EXHIBIT 99.1
CENTEX CORPORATION REPORTS RECORD
SECOND QUARTER AND SIX MONTHS EARNINGS
(DALLAS, TX Oct. 23, 2001): Centex Corporation (NYSE: CTX) today
reported record financial results for both the second quarter and the six-month
period ended September 30, 2001--the second quarter and first six months of
fiscal 2002.
Net earnings for the second quarter this year were $93,389,000, a
58% increase over $59,094,000 for the same quarter a year ago. Diluted earnings
per share for the current quarter were $1.50, 53% higher than $0.98 for the same
quarter in fiscal 2001. Current quarter revenues of $1,883,633,000 were 17%
above $1,615,784,000 for the same quarter last year.
CENTEX'S SENIOR MANAGEMENT WILL CONDUCT A CONFERENCE CALL TO
DISCUSS THE SECOND QUARTER FINANCIAL RESULTS AND OTHER MATTERS AT 11 A.M.
EASTERN TIME (10 A.M. CENTRAL TIME) TODAY. THE CONFERENCE CALL WILL BE WEBCAST
SIMULTANEOUSLY ON THE CENTEX WEB SITE, [WWW.CENTEX.COM]. A REPLAY OF THE CALL
WILL BE AVAILABLE ON THAT SITE UNTIL MIDNIGHT ON MONDAY, OCTOBER 29.
Centex's net earnings for the first six months of fiscal 2002
were $168,605,000, a 57% improvement over $107,299,000 for the same period last
year. Diluted earnings per share of $2.72 were 52% higher than $1.79 per diluted
share for the same period a year ago. Revenues for the first six months of
fiscal 2002 totaled $3,592,778,000, 18% higher than $3,052,406,000 for the same
period in fiscal 2001.
Net earnings for both the quarter and the six-month period
improved by a slightly higher percentage than diluted earnings per share due to
more average shares outstanding in the fiscal 2002 periods.
For the first six months of fiscal 2002, Centex's annualized rate
of return on beginning stockholders' equity was 19.7%.
Through its subsidiaries, Dallas-based Centex ranks among the
nation's leading home builders, non-bank-affiliated retail mortgage originators,
and general building contractors. The Company also has operations in investment
real estate and home services and currently owns approximately 65% of a publicly
held construction products company.
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2
CENTEX CORPORATION
HOME BUILDING
CONVENTIONAL HOMES
Centex Homes reported a 37% increase in operating earnings on an
11% gain in closings, primarily due to an improvement in its operating margins
to 10.5% for the second quarter this year compared to 8.7% for the same quarter
a year ago. The margin increase was mostly due to sales price increases and
continued cost reductions due to lower raw materials prices and process
improvements.
Operating earnings from Centex Homes were $123.0 million for this
year's second quarter versus $89.6 million for the second quarter last year.
Revenues from Conventional Homes were $1,171 million, 14% above revenues for the
same quarter last year.
<Table>
<Caption>
CENTEX HOMES Quarter Ended Sept. 30,
2001 2000 Change
------------ ------------ ------------
Closings 5,418 4,901 11%
Sales (Orders)* 5,244 5,338 (2%)
Backlog 9,978 9,145 9%
Unit Sales Price $ 214,004 $ 203,900 5%
Operating Earnings/Unit $ 22,698 $ 18,274 24%
Operating Margin 10.5% 8.7%
Orders (Month of September) (8%)
</Table>
Operating earnings from Centex Homes were $221.1 million for the
six month period this year, 36% higher than $162.1 million for the year-ago
period. For the current six months, revenues from Centex Homes were $2,210
million, 15% higher than revenues of $1,914 million for the same period in
fiscal 2001.
