business (Nine Months)
(4) Housing Activity by Geographic Area
(5) Supplemental Home Building Data
(6) Supplemental Financial Services Data
(7) Supplemental Construction Products Data
Contracting and Construction Services Data
(8) Home Building Margins by Quarter (Fiscal 2001 YTD and Fiscal 2000)
FOR ADDITIONAL INFORMATION, CONTACT AT (214)981-5000:
Leldon Echols
Executive Vice President and Chief Financial Officer
Sheila E. Gallagher
Vice President-Corporate Communications
WWW.CENTEX.COM
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Attachment 1
Centex Corporation and Subsidiaries
Summary of Consolidated Earnings
(unaudited)
(dollar amounts in thousands, except per share data)
Quarter Ended
December 31,
---------------------------------------------------
2000 1999 Change
--------------- --------------- ---------------
Revenues $ 1,638,613 $ 1,429,161 15%
Earnings Before Income Taxes $ 110,494 $ 101,729 9%
Net Earnings $ 68,467 $ 63,176 8%
Earnings Per Share:
Basic $ 1.16 $ 1.07 8%
Diluted $ 1.12 $ 1.04 8%
Average Shares Outstanding:
Basic 59,080,788 59,230,006 --%
Diluted 60,929,675 60,723,572 --%
Nine Months Ended
December 31,
---------------------------------------------------
2000 1999 Change
--------------- --------------- ---------------
Revenues $ 4,661,175 $ 4,230,837 10%
Earnings Before Income Taxes $ 284,488 $ 302,170 (6)%
Net Earnings $ 175,766 $ 187,107 (6)%
Earnings Per Share:
Basic $ 2.98 $ 3.15 (5)%
Diluted $ 2.91 $ 3.06 (5)%
Average Shares Outstanding:
Basic 58,946,795 59,370,180 (1)%
Diluted 60,363,225 61,204,665 (1)%
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Attachment 2
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
Quarter Ended
December 31,
----------------------------------------------------
2000 1999 Change
--------------- --------------- --------------
REVENUES
Home Building:
Conventional Homes $ 1,038,810 $ 863,177 20%
Manufactured Homes 29,494 47,160 (37)%
--------------- ---------------
Total Home Building 1,068,304 910,337 17%
65% 64%
Investment Real Estate 13,023 15,908 (18)%
1% 1%
Financial Services 121,308 106,568 14%
7% 7%
Construction Products 90,410 108,370 (17)%
6% 8%
Contracting and Construction Services 345,568 287,978 20%
21% 20%
--------------- ---------------
Total $ 1,638,613 $ 1,429,161 15%
100% 100%
=============== ===============
OPERATING EARNINGS
Home Building:
Conventional Homes $ 100,640 $ 73,330 37%
Manufactured Homes (2,537) 2,676 (195)%
--------------- ---------------
Total Home Building 98,103 76,006 29%
67% 52%
Investment Real Estate 13,551 8,917 52%
9% 6%
Financial Services 2,376 9,223 (74)%
2% 6%
Construction Products 21,013 45,332 (54)%
14% 31%
Contracting and Construction Services 8,156 6,800 20%
6% 5%
Other, net 3,123 (628) 597%
2% --%
--------------- ---------------
Total Operating Earnings 146,322 145,650 --%
100% 100%
Corporate General Expenses (8,458) (8,483)
Interest Expense (21,076) (18,467)
Minority Interest in Construction Products (6,294) (16,971)
--------------- ---------------
EARNINGS BEFORE INCOME TAXES $ 110,494 $ 101,729 9%
=============== ===============
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Attachment 3
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
Nine Months Ended
December 31,
-------------------------------------------------------
2000 1999 Change
--------------- --------------- --------------
REVENUES
Home Building:
Conventional Homes $ 2,952,835 $ 2,461,533 20%
