DALLAS, May 5 /PRNewswire-FirstCall/ -- Centex Corporation
(NYSE:CTX) today reported financial results for its fiscal fourth
quarter and fiscal year ended Mar. 31, 2009. Highlights of the
quarter ended Mar. 31, 2009 (compared to last year's fourth
quarter): -- Loss from continuing operations of $3.26 per diluted
share -- Generated positive cash flow from operations -- Mar. 31
cash and cash equivalents balance of $1.77 billion, up from $638
million -- Reduced homebuilding SG&A expenses by 49% or $129
million Highlights of fiscal year 2009 (compared to fiscal year
2008): -- Total revenues decreased 54% to $3.83 billion -- Loss
from continuing operations of $11.58 per diluted share -- Home
closings decreased 47% to 14,434 -- Reduced total owned and
controlled lot count by 27% to 64,334 lots "Housing markets
remained challenged throughout the quarter, with the positives of
historic affordability and low interest rates offset by rising
foreclosures and high resale inventories. In this environment,
Centex achieved a steady sales pace and maintained a consistent,
healthy backlog. We are well-positioned in areas of relative
strength: Centex serves the first-time and first move-up homebuyer,
we have a meaningful presence in relatively healthy housing markets
and approximately half of our active lot position is fully
developed. We generated positive cash flow from operations for the
seventh straight quarter, ending with $1.77 billion in cash and
cash equivalents on hand," said Timothy R. Eller, chairman and CEO
of Centex. "Additionally, the previously announced combination with
Pulte continues to progress as expected, and we still anticipate
the closing to be in the third calendar quarter of this year."
Corporate Results Fiscal fourth-quarter revenues were $823 million,
64% lower than the same quarter last year. The loss from continuing
operations for the fourth quarter was $406 million, or a loss of
$3.26 per diluted share, narrower than last year's fourth-quarter
loss of $908 million, or $7.34 per diluted share. Included in the
fiscal fourth-quarter loss from continuing operations are $352
million of impairments and land-related charges, including the
Company's share of joint venture impairments, compared to $362
million of impairments and other land-related charges in last
year's fourth quarter. The fiscal fourth quarter's loss also
includes $38 million of severance and lease abandonment charges.
Fiscal year 2009's revenues were $3.83 billion, 54% lower than the
$8.28 billion recorded in fiscal year 2008. The loss from
continuing operations for fiscal year 2009 was $1.44 billion, or a
loss of $11.58 per diluted share. The operating loss was primarily
the result of $1.12 billion of impairments and write-offs recorded
during the fiscal year. The 2009 fiscal year loss also includes $81
million of severance and lease abandonment charges. For fiscal year
2008, the loss from continuing operations was $2.66 billion or a
loss of $21.71 per diluted share. Home Building Fiscal
fourth-quarter revenues were $791 million, 65% lower than the same
quarter last year, as a result of a 54% decrease in closings to
3,293 homes and an 11% decrease in average sales price to $238,283.
