1
EXHIBIT 99.1
CENTEX REPORTS RECORD FOURTH QUARTER RESULTS
COMPANY MARKS FIFTH CONSECUTIVE RECORD EARNINGS YEAR
(DALLAS, TX April 25, 2001): Centex Corporation (NYSE: CTX) today announced
the highest earnings for any quarter in its history for the quarter ended March
31, 2001, the fourth quarter of fiscal 2001, as well as record results for the
fiscal year.
Centex said the strong fourth quarter results were due primarily to a
record performance by Centex Homes, the company's conventional home building
subsidiary. These gains were accompanied by excellent results from CTX Mortgage
Company as a result of the vibrant refinancing market, a strong quarter for
Investment Real Estate, and improved earnings from Centex Construction Group.
Centex noted that the company's overall record performance occurred despite
depressed earnings from its Construction Products subsidiary and its Home Equity
lending business and non-cash charges in its Manufactured Homes subsidiary.
For this year's fourth quarter, Centex reported net earnings of
$106,211,000, 52% higher than $70,025,000 for the same quarter last year.
Diluted earnings per share of $1.73 this year were 48% higher than $1.17 per
diluted share for the same quarter a year ago. Revenues for the fourth quarter
this year rose 15% to $2,004,831,000 from $1,739,334,000 for the same quarter in
fiscal 2000.
For fiscal 2001, Centex reported a 10% increase in net earnings to
$281,977,000 or $4.65 per diluted share from net earnings of $257,132,000 or
$4.22 per diluted share for fiscal 2000. Consolidated revenues for fiscal 2001
reached an all-time high $6,710,735,000, 12% higher than $6,008,136,000 for
fiscal 2000. Centex's return on beginning stockholders' equity was 19.9% for
fiscal 2001 versus 21.5% for the prior year.
Earnings per share for the quarter rose a lower percentage than net
earnings due to a higher number of average shares outstanding in the current
period.
Through its subsidiaries, Centex ranks among the nation's leading home
builders, non-bank-affiliated retail mortgage banking lenders and commercial
contractors. Centex also has an investment real estate operation and currently
owns approximately 65.2% of Centex Construction Products, Inc., a publicly
traded company.
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CENTEX REPORTS FOURTH QUARTER AND FISCAL 2001 RESULTS, PAGE 2 OF 7
HOME BUILDING
CENTEX HOMES
Operating earnings from Centex Homes (Conventional Homes) were $162.7
million for the fourth quarter this year, 35% higher than $120.5 million for the
fourth quarter a year ago, due to an all-time high number of home closings and
record operating margins. Current year fourth quarter revenues from Centex Homes
were $1.40 billion this year, a 15% increase over $1.23 billion for the same
quarter last year.
Centex Homes closings reached 6,457 units for the quarter this year, an
all-time high and 7% above 6,050 closings for last year's fourth quarter. Home
sales (orders) for this year's quarter totaled a record 6,965 units, 12% higher
than sales of 6,216 units for the same quarter last year. The backlog of homes
sold but not closed at March 31, 2001 was a record 9,265 units, 22% higher than
the 7,579 unit backlog at March 31, 2000.
The average Centex Homes sales price for this year's fourth quarter was
$212,165, 7% higher than $197,884 for the same quarter last year. The per unit
operating margin for the quarter this year was a record $25,198, 26% higher than
$19,924 for the same quarter last year. The Centex Homes operating margin as a
percent of revenue was 11.6% for the fiscal 2001 fourth quarter compared to 9.8%
for the same quarter last year.
Fiscal 2001 operating earnings from Centex Homes reached a record $425.4
million, 32% higher than the $323.2 million of operating earnings reported in
fiscal 2000. Centex Homes revenues for fiscal 2001 were $4.36 billion, an 18%
improvement over last year's revenues of $3.69 billion.
Centex Homes closed a record 20,659 homes in fiscal 2001, 9% higher than
18,904 homes in fiscal 2000. Fiscal 2001 home orders rose 14% to 22,191 homes
from 19,407 last year.
Centex Homes' average sales price for fiscal 2001 was $205,913, 7% higher
than fiscal 2000's average sales price of $191,568. Operating earnings per
closed unit averaged $20,594 this year, 20% higher than $17,098 last year.
