[CENTEX LETTERHEAD]
NEWS RELEASE
FOR IMMEDIATE RELEASE
CENTEX REPORTS HIGHEST-EVER QUARTERLY RESULTS
AND SIXTH CONSECUTIVE RECORD YEAR
(DALLAS, TX April 23, 2002): Centex Corporation (NYSE: CTX) today
announced the highest earnings for any quarter in its history for the quarter
ended March 31, 2002, the fourth quarter of fiscal 2002, as well as record
results for the sixth consecutive fiscal year.
Centex said the strong fourth quarter results were due primarily to a
record performance by Centex Homes, accompanied by much higher earnings from
Financial Services and improved results from both Centex Construction Products
and the Centex Construction Group.
CENTEX'S SENIOR MANAGEMENT WILL CONDUCT A CONFERENCE CALL TO DISCUSS
THE FOURTH QUARTER AND FISCAL YEAR 2002 FINANCIAL RESULTS, AS WELL AS PROJECTED
NEIGHBORHOOD AND UNIT GROWTH FOR FISCAL YEARS 2003 AND 2004, AT 11:30 A.M.
EASTERN TIME (10:30 A.M. CENTRAL TIME) TODAY. THE CONFERENCE CALL, ACCOMPANIED
BY A SLIDE PRESENTATION, WILL BE WEBCAST SIMULTANEOUSLY ON THE CENTEX WEB SITE
AT HTTP://WWW.CENTEX.COM. A REPLAY OF THE CALL, AS WELL AS THE PRESENTATION,
WILL BE AVAILABLE ON THAT SITE UNTIL TUESDAY, MAY 21.
For this year's fourth quarter, Centex reported net earnings of
$117,476,000, 11% higher than $106,211,000 for the same quarter last year.
Diluted earnings per share of $1.85 for the fourth quarter this year were 7%
higher than $1.73 per diluted share for the same quarter a year ago. Revenues
for the fourth quarter this year rose 13% to $2,261,168,000 from $2,004,831,000
for the same quarter in fiscal 2001.
For fiscal 2002, Centex reported a 36% increase in net earnings to
$382,226,000 versus net earnings of $281,977,000 for fiscal 2001. Diluted
earnings per share of $6.11 for fiscal 2002 were 31% higher than $4.65 per
diluted share last year. Consolidated revenues for fiscal 2002 reached an
all-time high $7,748,430,000, 15% higher than $6,710,735,000 for fiscal 2001.
Centex's return on beginning stockholders' equity was 22.3% for fiscal 2002
versus 19.9% for the prior year.
Earnings per share for both the quarter and the full year rose a lower
percentage than net earnings due to a higher number of average shares
outstanding in the current periods.
Through its subsidiaries, Centex ranks among the nation's leading home
builders, non-bank-affiliated retail mortgage originators and general
contractors. Centex also has operations in home services and investment real
estate and currently owns approximately 65.2% of Centex Construction Products,
Inc., a publicly traded company.
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CENTEX CORPORATION, PAGE 2 OF 8
HOME BUILDING
Operating earnings from Centex Homes were $171.9 million for the fourth
quarter this year, 6% higher than $162.7 million for the fourth quarter a year
ago, due to an all-time high number of home closings and strong operating
margins. Current year fourth quarter revenues from Centex Homes were $1.56
billion, an 11% increase over $1.40 billion for the same quarter last year.
<Table>
<Caption>
CENTEX HOMES Quarter Ended Mar. 31,
--------------------------------------
2002 2001 Change
---------- ---------- ----------
Closings 7,125 6,457 10%
Sales (Orders) 7,020 6,965 1%
Backlog 9,371 9,265 1%
Average Unit Sales Price $ 216,611 $ 212,165 2%
Operating Earnings/Unit $ 24,120 $ 25,198 (4)%
Operating Margin 11.0% 11.6%
</Table>
Fiscal 2002 operating earnings from Centex Homes reached a record
$527.5 million, 24% higher than the $425.4 million of operating earnings
reported for fiscal 2001. Centex Homes revenues for fiscal 2002 were $4.98
billion, a 14% improvement over last year's revenues of $4.36 billion.
