Centex Corp Form 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GTJQjo/TZ1Ysb1gFZzhtRkELve7egd6I05oSQbCs8jWqtxor+0o1tfsZJdWkyR1C 8aecvng4RQeYeOwMbhyvPw== 0000950134-02-000523.txt : 20020414 0000950134-02-000523.hdr.sgml : 20020413 ACCESSION NUMBER: 0000950134-02-000523 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020123 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20020123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTEX CORP CENTRAL INDEX KEY: 0000018532 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 750778259 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06776 FILM NUMBER: 02515028 BUSINESS ADDRESS: STREET 1: P O BOX 199000 STREET 2: 2728 N HARWOOD CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 2149815000 MAIL ADDRESS: STREET 1: PO BOX 199000 STREET 2: 2728 N HARWOOD CITY: DALLAS STATE: TX ZIP: 75201 FORMER COMPANY: FORMER CONFORMED NAME: CENTEX CONSTRUCTION CO INC DATE OF NAME CHANGE: 19681211 8-K 1 d93622e8-k.htm FORM 8-K Centex Corp Form 8-K

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 23, 2002

Centex Corporation
(Exact name of registrant as specified in its charter)

Nevada
(State or other jurisdiction of incorporation)


1-6776 (Commission File Number)		75-0778259 (IRS Employer Identification No.)

2728 N. Harwood, Dallas, Texas (Address of principal executive offices)		75201 (Zip code)

(214) 981-5000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address if changed from last report)

TABLE OF CONTENTS


	Item 7. Financial Statements and Exhibits
	Item 9. Regulation FD Disclosure
SIGNATURES
EXHIBIT INDEX
EX-99.1 Press Release dated January 23, 2002

Item 7. Financial Statements and Exhibits.


Exhibit
Number		Description

99.1		Press Release dated January 23, 2002

Item 9. Regulation FD Disclosure.

On January 23, 2002, Centex Corporation, a Nevada corporation (the “Corporation”), announced its third quarter net earnings for the quarter ended December 31, 2001. A copy of the Corporation’s press release announcing these financial results, which is attached as Exhibit 99.1 hereto and incorporated by reference, is being furnished under this Item 9 in accordance with the provisions of Regulation FD (17 CFR §§ 243.100 et seq.).

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 23, 2002.

