“The operating environment for housing remained very difficult during
the first quarter of 2009,” said
“To position ourselves for success,
“Finally, our previously announced merger with
Revenues from homebuilding settlements in the first quarter decreased
60% to
First quarter homebuilding pre-tax loss was
Net new home orders for the first quarter were 3,022 homes, a decline of
44% from the prior year first quarter, and a 71% sequential increase
from the fourth quarter of 2008. The cancellation rate improved to 21%
for the first quarter of 2009 compared with 47% for the fourth quarter
of 2008 and 28% for the first quarter of 2008. Pulte Homes’ ending
backlog as of
The Company’s financial services operations reported pre-tax loss of
A conference call discussing Pulte Homes’ first quarter 2009 results
will be held
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) adverse national and regional economic and
business conditions, including further deterioration in the unemployment
rate and the current downturn in the homebuilding industry; (2) interest
rate changes and the availability of mortgage financing; (3)
continued volatility and potential further deterioration in the debt and
equity markets, which have adversely impacted the banking and mortgage
finance industries, resulting in tightening of credit; (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 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; (14) the potential loss of tax benefits if we have an “ownership
change” under IRC Section 382; (15) the ability to obtain governmental
approvals of the merger on the proposed terms and schedule contemplated
by the parties; (16) the failure of Centex’s stockholders to approve the
proposed merger; (17) the failure of Pulte’s stockholders to approve
either the charter amendment increasing the number of authorized shares
of Pulte’s common stock or the issuance of Pulte’s common stock to
Additional Information
In connection with the proposed merger with
About
Websites: www.pulte.com; www.delwebb.com; www.divosta.com
Pulte Homes, Inc. |
||||||||
Condensed Consolidated Results of Operations |
||||||||
($000’s omitted, except per share data) |
||||||||
(Unaudited) |
||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2009 | 2008 | |||||||
CONSOLIDATED RESULTS: | ||||||||
Revenues: | ||||||||
Homebuilding | $ 565,343 | $ 1,398,109 | ||||||
Financial Services | 18,549 | 43,488 | ||||||
Other non-operating | 3,528 | 7,222 | ||||||
Total revenues | $ 587,420 | $ 1,448,819 | ||||||
Pre-tax income (loss): | ||||||||
Homebuilding | $ (507,433 | ) | $ (705,130 | ) | ||||
Financial Services | (748 | ) | 15,044 | |||||
Other non-operating | (4,065 | ) | (2,970 | ) | ||||
Loss before income taxes | (512,246 | ) | (693,056 | ) | ||||
Income taxes | 2,572 | 3,088 | ||||||
Net loss | $ (514,818 | ) | $ (696,144 | ) | ||||
EARNINGS PER SHARE - | ||||||||
ASSUMING DILUTION: | ||||||||
Net loss | $ (2.02 | ) | $ (2.75 | ) | ||||
Shares used in per share | ||||||||
calculations | 254,578 | 253,166 |
Pulte Homes, Inc. |
||||||
Condensed Consolidated Balance Sheets |
||||||
($000’s omitted) |
||||||
March 31, | December 31, | |||||
2009 | 2008 | |||||
(Unaudited) | ||||||
ASSETS | ||||||
Cash and equivalents | $ 1,745,796 | $ 1,655,264 | ||||
Unfunded settlements | 5,821 | 11,988 | ||||
House and land inventory | 3,854,041 | 4,201,289 | ||||
Land held for sale | 101,020 | 164,954 | ||||
Land, not owned, under option agreements | 181,387 | 171,101 | ||||
Residential mortgage loans available-for-sale | 127,900 | 297,755 | ||||
Investments in unconsolidated entities | 91,754 | 134,886 | ||||
Other assets | 697,554 | 697,652 | ||||
Income taxes receivable | 9,660 | 373,569 | ||||