<Table>
<Caption>
CENTEX HOMES Fiscal Year Ended Mar. 31,
--------------------------------------
2002 2001 Change
---------- ---------- ----------
Closings 22,960 20,659 11%
Sales (Orders) 22,987 22,191 4%
Backlog 9,371 9,265 1%
Average Unit Sales Price $ 213,738 $ 205,913 4%
Operating Earnings/Unit $ 22,973 $ 20,594 12%
Operating Margin 10.6% 9.8%
</Table>
Manufactured Homes and Home Services are now part of "Other." All
current and prior year results have been reclassified.
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CENTEX CORPORATION, PAGE 3 OF 8
FINANCIAL SERVICES
Operating earnings from Financial Services for the fourth quarter this
year were $26.9 million, 79% higher than $15.0 million for the same quarter last
year. This year's fourth quarter Financial Services revenues of $188.4 million
were 35% higher than $139.9 million for the same quarter a year ago.
Financial Services operating earnings were $114.7 million for fiscal
2002, 483% higher than $19.7 million for fiscal 2001. Fiscal 2002 revenues from
Financial Services were $699.8 million, a 51% increase over $463.6 million last
year.
CTX MORTGAGE COMPANY
Operating earnings from CTX Mortgage Company (CTX) and related
companies totaled $16.8 million for fiscal 2002's fourth quarter versus $17.3
million for the fourth quarter last year.
<Table>
<Caption>
Quarter Ended Mar. 31,
-----------------------------------------
2002 2001 Change
----------- ----------- -----------
Originations
Builder 4,823 4,245 14%
Retail 13,102 14,672 (11%)
----------- -----------
Total
17,925 18,917 (5%)
=========== ===========
Applications
Builder 4,723 5,346 (12%)
Retail 12,043 21,377 (44%)
----------- -----------
Total
16,766 26,723 (37%)
=========== ===========
Loan Volume (in billions) $ 2.86 $ 2.86 -%
=========== ===========
Average Loan Size
$ 159,300 $ 151,200 5%
=========== ===========
Profit Per Loan
$ 937 $ 916 2%
=========== ===========
</Table>
Impacted by lower interest rates and the refinancing boom, operating
earnings from CTX Mortgage and related companies for fiscal 2002 were $91.4
million, 169% higher than earnings of $34.0 million for the prior fiscal year.
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CENTEX CORPORATION, PAGE 4 OF 8
CTX MORTGAGE COMPANY, CON'T.
<Table>
<Caption>
Fiscal Year Ended Mar. 31,
----------------------------------------
2002 2001 Change
----------- ----------- -----------
Originations
Builder 15,435 12,506 23%
Retail 64,949 48,244 35%
----------- -----------
Total
80,384 60,750 32%
=========== ===========
Applications
Builder 16,344 15,590 5%
Retail 60,188 55,052 9%
----------- -----------
Total
76,532 70,642 8%
=========== ===========
Loan Volume (in billions) $ 12.45 $ 8.88 40%
=========== ===========
Average Loan Size
$ 154,800 $ 146,200 6%
=========== ===========
Profit Per Loan
$ 1,137 $ 560 103%
=========== ===========
</Table>
CENTEX HOME EQUITY COMPANY
Reporting its fourth quarter of profitability since undergoing the
change to the "Portfolio Accounting Method" in fiscal 2001, Centex Home Equity
Company (CHEC) reported operating earnings of $10.4 million for the final
quarter of fiscal 2002 versus an operating loss of $2.3 million for the same
quarter last year.
<Table>
<Caption>
Quarter Ended Mar. 31,
------------------------------------
2002 2001 Change
---------- ---------- ----------
Originations 5,754 6,108 (6%)
========== ==========
Applications 44,739 38,849 15%
========== ==========
Loan Volume (in billions) $ 0.45 $ 0.42 6%
========== ==========
Average Loan Size $ 78,100 $ 69,200 13%
========== ==========
</Table>
For fiscal year 2002, CHEC reported operating earnings of $25.1 million
versus an operating loss of $14.3 million for 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 $3.3 billion and continues to
increase.