Manufactured Homes 99,777 145,978 (32)%
--------------- ---------------
Total Home Building 3,052,612 2,607,511 17%
65% 61%
Investment Real Estate 19,667 27,357 (28)%
1% 1%
Financial Services 323,717 343,932 (6)%
7% 8%
Construction Products 290,507 323,391 (10)%
6% 8%
Contracting and Construction Services 974,672 928,646 5%
21% 22%
--------------- ---------------
Total $ 4,661,175 $ 4,230,837 10%
100% 100%
=============== ===============
OPERATING EARNINGS
Home Building:
Conventional Homes $ 262,749 $ 202,678 30%
Manufactured Homes (3,727) 6,811 (155)%
--------------- ---------------
Total Home Building 259,022 209,489 24%
64% 50%
Investment Real Estate 26,726 24,087 11%
7% 6%
Financial Services 4,649 42,396 (89)%
1% 10%
Construction Products 89,755 132,569 (32)%
22% 31%
Contracting and Construction Services 21,226 17,470 21%
5% 4%
Other, net 5,040 (3,529) 243%
1% (1)%
--------------- ---------------
Total Operating Earnings 406,418 422,482 (4)%
100% 100%
Corporate General Expenses (25,963) (23,821)
Interest Expense (65,140) (45,828)
Minority Interest in Construction Products (30,827) (50,663)
--------------- ---------------
EARNINGS BEFORE INCOME TAXES $ 284,488 $ 302,170 (6%)
=============== ===============
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Attachment 4
Centex Corporation and Subsidiaries
Housing Activity by Geographic Area
Closings
-----------------------------------------------------------------------------------------
Quarter Ended December 31, Nine Months Ended December 31,
----------------------------------------- ------------------------------------------
2000 1999 Change 2000 1999 Change
----------- ----------- ---------- ----------- ----------- ----------
West 1,121 1,007 11% 3,215 2,542 26%
Midwest 851 794 7% 2,421 2,140 13%
East 1,007 985 2% 3,035 2,953 3%
Southeast 644 672 (4)% 1,996 2,009 (1)%
Southwest 1,270 1,037 22% 3,535 3,210 10%
----------- ----------- ----------- -----------
4,893 4,495 9% 14,202 12,854 10%
=========== =========== =========== ===========
Sales (Orders) Backlog
------------------------------------------
12/31/00 12/31/99 Change
----------- ----------- ----------
West 1,525 1,103 38%
Midwest 1,571 1,546 2%
East 1,788 1,346 33%
Southeast 1,659 1,625 2%
Southwest 2,060 1,793 15%
----------- -----------
8,603 7,413 16%
=========== ===========
Sales (Orders)
-----------------------------------------------------------------------------------------
Quarter Ended December 31, Nine Months Ended December 31,
----------------------------------------- ------------------------------------------
2000 1999 Change 2000 1999 Change
----------- ----------- ---------- ----------- ----------- ----------
West 1,097 934 17% 3,641 2,595 40%
Midwest 703 658 7% 2,364 2,176 9%
East 959 924 4% 3,304 2,907 14%
Southeast 515 580 (11)% 2,073 2,134 (3)%
Southwest 1,077 993 8% 3,844 3,379 14%
----------- ----------- ----------- -----------
4,351 4,089 6% 15,226 13,191 15%
=========== =========== =========== ===========
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Attachment 5
Centex Corporation and Subsidiaries
Supplemental Home Building Data
CONVENTIONAL HOMES RESULTS
(dollars in millions, except per unit data)
Quarter Ended December 31,
---------------------------------------------------
2000 1999
------------------------- -------------------------
Conventional Housing Revenues $ 1,038.8 100.0% $ 863.2 100.0%
Cost of Sales (782.4) (75.3%) (666.6) (77.2%)