<Table>
<Caption>
CENTEX HOMES Six Months Ended Sept. 30,
2001 2000 Change
------------ ------------ ------------
Closings 10,268 9,309 10%
Sales (Orders) 10,902 10,875 --%
Backlog 9,978 9,145 9%
Unit Sales Price $ 212,469 $ 200,308 6%
Operating Earnings/Unit $ 21,533 $ 17,414 24%
Operating Margin 10.0% 8.5%
</Table>
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CENTEX CORPORATION
MANUFACTURED HOMES
Centex's Manufactured Homes operation, Cavco Industries, reported
operating earnings of $65,000 for the second quarter this year versus an
operating loss of $1.1 million for the same quarter last year. Manufactured
Homes revenues for the second quarter this year were $31.5 million, 7% less than
$33.8 million for the same quarter a year ago. Cavco sold 1,025 manufactured
homes for the second quarter this year, 9% less than 1,129 units for the same
quarter last year.
For the current six months, Manufactured Homes reported an
operating loss of $1.5 million versus an operating loss of $1.2 million for the
same period last year. Manufactured Homes revenues were $59.0 million, 16% less
than $70.3 million for the same period a year ago. Manufactured Homes sold 1,899
units during the current six-month period, 19% less than 2,355 units for the
same period a year ago.
FINANCIAL SERVICES
Operating earnings from Financial Services for the second quarter
this year were $29.3 million, substantially higher than $2.2 million for the
same quarter in fiscal 2001. CTX Mortgage Company benefitted from lower interest
rates and the resulting refinancing "mini- boom." Financial Services' operating
earnings were also positively impacted by Centex Home Equity's improved results.
Second quarter revenues from Financial Services were $166.0 million this year,
56% higher than $106.5 million for the same period a year ago.
Financial Services operating earnings for the six-month period
this year were $54.4 million, significantly above earnings of $2.3 million for
the year-ago period. For the current six months, Financial Services revenues
were $328.6 million, 62% above last year's revenues for the six months.
CTX MORTGAGE COMPANY
Operating earnings from CTX Mortgage Company (CTX) and related
companies totaled $23.9 million for the quarter this year compared to $5.6
million for the second quarter last year. Refinancings accounted for 28% of
originations for the quarter this year compared to 7% for the second quarter a
year ago and 33% in the June 30, 2002 quarter. CTX Mortgage's "capture" rate of
Centex Homes' non-cash buyers improved to 71% for the second quarter this year
versus 62% for the same quarter in fiscal 2001. The U.K. mortgage operation,
which was formed in fiscal 2001, incurred start-up costs of $513,000 for the
second quarter of fiscal 2002 and $1.1 million for the first six months of the
year.
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CENTEX CORPORATION
<Table>
<Caption>
CTX MORTGAGE COMPANY Quarter Ended Sept. 30,
--------------------------------------------
2001 2000 Change
----------- ----------- -----------
Originations
Builder 3,633 2,839 28%
Retail 14,974 11,263 33%
----------- -----------
Total 18,607 14,102 32%
=========== ===========
Applications
Builder 4,057 3,509 16%
Retail 15,148 11,859 28%
----------- -----------
Total 19,205 15,368 25%
=========== ===========
Loan Volume (in billions) $ 2.86 $ 2.02 42%
=========== ===========
Average Loan Size $ 153,900 $ 143,200 7%
=========== ===========
Profit per Loan $ 1,284 399 222%
=========== ===========
</Table>
Operating earnings from CTX and related companies were $49.2
million for the six-month period this year compared to earnings of $10.8 million
for the same period a year ago.
<Table>
<Caption>
CTX MORTGAGE COMPANY Six Months Ended Sept. 30,
--------------------------------------------
2001 2000 Change
----------- ----------- -----------
Originations
Builder 6,815 5,305 28%
Retail 33,084 22,962 44%
----------- -----------
Total 39,899 28,267 41%
=========== ===========
Applications
Builder 8,557 7,109 20%
Retail 32,664 24,087 36%
------------ -----------
Total 41,221 31,196 32%
============ ===========
Loan Volume (in billions) $ 6.08 $ 4.00 52%
============ ===========
Average Loan Size $ 152,300 $ 141,600 8%
============ ===========
Profit per Loan $ 1,233 383 222%
============ ===========
</Table>
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CENTEX CORPORATION
CENTEX HOME EQUITY COMPANY
Reporting its second quarter of profitability after undergoing
the change to the "Portfolio Accounting Method" in fiscal 2001, Centex Home
Equity Company (CHEC) reported operating earnings of $5.9 million for the Sept.