EXHIBIT INDEX


Exhibit
Number		Description

99.1		Press Release dated January 23, 2002.

EX-99.1 3 d93622ex99-1.txt EX-99.1 PRESS RELEASE DATED JANUARY 23, 2002 EXHIBIT 99.1 [CENTEX LETTERHEAD] NEWS RELEASE - -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE CENTEX CORPORATION REPORTS RECORD THIRD QUARTER AND NINE MONTHS EARNINGS HOME SALES RISE 16% IN THIRD QUARTER (DALLAS - January 23, 2002): Centex Corporation (NYSE: CTX) today reported record financial results for both the third quarter and the nine-month period ended December 31, 2001 - the third quarter and first nine months of fiscal 2002. Net earnings for the third quarter this year were $96,145,000, a 40% increase over $68,467,000 for the same quarter a year ago. Diluted earnings per share for the current quarter were $1.54, 38% higher than $1.12 for the same quarter in fiscal 2001. Current quarter revenues of $1,894,484,000 were 15% above $1,653,498,000 for the same quarter last year. CENTEX'S SENIOR MANAGEMENT WILL CONDUCT A CONFERENCE CALL TO DISCUSS THE THIRD QUARTER FINANCIAL RESULTS AND OTHER MATTERS AT 11 A.M. EASTERN TIME (10 A.M. CENTRAL TIME) TODAY. THE CONFERENCE CALL WILL BE WEBCAST SIMULTANEOUSLY ON THE CENTEX WEB SITE AT http://www.centex.com. A REPLAY OF THE CALL WILL BE AVAILABLE ON THAT SITE UNTIL WEDNESDAY, FEBRUARY 20, 2002. Centex's net earnings for the first nine months of fiscal 2002 were $264,750,000, a 51% improvement over $175,766,000 for the same period last year. Diluted earnings per share of $4.26 were 46% higher than $2.91 per diluted share for the same period a year ago. Revenues for the first nine months of fiscal 2002 totaled $5,487,262,000, 17% higher than $4,705,904,000 for the same period in fiscal 2001. Net earnings for both the quarter and the nine-month period improved by a slightly higher percentage than diluted earnings per share due to more average shares outstanding in the fiscal 2002 periods. For the first nine months of fiscal 2002, Centex's annualized rate of return on beginning stockholders' equity was 20.6%. Through its subsidiaries, Dallas-based Centex ranks among the nation's leading home builders, non-bank-affiliated retail mortgage originators, and general building contractors. The company also has operations in investment real estate and home services and currently owns approximately 65% of a publicly held construction products company. -more- CENTEX CORPORATION, PAGE 2 HOME BUILDING CONVENTIONAL HOMES Operating earnings from Centex Homes were $134.5 million for this year's third quarter versus $100.6 million for the third quarter last year. Revenues from Conventional Homes were $1,211 million, 17% above revenues for the same quarter last year. The 34% increase in operating earnings was achieved on a 14% gain in closings, as operating margins improved to 11.1% for the third quarter this year compared to 9.7% for the same quarter a year ago. The margin increase was mostly due to sales price increases and continued cost reductions due to lower raw materials prices and process improvements. Sales increased progressively during the quarter, with December orders reaching 31% above last year's levels. The record third quarter backlog of sold, but not delivered, homes at December 31 was 10% above last year.
CENTEX HOMES Quarter Ended Dec. 31, ------------------------------------- 2001 2000 Change ---- ---- ------ Closings 5,567 4,893 14% Sales (Orders) 5,065 4,351 16% Backlog 9,476 8,603 10% Unit Sales Price $ 212,400 $ 208,328 2% Operating Earnings/Unit $ 24,162 $ 20,568 17% Operating Margin 11.1% 9.7%
Operating earnings from Centex Homes were $355.6 million for the nine-month period this year, 35% higher than $262.7 million for the year-ago period. For the current nine months, revenues from Centex Homes were $3,421 million, 16% higher than revenues of $2,953 million for the same period in fiscal 2001.
CENTEX HOMES Nine Months Ended Dec. 31, ----------------------------------- 2001 2000 Change ---- ---- ------ Closings 15,835 14,202 11% Sales (Orders) 15,967 15,226 5% Backlog 9,476 8,603 10% Unit Sales Price $ 212,445 $ 203,071 5% Operating Earnings/Unit $ 22,457 $ 18,501 21% Operating Margin 10.4% 8.9%