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CENTEX CORPORATION, PAGE 5 OF 8
CENTEX HOME EQUITY COMPANY, CON'T.
<Table>
<Caption>
Fiscal Year Ended Mar. 31,
---------------------------------------
2002 2001 Change
----------- ----------- -----------
Originations 26,955 26,418 2%
=========== ===========
Applications 172,498 148,702 16%
=========== ===========
Loan Volume (in billions) $ 2.09 $ 1.72 22%
=========== ===========
Average Loan Size $ 77,600 $ 65,000 19%
=========== ===========
"Owned" Servicing Portfolio as of Mar. 31:
Number of Loans 45,211 26,520 76%
----------- -----------
Portfolio (in billions) $ 3.28 $ 1.77
----------- -----------
</Table>
CHEC's total servicing portfolio increased to $4.4 billion on 62,833
loans as of March 31, 2002 from $3.3 billion on 49,717 loans at March 31, 2001.
The United Kingdom mortgage operation, which was formed in fiscal 2002,
incurred start-up costs of $269,000 for the fourth quarter of fiscal 2002 and
$1.8 million for the fiscal year.
CONSTRUCTION PRODUCTS
For the quarter ended March 31, 2002, Centex Construction Products
(CXP) reported operating earnings of $19.0 million, a 96% improvement over $9.7
million for the same quarter last year. The improvement was the result of
several factors: increased operating earnings from gypsum wallboard and
paperboard; decreased interest expense; and a lower effective income tax rate
this year.
For the fiscal year ended March 31, 2002, CXP's operating earnings were
$75.9 million this year, 24% less than $99.4 million for fiscal 2001. The
decline resulted from decreased gypsum wallboard, concrete and other operating
earnings and increased interest expense, partially offset by higher paperboard
operating earnings.
Gypsum wallboard prices, which fell dramatically early in fiscal 2002
due mainly to excessive new production capacity coming on stream, increased
during mid-fiscal 2002 and rose again at the end of fiscal 2002. CXP has
announced another price increase effective in mid-May 2002. Assuming prices for
cement and gypsum wallboard remain steady, CXP expects to report significantly
higher earnings for fiscal 2003 than it did for fiscal 2002.
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CENTEX CORPORATION, PAGE 6 OF 8
CONTRACTING AND CONSTRUCTION SERVICES
Contracting and Construction Services reported record operating
earnings of $12.3 million for the fourth quarter of fiscal 2002, 28% higher than
earnings of $9.7 million for the same quarter last year. Revenues from this
segment were $324.2 million for the quarter this year, 3% higher than revenues
of $315.7 million for the year-ago quarter. New contracts for the quarter
totaled $243 million, 73% less than the new contract total of $892 million for
the same quarter a year ago.
For fiscal 2002, Contracting and Construction Services reported
operating earnings of $36.2 million, 17% higher than fiscal 2001 earnings of
$30.9 million. Segment revenues for fiscal 2002 were $1.30 billion, about the
same as prior year revenues of $1.29 billion.
During fiscal 2002, Contracting and Construction Services was awarded
approximately $1.5 billion of new contracts, 25% lower than fiscal 2001's new
contract total of $1.9 billion. The backlog of uncompleted construction
contracts at March 31, 2002 was $2.2 billion, an 8% increase over the backlog of
$2.0 billion at March 31, 2001. Contracting operating profit margins continue to
improve.
INVESTMENT REAL ESTATE
For the quarter ended March 31, 2002, Centex's Investment Real Estate
operation, through which all investment property transactions are reported, had
operating earnings of $12.1 million, 50% less than operating earnings of $24.2
million for the same quarter a year ago. The disposition of low-cost basis real
estate assets during last year's fourth quarter accelerated the accretion of
negative goodwill, which together positively impacted earnings in the prior
year's fourth quarter by $18.7 million. For fiscal 2002, Investment Real Estate
had operating earnings of $48.1 million, 6% less than fiscal 2001 earnings of
$50.9 million.
