BLOOMFIELD HILLS, Mich., Dec. 3 /PRNewswire-FirstCall/ -- William J. Pulte, founder and Chairman of Pulte Homes, Inc. (NYSE: PHM), today filed a Form 144 with the Securities and Exchange Commission covering 5 million shares of company stock, or approximately 12% of the shares controlled by Mr. Pulte, intending to sell up to that amount of shares through a prepaid variable forward contract. The prepaid variable forward contract allows Mr. Pulte to receive cash now while also giving him the right to retain ownership of these shares at the end of the two-year term of the forward by settling the forward with cash. The transaction also allows Mr. Pulte to retain an interest in a possible increase in the shares' value over that two-year period and provides protection against a potential decline in value of Pulte shares during that same timeframe.
The filing is in accordance with the company's insider trading policy. Mr. Pulte has taken this action in order to substitute collateral currently committed in support of certain non-company related loan agreements and to pay down loan balances.
"I have unwavering confidence in the future of Pulte Homes," Mr. Pulte said. "This transaction helps diversify collateral I have pledged in support of loans for family members and charitable causes that are important to me."
Certain statements in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic and business conditions; (2) interest rate changes and the availability of mortgage financing; (3) continued volatility and potential further deterioration in the debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of insurance covering risks associated with the Company's business; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth initiatives and/or local building moratoria; (10) governmental regulation, including the effects from the Emergency Economic Stabilization Act and the interpretation of tax, labor and environmental laws; (11) changes in consumer confidence and preferences; (12) required accounting changes; (13) terrorist acts and other acts of war; and (14) other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See the Company's Annual Report on Form 10-K and Annual Report to Shareholders for the year ended December 31, 2007 and other public filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to Pulte's business. Pulte undertakes no duty to update any forward-looking statement whether as a result of new information, future events or changes in Pulte's expectations.
About Pulte Homes
Pulte Homes, Inc., (NYSE: PHM), based in Bloomfield Hills, Mich., is one of America's largest home building companies with operations in 50 markets and 27 states. During its 58-year history, the company has delivered more than 500,000 new homes. In 2008, Pulte Homes operations ranked highest in customer satisfaction in 11 U.S. markets, the most of any homebuilder, in the annual J.D. Power and Associates(R) New Home-Builder Customer Satisfaction Study(sm). Under its Del Webb brand, Pulte is the nation's largest builder of active adult communities for people age 55 and older. Its DiVosta Homes brand is renowned in Florida for its distinctive master-planned communities. Pulte Mortgage LLC is a nationwide lender offering Pulte customers a wide variety of loan products and superior service.
SOURCE Pulte Homes, Inc. /CONTACT: Investors: Calvin Boyd, +1-248-433-4527, firstname.lastname@example.org, or News Media: Mark Marymee, +1-248-433-4648, email@example.com, both of Pulte Homes, Inc./
/Web site: http://www.pulte.com http://www.delwebb.com http://www.divosta.com/