-more- CENTEX CORPORATION, PAGE 3 MANUFACTURED HOMES Centex's Manufactured Homes operation, Cavco Industries, reported operating earnings of $681,000 for the third quarter this year versus an operating loss of $2.5 million for the same quarter last year. Manufactured Homes revenues for the third quarter this year were $31.9 million, 8% higher than $29.5 million for the same quarter a year ago. Cavco sold 955 manufactured homes for the third quarter this year, 5% less than 1,004 units for the same quarter last year. For the current nine months, Manufactured Homes reported an operating loss of $810,000 versus an operating loss of $3.7 million for the same period last year. Manufactured Homes revenues were $90.9 million, 9% less than $99.8 million for the same period a year ago. Manufactured Homes sold 2,854 units during the current nine-month period, 14% less than 3,328 units for the same period a year ago. FINANCIAL SERVICES Operating earnings from Financial Services for the third quarter this year were $33.4 million, substantially higher than $2.4 million for the same quarter in fiscal 2001. CTX Mortgage Company benefited from lower interest rates and the resulting refinancing "mini-boom." Financial Services' operating earnings were also positively impacted by Centex Home Equity's improved results. Third quarter revenues from Financial Services were $182.8 million this year, 51% higher than $121.3 million for the same quarter a year ago. Financial Services operating earnings for the nine-month period this year were $87.8 million, significantly above earnings of $4.6 million for the year-ago period. For the current nine months, Financial Services revenues were $511.4 million, 58% above last year's revenues for the nine months. CTX MORTGAGE COMPANY Operating earnings from CTX Mortgage Company (CTX) and related companies totaled $25.4 million for the quarter this year compared to $5.9 million for the third quarter last year. Refinancings accounted for 49% of originations for the quarter this year compared to 11% for the third quarter a year ago and 28% in the September 30, 2001 quarter. CTX Mortgage's "capture" rate of Centex Homes' non-cash buyers improved to 73% for the third quarter this year versus 64% for the same quarter in fiscal 2001. -more- CENTEX CORPORATION, PAGE 4
CTX MORTGAGE COMPANY Quarter Ended Dec. 31, --------------------------------------- 2001 2000 Change -------- -------- -------- Originations Builder 3,797 2,956 28% Retail 18,763 10,610 77% -------- -------- Total 22,560 13,566 66% ======== ======== Applications Builder 3,064 3,135 (2%) Retail 15,481 9,588 61% -------- -------- Total 18,545 12,723 46% ======== ======== Loan Volume (in billions) $ 3.51 $ 2.02 74% ======== ======== Average Loan Size $155,600 $148,800 5% ======== ======== Profit Per Loan $ 1,127 $ 435 159% ======== ========
Operating earnings from CTX and related companies were $74.6 million for the nine-month period this year compared to earnings of $16.7 million for the same period a year ago.
CTX MORTGAGE COMPANY Nine Months Ended Dec. 31, ---------------------------------------- 2001 2000 Change -------- -------- -------- Originations Builder 10,612 8,261 28% Retail 51,847 33,572 54% -------- -------- Total 62,459 41,833 49% ======== ======== Applications Builder 11,621 10,244 13% Retail 48,145 33,675 43% -------- -------- Total 59,766 43,919 36% ======== ======== Loan Volume (in billions) $ 9.59 $ 6.02 59% ======== ======== Average Loan Size $153,500 $143,900 7% ======== ======== Profit Per Loan $ 1,194 $ 400 199% ======== ========
-more- CENTEX CORPORATION, PAGE 5 CENTEX HOME EQUITY COMPANY Reporting its third quarter of profitability after undergoing the change to the "Portfolio Accounting Method" in fiscal 2001, Centex Home Equity Company (CHEC) reported operating earnings of $8.3 million for the December 31 quarter this year versus an operating loss of $3.5 million for the same quarter last year.
CENTEX HOME EQUITY COMPANY Quarter Ended Dec. 31, ---------------------------------------- 2001 2000 Change -------- -------- -------- Originations 7,136 6,564 9% ======= ======= Applications 45,391 35,105 29% ======= ======= Loan Volume (in billions) $ 0.58 $ 0.44 32% ======= ======= Average Loan Size $81,900 $67,500 21% ======= =======
For the first nine months of this year, CHEC reported operating earnings of $14.7 million versus an operating loss of $12.0 million for the same period in fiscal 2001. The portion of CHEC's loan servicing portfolio on which it earns an interest rate spread under the "Portfolio Accounting Method" has reached $3.0 billion and continues to increase.
CENTEX HOME EQUITY COMPANY Nine Months Ended Dec. 31, ---------------------------------------- 2001 2000 Change -------- -------- -------- Originations 21,201 20,310 4% ======== ======== Applications 127,759 109,853 16% ======== ======== Loan Volume (in billions) $ 1.64 $ 1.30 27% ======== ======== Average Loan Size $ 77,500 $ 63,800 21% ======== ========

