EXHIBIT 99.1
[CENTEX LETTERHEAD]
NEWS RELEASE
- --------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
CENTEX CORPORATION REPORTS RECORD
THIRD QUARTER AND NINE MONTHS EARNINGS
HOME SALES RISE 16% IN THIRD QUARTER
(DALLAS - January 23, 2002): Centex Corporation (NYSE: CTX) today
reported record financial results for both the third quarter and the nine-month
period ended December 31, 2001 - the third quarter and first nine months of
fiscal 2002.
Net earnings for the third quarter this year were $96,145,000, a 40%
increase over $68,467,000 for the same quarter a year ago. Diluted earnings per
share for the current quarter were $1.54, 38% higher than $1.12 for the same
quarter in fiscal 2001. Current quarter revenues of $1,894,484,000 were 15%
above $1,653,498,000 for the same quarter last year.
CENTEX'S SENIOR MANAGEMENT WILL CONDUCT A CONFERENCE CALL TO DISCUSS
THE THIRD 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 AT http://www.centex.com. A REPLAY OF THE CALL WILL BE
AVAILABLE ON THAT SITE UNTIL WEDNESDAY, FEBRUARY 20, 2002.
Centex's net earnings for the first nine months of fiscal 2002 were
$264,750,000, a 51% improvement over $175,766,000 for the same period last year.
Diluted earnings per share of $4.26 were 46% higher than $2.91 per diluted share
for the same period a year ago. Revenues for the first nine months of fiscal
2002 totaled $5,487,262,000, 17% higher than $4,705,904,000 for the same period
in fiscal 2001.
Net earnings for both the quarter and the nine-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 nine months of fiscal 2002, Centex's annualized rate of
return on beginning stockholders' equity was 20.6%.
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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CENTEX CORPORATION, PAGE 2
HOME BUILDING
CONVENTIONAL HOMES
Operating earnings from Centex Homes were $134.5 million for this
year's third quarter versus $100.6 million for the third quarter last year.
Revenues from Conventional Homes were $1,211 million, 17% above revenues for the
same quarter last year.
The 34% increase in operating earnings was achieved on a 14% gain in
closings, as operating margins improved to 11.1% for the third quarter this year
compared to 9.7% 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.
Sales increased progressively during the quarter, with December orders
reaching 31% above last year's levels. The record third quarter backlog of sold,
but not delivered, homes at December 31 was 10% above last year.
<Table>
<Caption>
CENTEX HOMES Quarter Ended Dec. 31,
-------------------------------------
2001 2000 Change
---- ---- ------
Closings 5,567 4,893 14%
Sales (Orders) 5,065 4,351 16%
Backlog 9,476 8,603 10%
Unit Sales Price $ 212,400 $ 208,328 2%
Operating Earnings/Unit $ 24,162 $ 20,568 17%
Operating Margin 11.1% 9.7%
</Table>
Operating earnings from Centex Homes were $355.6 million for the
nine-month period this year, 35% higher than $262.7 million for the year-ago
period. For the current nine months, revenues from Centex Homes were $3,421
million, 16% higher than revenues of $2,953 million for the same period in
fiscal 2001.
<Table>
<Caption>
CENTEX HOMES Nine Months Ended Dec. 31,
-----------------------------------
2001 2000 Change
---- ---- ------
Closings 15,835 14,202 11%
Sales (Orders) 15,967 15,226 5%
Backlog 9,476 8,603 10%
Unit Sales Price $ 212,445 $ 203,071 5%
Operating Earnings/Unit $ 22,457 $ 18,501 21%
Operating Margin 10.4% 8.9%
</Table>
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CENTEX CORPORATION, PAGE 3
MANUFACTURED HOMES
Centex's Manufactured Homes operation, Cavco Industries, reported
operating earnings of $681,000 for the third quarter this year versus an
operating loss of $2.5 million for the same quarter last year. Manufactured
Homes revenues for the third quarter this year were $31.9 million, 8% higher
than $29.5 million for the same quarter a year ago. Cavco sold 955 manufactured
homes for the third quarter this year, 5% less than 1,004 units for the same
quarter last year.
