<PAGE> 1
Exhibit 99.1
CENTEX CORPORATION REPORTS
SECOND QUARTER AND SIX MONTHS EARNINGS
(DALLAS, TX October 25, 2000): Centex Corporation (NYSE: CTX)
today reported financial results for the quarter and the six month period ended
September 30, 2000--the second quarter and first six months of fiscal 2001.
Net earnings for Centex's second quarter this year were
$59,094,000, 10% lower than $65,495,000 for the same quarter a year ago. Diluted
earnings per share for the current quarter were $0.98, 8% less than $1.07 for
the same quarter in fiscal 2000. Current quarter revenues of $1,600,680,000 were
12% higher than $1,429,443,000 for the same quarter last year.
Net earnings for the first six months of fiscal 2001 were
$107,299,000, 13% less than $123,931,000 for the same period in the prior fiscal
year. Diluted earnings per share of $1.79 for the period this year were 11% less
than $2.02 per diluted share for the same period a year ago. Revenues for the
first six months of fiscal 2001 totaled $3,022,562,000, 8% higher than
$2,801,676,000 for the same period in fiscal 2000.
Net earnings for both the quarter and the six months declined
by a slightly higher percentage than diluted earnings per share due to a
slightly lower number of average shares outstanding in the fiscal 2001 periods.
For the first six months of fiscal 2001, Centex's annualized
rate of return on beginning stockholders' equity was 15.1%.
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 currently owns approximately 65% of Centex Construction
Products, Inc., a publicly traded entity which produces and distributes cement,
gypsum wallboard, and concrete and aggregates.
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2
CENTEX CORPORATION
HOME BUILDING
Operating earnings from Centex Homes (Conventional Homes) were
$89.6 million for the second quarter this year, 28% higher than $70.2 million
for the year-ago quarter. Cavco Industries and its affiliates (Manufactured
Homes) reported an operating loss of $1.1 million for this year's quarter versus
operating earnings of $3.2 million for the same quarter last year. Total
operating earnings from Home Building reached $88.5 million for the second
quarter this year, a 21% improvement over earnings of $73.4 million for the same
quarter a year ago.
Revenues from Centex Homes were $1,027.0 million for the
quarter this year, 22% higher than $843.7 million for last year's second
quarter. Cavco Industries' revenues for the quarter this year were $33.8
million, 34% less than $51.0 million for the same quarter a year ago. Total Home
Building revenues for the second quarter this year were $1,060.8 million, a 19%
improvement over $894.7 million for the same quarter in fiscal 2000.
Conventional home closings for the current quarter totaled
4,901 homes, 11% more than second quarter closings of 4,425 last year. Home
sales (orders) for this year's second quarter reached 5,338 homes, a 23%
increase over 4,328 homes for the same quarter a year ago. The backlog of homes
sold but not closed at September 30, 2000 was 9,145 homes, 17% higher than 7,819
homes at September 30, 1999.
The average sales price of Centex's Conventional Homes for the
current quarter was $203,900, 9% higher than $187,700 for the second quarter
last year. The per-unit operating margin for the quarter this year was $18,274,
a 15% improvement over last year's per-unit margin of $15,864. The Conventional
Homes operating margin as a percent of revenue was 8.7% for the second quarter
this year compared to 8.3% for the same quarter in fiscal 2000.
Centex said the margin improvement was due to the increase in
closings and the higher average sales price, as well as to further improvement
in Centex Homes' operating efficiencies.
Cavco produced 1,020 manufactured homes for the second quarter
this year, 24% less than 1,343 units produced during the same quarter last year.
The Manufactured Homes operating margin as a percent of revenue, excluding
Cavco's retail sales operation, was 2.9% for the second quarter this year versus
14.3% for the same quarter a year ago.
Operating earnings from Conventional Homes were $162.1 million
for the six month period this year, 25% higher than $129.3 million for the
year-ago period. Manufactured Homes reported an operating loss of $1.2 million
for the current six months, versus operating earnings of $4.1 million for the
same period last year. Total Home Building operating earnings for the first six
months of fiscal 2001 reached $160.9 million, 21% higher than earnings of $133.5
million for the six month period last year.