Home building reported an operating loss of $407 million for the
quarter, narrower than last year's fourth-quarter loss of $850
million. The operating loss includes $352 million of impairments
and write-offs. Housing operating losses (housing revenues less
housing cost of sales and SG&A) were $54 million this quarter,
compared to a loss of $112 million in the previous year's fourth
quarter, reflective of a 200 bps improvement in housing gross
margin and a 310 bps increase in SG&A costs as a percentage of
housing revenues. This year's fourth quarter SG&A costs include
$27 million of costs related to severance and lease abandonment
charges. For fiscal year 2009, home building revenues were $3.64
billion, 54% lower than last year. The reduction in revenues was a
result of a 47% decrease in closings to 14,434 homes and a 10%
decrease in average sales price to $247,900. The reported
homebuilding operating loss was $1.25 billion for the fiscal year,
narrower than last year's loss of $2.60 billion. The operating loss
was primarily the result of $1.12 billion of impairments and
write-offs recorded during the fiscal year. Financial Services
Financial Services reported an operating loss of $7 million this
quarter, narrowed from a loss of $39 million in last year's fourth
quarter. This quarter's loss included a $10 million net increase in
loan related reserves as well as $3 million in lease abandonment
charges. For the fiscal year 2009, the operating loss was $59
million, compared to a loss of $138 million last year. This year's
operating loss includes $37 million in severance and lease
abandonment charges as well as $39 million in loan reserves and
other related provisions. Non-GAAP Financial Measures Explanations
of non-GAAP financial measures used in this press release and the
accompanying attachments, and reconciliations of the non-GAAP
financial measures to the comparable GAAP financial measures, are
given in the applicable attachments. Centex senior management will
host a conference call to discuss the fourth-quarter financial
results at 10 a.m. EDT (9 a.m. CDT) on Wednesday, May 6. The live
webcast may be accessed on the Investor Relations section of the
Centex web site at http://ir.centex.com/. A replay of the webcast
and the presentation will be archived on the Investor Relations
page under the "Presentations" link. Forward-Looking Statements
This document includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such statements may include, but are not limited to, statements
about the benefits of the proposed transaction, including future
financial and operating results, and the combined company's plans,
objectives, expectations and intentions. These statements are
subject to a number of risks, uncertainties and other factors that
could cause our actual results, performance, prospects or
opportunities, as well as those of the markets we serve or intend
to serve, to differ materially from those expressed in, or implied
by, these statements. You can identify these statements by the fact
that they do not relate to matters of a strictly factual or
historical nature and generally discuss or relate to forecasts,
estimates or other expectations regarding future events. Generally,
the words "believe," "expect," "intend," "estimate," "anticipate,"
"project," "may," "can," "could," "might," "will" and similar
expressions identify forward-looking statements, including
statements related to expected operating and performing results,
planned transactions, planned objectives of management, future
developments or conditions in the industries in which we
participate and other trends, developments and uncertainties that
may affect our business in the future. Such risks, uncertainties
and other factors include, among other things: the ability to
obtain regulatory approvals of the merger on the proposed terms and
schedule contemplated by the parties; the failure of Centex's
stockholders to approve the merger agreement; the failure of
Pulte's shareholders to approve either the charter amendment or the
issuance of shares in the merger; the possibility that the proposed
transaction does not close, including due to the failure to satisfy
the closing conditions; the possibility that the expected
efficiencies and cost savings of the proposed transaction will not