For the current nine months, Manufactured Homes reported an operating
loss of $810,000 versus an operating loss of $3.7 million for the same period
last year. Manufactured Homes revenues were $90.9 million, 9% less than $99.8
million for the same period a year ago. Manufactured Homes sold 2,854 units
during the current nine-month period, 14% less than 3,328 units for the same
period a year ago.
FINANCIAL SERVICES
Operating earnings from Financial Services for the third quarter this
year were $33.4 million, substantially higher than $2.4 million for the same
quarter in fiscal 2001. CTX Mortgage Company benefited 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.
Third quarter revenues from Financial Services were $182.8 million this year,
51% higher than $121.3 million for the same quarter a year ago.
Financial Services operating earnings for the nine-month period this
year were $87.8 million, significantly above earnings of $4.6 million for the
year-ago period. For the current nine months, Financial Services revenues were
$511.4 million, 58% above last year's revenues for the nine months.
CTX MORTGAGE COMPANY
Operating earnings from CTX Mortgage Company (CTX) and related
companies totaled $25.4 million for the quarter this year compared to $5.9
million for the third quarter last year. Refinancings accounted for 49% of
originations for the quarter this year compared to 11% for the third quarter a
year ago and 28% in the September 30, 2001 quarter. CTX Mortgage's "capture"
rate of Centex Homes' non-cash buyers improved to 73% for the third quarter this
year versus 64% for the same quarter in fiscal 2001.
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CENTEX CORPORATION, PAGE 4
<Table>
<Caption>
CTX MORTGAGE COMPANY Quarter Ended Dec. 31,
---------------------------------------
2001 2000 Change
-------- -------- --------
Originations
Builder 3,797 2,956 28%
Retail 18,763 10,610 77%
-------- --------
Total 22,560 13,566 66%
======== ========
Applications
Builder 3,064 3,135 (2%)
Retail 15,481 9,588 61%
-------- --------
Total 18,545 12,723 46%
======== ========
Loan Volume (in billions) $ 3.51 $ 2.02 74%
======== ========
Average Loan Size $155,600 $148,800 5%
======== ========
Profit Per Loan $ 1,127 $ 435 159%
======== ========
</Table>
Operating earnings from CTX and related companies were $74.6 million
for the nine-month period this year compared to earnings of $16.7 million for
the same period a year ago.
<Table>
<Caption>
CTX MORTGAGE COMPANY Nine Months Ended Dec. 31,
----------------------------------------
2001 2000 Change
-------- -------- --------
Originations
Builder 10,612 8,261 28%
Retail 51,847 33,572 54%
-------- --------
Total 62,459 41,833 49%
======== ========
Applications
Builder 11,621 10,244 13%
Retail 48,145 33,675 43%
-------- --------
Total 59,766 43,919 36%
======== ========
Loan Volume (in billions) $ 9.59 $ 6.02 59%
======== ========
Average Loan Size $153,500 $143,900 7%
======== ========
Profit Per Loan $ 1,194 $ 400 199%
======== ========
</Table>
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CENTEX CORPORATION, PAGE 5
CENTEX HOME EQUITY COMPANY
Reporting its third quarter of profitability after undergoing the
change to the "Portfolio Accounting Method" in fiscal 2001, Centex Home Equity
Company (CHEC) reported operating earnings of $8.3 million for the December 31
quarter this year versus an operating loss of $3.5 million for the same quarter
last year.
<Table>
<Caption>
CENTEX HOME EQUITY COMPANY Quarter Ended Dec. 31,
----------------------------------------
2001 2000 Change
-------- -------- --------
Originations 7,136 6,564 9%
======= =======
Applications 45,391 35,105 29%
======= =======
Loan Volume (in billions) $ 0.58 $ 0.44 32%
======= =======
Average Loan Size $81,900 $67,500 21%
======= =======
</Table>
For the first nine months of this year, CHEC reported operating
earnings of $14.7 million versus an operating loss of $12.0 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 $3.0 billion and continues to increase.