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CENTEX CORPORATION
For the current six months, revenues from Centex's
Conventional Homes operation were $1,914.0 million, 20% higher than last year's
revenues of $1,598.4 million for the same period. Manufactured Homes revenues
were $70.3 million, 29% less than $98.8 million for the same period a year ago.
Total Home Building revenues for the six months this year were $1,984.3 million,
17% higher than a year ago.
Closings of Conventional Homes for the six months this year
were 9,309 homes, an 11% increase over 8,359 homes for the same period last
year. Orders for Conventional Homes units rose 19% for the six months this year
to 10,875 homes compared to 9,102 homes for the same period in fiscal 2000.
Manufactured Homes produced 2,154 units during the current six
month period, 29% less than 3,035 units for the same period a year ago.
INTERNATIONAL HOME BUILDING
London-based Fairclough Homes, which was acquired in April
1999 by Centex Development Company, L.P., built and closed 598 homes during the
first six months of fiscal 2001, versus 770 homes for the same period last year.
Due to the unique structure of the acquisition transaction, no significant
earnings from Fairclough will be reported prior to April 2001.
INVESTMENT REAL ESTATE
For the second quarter of fiscal 2001, Centex's Investment
Real Estate operation, through which all investment property transactions are
reported, had operating earnings of $7.1 million, 22% less than $9.0 million for
the year ago quarter. For the current six months, operating earnings from
Investment Real Estate were $13.2 million, 13% less than $15.2 million for the
same period in fiscal 2000.
The declines for the quarter and the six months were due the
timing of land sales and other transactions, which fluctuates from quarter to
quarter.
FINANCIAL SERVICES
Operating earnings from Financial Services for the second
quarter this year were $2.2 million versus earnings of $12.5 million for the
same quarter in fiscal 2000. The decline was due to Centex's conversion to the
"Portfolio" method of accounting to report the results of Centex Home Equity
Corporation and to higher interest rates, which impacted CTX Mortgage Company.
Current year second quarter revenues from Financial Services were $106.5
million, 12% less than revenues of $120.5 million a year ago.
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CENTEX CORPORATION
Operating earnings from CTX Mortgage Company (CTX) and related
companies totaled $5.6 million for the quarter this year, a 26% decline from
earnings of $7.6 million for the same quarter last year. CTX's total "A" loan
originations for this year's quarter were 14,102, 9% less than 15,416
originations for the same quarter last year. "Builder" (Centex Homes)
originations rose 10% to 2,839 from second quarter originations last year while
Retail (third- party) originations declined 12% to 11,263, primarily due to a
lower level of refinancings. CTX's loan volume was $2.02 billion for the quarter
this year, slightly less than $2.07 billion for the same quarter a year ago. The
profit per loan of $399 for this year's quarter was 19% less than last year's
per-loan profit of $495 for the same quarter.
CTX's "A" loan applications for the second quarter this year
totaled 15,368, 10% higher than 14,019 applications for the quarter a year ago.
Builder applications increased 36% to 3,509, while Retail applications rose 4%
to 11,859.
Reflecting the $10.8 million impact of changing to the
"Portfolio" method of accounting, CHEC reported a second quarter loss of $3.4
million this year versus operating earnings of $6.0 million for the quarter
ended September 30, 1999. CHEC originated 7,317 loans during the quarter this
year, a 45% increase over 5,031 originations during the same quarter in fiscal
2000. CHEC's loan volume reached $457 million for the second quarter this year,
up 43% from $320 million for the year ago quarter.
CHEC reported a per-loan loss of $464 for the second quarter
this year versus per- loan profit of $1,190 for the same quarter in the prior
fiscal year. CHEC applications for the current quarter rose 29% to 37,095 versus
28,781 applications for the same quarter last year.
Financial Services operating earnings for the six month period
this year were $2.3 million, 93% less than earnings of $33.2 million for the
year-ago period. For the current six months, Financial Services revenues were
$202.4 million, 15% less than last year.