Operating margin as a percent of revenue was 9.8% for fiscal 2001 versus 8.8%
for fiscal 2000.
MANUFACTURED HOMES
Cavco Industries (Manufactured Homes) reported an operating loss of $2.2
million for the fourth quarter of fiscal 2001 before non-cash charges of $20.1
million. The non-cash charges included $19.2 million of one-time charges, of
which $13.6 million was related to the retail operation, including its goodwill
write-off. The operating loss for the fourth quarter totaled $22.3 million
compared to an operating profit of $518,000 for the same quarter last year.
Manufactured Homes revenues for the current quarter were $26.6 million, 29% less
than $37.5 million for the same quarter a year ago.
Manufactured Homes reported an operating loss for fiscal 2001 of $3.4
million before non-cash charges of $22.7 million, including the $19.2 million
discussed above. The total loss for fiscal 2001 was $26.1 million versus an
operating profit of $7.3 million for fiscal 2000. Revenues of $126.4 million
were 31% less than fiscal 2000 revenues of $183.5 million.
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CENTEX REPORTS FOURTH QUARTER AND FISCAL 2001 RESULTS, PAGE 3 OF 7
INTERNATIONAL HOME BUILDING
London, England-based Fairclough Homes, which was acquired in April 1999 by
Centex Development Company, L.P., built and closed 1,243 homes during fiscal
2001. Due to the unique structure of the transaction, Fairclough will begin
reporting operating results as of April 2001.
INVESTMENT REAL ESTATE
For the quarter ended March 31, 2001, Centex's Investment Real Estate
operation, through which all investment property transactions are reported, had
operating earnings of $24.2 million versus earnings of $6 million for the same
quarter a year ago. The disposition of low-cost basis real estate assets during
the quarter accelerated the accretion of negative goodwill, which together
positively impacted earnings by $18.7 million. For fiscal 2001, Investment Real
Estate's operating earnings were $50.9 million, 69% higher than fiscal 2000's
earnings of $30.1 million.
FINANCIAL SERVICES
Operating earnings from Financial Services for the quarter ended March 31,
2001 were $15.0 million versus an operating loss of $9.9 million for the same
quarter last year. This year's fourth quarter Financial Services revenues of
$139.9 million were 61% higher than $86.7 million for the same quarter a year
ago. Financial Services operating earnings were $19.7 million for fiscal 2001,
39% less than $32.5 million for fiscal 2000. Fiscal 2001 revenues from Financial
Services were $463.6 million, an 8% increase over $430.6 million last year.
CTX MORTGAGE COMPANY
Operating earnings from CTX Mortgage Company (CTX) and related companies
totaled $17.3 million for fiscal 2001's fourth quarter, 409% higher than $3.4
million for the same quarter last year. CTX Mortgage's operating earnings for
fiscal 2001 were $34.0 million, slightly higher than earnings of $33.9 million
for the prior fiscal year.
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CENTEX REPORTS FOURTH QUARTER AND FISCAL 2001 RESULTS, PAGE 4 OF 7
Following is a summary of statistical highlights for CTX Mortgage:
CTX MORTGAGE COMPANY
Quarter Ended March 31, Twelve Months Ended March 31,
---------------------------------- ----------------------------------
2001 2000 Change 2001 2000 Change
-------- -------- -------- -------- -------- --------
Originations
Builder 4,245 3,469 22% 12,506 10,958 14%
Retail 14,672 9,208 59% 48,244 48,301 -%
-------- -------- -------- --------
TOTAL 18,917 12,677 49% 60,750 59,259 3%
======== ======== ======== ========
Applications
Builder 5,346 3,604 48% 15,590 11,724 33%
Retail 21,377 11,280 90% 55,052 47,370 16%
-------- -------- -------- --------
TOTAL 26,723 14,884 80% 70,642 59,094 20%
======== ======== ======== ========
Loan Volume (in billions) $ 2.86 $ 1.79 60% $ 8.88 $ 8.11 10%
======== ======== ======== ========
Average Loan Size $151,200 $141,400 7% $146,200 $136,800 7%
======== ======== ======== ========
Profit per Loan $ 916 $ 265 246% $ 560 $ 573 (2)%
======== ======== ======== ========
CENTEX HOME EQUITY CORPORATION
Including the $13.8 million impact of changing to the "Portfolio Accounting
Method," Centex Home Equity Corporation (CHEC) reported a loss of $2.3 million
for the fourth quarter this year compared to an operating loss of $12.3 million
for the same quarter last year. Including the $45.6 million impact of its change
to the "Portfolio Accounting Method," CHEC reported a fiscal 2001 operating loss
this year of $14.3 million versus earnings of $2.7 million for fiscal 2000.