<Table>
<Caption>
CENTEX HOME EQUITY COMPANY Nine Months Ended Dec. 31,
----------------------------------------
2001 2000 Change
-------- -------- --------
Originations 21,201 20,310 4%
======== ========
Applications 127,759 109,853 16%
======== ========
Loan Volume (in billions) $ 1.64 $ 1.30 27%
======== ========
Average Loan Size $ 77,500 $ 63,800 21%
======== ========
</Table>
<Table>
<Caption>
2001 2000 Change
-------- -------- -----
"Owned" Servicing Portfolio as of Dec. 31:
Number of Loans 41,834 20,659 102%
======= ========
Portfolio (in billions) $ 3.01 $ 1.40 115%
======= ========
</Table>
CHEC's total servicing portfolio increased to $4.19 billion on 60,811
loans at December 31, 2001 from $2.98 billion on 45,377 loans at December 31,
2000.
The U.K. mortgage operation, which was formed in fiscal 2001, incurred
start-up costs of $404,000 for the third quarter of fiscal 2002 and $1.5 million
for the first nine months of the year.
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CENTEX CORPORATION, PAGE 6
CONSTRUCTION PRODUCTS
Operating earnings from Centex Construction Products, Inc. (CXP) were
$21.4 million for the current quarter, 2% higher than $21.0 million for the same
quarter a year ago. Current quarter revenues from Construction Products were
$112.7 million, 7% higher than last year's third quarter revenues of $105.3
million.
For the current nine months, CXP's operating earnings were $56.9
million, 37% lower than $89.8 million for the same period a year ago. Revenues
from CXP were $359.7 million for the nine month period this year, 7% above
$335.2 million for the same period last year.
CONTRACTING AND CONSTRUCTION SERVICES
Contracting and Construction Services reported operating earnings of
$9.1 million for the third quarter this year, a 12% improvement over earnings of
$8.2 million for the third quarter of fiscal 2001. Revenues from Contracting and
Construction Services were $321.4 million, 7% less than revenues of $345.6
million for the quarter a year ago. Operating margins were 2.83% for the third
quarter of the year, an improvement over margins of 2.36% for the third quarter
of fiscal 2001.
Contracting and Construction Services received approximately $434
million of new contracts during the third quarter this year, 36% more than new
contracts totaling $319 million for the year-ago quarter. The backlog of
uncompleted construction projects at December 31, 2001 was a record $2.3
billion, 57% higher than the backlog of $1.4 billion at December 31, 2000.
Operating earnings from Contracting and Construction Services for the
current nine-month period were $23.9 million, a 13% improvement over earnings of
$21.2 million for the same period last year. Revenues for the current nine
months were $971.8 million, slightly less than revenues of $974.7 million for
the same period a year ago. Operating margins were 2.46% for the current
nine-month period, an improvement over margins of 2.18% for the same period a
year ago.
INVESTMENT REAL ESTATE
For the third quarter of fiscal 2002, Centex's Investment Real Estate
operation, through which all investment property transactions are reported, had
operating earnings of $4.6 million, 66% less than $13.6 million for the year ago
quarter. For the current nine months, operating earnings from Investment Real
Estate were $36.0 million, 35% higher than $26.7 million for the same period in
fiscal 2001.
The results for both the quarter and the nine months were affected by
the timing of land sales and other transactions, which fluctuates from quarter
to quarter. Significantly less land was sold in this quarter than a year ago.
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CENTEX CORPORATION, PAGE 7
Included in Investment Real Estate are results from London,
England-based Fairclough Homes, which began reporting as of April 1, 2001.
Fairclough closed 317 homes during the third quarter of fiscal 2002 and reported
operating earnings of $2.4 million. For the nine months ended December 31, 2001,
Fairclough delivered 931 homes and had operating earnings of $8.0 million.
HOME SERVICES AND OTHER
Home Services (excluding "Other" items) reported $1.7 million in
operating earnings for the third quarter of the year, 217% more than the
$547,000 for the same quarter a year ago. For the current nine-month period,
Home Services (excluding "Other" items) reported operating earnings of $6.2
million, a substantial improvement over $627,000 for the same period last year.
"Other" income equaled $2.6 million for the quarter and $4.4 million for the
nine months last year.