Operating earnings from CTX and related companies were $10.8
million for the six month period this year, 56% less than earnings of $24.8
million for the same period a year ago. CTX's "A" loan originations for the
current six months totaled 28,267, 16% less than 33,510 originations for the
same period last year. Builder originations for the six month period this year
rose 5% from the same period a year ago to 5,305 while Retail originations
declined 19% to 22,962. The profit-per-loan for the six month period this year
was $383, 48% less than $739 for the same period a year ago.
Total CTX applications for this year's six month period
reached 31,196, 6% less than 33,013 applications in the year ago period. Builder
applications rose 22% to 7,109 and Retail applications declined 11% to 24,087
applications from the same period in fiscal 2000.
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CENTEX CORPORATION
Reflecting the $22.3 million impact of its change to the
"Portfolio" method of accounting, CHEC reported a six month operating loss of
$8.5 million this year versus operating earnings of $10.5 million for the same
period in fiscal 2000.
CHEC's originations for the six months this year rose 39% to
13,746 from 9,870 for the same period in the prior year. CHEC's applications
were 74,748 for the current period, a 30% increase over 57,444 applications for
the same period a year ago. CHEC's loan volume totaled $850 million for the six
month period this year, 33% higher than $640 million for the same period a year
ago.
CONSTRUCTION PRODUCTS
Operating earnings from Centex Construction Products, Inc.
(CXP), net of minority interest, were $21.0 million for the current quarter, 35%
less than $32.1 million for the same quarter a year ago. Current quarter
revenues from Construction Products were $99.8 million, 15% less than last
year's second quarter revenues of $117.8 million.
For the current six months, CXP's operating earnings, net of
minority interest, were $44.1 million, an 18% decline from $53.5 million for the
same period a year ago. Revenues from CXP were $200.1 million for the six month
period this year, 7% less than $215.0 million last year.
CXP's unit sales volumes improved in all product segments for
both the quarter and the six months, but earnings declined due to lower pricing,
particularly that of gypsum wallboard.
CONTRACTING AND CONSTRUCTION SERVICES
Contracting and Construction Services reported operating
earnings of $6.6 million for the second quarter this year, a 28% improvement
over earnings of $5.1 million for the same quarter of fiscal 2000. Revenues from
Contracting and Construction Services were $330.4 million, 14% higher than
revenues of $288.8 million for the quarter a year ago.
Centex's Construction Group received approximately $416
million of new contracts during the quarter this year, a 60% increase over new
contracts of $260 million for the year ago quarter. The backlog of uncompleted
construction projects at September 30, 2000 was a record $1.472 billion, 31%
higher than $1.123 billion at September 30, 1999.
Operating earnings from Contracting and Construction Services
for the current six month period were $13.1 million, a 22% improvement over
earnings of $10.7 million for the same period last year. Revenues for the
current six months were $629.1 million, 2% less than revenues of $640.7 million
for the first six months a year ago.
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CENTEX CORPORATION
OTHER DEVELOPMENTS
During the quarter, Centex Homes announced that it had signed
a letter of intent to acquire the home building assets of The Selective Group,
based in Farmington Hills, Michigan. Centex Homes would acquire all homes under
construction as well as land or lots for approximately 1,500 homes, either owned
or controlled. Terms of the proposed transaction were not disclosed. Closing is
scheduled for January 2001, subject to customary conditions.
OUTLOOK
In September, Centex announced that its home sales were
continuing at a stronger pace than anticipated, and as a result, Centex Homes
believed it would deliver about 20,500 homes during fiscal 2001 rather than the
19,500 homes previously expected, resulting in record results from Home
Building. In addition, Centex said it also expects all-time-high results from
its Contracting and Construction Services operation. However, operating earnings
from Financial Services will continue to be negatively impacted by the low level
in refinancings at CTX Mortgage and CHEC's change in accounting to the
"Portfolio" method. In addition, results from Construction Products will
continue to be impacted by softening gypsum wallboard pricing.
In conclusion, Centex said it expects to report fiscal 2001
earnings in the range of $4.00-$4.25 per diluted share, versus the $4.22 Centex
reported for fiscal 2000. Centex added that given a stable interest rate and
economic environment, financial results for fiscal 2002 (beginning April 1,
2001) should substantially exceed those of the current fiscal year.
