<PAGE> 1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): JANUARY 26, 2000
CENTEX CORPORATION
(Exact name of registrant as specified in its charter)
NEVADA 1-6776 75-0778259
(State of other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
2728 N. HARWOOD, DALLAS, TEXAS 75201
(Address of principal executive offices) (Zip code)
Registrant's telephone number including area code: (214) 981-5000
NOT APPLICABLE
(Former name or former address if changed from last report)
================================================================================
<PAGE> 2
ITEM 5. OTHER EVENTS.
On January 26, 2000, Centex Corporation, a Nevada corporation (the
"Corporation"), announced its third quarter net earnings for the quarter ended
December 31, 1999. A copy of the Corporation's press release announcing these
financial results is attached as Exhibit 99.1 hereto and incorporated by
reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
EXHIBIT
NUMBER DESCRIPTION
99.1 Press Release dated January 26, 2000.
-2-
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
CENTEX CORPORATION
By: /s/ Raymond G. Smerge
---------------------------------
Name: Raymond G. Smerge
Title: Executive Vice President,
Chief Legal Officer and Secretary
Date: January 26, 2000.
-3-
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
99.1 Press Release dated January 26, 2000.
</TABLE>
<PAGE> 1
EXHIBIT 99.1
CENTEX CORPORATION REPORTS RECORD RESULTS
FOR THIRD QUARTER AND NINE MONTHS
(DALLAS, TX January 26, 2000): Centex Corporation (NYSE: CTX) today
reported record revenues, operating earnings, net earnings and earnings per
share for the third quarter and nine months ended December 31, 1999. The results
were due primarily to gains in Centex's Home Building, Construction Products,
and Contracting and Construction Services operations.
Corporate net earnings for this year's third quarter were $63,176,000, 7% higher
than $59,043,000 for the same quarter a year ago. Diluted earnings per share for
the current quarter were $1.04, an 8% increase over $0.96 for the same quarter
in fiscal 1999. Current quarter revenues of $1,429,161,000 were 14% higher than
$1,256,086,000 for the same quarter last year.
Corporate net earnings for the first nine months of fiscal 2000 reached an all
time high of $187,107,000, 14% higher than $163,767,000 for the same period in
the prior fiscal year. Diluted earnings per share for the nine months this year
were $3.06, a 15% improvement over $2.65 for the period last year. Revenues for
the first nine months of fiscal 2000 totaled $4,230,837,000, a 17% gain over
$3,609,774,000 for the same period in fiscal 1999. Net earnings for both the
quarter and the nine months increased by a lower percentage than diluted
earnings per share due to a slightly lower number of average shares outstanding
in the fiscal 2000 periods. For the first nine months of fiscal 2000, Centex's
annualized rate of return on beginning stockholders' equity was 20.8%.
Through its subsidiaries, Dallas-based Centex ranks among the nation's leading
home builders, non-bank-affiliated retail mortgage lenders and general building
contractors. The Company also has operations in investment real estate and owns
a majority interest in Centex Construction Products, Inc., a publicly held
company which produces and distributes cement, gypsum wallboard, and concrete
and aggregates.
HOME BUILDING
Operating earnings from Centex Homes (Conventional Homes) were $73.3
million for the third quarter this year, 26% higher than $58.1 million for the
same quarter a year ago. Operating earnings from Cavco Industries (Manufactured
Homes) were $2.7 million for the current
M O R E
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CENTEX CORPORATION
quarter, a 6% decline from quarterly earnings of $2.8 million last year. Total
operating earnings from Home Building reached $76.0 million for the third
quarter this year, a 25% gain over $60.9 million for the same quarter in fiscal
1999.
Revenues from Centex Homes were $863.2 million for this year's third
quarter, 29% higher than $671.4 million for the same quarter in fiscal 1999.
Cavco's revenues for the current quarter were $47.1 million, 18% higher than
$39.8 million for the same quarter a year ago. Total Home Building revenues for
the third quarter this year were $910.3 million, a 28% gain over $711.2 million
for the same quarter last year.