30 quarter this year versus an operating loss of $3.4 million for the same
quarter last year.
<Table>
<Caption>
Quarter Ended Sept. 30,
-------------------------------------------
2001 2000 Change
----------- ----------- -----------
Originations 7,257 7,317 (1)%
=========== ===========
Applications 41,294 37,095 11%
=========== ===========
Loan Volume (in billions) $ 0.55 $ 0.46 21%
=========== ===========
Average Loan Size $ 76,400 $ 62,400 22%
=========== ===========
</Table>
For the six months this year, CHEC reported operating earnings of
$6.3 million versus an operating loss of $8.5 million for the same period in
fiscal 2001. The portion of CHEC's loan servicing portfolio on which it earns an
interest rate spread under the "Portfolio Accounting Method" has reached $2.7
billion and continues to increase.
<Table>
<Caption>
Six Months Ended Sept. 30,
-------------------------------------------
2001 2000 Change
----------- ----------- -----------
Originations 14,065 13,746 2%
=========== ===========
Applications 82,368 74,748 10%
=========== ===========
Loan Volume (in billions) $ 1.06 $ 0.85 24%
=========== ===========
Average Loan Size $ 75,200 $ 62,000 21%
=========== ===========
Servicing Portfolio as of Sept. 30: 2001 2000 Change
----------- ----------- ------------
Number of Loans 56,660 41,902 35%
----------- -----------
Total (in billions) $ 3.88 $ 2.66 46%
=========== ===========
</Table>
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CENTEX CORPORATION
CONSTRUCTION PRODUCTS
Operating earnings from Centex Construction Products, Inc. (CXP)
were $22.5 million for the current quarter, 31% less than $32.6 million for the
same quarter a year ago. Current quarter revenues from Construction Products
were $129.5 million, 13% higher than last year's second quarter revenues of
$114.9 million.
For the current six months, CXP's operating earnings were $35.5
million, 48% lower than $68.7 million for the same period a year ago. Revenues
from CXP were $247.0 million for the six month period this year, 7% above $229.9
million for the same period last year.
CXP's cement operation reported all-time-high second quarter
sales volume, and both the gypsum wallboard and paperboard businesses returned
to profitability.
CONTRACTING AND CONSTRUCTION SERVICES
Contracting and Construction Services reported operating earnings
of $7.3 million for the second quarter this year, an 11% improvement over
earnings of $6.6 million for the second quarter of fiscal 2001. Revenues from
Contracting and Construction Services were $336.8 million, 2% higher than
revenues of $330.4 million for the quarter a year ago.
Contracting and Construction Services received approximately
$387 million of new contracts during the second quarter this year, 7% less than
new contracts totaling $416 million for the year-ago quarter. The backlog of
uncompleted construction projects at September 30, 2001 was a record $2,149
million, 46% higher than the backlog of $1,472 million at September 30, 2000.
Operating earnings from Contracting and Construction Services for
the current six-month period were $14.8 million, a 13% improvement over earnings
of $13.1 million for the same period last year. Revenues for the current six
months were $650.4 million, 3% higher than revenues of $629.1 million for the
same six-month period a year ago.
INVESTMENT REAL ESTATE
For the second quarter of fiscal 2002, Centex's Investment Real
Estate operation, through which all investment property transactions are
reported, had operating earnings of $16.1 million, a 128% improvement over $7.1
million for the year ago quarter. For the current six months, operating earnings
from Investment Real Estate were $31.4 million, 138% higher than $13.2 million
for the same period in fiscal 2001.
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CENTEX CORPORATION
The improvement for both the quarter and the six months were due
to the timing of land sales and other transactions, which fluctuates from
quarter to quarter.