CENTEX WILL CONDUCT A CONFERENCE CALL TO DISCUSS ITS SECOND
QUARTER RESULTS AND OTHER MATTERS AT 10 A.M. CENTRAL TIME TODAY (11 A.M. EASTERN
TIME). THE CONFERENCE CALL, ACCOMPANIED BY A SLIDE PRESENTATION, WILL BE WEBCAST
SIMULTANEOUSLY ON THE CENTEX WEB SITE, WWW.CENTEX.COM. A REPLAY OF THE CALL AND
THE PRESENTATION WILL BE AVAILABLE AT THAT SITE UNTIL NOVEMBER 8, 2000. TO
LISTEN TO THE CALL BY TELEPHONE OR TO REQUEST ADDITIONAL INFORMATION, CONTACT
CENTEX INVESTOR RELATIONS AT (214)981-6503.
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CENTEX CORPORATION
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)
(3) Revenues and Earnings by Line of Business (Six Months)
(4) Housing Activity by Geographic Area
(5) Conventional Homes Results
Manufactured Homes Results
(6) Supplemental Financial Services Data
(7) Supplemental Construction Products Data
Supplemental Contracting and Construction Services Data
(8) Home Building Margin Data by Quarter,
Fiscal 2000 and Fiscal 2001
FOR ADDITIONAL INFORMATION, CONTACT AT (214)981-5000:
Laurence E. Hirsch
Chairman and Chief Executive Officer
Sheila E. Gallagher
Vice President-Corporate Communications
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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,
---------------------------------------------------
2000 1999 Change
--------------- --------------- --------------
<S> <C> <C> <C>
Revenues $ 1,600,680 $ 1,429,443 12%
Earnings Before Income Taxes $ 95,925 $ 107,331 (11%)
Net Earnings $ 59,094 $ 65,495 (10%)
Earnings Per Share:
Basic $ 1.00 $ 1.10 (9%)
Diluted $ 0.98 $ 1.07 (8%)
Average Shares Outstanding:
Basic 58,954,694 59,435,195 (1%)
Diluted 60,303,878 61,281,959 (2%)
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
September 30,
---------------------------------------------------
2000 1999 Change
--------------- --------------- --------------
<S> <C> <C> <C>
Revenues $ 3,022,562 $ 2,801,676 8%
Earnings Before Income Taxes $ 173,994 $ 200,441 (13%)
Net Earnings $ 107,299 $ 123,931 (13%)
Earnings Per Share:
Basic $ 1.82 $ 2.08 (13%)
Diluted $ 1.79 $ 2.02 (11%)
Average Shares Outstanding:
Basic 58,879,433 59,440,650 (1%)
Diluted 60,079,635 61,445,595 (2%)
</TABLE>
<PAGE> 9
Attachment 2
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
<TABLE>
<CAPTION>
Quarter Ended
September 30,
---------------------------------------------------
2000 1999 Change
--------------- --------------- --------------
<S> <C> <C> <C>
REVENUES
Home Building:
Conventional Homes $ 1,027,003 $ 843,745 22%
Manufactured Homes 33,797 50,987 (34%)
----------- -----------
Total Home Building 1,060,800 894,732 19%
66% 63%
Investment Real Estate 3,163 7,642 (59%)
-% 1%
Financial Services 106,500 120,477 (12%)
7% 8%
Construction Products 99,772 117,841 (15%)
6% 8%
Contracting and Construction Services 330,445 288,751 14%
21% 20%
----------- -----------
Total $ 1,600,680 $ 1,429,443 12%
100% 100%
=========== ===========
OPERATING EARNINGS
Home Building:
Conventional Homes $ 89,559 $ 70,200 28%
Manufactured Homes (1,093) 3,179 (134%)
----------- -----------
Total Home Building 88,466 73,379 21%
70% 56%
Investment Real Estate 7,073 9,011 (22%)
6% 7%
Financial Services 2,205 12,450 (82%)
2% 10%
Construction Products 20,981 32,093 (35%)
16% 24%
Contracting and Construction Services 6,566 5,115 28%
5% 4%
Other, net 1,597 (1,054) 252%
1% (1%)
----------- -----------
Total Operating Earnings 126,888 130,994 (3%)
100% 100%