Centex Homes' closings for the current quarter totaled 4,495 units,
25% more than 3,601 units for the third quarter last year. Home sales (orders)
for this year's quarter were 4,089 units, 13% higher than 3,610 units for the
same quarter a year ago. The backlog of homes sold but not closed at December
31, 1999 totaled 7,413 units, 15% higher than 6,419 units at December 31, 1998.
The average unit sales price for Centex Homes for the current quarter
was $189,466, 3% higher than $183,522 for the third quarter last year. The per
unit operating margin for the quarter this year was a record $16,314 versus
$16,134 for the same quarter a year ago. The Centex Homes operating margin as a
percent of revenue was 8.5% for the fiscal 1999 third quarter compared to 8.6%
for the same quarter in fiscal 1999.
Cavco produced 1,386 homes for the current quarter, compared to 1,625
units during the same quarter last year. Cavco's operating margin as a percent
of revenue, prior to goodwill amortization and before the inclusion of Cavco's
retail sales operation, was 11.8% for the quarter this year, compared to 14.3%
for the same quarter a year ago.
Nine month operating earnings from Centex Homes were $202.7 million,
34% higher than $151.0 million for the year ago period. Operating earnings from
Cavco were $6.8 million for the current nine months, down 17% from $8.2 million
for the same period last year. Total Home Building operating earnings for the
first nine months of fiscal 2000 reached $209.5 million, a 32% gain over $159.2
million for the nine month period in fiscal 1999.
For the current nine months, revenues from Centex Homes were $2.5
billion, 31% higher than last year's revenues for the same period. Cavco's
revenues were $146.0 million, up 12% from the same period a year ago. Centex
acquired Cavco's 19.5% minority interest during the current quarter. Total Home
Building revenues for the nine months this year reached $2.6 billion, a 30%
improvement over the year ago period.
Centex Homes' closings for the nine months this year reached 12,854
M O R E
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CENTEX CORPORATION
units, a 28% increase over closings for the same period last year. Orders for
Centex Homes rose 22% for the nine months this year to 13,191 units.
Cavco produced 4,421 units during the current nine month period,
versus 4,670 units during the first nine months of fiscal 1999.
INTERNATIONAL HOME BUILDING
London-based Fairclough Homes, which was acquired in April 1999 by
Centex Development Company, L.P., built and closed 1,147 homes during the first
nine months of fiscal 2000. 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 third quarter of fiscal 2000, Centex's Investment Real Estate
operation, through which all investment property transactions are reported, had
operating earnings of $8.9 million, 7% higher than earnings of $8.4 million for
the year ago quarter. For the current nine months, operating earnings from
Investment Real Estate were $24.1 million, an 8% increase over operating
earnings for the same period in fiscal 1999.
The improvements for the quarter and the nine months were due
primarily to increased land sales, the timing of which will vary from quarter to
quarter.
FINANCIAL SERVICES
Operating earnings from Financial Services for the quarter ended
December 31, 1999 were $9.2 million, 62% less than $24.1 million for the same
quarter last year. This year's third quarter Financial Services revenues of
$106.6 million were 8% below $116.2 million for the same quarter a year ago.
Current quarter operating earnings from CTX Mortgage Company (CTX) and
related companies totaled $5.8 million for the third quarter this year versus
$24.4 million last year. CTX's total "A" loan originations for the current
quarter were 13,381, 38% less than 21,425 originations for the same quarter last
year. "Builder" (Centex Homes) originations were 6% higher than Builder
originations for last year's quarter but Retail (third-party) originations
declined 43% for the quarter this year, primarily due to a drop in refinancings
as a result of higher interest rates. The
M O R E
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CENTEX CORPORATION
profit per loan of $435 for this year's third quarter was 62% less than the per
loan profit of $1,139 for the same quarter last year.