Selling, General & Administrative (155.8) (15.0%) (123.3) (14.3%)
---------- ---------- ---------- ----------
OPERATING EARNINGS $ 100.6 9.7% $ 73.3 8.5%
========== ========== ========== ==========
Units Closed 4,893 4,495
Unit Sales Price $ 208,328 $ 189,466
% Change 10.0% 3.2%
Operating Earnings per Unit $ 20,568 $ 16,314
% Change 26.1% 1.1%
Nine Months Ended December 31,
----------------------------------------------------
2000 1999
------------------------- -------------------------
Conventional Housing Revenues $ 2,952.8 100.0% $ 2,461.5 100.0%
Cost of Sales (2,251.2) (76.2%) (1,898.9) (77.2%)
Selling, General & Administrative (438.9) (14.9%) (359.9) (14.6%)
---------- ---------- ---------- ----------
OPERATING EARNINGS $ 262.7 8.9% $ 202.7 8.2%
========== ========== ========== ==========
Units Closed 14,202 12,854
Unit Sales Price $ 203,071 $ 188,595
% Change 7.7% 2.4%
Operating Earnings per Unit $ 18,501 $ 15,768
% Change 17.3% 5.0%
MANUFACTURED HOMES RESULTS
(dollars in thousands)
Quarter Ended December 31,
--------------------------------------------------
2000 1999
----------------------- -----------------------
Manufactured Homes Revenues (Construction) $ 18,330 100.0% $ 30,349 100.0%
Cost of Sales (15,098) (82.4%) (23,353) (76.9%)
Selling, General & Administrative (3,573) (19.5%) (3,417) (11.3%)
-------- ----- -------- -----
(341) (1.9%) 3,579 11.8%
-------- ===== -------- =====
Manufactured Homes Revenues (Retail) 10,214 100.0% 16,811 100.0%
Cost of Sales (8,443) (82.6%) (13,175) (78.4%)
Selling, General & Administrative (2,592) (25.4%) (3,681) (21.9%)
-------- ----- -------- -----
(821) (8.0%) (45) (0.3%)
-------- ===== -------- =====
Manufacturing and Retail Earnings (1,162) 3,534
Subdivision Development Activities (517) --
Goodwill Amortization (858) (858)
Minority Interest Expense -- --
-------- --------
GROUP OPERATING EARNINGS $ (2,537) $ 2,676
======== ========
UNITS
Units Produced 920 1,386
Units Sold - Retail and Subdivision Dev. 259 385
Less: Intersegment Sales (175) (270)
-------- --------
UNITS SOLD 1,004 1,501
======== ========
Nine Months Ended December 31,
--------------------------------------------------
2000 1999
----------------------- -----------------------
Manufactured Homes Revenues (Construction) $ 63,498 100.0% $ 98,085 100.0%
Cost of Sales (52,326) (82.4%) (76,134) (77.6%)
Selling, General & Administrative (9,472) (14.9%) (10,822) (11.0%)
-------- ----- -------- -----
1,700 2.7% 11,129 11.4%
-------- ===== -------- =====
Manufactured Homes Revenues (Retail) 34,166 100.0% 47,893 100.0%
Cost of Sales (27,815) (81.4%) (38,017) (79.4%)
Selling, General & Administrative (8,481) (24.8%) (10,623) (22.2%)
-------- ----- -------- -----
(2,130) (6.2%) (747) (1.6%)
-------- ===== -------- =====
Manufacturing and Retail Earnings (430) 10,382
Subdivision Development Activities (723) --
Goodwill Amortization (2,574) (2,557)
Minority Interest Expense -- (1,014)
-------- --------
GROUP OPERATING EARNINGS $ (3,727) $ 6,811
======== ========
UNITS
Units Produced 3,074 4,421
Units Sold - Retail and Subdivision Dev. 824 1,112
Less: Intersegment Sales (570) (810)
-------- --------
UNITS SOLD 3,328 4,723
======== ========
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Attachment 6
Centex Corporation and Subsidiaries
Supplemental Financial Services Data
CTX MORTGAGE COMPANY
Quarter Ended December 31, Nine Months Ended December 31,
------------------------------------ ------------------------------------