Centex Home Equity's loan portfolio, on which it earns an interest rate
spread under the "Portfolio Accounting Method," has reached $1.77 billion and
continues to increase.
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CENTEX REPORTS FOURTH QUARTER AND FISCAL 2001 RESULTS, PAGE 5 OF 7
Following is a summary of statistical highlights for Centex Home Equity:
CENTEX HOME EQUITY CORPORATION
Quarter Ended March 31, Twelve Months Ended March 31,
---------------------------------- ----------------------------------
2001 2000 Change 2001 2000 Change
-------- -------- -------- -------- -------- --------
Originations 6,108 5,331 15% 26,418 20,568 28%
======== ======== ======== ========
Applications 38,849 37,665 3% 148,702 127,450 17%
======== ======== ======== ========
Loan Volume (in billions) $ 0.42 $ 0.33 28% $ 1.72 $ 1.32 30%
======== ======== ======== ========
Average Loan Size $ 69,200 $ 61,700 12% $ 65,000 $ 64,200 1%
======== ======== ======== ========
Profit per Loan $ (384) $ (2,301) 83% $ (542)* $ 133 (508)%
======== ======== ======== ========
Servicing Portfolio as of March 31:
2001 2000 Change
-------- -------- ----------
Number of Loans 49,717 33,081 50%
======== ========
Servicing Portfolio, including $1.77 in 2001 of
"Portfolio Accounting Method" Loans (in billions) $ 3.27 $ 2.09 56%
======== ========
- ----------
* Change in profitability relates primarily to the change, as of April 1, 2000,
to the "Portfolio Accounting Method" for recognizing earnings from the
"Gain-on-Sale Method" previously used.
CONSTRUCTION PRODUCTS
Operating earnings from Centex Construction Products, Inc. (CXP) were $9.7
million for the fourth quarter of fiscal 2001, 73% less than $36.0 million for
the same quarter in fiscal 2000. Revenues from CXP were $105.9 million for the
fourth quarter of fiscal 2001, 3% lower than $109.1 million for the year ago
period.
For fiscal 2001, operating earnings from CXP were $99.4 million, 41% less
than fiscal 2000 earnings of $168.6 million. Fiscal 2001 revenues from CXP were
$441.1 million, 6% less than revenues of $470.5 million for the prior year.
For both the current fourth quarter and fiscal 2001, sales volumes in each
of CXP's business segments exceeded sales volumes for the year ago periods, and
Cement, along with Concrete and Aggregates, reported all-time high operating
earnings. However, CXP's total earnings for both the current quarter and fiscal
year declined from the year-ago periods due to lower Gypsum Wallboard pricing
and higher fuel and energy costs.
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CENTEX REPORTS FOURTH QUARTER AND FISCAL 2001 RESULTS, PAGE 6 OF 7
CONTRACTING AND CONSTRUCTION SERVICES
Contracting and Construction Services reported record operating earnings of
$9.7 million for the fourth quarter of fiscal 2001, 61% higher than earnings of
$6.0 million for the same quarter last year. Revenues from this segment were
$315.7 million for the quarter this year, 14% higher than revenues of $277.1
million for the year ago quarter. New contracts for the quarter totaled $892
million, a 165% increase over the new contract total of $337 million for the
same quarter a year ago.
For fiscal 2001, Contracting and Construction Services reported operating
earnings of $30.9 million, 32% higher than fiscal 2000 earnings of $23.5
million. Revenues for fiscal 2001 were $1.29 billion, 7% higher than prior year
revenues of $1.21 billion.