2001 2000 Change -------- -------- ----- "Owned" Servicing Portfolio as of Dec. 31: Number of Loans 41,834 20,659 102% ======= ======== Portfolio (in billions) $ 3.01 $ 1.40 115% ======= ========
CHEC's total servicing portfolio increased to $4.19 billion on 60,811 loans at December 31, 2001 from $2.98 billion on 45,377 loans at December 31, 2000. The U.K. mortgage operation, which was formed in fiscal 2001, incurred start-up costs of $404,000 for the third quarter of fiscal 2002 and $1.5 million for the first nine months of the year. -more- CENTEX CORPORATION, PAGE 6 CONSTRUCTION PRODUCTS Operating earnings from Centex Construction Products, Inc. (CXP) were $21.4 million for the current quarter, 2% higher than $21.0 million for the same quarter a year ago. Current quarter revenues from Construction Products were $112.7 million, 7% higher than last year's third quarter revenues of $105.3 million. For the current nine months, CXP's operating earnings were $56.9 million, 37% lower than $89.8 million for the same period a year ago. Revenues from CXP were $359.7 million for the nine month period this year, 7% above $335.2 million for the same period last year. CONTRACTING AND CONSTRUCTION SERVICES Contracting and Construction Services reported operating earnings of $9.1 million for the third quarter this year, a 12% improvement over earnings of $8.2 million for the third quarter of fiscal 2001. Revenues from Contracting and Construction Services were $321.4 million, 7% less than revenues of $345.6 million for the quarter a year ago. Operating margins were 2.83% for the third quarter of the year, an improvement over margins of 2.36% for the third quarter of fiscal 2001. Contracting and Construction Services received approximately $434 million of new contracts during the third quarter this year, 36% more than new contracts totaling $319 million for the year-ago quarter. The backlog of uncompleted construction projects at December 31, 2001 was a record $2.3 billion, 57% higher than the backlog of $1.4 billion at December 31, 2000. Operating earnings from Contracting and Construction Services for the current nine-month period were $23.9 million, a 13% improvement over earnings of $21.2 million for the same period last year. Revenues for the current nine months were $971.8 million, slightly less than revenues of $974.7 million for the same period a year ago. Operating margins were 2.46% for the current nine-month period, an improvement over margins of 2.18% for the same period a year ago. INVESTMENT REAL ESTATE For the third quarter of fiscal 2002, Centex's Investment Real Estate operation, through which all investment property transactions are reported, had operating earnings of $4.6 million, 66% less than $13.6 million for the year ago quarter. For the current nine months, operating earnings from Investment Real Estate were $36.0 million, 35% higher than $26.7 million for the same period in fiscal 2001. The results for both the quarter and the nine months were affected by the timing of land sales and other transactions, which fluctuates from quarter to quarter. Significantly less land was sold in this quarter than a year ago. -more- CENTEX CORPORATION, PAGE 7 Included in Investment Real Estate are results from London, England-based Fairclough Homes, which began reporting as of April 1, 2001. Fairclough closed 317 homes during the third quarter of fiscal 2002 and reported operating earnings of $2.4 million. For the nine months ended December 31, 2001, Fairclough delivered 931 homes and had operating earnings of $8.0 million. HOME SERVICES AND OTHER Home Services (excluding "Other" items) reported $1.7 million in operating earnings for the third quarter of the year, 217% more than the $547,000 for the same quarter a year ago. For the current nine-month period, Home Services (excluding "Other" items) reported operating earnings of $6.2 million, a substantial improvement over $627,000 for the same period last year. "Other" income equaled $2.6 million for the quarter and $4.4 million for the nine months last year. OTHER DEVELOPMENTS At its bi-annual Investor Conference in early December, Centex said it expects to earn $5.85 per diluted share for fiscal 2002 ending