Included in Investment Real Estate are results from London,
England-based Fairclough Homes, which began reporting as of April 1, 2001.
Fairclough closed 315 homes during the second quarter of fiscal 2002 and
reported operating earnings of $3.2 million. For the six months ended September
30, 2001, Fairclough delivered 614 homes and had operating earnings of $5.6
million
HOME SERVICES AND OTHER
Home Services and Other reported $2.6 million in operating
earnings for the quarter this year versus $1.6 million for the same quarter last
year. For the current six month period, Home Services and Other reported
operating earnings of $4.5 million compared to $1.9 million for the same period
last year.
OUTLOOK
Centex said that home sales (orders) slowed somewhat for several
weeks following Sept. 11, but that sales began to increase again in early
October as mortgage interest rates declined. Conventional Home Building margins
should continue to increase and fiscal 2002 results from that segment are
expected to exceed fiscal 2001's record levels. Centex said it also expects
all-time-high results from its Financial Services business and its Contracting
and Construction Services division. Gypsum wallboard prices have begun to
increase and cement pricing remains steady. In summary, Centex said it still
expects fiscal 2002 to be its sixth consecutive year of record results with
earnings in the range of $5.65 per diluted share, versus the $4.65 per share
that the Company reported for fiscal 2001.
# # #
FORWARD-LOOKING STATEMENTS. THE FOREGOING 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 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 REGULATION; CHANGES IN GOVERNMENTAL
AND PUBLIC POLICY; CHANGES IN ECONOMIC CONDITIONS SPECIFIC TO ANY ONE OF MORE OF
THE COMPANY'S MARKETS AND BUSINESSES; COMPETITION; AVAILABILITY OF RAW
MATERIALS; AND UNEXPECTED OPERATIONS DIFFICULTIES. OTHER RISKS AND UNCERTAINTIES
MAY ALSO AFFECT THE OUTCOME OF THE COMPANY'S ACTUAL PERFORMANCE AND RESULTS OF
OPERATIONS.
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CENTEX CORPORATION
NOTE ATTACHMENTS:
(1) Summary of Consolidated Earnings
(2) Revenues and Earnings by Line of Business (Quarter) Ended September 30,
2001
(3) Revenues and Earnings by Line of Business (Six Months) Ended September 30,
2001
(4) Housing Activity by Geographic Area
(5) Conventional Homes Results
Manufactured Homes Results
(6) Supplemental Construction Products Data
Supplemental Contracting and Construction Services Data
(7) Home Building Margin Data by Quarter,
Fiscal 2001 and Fiscal 2002
FOR ADDITIONAL INFORMATION, CONTACT AT (214) 981-5000:
Laurence E. Hirsch
Chairman and Chief Executive Officer
Sheila E. Gallagher
Vice President-Corporate Communications
MORE
Attachment 1
Centex Corporation and Subsidiaries
Summary of Consolidated Earnings
(unaudited)
(dollar amounts in thousands, except per share data)
<Table>
<Caption>
Quarter Ended
September 30,
-------------------------------------------------
2001 2000 Change
------------- ------------- -------------
Revenues $ 1,883,633 $ 1,615,784 17%
Earnings Before Income Taxes $ 152,314 $ 95,925 59%
Net Earnings $ 93,389 $ 59,094 58%
Earnings Per Share:
Basic $ 1.54 $ 1.00 54%
Diluted $ 1.50 $ 0.98 53%
Average Shares Outstanding:
Basic 60,568,258 58,954,694 3%
Diluted 62,289,902 60,303,878 3%
</Table>
<Table>
<Caption>