$ 6,814,933 | $ 7,708,458 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Liabilities: | ||||||
Accounts payable | $ 165,515 | $ 218,135 | ||||
Customer deposits | 40,889 | 40,950 | ||||
Accrued and other liabilities | 915,309 | 1,079,195 | ||||
Collateralized short-term debt, recourse solely to |
||||||
applicable non-guarantor subsidiary assets |
66,968 | 237,560 | ||||
Income tax liabilities | 131,853 | 130,615 | ||||
Senior notes | 3,166,612 | 3,166,305 | ||||
Total liabilities | 4,487,146 | 4,872,760 | ||||
Shareholders' equity | 2,327,787 | 2,835,698 | ||||
$ 6,814,933 | $ 7,708,458 |
Pulte Homes, Inc. |
||||||||
Segment Data |
||||||||
($000’s omitted) |
||||||||
(Unaudited) |
||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2009 | 2008 | |||||||
HOMEBUILDING: | ||||||||
Home sales (settlements) | $ 564,733 | $ 1,396,431 | ||||||
Land sales | 610 | 1,678 | ||||||
Homebuilding revenue | 565,343 | 1,398,109 | ||||||
Home cost of sales | (897,938 | ) | (1,845,054 | ) | ||||
Land cost of sales | (904 | ) | (64,948 | ) | ||||
Selling, general | ||||||||
& administrative expense | (119,444 | ) | (201,937 | ) | ||||
Other income (expense), net | (54,490 | ) | 8,700 | |||||
Pre-tax loss | $ (507,433 | ) | $ (705,130 | ) | ||||
FINANCIAL SERVICES: | ||||||||
Pre-tax income (loss) | $ (748 | ) | $ 15,044 | |||||
OTHER NON-OPERATING: | ||||||||
Net interest income | $ 3,050 | $ 6,474 | ||||||
Other expense, net | (7,115 | ) | (9,444 | ) | ||||
Pre-tax loss | $ (4,065 | ) | $ (2,970 | ) |
Pulte Homes, Inc. |
||||||
Business Operating Data |
||||||
($000’s omitted) |
||||||
(Unaudited) |
||||||
Three Months Ended | ||||||
March 31, | ||||||
2009 | 2008 | |||||
Homebuilding settlement | ||||||
revenues | $ 564,733 | $ 1,396,431 | ||||
Unit settlements: | ||||||
Atlantic Coast | 438 | 1,141 | ||||
Gulf Coast | 656 | 1,292 | ||||
Midwest | 273 | 623 | ||||
Southwest | 545 | 1,197 | ||||
California | 235 | 480 | ||||
2,147 | 4,733 | |||||
Average selling price | $ 263 | $ 295 | ||||
Net new orders: | ||||||
Atlantic Coast | 760 | 1,326 | ||||
Gulf Coast | 756 | 1,523 | ||||
Midwest | 398 | 579 | ||||
Southwest | 762 | 1,467 | ||||
California | 346 | 507 | ||||
3,022 | 5,402 | |||||
Net new orders - dollars* | $ 787,000 | $ 1,461,000 | ||||
Unit backlog: | ||||||
Atlantic Coast | 898 | 2,257 | ||||
Gulf Coast | 789 | 2,353 | ||||
Midwest | 396 | 784 | ||||
Southwest | 611 | 2,280 | ||||
California | 355 | 885 | ||||
3,049 | 8,559 | |||||
Dollars in backlog | $ 853,000 | $ 2,574,000 | ||||
* Net new order dollars represents a composite of new order dollars |
||||||
combined with other movements of the dollars in backlog related to |
||||||
cancellations and change orders. |
Pulte Homes, Inc. |
||||||
Business Operating Data, continued |
||||||
($000’s omitted) |
||||||
(Unaudited) |
||||||
Three Months Ended | ||||||
March 31, | ||||||
2009 | 2008 | |||||
MORTGAGE ORIGINATIONS: | ||||||
Origination volume | 1,611 | 3,514 | ||||
Origination principal | $ 343,542 | $ 803,405 | ||||
Capture rate percentage | 91.5% | 89.9% | ||||
Pulte Homes, Inc. |
||||||
Supplemental Information |
||||||
($000’s omitted) |
||||||
(Unaudited) |
||||||
Three Months Ended | ||||||
March 31, | ||||||
2009 | 2008 | |||||
Interest expense: | ||||||
Homebuilding (included in | ||||||
home cost of sales) | $ 55,005 | $ 58,492 | ||||
Financial Services | 360 | 1,870 | ||||
Other non-operating | 478 | 748 | ||||
Total interest expense | $ 55,843 | $ 61,110 | ||||
Depreciation & amortization | $ 12,978 | $ 19,715 |
Source:
Pulte Homes
Investors:
Calvin Boyd
(248) 433-4527
email:
calvin.boyd@pulte.com
or
Media:
Mark
Marymee
(248) 433-4648
email: mark.marymee@pulte.com