March 31, 2002, versus the $4.65 the company reported for fiscal 2001. In addition, based on current housing sales rates and the continuance of a reasonably good economic environment, Centex said it anticipates diluted earnings per share in the range of $6.85-$7.70 for fiscal 2003 and $8.25-$9.40 for fiscal 2004. The company cited several reasons for its confidence in the future, including: the company's business model; capital and balance sheet capacity; attractive markets for its business segments; an experienced management team; an anticipated lower effective tax rate; and the company's proven processes. Also during the third quarter, Centex HomeTeam Security, a subsidiary of Centex HomeTeam Services, sold its home security installation and sales operations, consisting of 12 branches in Arizona, Florida, Georgia, New Mexico and Texas. Centex HomeTeam Services will continue to service its current base of security customers while rapidly expanding its pest management and chemical lawn care businesses and evaluating other home services businesses. OUTLOOK Centex said that home sales (orders) improved steadily throughout the quarter as mortgage rates remained at relatively low levels and that December sales were 31% higher than a year ago. Conventional Home Building margins continue to increase and fiscal 2002 results from that segment are expected to exceed fiscal 2001's record levels. Centex said it also expects all-time-high results from its Financial Services business and its Contracting and Construction Services division. Gypsum wallboard prices have increased and cement pricing remains steady. In summary, Centex said it expects fiscal 2002 to be its sixth consecutive year of record results. -more- CENTEX CORPORATION, PAGE 8 FORWARD-LOOKING STATEMENTS. THE FOREGOING CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934 AND THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS MAY BE IDENTIFIED BY THE CONTEXT OF THE STATEMENT AND GENERALLY ARISE WHEN THE COMPANY IS DISCUSSING ITS BELIEFS, ESTIMATES, OR EXPECTATIONS. THESE STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES. ACTUAL RESULTS AND OUTCOMES MAY DIFFER MATERIALLY FROM WHAT IS EXPRESSED OR FORECAST IN SUCH FORWARD-LOOKING STATEMENTS. THE PRINCIPAL RISKS AND UNCERTAINTIES THAT MAY AFFECT THE COMPANY'S ACTUAL PERFORMANCE AND RESULTS OF OPERATIONS INCLUDE THE FOLLOWING: GENERAL ECONOMIC CONDITIONS AND INTEREST RATES; THE CYCLICAL AND SEASONAL NATURE OF THE COMPANY'S BUSINESSES; ADVERSE WEATHER; CHANGES IN PROPERTY TAXES AND ENERGY COSTS; CHANGES IN FEDERAL INCOME TAX LAWS AND FEDERAL MORTGAGE FINANCING PROGRAMS; GOVERNMENTAL REGULATION; CHANGES IN GOVERNMENTAL AND PUBLIC POLICY; CHANGES IN ECONOMIC CONDITIONS SPECIFIC TO ANY ONE OF MORE OF THE COMPANY'S MARKETS AND BUSINESSES; COMPETITION; AVAILABILITY OF RAW MATERIALS; AND UNEXPECTED OPERATIONS DIFFICULTIES. OTHER RISKS AND UNCERTAINTIES MAY ALSO AFFECT THE OUTCOME OF THE COMPANY'S ACTUAL PERFORMANCE AND RESULTS OF OPERATIONS. NOTE ATTACHMENTS: (1) Summary of Consolidated Earnings (2) Revenues and Earnings by Line of Business (Quarter) Ended Dec. 31, 2001 (3) Revenues and Earnings by Line of Business (Nine Months) Ended Dec. 31, 2001 (4) Housing Activity by Geographic Area (5) Conventional Homes Results Manufactured Homes Results (6) Supplemental Construction Products Data Supplemental Contracting and Construction Services Data (7) Home Building Margin Data by Quarter, Fiscal 2001 and Fiscal 2002 FOR ADDITIONAL INFORMATION, CONTACT AT (214) 981-5000: Laurence E. Hirsch Chairman and Chief Executive Officer Leldon E. Echols Executive Vice President and Chief Financial Officer -more- Attachment 1 Centex Corporation and Subsidiaries Summary of Consolidated Earnings (unaudited) (dollar amounts in thousands, except per share data)
Quarter Ended December 31, --------------------------------------------- 2001 2000 Change ----------- ----------- ----------- Revenues $ 1,894,484 $ 1,653,498 15% Earnings Before Income Taxes $ 157,935 $ 110,494 43% Net Earnings $ 96,145 $ 68,467 40% Earnings Per Share: Basic $ 1.59 $ 1.16 37% Diluted $ 1.54 $ 1.12 38% Average Shares Outstanding: Basic 60,554,328 59,080,788 2% Diluted 62,429,572 60,929,675 2%