Six Months Ended
September 30,
-------------------------------------------------
2001 2000 Change
------------- ------------- -------------
Revenues $ 3,592,778 $ 3,052,406 18%
Earnings Before Income Taxes $ 270,300 $ 173,994 55%
Net Earnings $ 168,605 $ 107,299 57%
Earnings Per Share:
Basic $ 2.79 $ 1.82 53%
Diluted $ 2.72 $ 1.79 52%
Average Shares Outstanding:
Basic 60,372,690 58,879,433 3%
Diluted 62,100,699 60,079,635 3%
</Table>
Attachment 2
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
<Table>
<Caption>
Quarter Ended
September 30,
--------------------------------------------------------
2001 2000 Change
--------------- --------------- --------------
REVENUES
Home Building:
Conventional Homes $ 1,170,721 $ 1,027,003 14%
62% 64%
Manufactured Homes 31,457 33,797 (7%)
2% 2%
Financial Services 165,973 106,500 56%
9% 7%
Construction Products (A) 129,545 114,876 13%
7% 7%
Contracting and Construction Services 336,796 330,445 2%
18% 20%
Investment Real Estate 23,225 3,163 634%
1% --%
Home Services & Other 25,916 -- -%
1% --%
------------- -------------
Total $ 1,883,633 $ 1,615,784 17%
100% 100%
============= =============
OPERATING EARNINGS
Home Building:
Conventional Homes $ 122,978 $ 89,559 37%
61% 65%
Manufactured Homes 65 (1,093) 106%
--% (2%)
Financial Services 29,261 2,205 1,227%
15% 2%
Construction Products 22,531 32,563 (31%)
11% 24%
Contracting and Construction Services 7,321 6,566 11%
4% 5%
Investment Real Estate 16,134 7,073 128%
8% 5%
Home Services & Other 2,583 1,597 62%
1% 1%
------------- -------------
Total Operating Earnings 200,873 138,470 45%
100% 100%
Corporate General Expenses (12,980) (8,774)
Interest Expense (29,342) (22,274)
Minority Interest in Construction Products (6,237) (11,497)
------------- -------------
EARNINGS BEFORE INCOME TAXES $ 152,314 $ 95,925 59%
============= =============
</Table>
(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.
Attachment 3
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
<Table>
<Caption>
Six Months Ended
September 30,
-----------------------------------------------------
2001 2000 Change
------------- ------------- -------------
REVENUES
Home Building:
Conventional Homes $ 2,209,882 $ 1,914,025 15%
61% 63%
Manufactured Homes 59,027 70,283 (16%)
2% 2%
Financial Services 328,566 202,409 62%
9% 7%
Construction Products (A) 246,968 229,941 7%
7% 7%
Contracting and Construction Services 650,429 629,104 3%
18% 21%
Investment Real Estate 47,323 6,644 612%
1% --%
Home Services & Other 50,583 -- --%
2% --%
------------- -------------
Total $ 3,592,778 $ 3,052,406 18%
100% 100%
============= =============
OPERATING EARNINGS
Home Building:
Conventional Homes $ 221,098 $ 162,109 36%
61% 62%
Manufactured Homes (1,491) (1,190) (25%)
Financial Services 54,431 2,273 2,295%
15% 1%
Construction Products 35,473 68,742 (48%)
10% 26%
Contracting and Construction Services 14,779 13,070 13%
4% 5%
Investment Real Estate 31,389 13,175 138%
9% 5%
Home Services & Other 4,501 1,917 135%
1% 1%
Total Operating Earnings 360,180 260,096 38%
100% 100%
Corporate General Expenses (24,226) (17,505)
Interest Expense (56,584) (44,064)
Minority Interest in Construction Products (9,070) (24,533)
------------- -------------
EARNINGS BEFORE INCOME TAXES $ 270,300 $ 173,994 55%
============= =============
</Table>
(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.