2000 1999 Change 2000 1999 Change
---------- ---------- ---------- ---------- ---------- ----------
Originations
Builder 2,956 2,449 21% 8,261 7,489 10%
Retail 10,610 10,614 --% 33,572 39,093 (14)%
---------- ---------- ---------- ----------
Total 13,566 13,063 4% 41,833 46,582 (10)%
========== ========== ========== ==========
Applications
Builder 3,135 2,309 36% 10,244 8,120 26%
Retail 9,588 8,888 8% 33,675 36,090 (7)%
---------- ---------- ---------- ----------
Total 12,723 11,197 14% 43,919 44,210 (1)%
========== ========== ========== ==========
Loan Volume (in billions) $ 2.02 $ 1.80 12% $ 6.02 $ 6.31 (5)%
========== ========== ========== ==========
Average Loan Size $ 148,800 $ 138,100 8% $ 143,900 $ 135,500 6%
========== ========== ========== ==========
Profit per Loan $ 435 $ 445 (2)% $ 400 $ 657 (39)%
========== ========== ========== ==========
CHEC (B & C)
Quarter Ended December 31, Nine Months Ended December 31,
-------------------------------------- --------------------------------------
2000 1999 Change 2000 1999 Change
---------- ---------- ---------- ---------- ---------- ----------
Originations 6,564 5,526 19% 20,310 15,506 31%
========== ========== ========== ==========
Applications 35,105 32,341 9% 109,853 89,785 22%
========== ========== ========== ==========
Loan Volume (in billions) $ 0.44 $ 0.35 27% $ 1.30 $ 0.99 31%
========== ========== ========== ==========
Average Loan Size $ 67,500 $ 64,000 5% $ 63,800 $ 63,900 --%
========== ========== ========== ==========
Profit per Loan $ (535)* $ 808 (166)% $ (589)* $ 968 (161)%
========== ========== ========== ==========
* Change in profitability relates primarily to the change, as of April 1,
2000, to the "Portfolio" method for recognizing earnings from the
"Gain-on-Sale" method previously used.
14
Attachment 7
Centex Corporation and Subsidiaries
SUPPLEMENTAL CONSTRUCTION PRODUCTS DATA
(volumes in thousands, except Gypsum Wallboard)
Quarter Ended December 31, Nine Months Ended December 31,
------------------------------ ------------------------------
2000 1999 Change 2000 1999 Change
-------- -------- -------- -------- -------- --------
Cement
Sales Volumes (Tons) 587 568 3% 1,901 1,837 3%
Average Net Sales Price $ 67.46 $ 68.72 (2)% $ 68.07 $ 69.72 (2)%
Gypsum Wallboard
Sales Volumes (MMSF) 392 341 15% 1,098 994 10%
Average Net Sales Price $ 78.08 $ 165.53 (53)% $ 101.13 $ 156.86 (36)%
Paperboard
Sales Volumes (Tons) 24 -- N.A. 24 -- N.A.
Average Net Sales Price $ 374.91 $ -- N.A. $ 374.91 $ -- N.A.
Concrete
Sales Volumes (Cubic Yards) 175 186 (6)% 622 611 2%
Average Net Sales Price $ 55.08 $ 52.89 4% $ 53.60 $ 52.17 3%
Aggregates
Sales Volumes (Tons) 1,160 964 20% 3,194 2,651 20%
Average Net Sales Price $ 4.07 $ 4.31 (6)% $ 4.16 $ 4.30 (3)%
SUPPLEMENTAL CONTRACTING AND CONSTRUCTION SERVICES DATA
(dollars in millions)
Quarter Ended December 31, Nine Months Ended December 31,
------------------------------ -------------------------------
2000 1999 Change 2000 1999 Change
-------- -------- -------- -------- -------- --------
New Contracts $ 319 $ 487 (34)% $ 1,038 $ 1,314 (21)%
======== ======== ======== ========
Backlog at December 31, $ 1,445 $ 1,322 9% $ 1,445 $ 1,322 9%
======== ======== ======== ========
15
Attachment 8
Centex Corporation and Subsidiaries
Home Building Margins - Quarterly Summary
For the Quarters Ending,
--------------------------------------------------------------------------------------------------