During fiscal 2001, Contracting and Construction Services was awarded
approximately $1.9 billion of new contracts, a 17% increase over fiscal 2000's
new contract total of $1.7 billion. The backlog of uncompleted construction
contracts at March 31, 2001 was $2.0 billion, a 46% increase over the backlog of
$1.4 billion at March 31, 2000. Contracting operating profit margins continue to
improve.
OTHER DEVELOPMENTS
During the fourth quarter of fiscal 2001, Centex Homes completed two
acquisitions. Centex Homes acquired the assets of the home building business of
The Selective Group, based in Farmington Hills, Mich. The acquisition expands
Centex Homes' presence in Michigan. Centex Homes also acquired the home building
business of CityHomes, a leading builder of upscale urban townhomes in Dallas.
This acquisition provides Centex Homes with a successful model in the urban
residential market that the company plans to expand to other major cities.
After the end of the quarter, Centex HomeTeam Pest Management, a subsidiary
of Centex HomeTeam Services, announced the acquisition of Unified Services, Inc.
of Atlanta, Ga. and Unified's subsidiaries. The acquisition places Centex
HomeTeam among the four largest pest control companies in the United States,
based on revenue.
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CENTEX REPORTS FOURTH QUARTER AND FISCAL 2001 RESULTS, PAGE 7 OF 7
OUTLOOK
Centex said the company entered fiscal 2002 with a record backlog of home
sales and that recent declines in interest rates should continue to stimulate
home orders. The company noted that its mortgage refinancing business has
accelerated as a result of lower interest rates, and that Centex Home Equity's
servicing portfolio is increasing, both of which should have a substantial
positive effect on Financial Services' results in the new fiscal year. In
addition, results from Centex's UK home building operation will be additive in
fiscal 2002 and the Centex Construction Group enters fiscal 2002 with the
highest backlog and operating margins in its history. However, Construction
Products earnings are expected to continue to be impacted by depressed Gypsum
Wallboard prices.
Centex expects fiscal 2002 will be the Company's sixth consecutive record
year.
# # #
FORWARD-LOOKING STATEMENTS. THE "FINANCIAL SERVICES," "CONTRACTING AND
CONSTRUCTION SERVICES," "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, AND DECEMBER 31, 2000, EACH OF WHICH IS FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION.
NOTE ATTACHMENTS:
(1) Summary of Consolidated Earnings
(2) Revenues and Earnings by Lines of Business (Quarter)
(3) Revenues and Earnings by Lines of Business (Year)
(4) Housing Activity by Geographic Area
(5) Supplemental Home Building Data
(6) Supplemental Construction Products Data
(7) Conventional Home Building Margins by Quarter
FOR ADDITIONAL INFORMATION, CONTACT AT (214) 981-5000:
Laurence E. Hirsch
Chairman and Chief Executive Officer
Sheila E. Gallagher
Vice President - Corporate Communications
8
Attachment 1
Centex Corporation and Subsidiaries
Summary of Consolidated Earnings
(unaudited)
(dollar amounts in thousands, except per share data)
Quarter Ended
March 31,
-------------------------------------------------
2001 2000 Change
----------- ----------- -----------
Revenues $ 2,004,831 $ 1,739,334 15%
Earnings Before Income Taxes $ 151,843 $ 114,691 32%
Net Earnings $ 106,211 $ 70,025 52%
Earnings Per Share:
Basic $ 1.78 $ 1.18 51%
Diluted $ 1.73 $ 1.17 48%
Average Shares Outstanding:
Basic 59,549,480 59,120,730 1%
Diluted 61,562,118 60,100,560 2%
Twelve Months Ended
March 31,
-------------------------------------------------
2001 2000 Change
----------- ----------- -----------