Corporate General Expenses (8,774) (8,130)
Interest Expense (22,189) (15,533)
----------- -----------
EARNINGS BEFORE INCOME TAXES $ 95,925 $ 107,331 (11%)
=========== ===========
</TABLE>
<PAGE> 10
Attachment 3
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
<TABLE>
<CAPTION>
Six Months Ended
September 30,
---------------------------------------------------
2000 1999 Change
--------------- --------------- --------------
<S> <C> <C> <C>
REVENUES
Home Building:
Conventional Homes $ 1,914,025 $ 1,598,356 20%
Manufactured Homes 70,283 98,818 (29%)
----------- -----------
Total Home Building 1,984,308 1,697,174 17%
66% 61%
Investment Real Estate 6,644 11,449 (42%)
--% --%
Financial Services 202,409 237,364 (15%)
7% 8%
Construction Products 200,097 215,021 (7%)
6% 8%
Contracting and Construction Services 629,104 640,668 (2%)
21% 23%
----------- -----------
Total $ 3,022,562 $ 2,801,676 8%
100% 100%
=========== ===========
OPERATING EARNINGS
Home Building:
Conventional Homes $ 162,109 $ 129,348 25%
Manufactured Homes (1,190) 4,135 (129%)
----------- -----------
Total Home Building 160,919 133,483 21%
68% 55%
Investment Real Estate 13,175 15,170 (13%)
6% 6%
Financial Services 2,273 33,173 (93%)
1% 14%
Construction Products 44,100 53,545 (18%)
19% 22%
Contracting and Construction Services 13,070 10,670 22%
5% 4%
Other, net 1,917 (2,901) 166%
1% (1%)
----------- -----------
Total Operating Earnings 235,454 243,140 (3%)
100% 100%
Corporate General Expenses (17,505) (15,338)
Interest Expense (43,955) (27,361)
----------- -----------
EARNINGS BEFORE INCOME TAXES $ 173,994 $ 200,441 (13%)
=========== ===========
</TABLE>
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Attachment 4
Centex Corporation and Subsidiaries
Housing Activity by Geographic Area
<TABLE>
<CAPTION>
Closings
-------------------------------------------------------------------------------------------
Quarter Ended September 30, Six Months Ended September 30,
------------------------------------------- --------------------------------------------
2000 1999 Change 2000 1999 Change
------------ ------------ ----------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
West 1,099 789 39% 2,094 1,535 36%
Midwest 855 769 11% 1,570 1,346 17%
East 1,023 1,042 (2%) 2,028 1,968 3%
Southeast 754 698 8% 1,352 1,337 1%
Southwest 1,170 1,127 4% 2,265 2,173 4%
----------- ----------- ----------- -----------
4,901 4,425 11% 9,309 8,359 11%
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Sales (Orders) Backlog
--------------------------------------------
9/30/00 9/30/99 Change
------------ ------------ -----------
<S> <C> <C> <C>
West 1,549 1,176 32%
Midwest 1,719 1,682 2%
East 1,836 1,407 30%
Southeast 1,788 1,717 4%
Southwest 2,253 1,837 23%
----------- -----------
9,145 7,819 17%
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
Sales (Orders)
-------------------------------------------------------------------------------------------
Quarter Ended September 30, Six Months Ended September 30,
------------------------------------------- --------------------------------------------
2000 1999 Change 2000 1999 Change
------------ ------------ ----------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
West 1,242 837 48% 2,544 1,661 53%
Midwest 764 653 17% 1,661 1,518 9%
East 1,145 941 22% 2,345 1,983 18%
Southeast 748 665 12% 1,558 1,554 -%
Southwest 1,439 1,232 17% 2,767 2,386 16%
----------- ----------- ----------- -----------