CTX's "A" loan applications totaled 11,197 for the third quarter this
year, 45% less than applications for the year ago quarter. Builder applications
declined 6%, while Retail applications decreased 51% over those for last year's
quarter.
Centex Home Equity Corporation (CHEC) reported operating earnings of
$4.5 million for the quarter ended December 31, 1999 compared to $440,000 for
the same quarter last year. CHEC originated 5,367 "B&C" loans during the quarter
this year, a 33% improvement over 4,032 loans for the same quarter in fiscal
1999, and loan volume reached $350 million versus $266 million for the year ago
quarter. CHEC's profit per loan for the current quarter was $832 compared to
$109 for the same quarter last year. CHEC applications for the current quarter
rose 42% over quarterly applications last year to reach 32,341.
Centex Finance Company, the Company's manufactured home finance unit
that was closed down during the quarter, reported a loss of $1.1 million
Financial Services operating earnings were $42.4 million for the nine
month period this year, 41% less than earnings for the year ago period. For the
current nine months, Financial Services revenues reached $343.9 million, 6%
higher than last year.
CTX's operating earnings for the nine months this year were $30.6
million, 54% less than earnings for the same period in fiscal 1999. CTX's "A"
loan originations for the current nine months totaled 47,339, 19% less than
originations for the same period last year. Builder originations rose 11% from a
year ago while Retail originations declined 23%.
Total CTX applications for this year's nine month period reached
44,210, 24% less than applications in the year ago period. Builder applications
rose 6% while Retail applications declined 29% from the year ago period.
CHEC reported earnings of $15.0 million for the nine month period this
year, a 113% improvement over the year ago period. CHEC's "B&C" originations for
the nine months this year rose 34% to 15,237. CHEC applications of 89,785 for
the current nine month period represented a 65% improvement over applications
for the same period last year.
CONSTRUCTION PRODUCTS
Operating earnings from Centex Construction Products, Inc. (CXP), net
of minority interest, reached $28.4 million for the current quarter, 55% higher
than earnings for the
M O R E
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CENTEX CORPORATION
quarter a year ago. Current quarter revenues from Construction Products were
$108.4 million, 28% higher than last year's revenues for the quarter. At
December 31, 1999, Centex owned 62.3% of CXP. Since that time, Centex's
ownership interest has increased to 63.9%
For the current nine months, CXP's operating earnings, net of minority
interest, were $81.9 million, a 54% improvement over results for the same period
a year ago. Revenues from CXP were $323.4 million for the period this year, 26%
higher than last year.
CXP's record results for both the quarter and the nine months were due
primarily to increased earnings in its gypsum wallboard operations.
CONTRACTING AND CONSTRUCTION SERVICES
Contracting and Construction Services reported operating earnings of
$6.8 million for the quarter this year, an 84% improvement over earnings for the
fiscal 1999 quarter. Revenues from Contracting and Construction Services were
$288.0 million for the current quarter, 14% less than revenues for the quarter a
year ago.
The Centex Construction Group received approximately $487 million of
new contracts during the quarter this year, a 63% improvement over $298 million
of new contracts for the same quarter a year ago. The backlog of uncompleted
construction projects at December 31, 1999 was approximately $1.322 billion, 12%
higher than the backlog of $1.182 billion reported at December 31, 1998.
Operating earnings from Contracting and Construction Services for the
current nine month period were $17.5 million, a 53% improvement over results for
the same period last year. Revenues for the current nine months were $928.6
million, 7% less than revenues for the nine month period a year ago.
OTHER DEVELOPMENTS
During the quarter, Centex Home Equity completed the securitization of
$305 million of sub-prime equity mortgage loans. CHEC is also the servicer for
the mortgage loans included in the securitization. This securitization is a
continuation of CHEC's strategy to obtain regular access to public sources of
capital and liquidity and to continue to broaden the investor base for CHEC's
structured finance transactions. Since February 1998, CHEC has completed eight
securitizations totaling approximately $2.1 billion of sub-prime mortgage loans.