INTERNATIONAL HOME BUILDING
London, England-based Fairclough Homes, due to the unique structure of
the transaction by which it was acquired in April 1999 by Centex Development
Company, L.P., began reporting operating results at the beginning of fiscal
2002. Fairclough Homes built and closed 456 homes during the fourth quarter of
fiscal 2002 and reported operating earnings of $4.3 million. Fairclough
delivered 1,387 homes during fiscal 2002 and had operating earnings of $12.3
million.
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CENTEX CORPORATION, PAGE 7 OF 8
OTHER
"Other" includes Manufactured Homes and Home Services. All current and
prior year results have been reclassified.
Manufactured Homes reported an operating loss of $52,000 for this
year's fourth quarter versus an operating loss of $22.3 million for the same
quarter last year. The loss for the quarter last year included $19.2 million of
non-cash charges. Manufactured Homes delivered 917 units during this year's
fourth quarter compared to 914 units for the same quarter last year.
For fiscal 2002, Manufactured Homes has an operating loss of $862,000
versus a loss of $26.1 million for fiscal 2001. The segment delivered 3,771
units during fiscal 2002 compared to 4,242 units last year.
Home Services reported an operating loss of $2.2 million for the fourth
quarter, which includes a non-cash, pre-tax charge of $4.4 million related to
establishing additional valuation reserves for its home security monitoring
accounts. This compares to operating earnings of $500,000 for the same quarter
last year. For fiscal 2002, Home Services reported operating earnings of $4.0
million. For fiscal 2001, Home Services reported operating earnings of $1.1
million.
OTHER DEVELOPMENTS
Effective April 1, 2002, as previously announced, Timothy R. Eller
became President and Chief Operating Officer of Centex Corporation. Mr. Eller is
a 28-year career employee of Centex Homes and remains Chairman of that entity.
In addition, Vice Chairman David W. Quinn retired effective March 31, 2002.
Also effective April 1, 2002, Andrew J. Hannigan became President and
Chief Executive Officer of Centex Homes and Robert D. Hillmann became Centex
Homes' Executive Vice President and Chief Operating Officer.
OUTLOOK
Centex said the company entered fiscal 2003 with a strong backlog of
home sales and that it will have 10-15% more active subdivisions than a year
ago, which should result in higher closings during fiscal 2003. The company
noted that although refinancing activity has slowed somewhat, CTX Mortgage will
have a good year. In addition, Centex Home Equity's servicing portfolio
continues to increase and that entity should report substantially higher
earnings in fiscal 2003. Centex Construction Group has a solid backlog of
contracts and its operating earnings should continue to improve. Centex
Construction Products expects to report significantly higher earnings in fiscal
2003 than in 2002, due primarily to a major increase in gypsum wallboard prices
during the second half of fiscal 2002.
Centex expects fiscal 2003 will be its seventh consecutive record year.
# # #
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CENTEX CORPORATION, PAGE 8 OF 8
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, 2001 and in its
Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2001 and
September 30, 2001, and December 31, 2001, 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
Leldon E. Echols
Executive Vice President and Chief Financial Officer
-MORE-
Attachment 1
Centex Corporation and Subsidiaries
Summary of Consolidated Earnings
(dollar amounts in thousands, except per share data)