5,338 4,328 23% 10,875 9,102 19%
=========== =========== =========== ===========
</TABLE>
<PAGE> 12
Attachment 5
Centex Corporation and Subsidiaries
Supplemental Home Building Data
<TABLE>
<CAPTION>
CONVENTIONAL HOMES RESULTS
(dollars in millions, except per unit data)
Quarter Ended September 30,
----------------------------------------------------
2000 1999
------------------------- -------------------------
<S> <C> <C> <C> <C>
Conventional Housing Revenues $ 1,027.0 100.0% $ 843.7 100.0%
Cost of Sales (789.3) (76.9%) (651.1) (77.2%)
Selling, General & Administrative (148.1) (14.4%) (122.4) (14.5%)
---------- --------- ---------- ---------
OPERATING EARNINGS $ 89.6 8.7% $ 70.2 8.3%
========== ========= ========== =========
Units Closed 4,901 4,425
Unit Sales Price $ 203,900 $ 187,700
% Change 8.6% 1.7%
Operating Earnings per Unit $ 18,274 $ 15,864
% Change 15.2% 5.4%
<CAPTION>
CONVENTIONAL HOMES RESULTS
(dollars in millions, except per unit data)
Six Months Ended September 30,
----------------------------------------------------
2000 1999
------------------------- -------------------------
<S> <C> <C> <C> <C>
Conventional Housing Revenues $ 1,914.0 100.0% $ 1,598.3 100.0%
Cost of Sales (1,468.8) (76.7%) (1,232.4) (77.1%)
Selling, General & Administrative (283.1) (14.8%) (236.6) (14.8%)
---------- --------- ---------- --------
OPERATING EARNINGS $ 162.1 8.5% $ 129.3 8.1%
========== ========= ========== ========
Units Closed 9,309 8,359
Unit Sales Price $ 200,308 $ 188,127
% Change 6.5% 2.0%
Operating Earnings per Unit $ 17,414 $ 15,474
% Change 12.5% 7.5%
</TABLE>
<TABLE>
<CAPTION>
MANUFACTURED HOMES RESULTS
(dollars in thousands)
Quarter Ended September 30,
----------------------------------------------------
2000 1999
------------------------- -------------------------
<S> <C> <C> <C> <C>
Manufactured Homes Revenues (Construction) $ 21,207 100.0% $ 32,948 100.0%
Cost of Sales (18,135) (85.5%) (24,548) (74.5%)
Selling, General & Administrative (2,466) (11.6%) (3,703) (11.2%)
---------- --------- ---------- ---------
606 2.9% 4,697 14.3%
---------- ========= ---------- =========
Manufactured Homes Revenues (Retail) 11,427 100.0% 18,039 100.0%
Cost of Sales (9,140) (80.0%) (14,390) (79.8%)
Selling, General & Administrative (2,922) (25.6%) (3,534) (19.6%)
---------- --------- ---------- ---------
(635) (5.6%) 115 0.6%
---------- ========= ---------- =========
Manufacturing and Retail Earnings (29) 4,812
Subdivision Development Activities (206) -
Goodwill Amortization (858) (858)
Minority Interest Expense - (775)
---------- ----------
GROUP OPERATING EARNINGS $ (1,093) $ 3,179
========== ==========
UNITS
Units Produced 1,020 1,343
Units Sold - Retail 267 405
Less: Intersegment Sales (158) (310)
---------- ----------
UNITS SOLD 1,129 1,438
========== ==========
<CAPTION>
MANUFACTURED HOMES RESULTS
(dollars in thousands)
Six Months Ended September 30,
----------------------------------------------------
2000 1999
------------------------- -------------------------
<S> <C> <C> <C> <C>
Manufactured Homes Revenues (Construction) $ 45,168 100.0% $ 67,736 100.0%
Cost of Sales (37,228) (82.4%) (52,781) (77.9%)
Selling, General & Administrative (5,899) (13.1%) (7,405) (10.9%)
---------- --------- ---------- ----------
2,041 4.5% 7,550 11.2%
---------- ========= ---------- ==========
Manufactured Homes Revenues (Retail) 23,952 100.0% 31,082 100.0%
Cost of Sales (19,372) (80.9%) (24,842) (79.9%)