Also during the quarter, CHEC established a new correspondent lending division
that will focus on purchasing closed loans from a variety of financial entities,
including small to mid-sized mortgage
M O R E
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CENTEX CORPORATION
bankers and credit unions.
OUTLOOK
Despite increasing interest rates, Centex said its Home Building sales
continue to be robust. These escalating interest rates are expected to continue
to negatively impact the Company's Financial Services results. However, Centex
said its Contracting and Construction Services results should continue to
improve and CXP is positioned to post its sixth consecutive year of record
results.
As a result, Centex noted that its fiscal 2000 earnings should exceed
the record levels posted in fiscal 1999.
# # # # # # #
FORWARD-LOOKING STATEMENTS. THIS NEWS RELEASE CONTAINS FORWARD-LOOKING
STATEMENTS WITHIN THE MEANING OF THE SECURITIES ACT OF 1933, SECTION 21E OF THE
SECURITIES EXCHANGE ACT OF 1934 AND THE PRIVATE LITIGATION REFORM ACT OF 1995.
THE STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE A NUMBER OF
RISKS AND UNCERTAINTIES THAT MAY CAUSE ACTUAL RESULTS AND OUTCOMES TO DIFFER
MATERIALLY FROM WHAT IS EXPRESSED IN SUCH STATEMENTS. THE PRINCIPAL RISKS AND
UNCERTAINTIES THAT MAY AFFECT THE COMPANY'S ACTUAL PERFORMANCE AND RESULTS OF
OPERATIONS INCLUDE WITHOUT LIMITATION GENERAL ECONOMIC CONDITIONS AND INTEREST
RATES; COMPETITIVE FACTORS; AND BUILDING MATERIALS COSTS. PLEASE SEE THE
COMPANY'S MOST RECENT REPORTS ON FORM 10-K AND FORM 10-Q FOR A MORE
COMPREHENSIVE LIST OF RISKS AND UNCERTAINTIES AFFECTING 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 (Nine Months)
(4) Housing Activity by Geographic Area
(5) Supplemental Home Building Data
(6) Supplemental Financial Services Data
(7) Supplemental Construction Products Data
Contracting and Construction Services Data
(8) Home Building Margins by Quarter
M O R E
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CENTEX CORPORATION
FOR ADDITIONAL INFORMATION, CONTACT AT 214.981.5000:
Laurence E. Hirsch
Chairman and Chief Executive Officer
Sheila E. Gallagher
Vice President-Corporate Communications
M O R E
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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
December 31,
-----------------------------------------------------
1999 1998 Change
----------------- ----------------- ---------------
<S> <C> <C> <C>
Revenues $ 1,429,161 $ 1,256,086 14%
Earnings Before Income Taxes $ 101,729 $ 94,634 7%
Net Earnings $ 63,176 $ 59,043 7%
Earnings Per Share:
Basic $ 1.07 $ 0.99 8%
Diluted $ 1.04 $ 0.96 8%
Average Shares Outstanding:
Basic 59,230,006 59,410,876 --%
Diluted 60,723,572 61,661,959 (2%)
</TABLE>
<TABLE>
<CAPTION>
Nine Months Ended
December 31,
-----------------------------------------------------
1999 1998 Change
----------------- ----------------- ---------------
<S> <C> <C> <C>
Revenues $ 4,230,837 $ 3,609,774 17%
Earnings Before Income Taxes $ 302,170 $ 261,722 15%
Net Earnings $ 187,107 $ 163,767 14%
Earnings Per Share:
Basic $ 3.15 $ 2.75 15%
Diluted $ 3.06 $ 2.65 15%
Average Shares Outstanding:
Basic 59,370,180 59,496,866 --%
Diluted 61,204,665 61,888,466 (1%)
</TABLE>
<PAGE> 9
Attachment 2
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
<TABLE>
<CAPTION>
Quarter Ended
December 31,
-----------------------------------------------------
1999 1998 Change
----------------- ----------------- ---------------
<S> <C> <C> <C>
REVENUES
Home Building:
Conventional Homes $ 863,177 $ 671,404 29%
Manufactured Homes 47,160 39,819 18%
----------------- -----------------