OTHER DEVELOPMENTS
At its bi-annual Investor Conference in early December, Centex said it
expects to earn $5.85 per diluted share for fiscal 2002 ending March 31, 2002,
versus the $4.65 the company reported for fiscal 2001. In addition, based on
current housing sales rates and the continuance of a reasonably good economic
environment, Centex said it anticipates diluted earnings per share in the range
of $6.85-$7.70 for fiscal 2003 and $8.25-$9.40 for fiscal 2004. The company
cited several reasons for its confidence in the future, including: the company's
business model; capital and balance sheet capacity; attractive markets for its
business segments; an experienced management team; an anticipated lower
effective tax rate; and the company's proven processes.
Also during the third quarter, Centex HomeTeam Security, a subsidiary
of Centex HomeTeam Services, sold its home security installation and sales
operations, consisting of 12 branches in Arizona, Florida, Georgia, New Mexico
and Texas. Centex HomeTeam Services will continue to service its current base of
security customers while rapidly expanding its pest management and chemical lawn
care businesses and evaluating other home services businesses.
OUTLOOK
Centex said that home sales (orders) improved steadily throughout the
quarter as mortgage rates remained at relatively low levels and that December
sales were 31% higher than a year ago. Conventional Home Building margins
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 increased and
cement pricing remains steady. In summary, Centex said it expects fiscal 2002 to
be its sixth consecutive year of record results.
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CENTEX CORPORATION, PAGE 8
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.
NOTE ATTACHMENTS:
(1) Summary of Consolidated Earnings
(2) Revenues and Earnings by Line of Business (Quarter) Ended Dec. 31, 2001
(3) Revenues and Earnings by Line of Business (Nine Months) Ended Dec. 31, 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
Leldon E. Echols
Executive Vice President and Chief Financial Officer
-more-
Attachment 1
Centex Corporation and Subsidiaries
Summary of Consolidated Earnings
(unaudited)
(dollar amounts in thousands, except per share data)
<Table>
<Caption>
Quarter Ended
December 31,
---------------------------------------------
2001 2000 Change
----------- ----------- -----------
Revenues $ 1,894,484 $ 1,653,498 15%
Earnings Before Income Taxes $ 157,935 $ 110,494 43%
Net Earnings $ 96,145 $ 68,467 40%
Earnings Per Share:
Basic $ 1.59 $ 1.16 37%
Diluted $ 1.54 $ 1.12 38%
Average Shares Outstanding:
Basic 60,554,328 59,080,788 2%
Diluted 62,429,572 60,929,675 2%
</Table>
<Table>
<Caption>
Nine Months Ended
December 31,
---------------------------------------------
2001 2000 Change
----------- ----------- -----------
Revenues $ 5,487,262 $ 4,705,904 17%
Earnings Before Income Taxes $ 428,235 $ 284,488 51%
Net Earnings $ 264,750 $ 175,766 51%
Earnings Per Share:
Basic $ 4.38 $ 2.98 47%
Diluted $ 4.26 $ 2.91 46%
Average Shares Outstanding:
Basic 60,433,456 58,946,795 3%
Diluted 62,210,828 60,363,225 3%
</Table>
Attachment 2
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
<Table>
<Caption>
Quarter Ended
December 31,
---------------------------------------------
2001 2000 Change
----------- ----------- -----------
REVENUES
Home Building:
Conventional Homes $1,210,759 $1,038,810 17%
64% 63%
Manufactured Homes 31,907 29,494 8%
2% 2%
Financial Services 182,800 121,308 51%