Nine Months Ended December 31, --------------------------------------------- 2001 2000 Change ----------- ----------- ----------- Revenues $ 5,487,262 $ 4,705,904 17% Earnings Before Income Taxes $ 428,235 $ 284,488 51% Net Earnings $ 264,750 $ 175,766 51% Earnings Per Share: Basic $ 4.38 $ 2.98 47% Diluted $ 4.26 $ 2.91 46% Average Shares Outstanding: Basic 60,433,456 58,946,795 3% Diluted 62,210,828 60,363,225 3%
Attachment 2 Centex Corporation and Subsidiaries Revenues and Earnings by Lines of Business (dollars in thousands)
Quarter Ended December 31, --------------------------------------------- 2001 2000 Change ----------- ----------- ----------- REVENUES Home Building: Conventional Homes $1,210,759 $1,038,810 17% 64% 63% Manufactured Homes 31,907 29,494 8% 2% 2% Financial Services 182,800 121,308 51% 9% 7% Construction Products (A) 112,750 105,295 7% 6% 6% Contracting and Construction Services 321,357 345,568 (7)% 17% 21% Investment Real Estate 9,730 13,023 (25)% 1% 1% Home Services 25,181 -- --% 1% --% ---------- ---------- Total $1,894,484 $1,653,498 15% 100% 100% ========== ========== OPERATING EARNINGS Home Building: Conventional Homes $ 134,511 $ 100,640 34% 66% 69% Manufactured Homes 681 (2,537) 127% --% (2)% Financial Services 33,354 2,376 1,304% 16% 2% Construction Products 21,397 21,014 2% 10% 14% Contracting and Construction Services 9,103 8,156 12% 5% 6% Investment Real Estate 4,593 13,551 (66)% 2% 9% Home Services & Other 1,733 3,123 (45)% 1% 2% ---------- ---------- Total Operating Earnings 205,372 146,323 40% 100% 100% Corporate General Expenses (13,326) (8,458) Interest Expense (28,046) (21,077) Minority Interest in Construction Products (6,065) (6,294) ---------- ---------- EARNINGS BEFORE INCOME TAXES $ 157,935 $ 110,494 43% ========== ==========
(A) Centex Construction Products, Inc. adopted the provisions of Emerging Issues Task Force Issue No. 00-10, Accounting for Shipping and Handling Fees and Costs, during the quarter ended March 31, 2001. As a result of this adoption, net revenues have been restated to include freight and delivery costs billed to customers. Previously, such billings were offset against corresponding expenses in cost of sales. Attachment 3 Centex Corporation and Subsidiaries Revenues and Earnings by Lines of Business (dollars in thousands)
Nine Months Ended December 31, ---------------------------------------------- 2001 2000 Change ----------- ----------- ----------- REVENUES Home Building: Conventional Homes $3,420,641 $ 2,952,835 16% 62% 63% Manufactured Homes 90,934 99,777 (9)% 2% 2% Financial Services 511,366 323,717 58% 9% 7% Construction Products (A) 359,718 335,236 7% 7% 7% Contracting and Construction Services 971,786 974,672 --% 18% 21% Investment Real Estate 57,053 19,667 190% 1% --% Home Services 75,764 -- --% 1% --% ---------- ----------- Total $5,487,262 $ 4,705,904 17% 100% 100% ========== =========== OPERATING EARNINGS Home Building: Conventional Homes $ 355,609 $ 262,749 35% 63% 65% Manufactured Homes (810) (3,727) 78% --% (1)% Financial Services 87,785 4,649 1,788% 16% 1% Construction Products 56,870 89,756 (37)% 10% 22% Contracting and Construction Services 23,882 21,226 13% 4% 5% Investment Real Estate 35,982 26,726 35% 6% 7% Home Services & Other 6,234 5,040 24% 1% 1% Total Operating Earnings 565,552 406,419 39% 100% 100% Corporate General Expenses (37,552) (25,963) Interest Expense (84,630) (65,141) Minority Interest in Construction Products (15,135) (30,827) ---------- ----------- EARNINGS BEFORE INCOME TAXES $ 428,235 $ 284,488 51% ========== ===========
(A) Centex Construction Products, Inc. adopted the provisions of Emerging Issues Task Force Issue No. 00-10, Accounting for Shipping and Handling Fees and Costs, during the quarter ended March 31, 2001. As a result of this adoption, net revenues have been restated to include freight and delivery costs billed to customers. Previously, such billings were offset against corresponding expenses in cost of sales. Attachment 4 Centex Corporation and Subsidiaries Housing Activity by Geographic Area
Closings ----------------------------------------------------------------------- Quarter Ended December 31, Nine Months Ended December 31, -------------------------------- -------------------------------- 2001 2000 Change 2001 2000 Change ---- ---- ------ ---- ---- ------ Mid-Atlantic 933 735 27% 2,722 2,239 22% Southeast 1,032 882 17% 2,936 2,684 9% Midwest 934 851 10% 2,556 2,421 6% South Central 1,230 989 24% 3,574 2,842 26% Mountain States 663 612 8% 1,771 1,590 11% West Coast 775 824 (6)% 2,276 2,426 (6)% ----- ----- ------ ------ 5,567 4,893 14% 15,835 14,202 11% ===== ===== ====== ======