June 30, 1999 September 30, 1999 December 31, 1999 March 31, 2000
----------------------- ----------------------- ------------------------- ------------------------
Conventional Housing Revenues $ 754.6 100.0% $ 843.7 100.0% $ 863.2 100.0% $1,225.3 100.0%
Cost of Sales (581.3) (77.0)% (651.1) (77.2)% (666.6) (77.2)% (953.4) (77.8)%
-------- -------- -------- -------- -------- -------- -------- --------
GROSS MARGIN 173.3 23.0% 192.6 22.8% 196.6 22.8% 271.9 22.2%
Selling, General & Administrative (114.2) (15.2)% (122.4) (14.5)% (123.3) (14.3)% (151.4) (12.4)%
-------- -------- -------- -------- -------- -------- -------- --------
OPERATING EARNINGS $ 59.1 7.8% $ 70.2 8.3% $ 73.3 8.5% $ 120.5 9.8%
======== ======== ======== ======== ======== ======== ======== ========
Units Closed 3,934 4,425 4,495 6,050
Unit Sales Price $188,608 $187,700 $189,466 $197,884
% Change - Prior Year 2.3% 1.7% 3.2% 4.7%
OPERATING EARNINGS/UNIT $ 15,035 $ 15,864 $ 16,314 $ 19,924
% Change - Prior Year 10.2% 5.4% 1.1% 3.5%
GROSS MARGIN PER UNIT $ 44,052 $ 43,525 $ 43,737 $ 44,942
% Change - Prior Year 7.4% 5.9% 3.3% 2.8%
SG&A Per Unit $ 29,029 $ 27,661 $ 27,430 $ 25,025
% Change - Prior Year 6.1% 6.2% 4.6% 2.1%
Fiscal Year Total
March 31, 2000
-----------------------
Conventional Housing Revenues $3,686.8 100.0%
Cost of Sales (2,852.3) (77.3)%
-------- --------
GROSS MARGIN 834.5 22.7%
Selling, General & Administrative (511.3) (13.9)%
-------- --------
OPERATING EARNINGS $ 323.2 8.8%
======== ========
Units Closed 18,904
Unit Sales Price $191,568
% Change - Prior Year 3.2%
OPERATING EARNINGS/UNIT $ 17,098
% Change - Prior Year 4.4%
GROSS MARGIN PER UNIT $ 44,144
% Change - Prior Year 6.3%
SG&A Per Unit $ 27,047
% Change - Prior Year 9.3%
For the Quarters Ending,
------------------------------------------------------------------------------------------------
June 30, 2000 September 30, 2000 December 31, 2000 March 31, 2001
------------------------ ----------------------- ------------------------- ---------------------
Conventional Housing Revenues $ 887.0 100.0% $1,027.0 100.0% $1,038.8 100.0%
Cost of Sales (679.5) (76.6)% (789.3) (76.9)% (782.4) (75.3)%
-------- -------- -------- -------- -------- -------- -------- --------
GROSS MARGIN 207.5 23.4% 237.7 23.1% 256.4 24.7%
Selling, General & Administrative (135.0) (15.2)% (148.1) (14.4)% (155.8) (15.0)%
-------- -------- -------- -------- -------- -------- -------- --------
OPERATING EARNINGS $ 72.5 8.2% $ 89.6 8.7% $ 100.6 9.7%
======== ======== ======== ======== ======== ======== ======== ========
Units Closed 4,408 4,901 4,893
Unit Sales Price $196,314 $203,900 $208,328
% Change - Prior Year 4.1% 8.6% 10.0%
OPERATING EARNINGS/UNIT $ 16,459 $ 18,274 $ 20,568
% Change - Prior Year 9.5% 15.2% 26.1%
GROSS MARGIN PER UNIT $ 47,074 $ 48,500 $ 52,401
% Change - Prior Year 6.9% 11.4% 19.8%
SG&A Per Unit $ 30,626 $ 30,218 $ 31,841
% Change - Prior Year 5.5% 9.2% 16.1%
Fiscal Year Total
March 31, 2001
-------------------------
Year to Date
Conventional Housing Revenues $2,952.8 100.0%
Cost of Sales (2,251.2) (76.2)%
-------- --------
GROSS MARGIN 701.6 23.8%
Selling, General & Administrative (438.9) (14.9)%
-------- --------
OPERATING EARNINGS $ 262.7 8.9%
======== ========
Units Closed 14,202
Unit Sales Price $203,071
% Change - Prior Year 7.7%
OPERATING EARNINGS/UNIT $ 18,501
% Change - Prior Year 17.3%
GROSS MARGIN PER UNIT $ 49,401
% Change - Prior Year 12.9%
SG&A Per Unit $ 30,904
% Change - Prior Year 10.4%