Revenues $ 6,710,735 $ 6,008,136 12%
Earnings Before Income Taxes $ 436,331 $ 416,861 5%
Net Earnings $ 281,977 $ 257,132 10%
Earnings Per Share:
Basic $ 4.77 $ 4.34 10%
Diluted $ 4.65 $ 4.22 10%
Average Shares Outstanding:
Basic 59,095,403 59,308,158 --%
Diluted 60,660,885 60,928,980 --%
9
Attachment 2
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
Quarter Ended
March 31,
-------------------------------------------------
2001 2000 Change
----------- ----------- -----------
REVENUES
Home Building:
Conventional Homes $ 1,403,337 $ 1,225,311 15%
70% 71%
Manufactured Homes 26,589 37,548 (29)%
1% 2%
Investment Real Estate 13,375 3,571 275%
1% --%
Financial Services 139,929 86,679 61%
7% 5%
Construction Products(A) 105,891 109,109 (3)%
5% 6%
Contracting and Construction
Services 315,710 277,116 14%
16% 16%
----------- -----------
Total $ 2,004,831 $ 1,739,334 15%
100% 100%
=========== ===========
OPERATING EARNINGS
Home Building:
Conventional Homes $ 162,701 $ 120,542 35%
82% 76%
Manufactured Homes (22,350) 518 (4,415)%
(11)% --%
Investment Real Estate 24,182 6,035 301%
12% 4%
Financial Services 15,018 (9,922) 251%
7% (6)%
Construction Products 9,685 36,042 (73)%
5% 23%
Contracting and Construction
Services 9,660 6,001 61%
5% 4%
Other, net (576) (1,220) 53%
--% (1)%
----------- -----------
Total Operating Earnings 198,320 157,996 26%
100% 100%
Corporate General Expenses (10,961) (9,194)
Interest Expense (33,928) (21,016)
Minority Interest in Construction
Products (1,588) (13,095)
----------- -----------
EARNINGS BEFORE INCOME TAXES $ 151,843 $ 114,691 32%
=========== ===========
(A) Centex Construction Products, Inc. adopted the provisions of Emerging Issues
Task Force Issue No. 00-10, Accounting for Shipping and Handling Fees and Costs,
during the quarter ended March 31, 2001. As a result of this adoption, net
revenues have been restated to include freight and delivery costs billed to
customers. Previously, such billings were offset against corresponding expenses
in cost of sales.
10
Attachment 3
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
Twelve Months Ended
March 31,
-------------------------------------------------
2001 2000 Change
----------- ----------- -----------
REVENUES
Home Building:
Conventional Homes $ 4,356,172 $ 3,686,844 18%
65% 61%
Manufactured Homes 126,366 183,526 (31)%
2% 3%
Investment Real Estate 33,042 30,928 7%
--% 1%
Financial Services 463,646 430,611 8%
7% 7%
Construction Products(A) 441,127 470,465 (6)%
7% 8%
Contracting and Construction
Services 1,290,382 1,205,762 7%
19% 20%
----------- -----------
Total $ 6,710,735 $ 6,008,136 12%
100% 100%
=========== ===========
OPERATING EARNINGS
Home Building:
Conventional Homes $ 425,450 $ 323,220 32%
70% 56%
Manufactured Homes (26,077) 7,329 (456)%
(4)% 1%
Investment Real Estate 50,908 30,122 69%
8% 5%
Financial Services 19,667 32,474 (39)%
3% 6%
Construction Products 99,441 168,611 (41)%
17% 29%
Contracting and Construction
Services 30,886 23,471 32%
5% 4%
Other, net 4,464 (4,749) 194%
1% (1)%
----------- -----------
Total Operating Earnings 604,739 580,478 4%
100% 100%
Corporate General Expenses (36,924) (33,015)
Interest Expense (99,069) (66,844)
Minority Interest in Construction
Products (32,415) (63,758)
----------- -----------
EARNINGS BEFORE INCOME TAXES $ 436,331 $ 416,861 5%
=========== ===========
(A) Centex Construction Products, Inc. adopted the provisions of Emerging Issues
Task Force Issue No. 00-10, Accounting for Shipping and Handling Fees and Costs,
during the quarter ended March 31, 2001. As a result of this adoption, net
revenues have been restated to include freight and delivery costs billed to
customers. Previously, such billings were offset against corresponding expenses
in cost of sales.