Total Home Building 910,337 711,223 28%
64% 56%
Investment Real Estate 15,908 8,566 86%
1% 1%
Financial Services 106,568 116,234 (8%)
7% 9%
Construction Products 108,370 84,863 28%
8% 7%
Contracting and Construction Services 287,978 335,200 (14%)
20% 27%
----------------- -----------------
Total $ 1,429,161 $ 1,256,086 14%
100% 100%
================= =================
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
OPERATING EARNINGS
Home Building:
Conventional Homes $ 73,330 $ 58,099 26%
Manufactured Homes (A) 2,676 2,834 (6%)
--------- ---------
Total Home Building 76,006 60,933 25%
59% 54%
Investment Real Estate 8,917 8,370 7%
7% 7%
Financial Services 9,223 24,149 (62%)
7% 22%
Construction Products (A) 28,361 18,350 55%
22% 16%
Contracting and Construction Services 6,800 3,689 84%
5% 3%
Other, net (628) (2,844) 78%
--% (2%)
--------- ----------
Total Operating Earnings 128,679 112,647 14%
100% 100%
Corporate General Expenses (8,483) (7,084)
Interest Expense (18,467) (10,929)
--------- ---------
EARNINGS BEFORE INCOME TAXES $ 101,729 $ 94,634 7%
========= =========
</TABLE>
(A) Operating earnings for Manufactured Homes and Construction Products are
reflected in this summary net of their respective minority interests of 0% in
1999 and 20% in 1998 for Manufactured Homes and 37% in 1999 and 41% in 1998 for
Construction Products. Operating earnings related to those minority interests
were $0 in 1999 and $640 in 1998 for Manufactured Homes and $16,971 in 1999 and
$13,199 in 1998 for Construction Products. The Manufactured Homes minority
interest was purchased during the quarter ended December 31, 1999.
<PAGE> 10
Attachment 3
Centex Corporation and Subsidiaries
Revenues and Earnings by Lines of Business
(dollars in thousands)
<TABLE>
<CAPTION>
Nine Months Ended
December 31,
----------------------------------------------
1999 1998 Change
----------- ----------- ----------
<S> <C> <C> <C>
REVENUES
Home Building:
Conventional Homes $ 2,461,533 $ 1,881,586 31%
Manufactured Homes 145,978 130,748 12%
----------- -----------
Total Home Building 2,607,511 2,012,334 30%
61% 56%
Investment Real Estate 27,357 17,479 57%
1% 1%
Financial Services 343,932 324,133 6%
8% 9%
Construction Products 323,391 256,485 26%
8% 7%
Contracting and Construction Services 928,646 999,343 (7%)
22% 27%
----------- -----------
Total $ 4,230,837 $ 3,609,774 17%
100% 100%
=========== ===========
OPERATING EARNINGS
Home Building:
Conventional Homes $ 202,678 $ 150,973 34%
Manufactured Homes(A) 6,811 8,232 (17%)
----------- -----------
Total Home Building 209,489 159,205 32%
56% 51%
Investment Real Estate 24,087 22,231 8%
7% 7%
Financial Services 42,396 71,625 (41%)
11% 23%
Construction Products(A) 81,906 53,221 54%
22% 17%
Contracting and Construction Services 17,470 11,404 53%
5% 4%
Other, net (3,529) (7,605) 54%
(1%) (2%)
----------- -----------
Total Operating Earnings 371,819 310,081 20%
100% 100%
Corporate General Expenses (23,821) (19,195)
Interest Expense (45,828) (29,164)
----------- -----------
EARNINGS BEFORE INCOME TAXES $ 302,170 $ 261,722 15%
=========== ===========
</TABLE>
(A) Operating earnings for Manufactured Homes and Construction Products are
reflected in this summary net of their respective minority interests of 20% in
1999 and 1998 for Manufactured Homes and 38% in 1999 and 43% in 1998 for
Construction Products. Operating earnings related to those minority interests
were $1,014 in 1999 and $1,994 in 1998 for Manufactured Homes and $50,663 in
1999 and $40,257 in 1998 for Construction Products.The Manufactured Homes
minority interest was purchased during the quarter ended December 31, 1999.