Selling, General & Administrative (5,889) (24.6%) (6,942) (22.3%)
---------- --------- ---------- ----------
(1,309) (5.5%) (702) (2.2%)
---------- ========= ---------- ==========
Manufacturing and Retail Earnings 732 6,848
Subdivision Development Activities (206) -
Goodwill Amortization (1,716) (1,699)
Minority Interest Expense - (1,014)
---------- ----------
GROUP OPERATING EARNINGS $ (1,190) $ 4,135
========== ==========
UNITS
Units Produced 2,154 3,035
Units Sold - Retail 557 727
Less: Intersegment Sales (356) (540)
---------- ----------
UNITS SOLD 2,355 3,222
========== ==========
</TABLE>
<PAGE> 13
Attachment 6
Centex Corporation and Subsidiaries
Supplemental Financial Services Data
<TABLE>
<CAPTION>
CTX MORTGAGE COMPANY
Quarter Ended September 30, Six Months Ended September 30,
--------------------------------------- -----------------------------------------
2000 1999 Change 2000 1999 Change
---------- ----------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Originations
Builder 2,839 2,571 10% 5,305 5,040 5%
Retail 11,263 12,845 (12%) 22,962 28,470 (19%)
--------- --------- --------- ---------
Total 14,102 15,416 (9%) 28,267 33,510 (16%)
========= ========== ========= =========
Applications
Builder 3,509 2,578 36% 7,109 5,811 22%
Retail 11,859 11,441 4% 24,087 27,202 (11%)
--------- --------- --------- ---------
Total 15,368 14,019 10% 31,196 33,013 (6%)
========= ========== ========= =========
Loan Volume (in billions) $ 2.02 $ 2.07 (2%) $ 4.00 $ 4.51 (11%)
========= ========== ========= =========
Average Loan Size $ 143,200 $ 134,200 7% $ 141,600 $ 134,600 5%
========= ========== ========= =========
Profit per Loan $ 399 $ 495 (19%) $ 383 $ 739 (48%)
========= ========== ========= =========
</TABLE>
<TABLE>
<CAPTION>
CHEC (B & C)
Quarter Ended September 30, Six Months Ended September 30,
--------------------------------------- -----------------------------------------
2000 1999 Change 2000 1999 Change
---------- ----------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Originations 7,317 5,031 45% 13,746 9,870 39%
========= ========== ========= =========
Applications 37,095 28,781 29% 74,748 57,444 30%
========= ========== ========= =========
Loan Volume (in billions) $ 0.46 $ 0.32 43% $ 0.85 $ 0.64 33%
========= ========== ========= =========
Average Loan Size $ 62,400 $ 63,500 (2%) $ 62,000 $ 64,600 (4%)
========= ========== ========= =========
Profit per Loan $ (464)* $ 1,190 (139%) $ (615)* $ 1,068 (158%)
========= ========== ========= =========
</TABLE>
* Change in profitability relates primarily to the change, as of April 1,
2000, to the "Portfolio" method for recognizing earnings from the
"Gain-on-Sale" method previously used.
<PAGE> 14
Attachment 7
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,
------------------------------ ------------------------------
2000 1999 Change 2000 1999 Change
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Cement
Sales Volumes (Tons) 689 675 2% 1,314 1,269 4%
Average Net Sales Price $ 68.24 $ 69.94 (2%) $ 68.35 $ 70.16 (3%)
Gypsum Wallboard
Sales Volumes (MMSF) 363 353 3% 706 653 8%
Average Net Sales Price $ 100.52 $ 158.36 (37%) $ 113.94 $ 152.32 (25%)
Concrete
Sales Volumes (Cubic Yards) 238 230 3% 447 425 5%
Average Net Sales Price $ 53.29 $ 52.31 2% $ 53.03 $ 51.86 2%
Aggregates
Sales Volumes (Tons) 1,129 923 22% 2,034 1,687 21%
Average Net Sales Price $ 4.19 $ 4.31 (3%) $ 4.22 $ 4.30 (2%)
</TABLE>