Attachment 4
Centex Corporation and Subsidiaries
Housing Activity by Geographic Area
<Table>
<Caption>
Closings
------------------------------------------------------------------------------------
Quarter Ended September 30, Six Months Ended September 30,
--------------------------------------- ----------------------------------------
2001 2000 Change 2001 2000 Change
----------- ----------- ---------- ----------- ---------- ----------
Mid-Atlantic 908 742 22% 1,789 1,504 19%
Southeast 963 992 (3%) 1,904 1,802 6%
Midwest 920 855 8% 1,622 1,570 3%
South Central 1,253 962 30% 2,344 1,853 26%
Mountain States 615 524 17% 1,108 978 13%
West Coast 759 826 (8%) 1,501 1,602 (6%)
----------- ----------- ----------- -----------
5,418 4,901 11% 10,268 9,309 10%
=========== =========== =========== ===========
</Table>
<Table>
<Caption>
Sales (Orders) Backlog
----------------------------------------
9/30/01 9/30/00 Change
----------- ---------- ----------
Mid-Atlantic 1,407 1,483 (5%)
Southeast 2,257 2,103 7%
Midwest 2,098 1,719 22%
South Central 2,024 1,833 10%
Mountain States 992 795 25%
West Coast 1,200 1,212 (1%)
----------- -----------
9,978 9,145 9%
=========== ===========
</Table>
<Table>
<Caption>
Sales (Orders)
------------------------------------------------------------------------------------
Quarter Ended September 30, Six Months Ended September 30,
--------------------------------------- ----------------------------------------
2001 2000 Change 2001 2000 Change
----------- ----------- ---------- ----------- ---------- ----------
Mid-Atlantic 823 863 (5%) 1,752 1,777 (1%)
Southeast 1,100 1,002 10% 2,263 2,057 10%
Midwest 796 764 4% 1,712 1,661 3%
South Central 1,171 1,180 (1%) 2,304 2,224 4%
Mountain States 604 563 7% 1,297 1,194 9%
West Coast 750 966 (22%) 1,574 1,962 (20%)
----------- ----------- ----------- -----------
5,244 5,338 (2%) 10,902 10,875 --%
=========== =========== =========== ===========
</Table>
Effective with the March 31, 2001 quarter's release, Centex has realigned its
conventional home building operating units into the above newly designated
geographic areas. This realignment and its resulting geographic areas reflect
the operational and strategic structure with the conventional home building
operation.
Attachment 5
Centex Corporation and Subsidiaries
Supplemental Home Building Data
CONVENTIONAL HOMES RESULTS
(dollars in millions, except per unit data)
<Table>
<Caption>
Quarter Ended September 30, Six Months Ended September 30,
-------------------------------------------- ------------------------------------------
2001 2000 2001 2000
-------------------- -------------------- ------------------- -------------------
Conventional Housing Revenues $1,170.7 100.0% $1,027.0 100.0% $2,209.9 100.0% $1,914.0 100.0%
Cost of Sales (868.8) (74.2%) (789.3) (76.9%) (1,641.1) (74.3%) (1,468.8) (76.7%)
Selling, General & Administrative (178.9) (15.3%) (148.1) (14.4%) (347.7) (15.7%) (283.1) (14.8%)
-------- -------- -------- -------- -------- -------- -------- --------
OPERATING EARNINGS $ 123.0 10.5% $ 89.6 8.7% $ 221.1 10.0% $ 162.1 8.5%
======== ======== ======== ======== ======== ======== ======== ========
Units Closed 5,418 4,901 10,268 9,309
Unit Sales Price $214,004 $203,900 $212,469 $200,308
% Change 5.0% 8.6% 6.1% 6.5%
Operating Earnings per Unit $ 22,698 $ 18,274 $ 21,533 $ 17,414
% Change 24.2% 15.2% 23.7% 12.5%
</Table>
MANUFACTURED HOMES RESULTS
(dollars in thousands)
<Table>
<Caption>
Quarter Ended September 30, Six Months Ended September 30,
-------------------------------------------- ------------------------------------------