<PAGE> 11
Attachment 4
Centex Corporation and Subsidiaries
Housing Activity by Geographic Area
<TABLE>
<CAPTION>
Closings
----------------------------------------------------------------------------------------------
Quarter Ended December 31, Nine Months Ended December 31,
--------------------------------------------- ---------------------------------------------
1999 1998 Change 1999 1998 Change
------------ ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
West 1,007 726 39% 2,542 2,076 22%
Midwest 794 539 47% 2,140 1,389 54%
East 985 777 27% 2,953 2,239 32%
Southeast 672 624 8% 2,009 1,718 17%
Southwest 1,037 935 11% 3,210 2,628 22%
------------ ------------ ------------ -------------
4,495 3,601 25% 12,854 10,050 28%
============ ============ ============ =============
</TABLE>
<TABLE>
<CAPTION>
Sales (Orders) Backlog
---------------------------------------------
12/31/99 12/31/98 Change
------------ ------------- ------------
<S> <C> <C> <C>
West 1,103 908 21%
Midwest 1,546 1,138 36%
East 1,346 1,354 (1%)
Southeast 1,625 1,409 15%
Southwest 1,793 1,610 11%
------------ -------------
7,413 6,419 15%
============ =============
</TABLE>
<TABLE>
<CAPTION>
Sales (Orders)
----------------------------------------------------------------------------------------------
Quarter Ended December 31, Nine Months Ended December 31,
--------------------------------------------- ---------------------------------------------
1999 1998 Change 1999 1998 Change
------------ ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
West 934 665 40% 2,595 1,993 30%
Midwest 658 626 5% 2,176 1,625 34%
East 924 781 18% 2,907 2,358 23%
Southeast 580 702 (17%) 2,134 1,995 7%
Southwest 993 836 19% 3,379 2,845 19%
------------ ------------ ------------ -------------
4,089 3,610 13% 13,191 10,816 22%
============ ============ ============ =============
</TABLE>
<PAGE> 12
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,
-----------------------------------------------------
1999 1998
------------------------- -------------------------
<S> <C> <C> <C> <C>
Conventional Housing Revenues $ 863.2 100.0% $ 671.4 100.0%
Cost of Sales (666.6) (77.2%) (518.9) (77.3%)
Selling, General & Administrative (123.3) (14.3%) (94.4) (14.1%)
----------- ----------- ---------- ------------
OPERATING EARNINGS $ 73.3 8.5% $ 58.1 8.6%
=========== =========== ========== ===========
Units Closed 4,495 3,601
Unit Sales Price $ 189,466 $ 183,522
% Change 3.2% 1.2%
Operating Earnings per Unit $ 16,314 $ 16,134
% Change 1.1% 15.4%
<CAPTION>
Nine Months Ended December 31,
-----------------------------------------------------
1999 1998
------------------------- -------------------------
Conventional Housing Revenues $ 2,461.5 100.0% $ 1,881.6 100.0%
Cost of Sales (1,898.9) (77.2%) (1,464.3) (77.8%)
Selling, General & Administrative (359.9) (14.6%) (266.3) (14.2%)
---------- ------------ ---------- -----------
OPERATING EARNINGS $ 202.7 8.2% $ 151.0 8.0%
========== ============ ========== ===========
Units Closed 12,854 10,050
Unit Sales Price $ 188,595 $ 184,113
% Change 2.4% 1.3%
Operating Earnings per Unit $ 15,768 $ 15,022
% Change 5.0% 17.6%
</TABLE>