Sales (Orders) Backlog ------------------------------------------ 12/31/2001 12/31/2000 Change ------------- ------------ ---------- Mid-Atlantic 1,402 1,478 (5)% Southeast 2,219 1,938 14% Midwest 1,985 1,571 26% South Central 1,877 1,731 8% Mountain States 880 672 31% West Coast 1,113 1,213 (8)% ----- ----- 9,476 8,603 10% ===== =====

Sales (Orders) ----------------------------------------------------------------------- Quarter Ended December 31, Nine Months Ended December 31, -------------------------------- -------------------------------- 2001 2000 Change 2001 2000 Change ---- ---- ------ ---- ---- ------ Mid-Atlantic 928 730 27% 2,680 2,507 7% Southeast 994 717 39% 3,257 2,774 17% Midwest 821 703 17% 2,533 2,364 7% South Central 1,083 887 22% 3,387 3,111 9% Mountain States 551 489 13% 1,848 1,683 10% West Coast 688 825 (17)% 2,262 2,787 (19)% ----- ----- ------ ------ 5,065 4,351 16% 15,967 15,226 5% ===== ===== ====== ======
Effective with the March 31, 2001 quarter's release, Centex has realigned its conventional home building operating units into the above newly designated geographic areas. This realignment and its resulting geographic areas reflect the operational and strategic structure with the conventional home building operation. Attachment 5 Centex Corporation and Subsidiaries Supplemental Home Building Data CONVENTIONAL HOMES RESULTS (dollars in millions, except per unit data)
Quarter Ended December 31, Nine Months Ended December 31, ---------------------------------------------- --------------------------------------------- 2001 2000 2001 2000 --------------------- ---------------------- -------------------- ---------------------- Conventional Housing Revenues $ 1,210.8 100.0% $ 1,038.8 100.0% $ 3,420.6 100.0% $ 2,952.8 100.0% Cost of Sales (898.3) (74.2)% (782.4) (75.3)% (2,539.3) (74.2)% (2,251.2) (76.2)% Selling, General & Administrative (178.0) (14.7)% (155.8) (15.0)% (525.7) (15.4)% (438.9) (14.9)% ---------- ------- ---------- ------- ---------- ------- ---------- ------- OPERATING EARNINGS $ 134.5 11.1% $ 100.6 9.7% $ 355.6 10.4% $ 262.7 8.9% ========== ======= ========== ======= ========== ======= ========== ======= Units Closed 5,567 4,893 15,835 14,202 Unit Sales Price $ 212,400 $ 208,328 $ 212,445 $ 203,071 % Change 2.0% 10.0% 4.6% 7.7% Operating Earnings per Unit $ 24,162 $ 20,568 $ 22,457 $ 18,501 % Change 17.5% 26.1% 21.4% 17.3%
MANUFACTURED HOMES RESULTS (dollars in thousands)
Quarter Ended December 31, Nine Months Ended December 31, ---------------------------------------------- --------------------------------------------- 2001 2000 2001 2000 --------------------- ---------------------- -------------------- ---------------------- Manufactured Homes Revenues $ 31,907 100.0% $ 29,494 100.0% $ 90,934 100.0% $ 99,777 100.0% Cost of Sales (26,155) (82.0)% (24,423) (82.8)% (75,979) (83.6)% (82,021) (82.2)% Selling, General & Administrative (5,071) (15.9)% (7,608) (25.8)% (15,765) (17.3)% (21,483) (21.5)% -------- ----- -------- ------ -------- ------ -------- ----- OPERATING EARNINGS $ 681 2.1% $ (2,537) (8.6)% $ (810) (0.9)% $ (3,727) (3.7)% ======== ===== ======== ====== ======== ====== ======== ===== UNITS SOLD 955 1,004 2,854 3,328 ======== ======== ======== ========
Attachment 6 Centex Corporation and Subsidiaries SUPPLEMENTAL CONSTRUCTION PRODUCTS DATA (volumes in thousands, except Gypsum Wallboard)
Quarter Ended December 31, Nine Months Ended December 31, ----------------------------- -------------------------------- 2001 2000 Change 2001 2000 Change -------- -------- ------- -------- -------- --------- Cement Sales Volumes (Tons) 602 587 3% 1,995 1,901 5% Average Net Sales Price $ 66.89 $ 67.46 (1)% $ 68.28 $ 68.07 --% Gypsum Wallboard Sales Volumes (MMSF) 437 392 11% 1,412 1,098 29% Average Net Sales Price $ 80.46 $ 78.08 3% $ 69.56 $ 101.13 (31)% Paperboard Sales Volumes (Tons) 48 24 100% 152 24 533% Average Net Sales Price $ 403.38 $ 374.91 8% $ 397.82 $ 374.91 6% Concrete Sales Volumes (Cubic Yards) 127 175 (27)% 541 622 (13)% Average Net Sales Price $ 56.66 $ 55.08 3% $ 55.90 $ 53.60 4% Aggregates Sales Volumes (Tons) 937 1,160 (19)% 3,356 3,194 5% Average Net Sales Price $ 4.45 $ 4.07 9% $ 4.32 $ 4.16 4%
SUPPLEMENTAL CONTRACTING AND CONSTRUCTION SERVICES DATA (dollars in millions)
Quarter Ended December 31, Nine Months Ended December 31, -------------------------- ----------------------------- 2001 2000 Change 2001 2000 Change ------ ------ ------ ------ ------ ------ New Contracts $ 434 $ 319 36% $1,212 $1,038 17% ====== ====== ====== ====== Backlog at December 31, $2,262 $1,445 57% $2,262 $1,445 57% ====== ====== ====== ======
Attachment 7 Centex Corporation and Subsidiaries Home Building Margins - Quarterly Summary
For the Quarters Ending, ----------------------------------------------------------------------------------------------- June 30, 2000 September 30, 2000 December 31, 2000 March 31, 2001 -------------------- -------------------- --------------------- ------------------- Conventional Housing Revenues $ 887.0 100.0% $1,027.0 100.0% $1,038.8 100.0% $1,403.4 100.0% Cost of Sales (679.5) (76.6)% (789.3) (76.9)% (782.4) (75.3) (1,053.7) (75.1)% -------- -------- -------- -------- -------- -------- -------- -------- GROSS MARGIN 207.5 23.4% 237.7 23.1% 256.4 24.7% 349.7 24.9% Selling, General & Administrative (135.0) (15.2)% (148.1) (14.4)% (155.8) (15.0)% (187.0) (13.3)% -------- -------- -------- -------- -------- -------- -------- -------- OPERATING EARNINGS $ 72.5 8.2% $ 89.6 8.7% $ 100.6 9.7% $ 162.7 11.6% ======== ======== ======== ======== ======== ======== ======== ======== Units Closed 4,408 4,901 4,893 6,457 Unit Sales Price $196,314 $203,900 $208,328 $212,165 % Change - Prior Year 4.1% 8.6% 10.0% 7.2% OPERATING EARNINGS/UNIT $16,459 $18,274 $20,568 $25,198 % Change - Prior Year 9.5% 15.2% 26.1% 26.5% GROSS MARGIN PER UNIT $47,074 $48,500 $52,401 $54,158 % Change - Prior Year 6.9% 11.4% 19.8% 20.5% SG&A Per Unit $30,626 $30,218 $31,841 $28,961 % Change - Prior Year 5.5% 9.2% 16.1% 15.7% Fiscal Year Total March 31, 2001 ---------------------- Conventional Housing Revenues $4,356.2 100.0% Cost of Sales (3,304.9) (75.9)% -------- -------- GROSS MARGIN 1,051.3 24.1% Selling, General & Administrative (625.9) (14.3)% -------- -------- OPERATING EARNINGS $ 425.4 9.8% ======== ======== Units Closed 20,659 Unit Sales Price $205,913 % Change - Prior Year 7.5% OPERATING EARNINGS/UNIT $20,594 % Change - Prior Year 20.4% GROSS MARGIN PER UNIT $50,888 % Change - Prior Year 16.3% SG&A Per Unit $30,297 % Change - Prior Year 12.0%