SUPPLEMENTAL CONTRACTING AND CONSTRUCTION SERVICES DATA
(dollars in millions)
<TABLE>
<CAPTION>
Quarter Ended September 30, Six Months Ended September 30,
------------------------------ ------------------------------
2000 1999 Change 2000 1999 Change
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
New Contracts $ 416 $ 260 60% $ 719 $ 827 (13%)
======== ======== ======== ========
Backlog at September 30, $ 1,472 $ 1,123 31% $ 1,472 $ 1,123 31%
======== ======== ======== ========
</TABLE>
<PAGE> 15
Attachment 8
Centex Corporation and Subsidiaries
Home Building Margins - Quarterly Summary
<TABLE>
<CAPTION>
For the Quarters Ending,
---------------------------------------------------------------------------- Fiscal Year Total
June 30, 1999 September 30, 1999 December 31, 1999 March 31, 2000 March 31, 2000
---------------- ------------------ ----------------- ---------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Conventional Housing Revenues $ 754.6 100.0% $ 843.7 100.0% $ 863.2 100.0% $1,225.3 100.0% $ 3,686.8 100.0%
Cost of Sales (581.3) (77.0%) (651.1) (77.2%) (666.6) (77.2%) (953.4) (77.8%) (2,852.3) (77.3%)
-------- ------ --------- ------- -------- ------
GROSS MARGIN 173.3 23.0% 192.6 22.8% 196.6 22.8% 271.9 22.2% 834.5 22.7%
Selling, General & Administrative (114.2) (15.2%) (122.4) (14.5%) (123.3) (14.3%) (151.4) (12.4%) (511.3) (13.9%)
-------- ------ --------- ------- -------- ------ -------- ------ --------- ------
OPERATING EARNINGS $ 59.1 7.8% $ 70.2 8.3% $ 73.3 8.5% $ 120.5 9.8% $ 323.2 8.8%
======== ====== ========= ======= ======== ====== ======== ====== ========= ======
Units Closed 3,934 4,425 4,495 6,050 18,904
Unit Sales Price $188,608 $ 187,700 $189,466 $197,884 $ 191,568
% Change - Prior Year 2.3% 1.7% 3.2% 4.7% 3.2%
OPERATING EARNINGS/UNIT $ 15,035 $ 15,864 $ 16,314 $ 19,924 $ 17,098
% Change - Prior Year 10.2% 5.4% 1.1% 3.5% 4.4%
GROSS MARGIN PER UNIT $ 44,052 $ 43,525 $ 43,737 $ 44,942 $ 44,144
% Change - Prior Year 7.4% 5.9% 3.3% 2.8% 6.3%
SG&A Per Unit $ 29,029 $ 27,661 $ 27,430 $ 25,025 $ 27,047
% Change - Prior Year 6.1% 6.2% 4.6% 2.1% 9.3%
</TABLE>
<TABLE>
<CAPTION>
For the Quarters Ending,
----------------------------------------------------------------------------- Fiscal Year Total
June 30, 2000 September 30, 2000 December 31, 2000 March 31, 2001 March 31, 2001
------------------ -------------------- ----------------- -------------- -----------------
Year to Date
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Conventional Housing Revenues $ 887.0 100.0% $ 1,027.0 100.0% $ 1,914.0 100.0%
Cost of Sales (679.5) (76.6%) (789.3) (76.9%) (1,468.8) (76.7%)
-------- ------- --------- ------- ------ ------- ------- ------ --------- ------
GROSS MARGIN 207.5 23.4% 237.7 23.1% 445.2 23.3%
Selling, General & Administrative (135.0) (15.2%) (148.1) (14.4%) (283.1) (14.8%)
-------- ------- --------- ------- ------ ------- ------- ------ --------- ------
OPERATING EARNINGS $ 72.5 8.2% $ 89.6 8.7% $ 162.1 8.5%
======== ======= ========= ======= ====== ======= ======= ====== ========= ======
Units Closed 4,408 4,901 9,309
Unit Sales Price $196,314 $ 203,900 $ 200,308
% Change - Prior Year 4.1% 8.6% 6.5%
OPERATING EARNINGS/UNIT $ 16,459 $ 18,274 $ 17,414
% Change - Prior Year 9.5% 15.2% 12.5%
GROSS MARGIN PER UNIT $ 47,074 $ 48,500 $ 47,825
% Change - Prior Year 6.9% 11.4% 9.3%
SG&A Per Unit $ 30,626 $ 30,218 $ 30,411
% Change - Prior Year 5.5% 9.2% 7.4%
</TABLE>