MANUFACTURED HOMES RESULTS
(dollars in thousands)
<TABLE>
<CAPTION>
Quarter Ended December 31,
-----------------------------------------------
1999 1998
--------------------- ---------------------
<S> <C> <C> <C> <C>
Manufactured Homes Revenues (Construction) $ 30,349 100.0% $ 29,548 100.0%
Cost of Sales (23,353) (76.9%) (22,533) (76.3%)
Selling, General & Administrative (3,417) (11.3%) (2,790) (9.4%)
-------- -------- -------- --------
3,579 11.8% 4,225 14.3%
-------- ======== -------- ========
Manufactured Homes Revenues (Retail) 16,811 100.0% 10,271 100.0%
Cost of Sales (13,175) (78.4%) (7,248) (70.6%)
Selling, General & Administrative (3,681) (21.9%) (2,985) (29.0%)
-------- -------- -------- --------
(45) (0.3%) 38 0.4%
-------- ======== -------- ========
Construction and Retail Earnings 3,534 4,263
Goodwill Amortization (858) (789)
Minority Interest Expense -- (640)
-------- --------
GROUP OPERATING EARNINGS $ 2,676 $ 2,834
======== ========
UNITS
Units Produced 1,386 1,625
Units Sold - Retail 385 247
Less: Intersegment Sales (270) (239)
-------- --------
UNITS SOLD 1,501 1,633
======== ========
<CAPTION>
Nine Months Ended December 31,
----------------------------------------------------
1999 1998
------------------------- ------------------------
<S> <C> <C> <C> <C>
Manufactured Homes Revenues (Construction) $ 98,085 100.0% $ 101,576 100.0%
Cost of Sales (76,134) (77.6%) (79,570) (78.3%)
Selling, General & Administrative (10,822) (11.0%) (9,628) (9.5%)
----------- ----------- ---------- -----------
11,129 11.4% 12,378 12.2%
----------- =========== ---------- ===========
Manufactured Homes Revenues (Retail) 47,893 100.0% 29,172 100.0%
Cost of Sales (38,017) (79.4%) (21,700) (74.4%)
Selling, General & Administrative (10,623) (22.2%) (7,215) (24.7%)
----------- ----------- ---------- -----------
(747) (1.6%) 257 0.9%
----------- =========== ---------- ===========
Construction and Retail Earnings 10,382 12,635
Goodwill Amortization (2,557) (2,409)
Minority Interest Expense (1,014) (1,994)
----------- ----------
GROUP OPERATING EARNINGS $ 6,811 $ 8,232
=========== ==========
UNITS
Units Produced 4,421 4,670
Units Sold - Retail 1,112 696
Less: Intersegment Sales (810) (586)
----------- ----------
UNITS SOLD 4,723 4,780
=========== ==========
</TABLE>
<PAGE> 13
Attachment 6
Centex Corporation and Subsidiaries
Supplemental Financial Services Data
CTX MORTGAGE COMPANY
<TABLE>
<CAPTION>
Quarter Ended December 31, Nine Months Ended December 31,
---------------------------------------- ----------------------------------------
1999 1998 Change 1999 1998 Change
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Originations
Builder 2,449 2,308 6% 7,489 6,728 11%
Retail 10,932 19,117 (43%) 39,850 51,450 (23%)
---------- ---------- ---------- ----------
Total 13,381 21,425 (38%) 47,339 58,178 (19%)
========== ========== ========== ==========
Applications
Builder 2,309 2,452 (6%) 8,120 7,695 6%
Retail 8,888 18,046 (51%) 36,090 50,676 (29%)
---------- ---------- ---------- ----------
Total 11,197 20,498 (45%) 44,210 58,371 (24%)
========== ========== ========== ==========
Loan Volume (in billions) $ 1.81 $ 2.82 (36%) $ 6.34 $ 7.61 (17%)