be realized, or will not be realized within the expected time
period; the risk that the Pulte and Centex businesses will not be
integrated successfully; disruption from the proposed transaction
making it more difficult to maintain business and operational
relationships; interest rate changes and the availability of
mortgage financing; continued volatility in, and potential further
deterioration of, the debt and equity markets; competition within
the industries in which Pulte and Centex operate; the availability
and cost of land and raw materials used by Pulte and Centex in
their homebuilding operations; the availability and cost of
insurance covering risks associated with Pulte's and Centex's
businesses; shortages and the cost of labor; adverse weather
conditions which may slowdown the construction of, or damage, new
homes built by Pulte or Centex; slow growth initiatives and/or
local building moratoria; the ability to utilize net operating
losses, built-in losses and other tax credit carryforwards;
governmental regulation, including the effects from the Emergency
Economic Stabilization Act, the American Recovery and Reinvestment
Act and the interpretation of tax, labor and environmental laws;
changes in consumer confidence and preferences; terrorist acts and
other acts of war; and other factors of national, regional and
global scale, including those of a political, economic, business
and competitive nature. See Pulte's and Centex's Annual Reports on
Form 10-K and Annual Reports to Stockholders for the fiscal years
ended December 31, 2008 and March 31, 2008, respectively, and other
public filings with the Securities and Exchange Commission (the
"SEC") for a further discussion of these and other risks and
uncertainties applicable to our businesses. Neither Pulte nor
Centex undertakes any duty to update any forward-looking statement
whether as a result of new information, future events or changes in
our respective expectations. Additional Information In connection
with the proposed transaction, Pulte has filed with the SEC a
registration statement on Form S-4 that includes a preliminary
joint proxy statement of Pulte and Centex that also constitutes a
prospectus of Pulte. At the appropriate time, Pulte and Centex will
mail the definitive joint proxy statement/prospectus to their
respective shareholders. Before making any voting or investment
decision, investors are urged to read the definitive joint proxy
statement/prospectus when it becomes available because it will
contain important information about the proposed transaction. You
may obtain copies of all documents filed with the SEC regarding
this transaction, free of charge, at the SEC's website at
http://www.sec.gov/, by accessing Pulte's website at
http://www.pulte.com/ under the heading "Investor Relations" and
from Pulte by directing a request to Pulte Homes, Inc., 100
Bloomfield Hills Parkway Suite 300, Bloomfield Hills, Michigan
48304, Attention: Investor Relations, and by accessing Centex's
website at http://www.centex.com/ under the heading "Investors" and
from Centex by directing a request to Centex Corporation Investor
Relations, P.O. Box 199000, Dallas, Texas 75219-9000. Pulte and
Centex and their respective directors and executive officers and
certain other members of management and employees may be deemed to
be participants in the solicitation of proxies in respect of the
proposed transaction. You can find information about Pulte's
directors and executive officers in its definitive proxy statement
filed with the SEC on April 7, 2009. You can find information about
Centex's directors and executive officers in its definitive proxy
statement filed with the SEC on June 6, 2008. Other information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security
holdings or otherwise, will be contained in the definitive joint
proxy statement/prospectus and other relevant materials to be filed
with the SEC when they become available. You can obtain free copies
of these documents from Pulte and Centex using the contact
information above. Attachments: (1) Revenues and Earnings by Lines
of Business (2) Condensed Consolidated Balance Sheet (3) Home
Building Segment Data (4) Supplemental Home Building Data (non-GAAP
reconciliation) Attachment 1 Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business (Dollars in thousands,