9% 7%
Construction Products (A) 112,750 105,295 7%
6% 6%
Contracting and Construction Services 321,357 345,568 (7)%
17% 21%
Investment Real Estate 9,730 13,023 (25)%
1% 1%
Home Services 25,181 -- --%
1% --%
---------- ----------
Total $1,894,484 $1,653,498 15%
100% 100%
========== ==========
OPERATING EARNINGS
Home Building:
Conventional Homes $ 134,511 $ 100,640 34%
66% 69%
Manufactured Homes 681 (2,537) 127%
--% (2)%
Financial Services 33,354 2,376 1,304%
16% 2%
Construction Products 21,397 21,014 2%
10% 14%
Contracting and Construction
Services 9,103 8,156 12%
5% 6%
Investment Real Estate 4,593 13,551 (66)%
2% 9%
Home Services & Other 1,733 3,123 (45)%
1% 2%
---------- ----------
Total Operating Earnings 205,372 146,323 40%
100% 100%
Corporate General Expenses (13,326) (8,458)
Interest Expense (28,046) (21,077)
Minority Interest in
Construction Products (6,065) (6,294)
---------- ----------
EARNINGS BEFORE INCOME TAXES $ 157,935 $ 110,494 43%
========== ==========
</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>
Nine Months Ended
December 31,
----------------------------------------------
2001 2000 Change
----------- ----------- -----------
REVENUES
Home Building:
Conventional Homes $3,420,641 $ 2,952,835 16%
62% 63%
Manufactured Homes 90,934 99,777 (9)%
2% 2%
Financial Services 511,366 323,717 58%
9% 7%
Construction Products (A) 359,718 335,236 7%
7% 7%
Contracting and Construction Services 971,786 974,672 --%
18% 21%
Investment Real Estate 57,053 19,667 190%
1% --%
Home Services 75,764 -- --%
1% --%
---------- -----------
Total $5,487,262 $ 4,705,904 17%
100% 100%
========== ===========
OPERATING EARNINGS
Home Building:
Conventional Homes $ 355,609 $ 262,749 35%
63% 65%
Manufactured Homes (810) (3,727) 78%
--% (1)%
Financial Services 87,785 4,649 1,788%
16% 1%
Construction Products 56,870 89,756 (37)%
10% 22%
Contracting and Construction Services 23,882 21,226 13%
4% 5%
Investment Real Estate 35,982 26,726 35%
6% 7%
Home Services & Other 6,234 5,040 24%
1% 1%
Total Operating Earnings 565,552 406,419 39%
100% 100%
Corporate General Expenses (37,552) (25,963)
Interest Expense (84,630) (65,141)
Minority Interest in Construction Products (15,135) (30,827)
---------- -----------
EARNINGS BEFORE INCOME TAXES $ 428,235 $ 284,488 51%
========== ===========
</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 December 31, Nine Months Ended December 31,
-------------------------------- --------------------------------
2001 2000 Change 2001 2000 Change
---- ---- ------ ---- ---- ------
Mid-Atlantic 933 735 27% 2,722 2,239 22%
Southeast 1,032 882 17% 2,936 2,684 9%
Midwest 934 851 10% 2,556 2,421 6%
South Central 1,230 989 24% 3,574 2,842 26%
Mountain States 663 612 8% 1,771 1,590 11%
West Coast 775 824 (6)% 2,276 2,426 (6)%
----- ----- ------ ------
5,567 4,893 14% 15,835 14,202 11%
===== ===== ====== ======
</Table>
<Table>
<Caption>
Sales (Orders) Backlog
------------------------------------------
12/31/2001 12/31/2000 Change
------------- ------------ ----------
Mid-Atlantic 1,402 1,478 (5)%
Southeast 2,219 1,938 14%
Midwest 1,985 1,571 26%
South Central 1,877 1,731 8%
Mountain States 880 672 31%
West Coast 1,113 1,213 (8)%
----- -----
9,476 8,603 10%
===== =====
</Table>
<Table>
<Caption>
Sales (Orders)
-----------------------------------------------------------------------
Quarter Ended December 31, Nine Months Ended December 31,
-------------------------------- --------------------------------
2001 2000 Change 2001 2000 Change