========== ========== ========== ==========
Average Loan Size $ 135,600 $ 131,600 3% $ 133,900 $ 130,700 2%
========== ========== ========== ==========
Profit per Loan $ 435 $ 1,139 (62%) $ 646 $ 1,141 (43%)
========== ========== ========== ==========
</TABLE>
CHEC (B & C)
<TABLE>
<CAPTION>
Quarter Ended December 31, Nine Months Ended December 31,
---------------------------------------- ----------------------------------------
1999 1998 Change 1999 1998 Change
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Originations 5,367 4,032 33% 15,237 11,341 34%
========== ========== ========== ==========
Applications 32,341 22,746 42% 89,785 54,433 65%
========== ========== ========== ==========
Loan Volume (in billions) $ 0.35 $ 0.27 30% $ 0.99 $ 0.74 34%
========== ========== ========== ==========
Average Loan Size $ 65,500 $ 66,000 (1%) $ 64,900 $ 64,900 --%
========== ========== ========== ==========
Profit per Loan $ 832 $ 109 663% $ 985 $ 621 59%
========== ========== ========== ==========
</TABLE>
<PAGE> 14
Attachment 7
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,
---------------------------------------- ----------------------------------------
1999 1998 Change 1999 1998 Change
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Cement
Sales Volumes (Tons) 568 568 --% 1,837 1,771 4%
Average Net Sales Price $ 68.72 $ 68.84 --% $ 69.72 $ 68.90 1%
Gypsum Wallboard
Sales Volumes (MMSF) 341 283 20% 994 860 16%
Average Net Sales Price $ 165.53 $ 124.38 33% $ 156.86 $ 118.94 32%
Concrete
Sales Volumes (Cubic Yards) 186 163 14% 611 538 14%
Average Net Sales Price $ 52.89 $ 51.21 3% $ 52.17 $ 49.65 5%
Aggregates
Sales Volumes (Tons) 964 817 18% 2,651 2,261 17%
Average Net Sales Price $ 4.31 $ 4.00 8% $ 4.30 $ 4.03 7%
</TABLE>
SUPPLEMENTAL CONTRACTING AND CONSTRUCTION SERVICES DATA
(dollars in millions)
<TABLE>
<CAPTION>
Quarter Ended December 31, Nine Months Ended December 31,
---------------------------------------- ----------------------------------------
1999 1998 Change 1999 1998 Change
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
New Contracts $ 487 $ 298 63% $ 1,314 $ 1,022 29%
======== ======== ======== ========
Backlog at December 31, $ 1,322 $ 1,182 12% $ 1,322 $ 1,182 12%
======== ======== ======== ========
</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%
Cost of Sales (581.3) (77.0%) (651.1) (77.2%) (666.6) (77.2%)
-------- ------ -------- ------ -------- ------ ------ ----- ------ ----
GROSS MARGIN 173.3 23.0% 192.6 22.8% 196.6 22.8%
Selling, General & Administrative (114.2) (15.2%) (122.4) (14.5%) (123.3) (14.3%)
-------- ------ -------- ------ -------- ------ ------ ----- ------ ----
OPERATING EARNINGS $ 59.1 7.8% $ 70.2 8.3% $ 73.3 8.5%
======== ====== ======== ====== ======== ====== ====== ===== ====== ====
Units Closed 3,934 4,425 4,495
Unit Sales Price $188,608 $187,700 $189,466
% Change - Prior Year 2.3% 1.7% 3.2%
OPERATING EARNINGS/UNIT $ 15,035 $ 15,864 $ 16,314
% Change - Prior Year 10.2% 5.4% 1.1%
GROSS MARGIN PER UNIT $ 44,052 $ 43,525 $ 43,737
% Change - Prior Year 7.4% 5.9% 3.3%
SG&A Per Unit $ 29,029 $ 27,661 $ 27,430
% Change - Prior Year 6.1% 6.2% 4.6%
</TABLE>