11
Attachment 4
Centex Corporation and Subsidiaries
Housing Activity by Geographic Area
Closings
----------------------------------------------------------------------------------
Quarter Ended March 31, Twelve Months Ended March 31,
------------------------------------- -------------------------------------
2001 2000 Change 2001 2000 Change
-------- -------- -------- -------- -------- --------
Midatlantic 1,194 923 29% 3,541 3,188 11%
Southeast 1,307 1,315 (1)% 3,991 4,012 (1)%
Midwest 873 949 (8)% 3,294 3,089 7%
South Central 1,610 1,488 8% 5,145 4,698 10%
Mountain States 362 279 30% 1,151 908 27%
West Coast 1,111 1,096 1% 3,537 3,009 18%
-------- -------- -------- --------
6,457 6,050 7% 20,659 18,904 9%
======== ======== ======== ========
Sales (Orders) Backlog
-------------------------------------
3/31/01 3/31/00 Change
-------- -------- --------
Midatlantic 1,403 1,253 12%
Southeast 1,898 1,848 3%
Midwest 2,008 1,628 23%
South Central 2,374 1,751 36%
Mountain States 455 247 84%
West Coast 1,127 852 32%
-------- -------- --------
9,265 7,579 22%
======== ======== ========
Sales (Orders)
----------------------------------------------------------------------------------
Quarter Ended March 31, Twelve Months Ended March 31,
------------------------------------- -------------------------------------
2001 2000 Change 2001 2000 Change
-------- -------- -------- -------- -------- --------
Midatlantic 1,088 1,063 2% 3,691 3,343 10%
Southeast 1,267 1,305 (3)% 4,041 4,066 (1)%
Midwest 1,177 1,031 14% 3,541 3,207 10%
South Central 1,903 1,446 32% 5,747 4,825 19%
Mountain States 505 282 79% 1,359 775 75%
West Coast 1,025 1,089 (6)% 3,812 3,191 19%
-------- -------- -------- -------- -------- --------
6,965 6,216 12% 22,191 19,407 14%
======== ======== ======== ======== ======== ========
Effective with this quarter's release, Centex has realligned its conventional
home building operating units into the above newly designated geographic areas.
This reallignment and its resulting geographic areas reflect the operational and
strategic structure with the conventional home building operation. A detailed
list of the regions within each new area is included in Centex's Form 10-K and
Annual Report for the fiscal year ended March 31, 2001.
12
Attachment 5
Centex Corporation and Subsidiaries
Supplemental Home Building Data
CONVENTIONAL HOMES RESULTS
(dollars in millions, except per unit data)
Quarter Ended March 31, Twelve Months Ended March 31,
----------------------------------------- ------------------------------------------
2001 2000 2001 2000
------------------ ------------------- ------------------- -------------------
Conventional Housing Revenues $ 1,403.4 100.0 % $ 1,225.3 100.0 % $ 4,356.2 100.0 % $ 3,686.8 100.0 %
Cost of Sales (1,053.7) (75.1)% (953.4) (77.8)% (3,304.9) (75.9)% (2,852.3) (77.3)%
Selling, General & Administrative (187.0) (13.3)% (151.4) (12.4)% (625.9) (14.3)% (511.3) (13.9)%
--------- ------- --------- ------- --------- ------- --------- -------
OPERATING EARNINGS $ 162.7 11.6 % $ 120.5 9.8 % $ 425.4 9.8 % $ 323.2 8.8 %
========= ======= ========= ======= ========= ======= ========= =======
Units Closed 6,457 6,050 20,659 18,904
Unit Sales Price $ 212,165 $197,884 $ 205,913 $191,568
% Change 7.2% 4.7% 7.5% 3.2%