For the Quarters Ending, ----------------------------------------------------------------------------------------------- June 30, 2001 September 30, 2001 December 31, 2001 March 31, 2002 -------------------- -------------------- --------------------- --------------------- Conventional Housing Revenues $1,039.2 100.0% $1,170.7 100.0% $1,210.8 100.0% Cost of Sales (772.4) (74.4)% (868.8) (74.2)% (898.3) (74.2)% -------- ------ -------- ----- -------- ----- -------- -------- GROSS MARGIN 266.8 25.6% 301.9 25.8% 312.5 25.8% Selling, General & Administrative (168.7) (16.2)% (178.9) (15.3)% (178.0) (14.7)% -------- ------ -------- ----- -------- ----- -------- -------- OPERATING EARNINGS $ 98.1 9.4% $ 123.0 10.5% $ 134.5 11.1% ======== ====== ======== ===== ======== ===== ======== ======== Units Closed 4,850 5,418 5,567 Unit Sales Price $210,754 $214,004 $212,400 % Change - Prior Year 7.4% 5.0% 2.0% OPERATING EARNINGS/UNIT $ 20,231 $ 22,698 $ 24,162 % Change - Prior Year 22.9% 24.2% 17.5% GROSS MARGIN PER UNIT $ 55,010 $ 55,722 $ 56,134 % Change - Prior Year 16.9% 14.9% 7.1% SG&A Per Unit $ 34,784 $ 33,020 $ 31,974 % Change - Prior Year 13.6% 9.3% 0.4% Fiscal Year Total March 31, 2002 ---------------------- Conventional Housing Revenues Cost of Sales -------- -------- GROSS MARGIN Selling, General & Administrative -------- -------- OPERATING EARNINGS ======== ======== Units Closed Unit Sales Price % Change - Prior Year OPERATING EARNINGS/UNIT % Change - Prior Year GROSS MARGIN PER UNIT % Change - Prior Year SG&A Per Unit % Change - Prior Year
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CENTEX CORPORATION

By:		/s/ Raymond G. Smerge Name: Raymond G. Smerge Title: Executive Vice President, Chief Legal Officer and Secretary