except per share data) Quarter Ended Fiscal Year Ended March 31,
March 31, (unaudited) (unaudited) ---- --------- ------ ----
--------- ------ 2009 2008( C ) Change 2009 2008( C ) Change ----
--------- ------ ---- --------- ------ Revenues Home Building ( A )
$791,079 $2,245,226 (65%) $3,636,530 $7,965,614 (54%) Financial
Services 32,136 69,079 (53%) 190,000 309,948 (39%) ------ ------
------- ------- Total $823,215 $2,314,305 (64%) $3,826,530
$8,275,562 (54%) ======== ========== ========== ==========
Operating Earnings (Loss) Home Building ( A ) $(407,182) $(850,187)
$(1,246,925)$(2,599,576) Financial Services (7,072) (38,556)
(59,492) (138,153) Other 3,043 1,376 21,219 25,521 ----- -----
------ ------ Total Operating Earnings (Loss) (411,211) (887,367)
(1,285,198) (2,712,208) Corporate General and Admini- strative
Expenses (36,100) (36,937) (188,857) (154,308) Interest Expense
(23,805) (8,642) (52,716) (8,642) -------- ------ -------- -------
Loss from Continuing Operations Before Income Taxes (471,116)
(932,946) (1,526,771) (2,875,158) Income Tax Benefit ( B ) 65,603
24,871 86,620 214,190 ------ ------ ------ ------- Loss from
Continuing Operations (405,513) (908,075) (1,440,151) (2,660,968)
Earnings (Loss) from Discontinued Operations, net 2,754 (2,427)
51,397 3,486 ----- ------- ------ ----- Net Loss $(402,759)
$(910,502) $(1,388,754)$(2,657,482) ========== ==========
========== ========== Earnings (Loss) Per Share - Basic and Diluted
Continuing Operations $(3.26) $(7.34) $(11.58) $(21.71)
Discontinued Operations 0.02 (0.02) 0.41 0.03 ---- ------ ---- ----
Earnings (Loss) Per Share - Basic and Diluted $(3.24) $(7.36)
$(11.17) $(21.68) ======= ======= ======== ======== Average Shares
Outstanding - Basic and Diluted 124,365,672 123,750,049 124,308,846
122,577,071 ( A ) See Attachment 3 for detailed home building
segment data. ( B ) Includes increases in the valuation allowance
related to the deferred tax assets of $113,828, $330,000, $467,952,
and $830,000, respectively. ( C ) Prior periods have been conformed
to the current year presentation. INTEREST ANALYSIS Quarter Ended
Fiscal Year Ended March 31, March 31, (unaudited) (unaudited)
----------- ----------- 2009 2008 2009 2008 ---- ---- ---- ----
Total Interest Incurred $56,948 $59,317 $227,352 $285,960 Less -
Interest Capitalized (31,288) (44,569) (162,589) (222,938) -
Financial Services' Interest Expense (1,855) (6,106) (12,047)
(54,380) ------- ------- -------- -------- Interest Expense, net
$23,805 $8,642 $52,716 $8,642 ======= ====== ======= ======
Capitalized Interest Charged to Home Building's Costs and Expenses
$50,363 $103,047 $170,162 $312,665 ======= ======== ========
======== Attachment 2 Centex Corporation and Subsidiaries Condensed
Consolidated Balance Sheet (Dollars in millions) (unaudited)
BALANCE SHEET March 31, March 31, 2009 2008 ---- ---- Assets Cash -
Unrestricted $1,365 $587 Restricted 404 51 Receivables -
Residential Mortgage Loans, net 214 516 Other Receivables 375 824
Inventories - Direct Construction 898 1,746 Land Under Development
1,792 2,883 Land Held for Development and Sale 471 558 Land Held
Under Option Agreements not Owned 108 148 Other 21 27 Investments
136 207 Property and Equipment, net 25 78 Goodwill 10 52 Deferred
Tax Asset, Net of Valuation Allowance of $1,292 and $830 - 191
Deferred Charges and Other Assets 99 172 Assets of Discontinued
Operations - 97 ------ ------ $5,918 $8,137 ====== ======
Liabilities and Stockholders' Equity Accounts Payable and Accrued
Liabilities $1,715 $2,064 Senior Notes and Other 3,105 3,325
Financial Services Debt Secured by Mortgage Loans 119 337
Liabilities of Discontinued Operations - 34 Minority Interests 61
78 Stockholders' Equity 918 2,299 ------ ------ $5,918 $8,137
====== ====== Attachment 3 Centex Corporation and Subsidiaries Home
Building Segment Data (A) (Dollars in thousands, except per unit
data) (Unaudited) Revenues Closings (Units) --------
---------------- 2009 2008 Change 2009 2008 Change ---- ---- ------
---- ---- ------ Quarter Ended March 31, East $343,596 $680,550
(50%) 1,260 2,213 (43%) Central 224,959 494,218 (54%) 1,290 2,634
(51%) West 222,210 961,070 (77%) 743 2,218 (67%) Other homebuilding
314 109,388 (100%) - 35 (100%) ------- --------- ----- ----- Total