---- ---- ------ ---- ---- ------
Mid-Atlantic 928 730 27% 2,680 2,507 7%
Southeast 994 717 39% 3,257 2,774 17%
Midwest 821 703 17% 2,533 2,364 7%
South Central 1,083 887 22% 3,387 3,111 9%
Mountain States 551 489 13% 1,848 1,683 10%
West Coast 688 825 (17)% 2,262 2,787 (19)%
----- ----- ------ ------
5,065 4,351 16% 15,967 15,226 5%
===== ===== ====== ======
</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 December 31, Nine Months Ended December 31,
---------------------------------------------- ---------------------------------------------
2001 2000 2001 2000
--------------------- ---------------------- -------------------- ----------------------
Conventional Housing Revenues $ 1,210.8 100.0% $ 1,038.8 100.0% $ 3,420.6 100.0% $ 2,952.8 100.0%
Cost of Sales (898.3) (74.2)% (782.4) (75.3)% (2,539.3) (74.2)% (2,251.2) (76.2)%
Selling, General & Administrative (178.0) (14.7)% (155.8) (15.0)% (525.7) (15.4)% (438.9) (14.9)%
---------- ------- ---------- ------- ---------- ------- ---------- -------
OPERATING EARNINGS $ 134.5 11.1% $ 100.6 9.7% $ 355.6 10.4% $ 262.7 8.9%
========== ======= ========== ======= ========== ======= ========== =======
Units Closed 5,567 4,893 15,835 14,202
Unit Sales Price $ 212,400 $ 208,328 $ 212,445 $ 203,071
% Change 2.0% 10.0% 4.6% 7.7%
Operating Earnings per Unit $ 24,162 $ 20,568 $ 22,457 $ 18,501
% Change 17.5% 26.1% 21.4% 17.3%
</Table>
MANUFACTURED HOMES RESULTS
(dollars in thousands)
<Table>
<Caption>
Quarter Ended December 31, Nine Months Ended December 31,
---------------------------------------------- ---------------------------------------------
2001 2000 2001 2000
--------------------- ---------------------- -------------------- ----------------------
Manufactured Homes Revenues $ 31,907 100.0% $ 29,494 100.0% $ 90,934 100.0% $ 99,777 100.0%
Cost of Sales (26,155) (82.0)% (24,423) (82.8)% (75,979) (83.6)% (82,021) (82.2)%
Selling, General & Administrative (5,071) (15.9)% (7,608) (25.8)% (15,765) (17.3)% (21,483) (21.5)%
-------- ----- -------- ------ -------- ------ -------- -----
OPERATING EARNINGS $ 681 2.1% $ (2,537) (8.6)% $ (810) (0.9)% $ (3,727) (3.7)%
======== ===== ======== ====== ======== ====== ======== =====
UNITS SOLD 955 1,004 2,854 3,328
======== ======== ======== ========
</Table>
Attachment 6
Centex Corporation and Subsidiaries
SUPPLEMENTAL CONSTRUCTION PRODUCTS DATA
(volumes in thousands, except Gypsum Wallboard)
<Table>
<Caption>
Quarter Ended December 31, Nine Months Ended December 31,
----------------------------- --------------------------------
2001 2000 Change 2001 2000 Change
-------- -------- ------- -------- -------- ---------
Cement
Sales Volumes (Tons) 602 587 3% 1,995 1,901 5%
Average Net Sales Price $ 66.89 $ 67.46 (1)% $ 68.28 $ 68.07 --%
Gypsum Wallboard
Sales Volumes (MMSF) 437 392 11% 1,412 1,098 29%
Average Net Sales Price $ 80.46 $ 78.08 3% $ 69.56 $ 101.13 (31)%
Paperboard
Sales Volumes (Tons) 48 24 100% 152 24 533%
Average Net Sales Price $ 403.38 $ 374.91 8% $ 397.82 $ 374.91 6%
Concrete
Sales Volumes (Cubic Yards) 127 175 (27)% 541 622 (13)%
Average Net Sales Price $ 56.66 $ 55.08 3% $ 55.90 $ 53.60 4%
Aggregates
Sales Volumes (Tons) 937 1,160 (19)% 3,356 3,194 5%
Average Net Sales Price $ 4.45 $ 4.07 9% $ 4.32 $ 4.16 4%
</Table>
SUPPLEMENTAL CONTRACTING AND CONSTRUCTION SERVICES DATA
(dollars in millions)
<Table>
<Caption>
Quarter Ended December 31, Nine Months Ended December 31,
-------------------------- -----------------------------
2001 2000 Change 2001 2000 Change