Operating Earnings per Unit $ 25,198 $19,924 $ 20,594 $17,098
% Change 26.5% 3.5% 20.4% 4.4%
MANUFACTURED HOMES RESULTS
(dollars in thousands)
Quarter Ended March 31, Twelve Months Ended March 31,
---------------------------------------- ---------------------------------------
2001 2000 2001 2000
------------------ ------------------- ------------------ ------------------
Manufactured Homes Revenues (Construction) $ 15,858 100.0 % $ 22,930 100.0 % $ 79,356 100.0 % $ 121,015 100.0 %
Cost of Sales (20,185) (127.3)% (17,923) (78.2)% (72,511) (91.4)% (94,057) (77.7)%
Selling, General & Administrative (3,210) (20.2)% (3,125) (13.6)% (12,682) (16.0)% (13,947) (11.5)%
--------- ------- --------- ------- --------- ------- --------- -------
(7,537) (47.5)% 1,882 8.2 % (5,837) (7.4)% 13,011 10.8 %
--------- ======= --------- ======= --------- ======= --------- =======
Manufactured Homes Revenues (Retail) 9,301 100.0 % 14,618 100.0 % 43,467 100.0 % 62,511 100.0 %
Cost of Sales (9,243) (99.4)% (11,621) (79.5)% (37,058) (85.2)% (49,638) (79.4)%
Selling, General & Administrative (3,947) (42.4)% (3,503) (24.0)% (12,428) (28.6)% (14,126) (22.6)%
--------- ------- --------- ------- --------- ------- --------- -------
(3,889) (41.8)% (506) (3.5)% (6,019) (13.8)% (1,253) (2.0)%
--------- ======= --------- ======= --------- ======= --------- =======
Manufacturing and Retail Earnings (11,426) 1,376 (11,856) 11,758
Subdivision Development Activities (587) -- (1,310) --
Goodwill Amortization (10,337) (858) (12,911) (3,415)
Minority Interest Expense -- -- -- (1,014)
--------- ------- --------- -------
GROUP OPERATING EARNINGS $ (22,350) $ 518 $ (26,077) $ 7,329
========= ======= ========= =======
UNITS
Units Produced 868 1,265 3,942 5,686
Units Sold - Retail and Subdivision Dev. 268 380 1,092 1,492
Less: Intersegment Sales (222) (418) (792) (1,228)
--------- ------- --------- -------
UNITS SOLD 914 1,227 4,242 5,950
========= ======= ========= =======
13
Attachment 6
Centex Corporation and Subsidiaries
SUPPLEMENTAL CONSTRUCTION PRODUCTS DATA
(volumes in thousands, except Gypsum Wallboard)
Quarter Ended March 31, Twelve Months Ended March 31,
------------------------------- -------------------------------
2001 2000 Change 2001 2000 Change
--------- --------- --------- --------- --------- ---------
Cement
Sales Volumes (Tons) 486 459 6% 2,387 2,295 4%
Average Net Sales Price $ 65.98 $ 67.40 (2)% $ 67.65 $ 69.25 (2)%
Gypsum Wallboard
Sales Volumes (MMSF) 486 369 32% 1,584 1,363 16%
Average Net Sales Price $ 68.49 $ 144.71 (53)% $ 91.12 $ 153.57 (41)%
Paperboard
Sales Volumes (Tons) 56 -- N.A. 80 -- N.A.
Average Net Sales Price $ 391.09 $ -- N.A. $386.32 $ -- N.A.
Concrete
Sales Volumes (Cubic Yards) 186 177 5% 808 788 3%
Average Net Sales Price $ 54.02 $ 51.70 4% $ 53.70 $ 52.07 3%
Aggregates
Sales Volumes (Tons) 815 717 14% 4,009 3,368 19%
Average Net Sales Price $ 4.12 $ 4.25 (3)% $ 4.16 $ 4.29 (3)%
SUPPLEMENTAL CONTRACTING AND CONSTRUCTION SERVICES DATA
(dollars in millions)
Quarter Ended March 31, Twelve Months Ended March 31,
---------------------------------- ----------------------------------
2001 2000 Change 2001 2000 Change
---------- ---------- --------- ---------- ---------- ----------
New Contracts $ 892 $ 337 165% $ 1,930 $ 1,651 17%