<Table>
<Caption>
Quarter Ended
March 31,
(unaudited)
---------------------------------------------
2002 2001 Change
------------- ------------- -------------
Revenues $ 2,261,168 $ 2,004,831 13%
Earnings Before Income Taxes $ 190,530 $ 151,843 25%
Net Earnings $ 117,476 $ 106,211 11%
Earnings Per Share:
Basic $ 1.93 $ 1.78 8%
Diluted $ 1.85 $ 1.73 7%
Average Shares Outstanding:
Basic 60,949,857 59,549,480 2%
Diluted 63,486,498 61,562,118 3%
</Table>
<Table>
<Caption>
Twelve Months Ended
March 31,
---------------------------------------------
2002 2001 Change
------------- ------------- -------------
(unaudited)
Revenues $ 7,748,430 $ 6,710,735 15%
Earnings Before Income Taxes $ 618,765 $ 436,331 42%
Net Earnings $ 382,226 $ 281,977 36%
Earnings Per Share:
Basic $ 6.31 $ 4.77 32%
Diluted $ 6.11 $ 4.65 31%
Average Shares Outstanding:
Basic 60,560,788 59,095,403 2%
Diluted 62,529,147 60,660,885 3%
</Table>
Attachment 2
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
<Table>
<Caption>
Quarter Ended
March 31,
(unaudited)
-------------------------------------------------
2002 2001 Change
------------- ------------- -------------
REVENUES
Home Building $ 1,564,176 $ 1,403,337 11%
69% 70%
Financial Services 188,394 139,929 35%
8% 7%
Construction Products 111,365 105,891 5%
5% 5%
Contracting and Construction Services 324,238 315,710 3%
14% 16%
Investment Real Estate 15,363 13,375 15%
1% 1%
Other (A) 57,632 26,589 117%
3% 1%
------------- -------------
Total $ 2,261,168 $ 2,004,831 13%
100% 100%
============= =============
OPERATING EARNINGS
Home Building $ 171,853 $ 162,701 6%
72% 82%
Financial Services 26,948 15,018 79%
11% 8%
Construction Products 18,998 9,685 96%
8% 5%
Contracting and Construction Services 12,343 9,660 28%
5% 5%
Investment Real Estate 12,086 24,182 (50%)
5% 12%
Other (A) (2,284) (22,926) 90%
(1%) (12%)
------------- -------------
Total Operating Earnings 239,944 198,320 21%
100% 100%
Corporate General Expenses (12,637) (10,961)
Interest Expense (31,136) (33,928)
Minority Interest in Construction Products (5,641) (1,588)
------------- -------------
EARNINGS BEFORE INCOME TAXES $ 190,530 $ 151,843 25%
============= =============
</Table>
(A) Includes Manufactured Homes and Home Services & Other for all periods
presented.
Attachment 3
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
<Table>
<Caption>
Twelve Months Ended
March 31,
-------------------------------------------------
2002 2001 Change
------------- ------------- -------------
(unaudited)
REVENUES
Home Building $ 4,984,817 $ 4,356,172 14%
64% 65%
Financial Services 699,760 463,646 51%
9% 7%
Construction Products 471,083 441,127 7%
6% 7%
Contracting and Construction Services 1,296,024 1,290,382 -%
17% 19%
Investment Real Estate 72,416 33,042 119%
1% --%
Other (A) 224,330 126,366 78%
3% 2%
------------- -------------
Total $ 7,748,430 $ 6,710,735 15%
100% 100%
============= =============
OPERATING EARNINGS
Home Building $ 527,462 $ 425,450 24%
66% 70%
Financial Services 114,733 19,667 483%
14% 3%
Construction Products 75,868 99,441 (24%)
9% 17%
Contracting and Construction Services 36,225 30,886 17%
5% 5%
Investment Real Estate 48,068 50,908 (6%)
6% 8%
Other (A) 3,140 (21,613) 115%
--% (3%)
------------- -------------
Total Operating Earnings 805,496 604,739 33%
100% 100%
Corporate General Expenses (50,189) (36,924)
Interest Expense (115,766) (99,069)
Minority Interest in Construction Products (20,776) (32,415)
------------- -------------
EARNINGS BEFORE INCOME TAXES $ 618,765 $ 436,331 42%
============= =============
</Table>
(A) Includes Manufactured Homes and Home Services & Other for all periods
presented.