------ ------ ------ ------ ------ ------
New Contracts $ 434 $ 319 36% $1,212 $1,038 17%
====== ====== ====== ======
Backlog at December 31, $2,262 $1,445 57% $2,262 $1,445 57%
====== ====== ====== ======
</Table>
Attachment 7
Centex Corporation and Subsidiaries
Home Building Margins - Quarterly Summary
<Table>
<Caption>
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% $1,403.4 100.0%
Cost of Sales (679.5) (76.6)% (789.3) (76.9)% (782.4) (75.3) (1,053.7) (75.1)%
-------- -------- -------- -------- -------- -------- -------- --------
GROSS MARGIN 207.5 23.4% 237.7 23.1% 256.4 24.7% 349.7 24.9%
Selling, General & Administrative (135.0) (15.2)% (148.1) (14.4)% (155.8) (15.0)% (187.0) (13.3)%
-------- -------- -------- -------- -------- -------- -------- --------
OPERATING EARNINGS $ 72.5 8.2% $ 89.6 8.7% $ 100.6 9.7% $ 162.7 11.6%
======== ======== ======== ======== ======== ======== ======== ========
Units Closed 4,408 4,901 4,893 6,457
Unit Sales Price $196,314 $203,900 $208,328 $212,165
% Change - Prior Year 4.1% 8.6% 10.0% 7.2%
OPERATING EARNINGS/UNIT $16,459 $18,274 $20,568 $25,198
% Change - Prior Year 9.5% 15.2% 26.1% 26.5%
GROSS MARGIN PER UNIT $47,074 $48,500 $52,401 $54,158
% Change - Prior Year 6.9% 11.4% 19.8% 20.5%
SG&A Per Unit $30,626 $30,218 $31,841 $28,961
% Change - Prior Year 5.5% 9.2% 16.1% 15.7%
<Caption>
Fiscal Year Total
March 31, 2001
----------------------
Conventional Housing Revenues $4,356.2 100.0%
Cost of Sales (3,304.9) (75.9)%
-------- --------
GROSS MARGIN 1,051.3 24.1%
Selling, General & Administrative (625.9) (14.3)%
-------- --------
OPERATING EARNINGS $ 425.4 9.8%
======== ========
Units Closed 20,659
Unit Sales Price $205,913
% Change - Prior Year 7.5%
OPERATING EARNINGS/UNIT $20,594
% Change - Prior Year 20.4%
GROSS MARGIN PER UNIT $50,888
% Change - Prior Year 16.3%
SG&A Per Unit $30,297
% Change - Prior Year 12.0%
</Table>
<Table>
<Caption>
For the Quarters Ending,
-----------------------------------------------------------------------------------------------
June 30, 2001 September 30, 2001 December 31, 2001 March 31, 2002
-------------------- -------------------- --------------------- ---------------------
Conventional Housing Revenues $1,039.2 100.0% $1,170.7 100.0% $1,210.8 100.0%
Cost of Sales (772.4) (74.4)% (868.8) (74.2)% (898.3) (74.2)%
-------- ------ -------- ----- -------- ----- -------- --------
GROSS MARGIN 266.8 25.6% 301.9 25.8% 312.5 25.8%
Selling, General & Administrative (168.7) (16.2)% (178.9) (15.3)% (178.0) (14.7)%
-------- ------ -------- ----- -------- ----- -------- --------
OPERATING EARNINGS $ 98.1 9.4% $ 123.0 10.5% $ 134.5 11.1%
======== ====== ======== ===== ======== ===== ======== ========
Units Closed 4,850 5,418 5,567
Unit Sales Price $210,754 $214,004 $212,400
% Change - Prior Year 7.4% 5.0% 2.0%
OPERATING EARNINGS/UNIT $ 20,231 $ 22,698 $ 24,162
% Change - Prior Year 22.9% 24.2% 17.5%
GROSS MARGIN PER UNIT $ 55,010 $ 55,722 $ 56,134
% Change - Prior Year 16.9% 14.9% 7.1%
SG&A Per Unit $ 34,784 $ 33,020 $ 31,974
% Change - Prior Year 13.6% 9.3% 0.4%
<Caption>
Fiscal Year Total
March 31, 2002
----------------------
Conventional Housing Revenues
Cost of Sales
-------- --------
GROSS MARGIN
Selling, General & Administrative
-------- --------
OPERATING EARNINGS
======== ========
Units Closed
Unit Sales Price
% Change - Prior Year
OPERATING EARNINGS/UNIT
% Change - Prior Year
GROSS MARGIN PER UNIT
% Change - Prior Year
SG&A Per Unit
% Change - Prior Year
</Table>