2001 2000 2001 2000
-------------------- -------------------- ------------------- -------------------
Manufactured Homes Revenues $ 31,457 100.0% $ 33,797 100.0% $ 59,027 100.0% $ 70,283 100.0%
Cost of Sales (26,467) (84.1%) (28,273) (83.6%) (49,824) (84.4%) (57,598) (82.0%)
Selling, General & Administrative (4,925) (15.7%) (6,617) (19.6%) (10,694) (18.1%) (13,875) (19.7%)
======== ======== ======== ======== ======== ======== ======== ========
OPERATING EARNINGS $ 65 0.2% $ (1,093) (3.2%) $ (1,491) (2.5%) $ (1,190) (1.7%)
======== ======== ======== ======== ======== ======== ======== ========
UNITS SOLD 1,025 1,129 1,899 2,355
======== ======== ======== ========
</Table>
Attachment 6
Centex Corporation and Subsidiaries
SUPPLEMENTAL CONSTRUCTION PRODUCTS DATA
(volumes in thousands, except Gypsum Wallboard)
<Table>
<Caption>
Quarter Ended September 30, Six Months Ended September 30,
---------------------------------- ----------------------------------
2001 2000 Change 2001 2000 Change
---------- ---------- ---------- ---------- ---------- ----------
Cement
Sales Volumes (Tons) 720 689 4% 1,393 1,314 6%
Average Net Sales Price $ 68.87 $ 68.24 1% $ 68.88 $ 68.35 1%
Gypsum Wallboard
Sales Volumes (MMSF) 504 363 39% 975 706 38%
Average Net Sales Price $ 71.12 $ 100.52 (29%) $ 64.67 $ 113.94 (43%)
Paperboard
Sales Volumes (Tons) 54 -- N.A. 104 -- N.A.
Average Net Sales Price $ 417.51 $ -- N.A. $ 395.27 $ -- N.A.
Concrete
Sales Volumes (Cubic Yards) 187 238 (21%) 414 447 (7%)
Average Net Sales Price $ 56.63 $ 53.29 6% $ 55.67 $ 53.03 5%
Aggregates
Sales Volumes (Tons) 1,274 1,129 13% 2,419 2,034 19%
Average Net Sales Price $ 4.46 $ 4.19 6% $ 4.27 $ 4.22 1%
</Table>
SUPPLEMENTAL CONTRACTING AND CONSTRUCTION SERVICES DATA
(dollars in millions)
<Table>
<Caption>
Quarter Ended September 30, Six Months Ended September 30,
---------------------------------- ----------------------------------
2001 2000 Change 2001 2000 Change
---------- ---------- ---------- ---------- ---------- ----------
New Contracts $ 387 $ 416 (7%) $ 777 $ 719 8%
========== ========== ========== ==========
Backlog at September 30, $ 2,149 $ 1,472 46% $ 2,149 $ 1,472 46%
========== ========== ========== ==========
</Table>
Attachment 7
Centex Corporation and Subsidiaries
Home Building Margins - Quarterly Summary
<Table>
<Caption>
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%
</Table>
<Table>
<Caption>
For the Quarters Ending,
----------------------------------------------------------------------------------- Fiscal Year Total
June 30, 2001 September 30, 2001 December 31, 2001 March 31, 2002 March 31, 2002
------------------- ------------------ ----------------- ------------------- -------------------
Conventional Housing
Revenues $1,039.2 100.0% $1,170.7 100.0%
Cost of Sales (772.4) (74.4)% (868.8) (74.2)%
-------- -------- -------- ------ -------- ------ -------- -------- -------- --------
GROSS MARGIN 266.8 25.6% 301.9 25.8%
Selling, General &
Administrative (168.7) (16.2)% (178.9) (15.3)%
-------- -------- -------- ------ -------- ------ -------- -------- -------- --------
OPERATING EARNINGS $ 98.1 9.4% $ 123.0 10.5%
======== ======== ======== ====== ======== ====== ======== ======== ======== ========
Units Closed 4,850 5,418
Unit Sales Price $210,754 $214,004
% Change - Prior Year 7.4% 5.0%
OPERATING EARNINGS/UNIT $ 20,231 $ 22,698
% Change - Prior Year 22.9% 24.2%
GROSS MARGIN PER UNIT $ 55,010 $ 55,722
% Change - Prior Year 16.9% 14.9%
SG&A Per Unit $ 34,784 $ 33,020
% Change - Prior Year 13.6% 9.3%
</Table>