Attachment 4
Centex Corporation and Subsidiaries
Housing Activity by Geographic Area
<Table>
<Caption>
Closings
-------------------------------------------------------------------------------
Quarter Ended March 31, Twelve Months Ended March 31,
------------------------------------- -------------------------------------
2002 2001 Change 2002 2001 Change
---------- ---------- ---------- ---------- ---------- ----------
Mid-Atlantic 1,155 1,156 -% 3,877 3,395 14%
Southeast 1,344 1,307 3% 4,280 3,991 7%
Midwest 1,063 873 22% 3,619 3,294 10%
South Central 1,580 1,262 25% 5,154 4,104 26%
Mountain States 926 748 24% 2,697 2,338 15%
West Coast 1,057 1,111 (5%) 3,333 3,537 (6%)
---------- ---------- ---------- ----------
7,125 6,457 10% 22,960 20,659 11%
========== ========== ========== ==========
</Table>
<Table>
<Caption>
Sales (Orders) Backlog
-------------------------------------
3/31/2002 3/31/2001 Change
---------- ---------- ----------
Mid-Atlantic 1,503 1,365 10%
Southeast 2,273 1,898 20%
Midwest 2,086 2,008 4%
South Central 1,962 2,064 (5%)
Mountain States 646 803 (20%)
West Coast 901 1,127 (20%)
---------- ----------
9,371 9,265 1%
========== ==========
</Table>
<Table>
<Caption>
Sales (Orders)
-------------------------------------------------------------------------------
Quarter Ended March 31, Twelve Months Ended March 31,
------------------------------------- -------------------------------------
2002 2001 Change 2002 2001 Change
---------- ---------- ---------- ---------- ---------- ----------
Mid-Atlantic 1,256 1,043 20% 3,936 3,550 11%
Southeast 1,398 1,267 10% 4,655 4,041 15%
Midwest 1,164 1,177 (1%) 3,697 3,541 4%
South Central 1,665 1,574 6% 5,052 4,685 8%
Mountain States 692 879 (21%) 2,540 2,562 (1%)
West Coast 845 1,025 (18%) 3,107 3,812 (18%)
---------- ---------- ---------- ----------
7,020 6,965 1% 22,987 22,191 4%
========== ========== ========== ==========
</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
(dollars in millions, except per unit data)
<Table>
<Caption>
Quarter Ended March 31,
-------------------------------------------------------
2002 2001
------------------------- -------------------------
Conventional Housing Revenues $ 1,564.2 100.0% $ 1,403.4 100.0%
Cost of Sales (1,174.2) (75.1%) (1,053.7) (75.1%)
Selling, General & Administrative (218.1) (13.9%) (187.0) (13.3%)
---------- ---------- ---------- ----------
OPERATING EARNINGS $ 171.9 11.0% $ 162.7 11.6%
========== ========== ========== ==========
Units Closed 7,125 6,457
Unit Sales Price $ 216,611 $ 212,165
% Change 2.1% 7.2%
Operating Earnings per Unit $ 24,120 $ 25,198
% Change (4.3%) 26.5%
<Caption>
Twelve Months Ended March 31,
---------------------------------------------------
2002 2001
------------------------ ------------------------
Conventional Housing Revenues $ 4,984.8 100.0% $ 4,356.2 100.0%
Cost of Sales (3,713.5) (74.5%) (3,304.9) (75.9%)
Selling, General & Administrative (743.8) (14.9%) (625.9) (14.3%)
---------- --------- ---------- ----------
OPERATING EARNINGS $ 527.5 10.6% $ 425.4 9.8%
========== ========= ========== ==========
Units Closed 22,960 20,659
Unit Sales Price $ 213,738 $ 205,913
% Change 3.8% 7.5%
Operating Earnings per Unit $ 22,973 $ 20,594
% Change 11.6% 20.4%
</Table>
Attachment 6
Centex Corporation and Subsidiaries
SUPPLEMENTAL CONSTRUCTION PRODUCTS DATA
(volumes in thousands, except Gypsum Wallboard)
<Table>
<Caption>
Quarter Ended March 31, Twelve Months Ended March 31,
--------------------------------- ---------------------------------
2002 2001 Change 2002 2001 Change