Home Building $791,079 $2,245,226 (65%) 3,293 7,100 (54%) ========
========== ===== ===== Sales (Orders) Backlog Sales (Orders)
(Units) (Units) ------------------------- ---------------------
2009 2008 Change 2009 2008 Change ---- ---- ------ ---- ---- ------
Quarter Ended March 31, East 989 2,283 (57%) 1,750 2,448 (29%)
Central 1,303 2,538 (49%) 1,661 2,955 (44%) West 551 1,858 (70%)
767 2,340 (67%) Other homebuilding - 14 (100%) - 3 (100%) -----
----- ----- ----- Total Home Building 2,843 6,693 (58%) 4,178 7,746
(46%) ===== ===== ===== ===== Operating Earnings (Loss) Impairments
& Write-offs (B) -------------------------
---------------------------- 2009 2008 2009 2008 ---- ---- ----
---- Quarter Ended March 31, East $(174,881) $(198,567) $94,356
$86,719 Central (25,316) (52,453) 10,362 15,224 West (198,910)
(545,138) 192,414 247,843 Other homebuilding (8,075) (54,029) - -
------ ------- ------- ------- Total Home Building $(407,182)
$(850,187) 297,132 349,786 ========== ========== Share of Joint
Venture Impairments 54,823 12,013 ------ ------ Total Impairments
$351,955 $361,799 ======== ======== Average Housing Revenue per
Unit -------------------------------- 2009 2008 Change ---- ----
------ Quarter Ended March 31, East $268,898 $276,801 (3%) Central
173,664 179,759 (3%) West 298,559 360,984 (17%) Other homebuilding
- 450,171 (100%) -------- ------- Total Home Building $238,283
$267,953 (11%) ======== ======== Sales (Orders) Backlog
---------------------- 2009 2008 Change ---- ---- ------ Quarter
Ended March 31, East $486,773 $718,580 (32%) Central 282,739
531,487 (47%) West 229,815 764,396 (70%) Other homebuilding - 1,341
(100%) -------- ---------- Total Home Building $999,327 $2,015,804
(50%) ======== ========== Lots Controlled Lots Owned (Units)
(Units) ------------------ ----------- 2009 2008 2009 2008 ----
---- ---- ---- Quarter Ended March 31, East 29,455 35,235 3,759
8,551 Central 15,657 20,261 2,957 6,349 West 10,853 13,634 329
3,247 Other homebuilding 1,324 1,092 - - ----- ----- ----- ------
Total Home Building 57,289 70,222 7,045 18,147 ====== ====== =====
====== (A) Prior periods have been conformed to the current year
presentation. (B) Impairments and write-offs by segment include
land-related impairments and write-offs and goodwill impairments.
Attachment 3 (Continued) Centex Corporation and Subsidiaries Home
Building Segment Data (A) (Dollars in thousands, except per unit
data) (Unaudited) Revenues Closings (Units) --------
---------------- 2009 2008 Change 2009 2008 Change ---- ---- ------
---- ---- ------ Fiscal Year Ended March 31, East $1,302,242
$2,536,909 (49%) 4,621 8,334 (45%) Central 1,080,631 1,917,627
(44%) 5,930 10,306 (42%) West 1,235,847 3,268,290 (62%) 3,847 8,211
(53%) Other homebuilding 17,810 242,788 (93%) 36 351 (90%) ------
------- --- --- Total Home Building $3,636,530 $7,965,614 (54%)
14,434 27,202 (47%) ========== ========== ====== ====== Operating
Earnings (Loss) Impairments & Write-offs (B)
------------------------- ---------------------------- 2009 2008
2009 2008 ---- ---- ---- ---- Fiscal Year Ended March 31, East
$(594,122) $(508,655) $383,564 $410,932 Central (123,025) (117,234)
95,768 109,718 West (533,476) (1,741,273) 480,729 1,298,275 Other
homebuilding 3,698 (232,414) 7,163 172,165 ----- --------- -----
------- Total Home Building $(1,246,925)$(2,599,576) 967,224
1,991,090 =========== ============ Share of Joint Venture
Impairments 157,055 100,525 ------- ------- Total Impairments
$1,124,279 $2,091,615 ========== ========== Average Housing Revenue
per Unit -------------------------------- 2009 2008 Change ----
---- ------ Fiscal Year Ended March 31, East $274,676 $290,955 (6%)
Central 180,430 182,855 (1%) West 318,942 377,012 (15%) Other
homebuilding 332,833 353,900 (6%) ------- ------- Total Home
Building $247,900 $276,788 (10%) ======== ======== Sales (Orders)
(Units) ---------------------- 2009 2008 Change ---- ---- ------
Fiscal Year Ended March 31, East 3,923 7,505 (48%) Central 4,636
9,586 (52%) West 2,274 7,406 (69%) Other homebuilding 33 160 (79%)
------ ------ Total Home Building 10,866 24,657 (56%) ====== ======
(A) Prior periods have been conformed to the current year
presentation. (B) Impairments and write-offs by segment include
land-related impairments and write-offs and goodwill impairments.