========== ========== ========== ==========
Backlog at March 31, $ 2,022 $ 1,382 46% $ 2,022 $ 1,382 46%
========== ========== ========== ==========
14
Attachment 7
Centex Corporation and Subsidiaries
Home Building Margins - Quarterly Summary
For the Quarters Ending, Fiscal Year Total
-------------------------------------------------------------------------------- ------------------
June 30, 1999 September 30, 1999 December 31, 1999 March 31, 2000 March 31, 2000
----------------- ------------------ ------------------ ------------------ ------------------
Conventional Housing
Revenues $ 754.6 100.0 % $ 843.7 100.0 % $ 863.2 100.0 % $1,225.3 100.0 % $3,686.8 100.0 %
Cost of Sales (581.3) (77.0)% (651.1) (77.2)% (666.6) (77.2)% (953.4) (77.8)% (2,852.3) (77.3)%
-------- ----- -------- ----- -------- ----- ------- ----- -------- -----
GROSS MARGIN 173.3 23.0 % 192.6 22.8 % 196.6 22.8 % 271.9 22.2 % 834.5 22.7 %
Selling, General and
Administrative (114.2) (15.2)% (122.4) (14.5)% (123.3) (14.3)% (151.4) (12.4)% (511.3) (13.9)%
-------- ----- -------- ----- -------- ----- ------- ----- -------- -----
OPERATING EARNINGS $ 59.1 7.8 % $ 70.2 8.3 % $ 73.3 8.5 % $ 120.5 9.8 % $ 323.2 8.8 %
======== ===== ======== ===== ======== ===== ======== ===== ======== =====
Units Closed 3,934 4,425 4,495 6,050 18,904
Unit Sales Price $188,608 $187,700 $189,466 $197,884 $191,568
% Change - Prior Year 2.3% 1.7% 3.2% 4.7% 3.2%
OPERATING EARNINGS/UNIT $ 15,035 $ 15,864 $ 16,314 $ 19,924 $ 17,098
% Change - Prior Year 10.2% 5.4% 1.1% 3.5% 4.4%
GROSS MARGIN PER UNIT $ 44,052 $ 43,525 $ 43,737 $ 44,942 $ 44,144
% Change - Prior Year 7.4% 5.9% 3.3% 2.8% 6.3%
SG&A Per Unit $ 29,029 $ 27,661 $ 27,430 $ 25,025 $ 27,047
% Change - Prior Year 6.1% 6.2% 4.6% 2.1% 9.3%
For the Quarters Ending, Fiscal Year Total
--------------------------------------------------------------------------- -----------------
June 30, 2000 September 30, 2000 December 31, 2000 March 31, 2001 March 31, 2001
------------------ ------------------ ------------------ --------------- -----------------
Conventional Housing
Revenues $ 887.0 100.0 % $1,027.0 100.0 % $1,038.8 100.0 % $1,403.4 100.0 % $4,356.2 100.0 %
Cost of Sales (679.5) (76.6)% (789.3) (76.9)% (782.4) (75.3)% (1,053.7) (75.1)% (3,304.9) (75.9)%
-------- ------ -------- ----- -------- ----- -------- ----- -------- -----
GROSS MARGIN 207.5 23.4 % 237.7 23.1 % 256.4 24.7 % 349.7 24.9 % 1,051.3 24.1 %
Selling, General &
Administrative (135.0) (15.2)% (148.1) (14.4)% (155.8) (15.0)% (187.0) (13.3)% (625.9) (14.3)%
-------- ------ -------- ----- -------- ----- -------- ----- -------- -----
OPERATING EARNINGS $ 72.5 8.2 % $ 89.6 8.7 % $ 100.6 9.7 % $ 162.7 11.6 % $ 425.4 9.8 %
======== ====== ======== ===== ======== ===== ======== ===== ======== =====
Units Closed 4,408 4,901 4,893 6,457 20,659
Unit Sales Price $196,314 $203,900 $208,328 $212,165 $205,913
% Change - Prior Year 4.1% 8.6% 10.0% 7.2% 7.5%
OPERATING EARNINGS/UNIT $ 16,459 $ 18,274 $ 20,568 $ 25,198 $ 20,594
% Change - Prior Year 9.5% 15.2% 26.1% 26.5% 20.4%
GROSS MARGIN PER UNIT $ 47,074 $ 48,500 $ 52,401 $ 54,158 $ 50,888
% Change - Prior Year 6.9% 11.4% 19.8% 20.5% 16.3%
SG&A Per Unit $ 30,626 $ 30,218 $ 31,841 $ 28,961 $ 30,297
% Change - Prior Year 5.5% 9.2% 16.1% 15.7% 12.0%