--------- --------- --------- --------- --------- ---------
Cement
Sales Volumes (Tons) 446 486 (8%) 2,441 2,387 2%
Average Net Sales Price $ 65.04 $ 65.98 (1%) $ 67.69 $ 67.65 -%
Gypsum Wallboard
Sales Volumes (MMSF) 518 486 7% 1,930 1,584 22%
Average Net Sales Price $ 82.27 $ 68.49 20% $ 72.97 $ 91.12 (20%)
Paperboard
Sales Volumes (Tons) 58 56 4% 210 80 163%
Average Net Sales Price $ 398.93 $ 391.09 2% $ 398.13 $ 386.32 3%
Concrete
Sales Volumes (Cubic Yards) 132 186 (29%) 673 808 (17%)
Average Net Sales Price $ 56.07 $ 54.02 4% $ 55.93 $ 53.70 4%
Aggregates
Sales Volumes (Tons) 909 815 12% 4,265 4,009 6%
Average Net Sales Price $ 4.37 $ 4.12 6% $ 4.33 $ 4.16 4%
</Table>
SUPPLEMENTAL CONTRACTING AND CONSTRUCTION SERVICES DATA
(dollars in millions)
<Table>
<Caption>
Quarter Ended March 31, Twelve Months Ended March 31,
------------------------------------ ------------------------------------
2002 2001 Change 2002 2001 Change
---------- ---------- ---------- ---------- ---------- ----------
New Contracts $ 243 $ 892 (73%) $ 1,455 $ 1,930 (25%)
========== ========== ========== ==========
Backlog at March 31, $ 2,180 $ 2,022 8% $ 2,180 $ 2,022 8%
========== ========== ========== ==========
</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
------------------------ ------------------------ ------------------------
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%
<Caption>
For the Quarters Ending,
------------------------ Fiscal Year Total
March 31, 2001 March 31, 2001
----------------------- -----------------------
Conventional Housing Revenues $ 1,403.4 100.0% $ 4,356.2 100.0%
Cost of Sales (1,053.7) (75.1%) (3,304.9) (75.9%)
---------- ---------- ---------- ----------
GROSS MARGIN 349.7 24.9% 1,051.3 24.1%
Selling, General & Administrative (187.0) (13.3%) (625.9) (14.3%)
---------- ---------- ---------- ----------
OPERATING EARNINGS $ 162.7 11.6% $ 425.4 9.8%
========== ========== ========== ==========
Units Closed 6,457 20,659
Unit Sales Price $ 212,165 $ 205,913
% Change - Prior Year 7.2% 7.5%
OPERATING EARNINGS/UNIT $ 25,198 $ 20,594
% Change - Prior Year 26.5% 20.4%
GROSS MARGIN PER UNIT $ 54,158 $ 50,888
% Change - Prior Year 20.5% 16.3%
SG&A Per Unit $ 28,961 $ 30,297
% Change - Prior Year 15.7% 12.0%
</Table>
<Table>
<Caption>
For the Quarters Ending,
-----------------------------------------------------------------------------
June 30, 2001 September 30, 2001 December 31, 2001
-------------------- ---------------------------- -------------------------
Conventional Housing Revenues $1,039.2 100.0% $1,170.7 100.0% $1,210.7 100.0%
Cost of Sales (772.4) (74.4%) (868.8) (74.2%) (898.2) (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>
For the Quarters Ending,
----------------------- Fiscal Year Total
March 31, 2002 March 31, 2002
---------------------- -----------------------
Conventional Housing Revenues $1,564.2 100.0% $4,984.8 100.0%
Cost of Sales (1,174.1) (75.1%) (3,713.5) (74.5%)
----------- ---------- ----------- ----------
GROSS MARGIN 390.1 24.9% 1,271.3 25.5%
Selling, General & Administrative (218.2) (13.9%) (743.8) (14.9%)
----------- ---------- ----------- ----------
OPERATING EARNINGS $171.9 11.0% $527.5 10.6%
=========== ========== =========== ==========
Units Closed 7,125 22,960
Unit Sales Price $216,611 $213,738
% Change - Prior Year 2.1% 3.8%
OPERATING EARNINGS/UNIT $24,120 $22,973
% Change - Prior Year (4.3%) 11.6%
GROSS MARGIN PER UNIT $54,751 $55,370
% Change - Prior Year 1.1% 26.5%
SG&A Per Unit $30,625 $32,395
% Change - Prior Year 5.7% 6.9%
</Table>