Attachment 4 Centex Corporation and Subsidiaries Supplemental Home
Building Data (Dollars in thousands, except per unit data)
(unaudited) RECONCILIATION OF HOUSING/HOME BUILDING OPERATING
EARNINGS Quarter Ended March 31, ----------------------- 2009 2008
---- ---- HOME BUILDING Revenues - Housing $784,666 100.0%
$1,902,464 100.0% Cost of Sales - Housing (706,600) (90.1%)
(1,752,786) (92.1%) --------- ------- ----------- ------- Gross
Margin - Housing 78,066 9.9% 149,678 7.9% Selling, General &
Administrative ( A ) (132,139) (16.8%) (261,430) (13.7%) ---------
------- --------- ------- Housing Operating (Loss) Earnings ( B )
(54,073) (6.9%) (111,752) (5.9%) Revenues - Land Sales & Other
6,413 342,762 Cost of Sales - Land Sales & Other (308,339)
(1,062,093) --------- ----------- Gross Margin - Land Sales &
Other (301,926) (719,331) Goodwill Impairment - (16,914) Losses
from Unconsolidated Entities and Other ( C ) (51,183) (2,190)
-------- ------- Operating Loss $(407,182) (51.5%) $(850,187)
(37.9%) ========== ------- ========== ------- Average Neighborhoods
484 622 % Change (22.2%) (10.4%) Fiscal Year Ended March 31,
--------------------------- 2009 2008 ---- ---- HOME BUILDING
Revenues - Housing $3,578,182 100.0% $7,529,191 100.0% Cost of
Sales - Housing (3,124,648) (87.3%) (6,539,544) (86.9%) -----------
------- ----------- ------- Gross Margin - Housing 453,534 12.7%
989,647 13.1% Selling, General & Administrative ( A ) (560,215)
(15.7%) (1,111,641) (14.8%) --------- ------- ----------- -------
Housing Operating (Loss) Earnings ( B ) (106,681) (3.0%) (121,994)
(1.6%) Revenues - Land Sales & Other 58,348 436,423 Cost of
Sales - Land Sales & Other (1,013,358) (2,721,219) -----------
----------- Gross Margin - Land Sales & Other (955,010)
(2,284,796) Goodwill Impairment (38,101) (78,236) Losses from
Unconsolidated Entities and Other ( C ) (147,133) (114,550)
--------- --------- Operating Loss $(1,246,925) (34.3%)
$(2,599,576) (32.6%) ============ ------- ============ -------
Average Neighborhoods 520 646 % Change (19.5%) (6.0%) ( A )
Selling, General & Administrative expenses above are those
associated with field operations. ( B ) Housing Operating Earnings
is defined as housing revenues less housing cost of sales less
selling, general & administrative expenses. Housing Operating
Margin is defined as housing operating earnings divided by total
housing revenues. ( C ) Includes losses from unconsolidated
entities of $51,854, $3,569, $159,449 and $128,902, respectively.
IMPAIRMENTS AND WRITE-OFFS Quarter Ended March 31, Fiscal Year
Ended March 31, ----------------------- ---------------------------
2009 2008 2009 2008 ---- ---- ---- ---- Impairment Charges $288,474
$300,001 $882,553 $1,792,429 Write-offs of Land Deposits and Pre-
Acquisition Costs 8,658 32,871 46,570 120,425 Goodwill Impairment -
16,914 38,101 78,236 ----- ------ ------ ------ Subtotal 297,132
349,786 967,224 1,991,090 Share of Joint Venture Impairments 54,823
12,013 157,055 100,525 ------ ------ ------- ------- Total
Impairments and Write-offs $351,955 $361,799 $1,124,279 $2,091,615
======== ======== ========== ========== DATASOURCE: Centex
Corporation CONTACT: Matthew G. Moyer, Vice President, Investor
Relations, or, David Webster, Vice President, Corporate
Communications, both of Centex Corporation, +1-214-981-5000 Web
Site: http://www.centex.com/
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