CTX EarningsCentex Reports Fourth-Quarter and Fiscal-Year Results DALLAS, May 5 /PRNewswire-FirstCall/ -- Centex Corporation (NYSE: CTX) today reported financial results for its fiscal fourth quarter and fiscal year ended Mar. 31, 2009. Highlights of the quarter ended Mar. 31, 2009 (compared to last year's fourth quarter): -- Loss from continuing operations of $3.26 per diluted share -- Generated positive cash flow from operations -- Mar. 31 cash and cash equivalents balance of $1.77 billion, up from $638 million -- Reduced homebuilding SG&A expenses by 49% or $129 million
Highlights of fiscal year 2009 (compared to fiscal year 2008): -- Total revenues decreased 54% to $3.83 billion -- Loss from continuing operations of $11.58 per diluted share -- Home closings decreased 47% to 14,434 -- Reduced total owned and controlled lot count by 27% to 64,334 lots "Housing markets remained challenged throughout the quarter, with the positives of historic affordability and low interest rates offset by rising foreclosures and high resale inventories. In this environment, Centex achieved a steady sales pace and maintained a consistent, healthy backlog. We are well-positioned in areas of relative strength: Centex serves the first-time and first move-up homebuyer, we have a meaningful presence in relatively healthy housing markets and approximately half of our active lot position is fully developed. We generated positive cash flow from operations for the seventh straight quarter, ending with $1.77 billion in cash and cash equivalents on hand," said Timothy R. Eller, chairman and CEO of Centex. "Additionally, the previously announced combination with Pulte continues to progress as expected, and we still anticipate the closing to be in the third calendar quarter of this year." Corporate Results Fiscal fourth-quarter revenues were $823 million, 64% lower than the same quarter last year. The loss from continuing operations for the fourth quarter was $406 million, or a loss of $3.26 per diluted share, narrower than last year's fourth-quarter loss of $908 million, or $7.34 per diluted share. Included in the fiscal fourth-quarter loss from continuing operations are $352 million of impairments and land-related charges, including the Company's share of joint venture impairments, compared to $362 million of impairments and other land-related charges in last year's fourth quarter. The fiscal fourth quarter's loss also includes $38 million of severance and lease abandonment charges. Fiscal year 2009's revenues were $3.83 billion, 54% lower than the $8.28 billion recorded in fiscal year 2008. The loss from continuing operations for fiscal year 2009 was $1.44 billion, or a loss of $11.58 per diluted share. The operating loss was primarily the result of $1.12 billion of impairments and write-offs recorded during the fiscal year. The 2009 fiscal year loss also includes $81 million of severance and lease abandonment charges. For fiscal year 2008, the loss from continuing operations was $2.66 billion or a loss of $21.71 per diluted share. Home Building Fiscal fourth-quarter revenues were $791 million, 65% lower than the
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CTX EarningsCentex Reports Fourth-Quarter and Fiscal-Year Results
DALLAS, May 5 /PRNewswire-FirstCall/ -- Centex Corporation (NYSE: CTX) today reported financial results for its fiscal fourth quarter and fiscal year ended Mar. 31, 2009.
Highlights of the quarter ended Mar. 31, 2009 (compared to last year's fourth quarter):
-- Loss from continuing operations of $3.26 per diluted share
-- Generated positive cash flow from operations
-- Mar. 31 cash and cash equivalents balance of $1.77 billion, up from
$638 million
-- Reduced homebuilding SG&A expenses by 49% or $129 million
Highlights of fiscal year 2009 (compared to fiscal year 2008):
-- Total revenues decreased 54% to $3.83 billion
-- Loss from continuing operations of $11.58 per diluted share
-- Home closings decreased 47% to 14,434
-- Reduced total owned and controlled lot count by 27% to 64,334 lots
"Housing markets remained challenged throughout the quarter, with the positives of historic affordability and low interest rates offset by rising foreclosures and high resale inventories. In this environment, Centex achieved a steady sales pace and maintained a consistent, healthy backlog. We are well-positioned in areas of relative strength: Centex serves the first-time and first move-up homebuyer, we have a meaningful presence in relatively healthy housing markets and approximately half of our active lot position is fully developed. We generated positive cash flow from operations for the seventh straight quarter, ending with $1.77 billion in cash and cash equivalents on hand," said Timothy R. Eller, chairman and CEO of Centex. "Additionally, the previously announced combination with Pulte continues to progress as expected, and we still anticipate the closing to be in the third calendar quarter of this year."
Corporate Results
Fiscal fourth-quarter revenues were $823 million, 64% lower than the same quarter last year. The loss from continuing operations for the fourth quarter was $406 million, or a loss of $3.26 per diluted share, narrower than last year's fourth-quarter loss of $908 million, or $7.34 per diluted share. Included in the fiscal fourth-quarter loss from continuing operations are $352 million of impairments and land-related charges, including the Company's share of joint venture impairments, compared to $362 million of impairments and other land-related charges in last year's fourth quarter. The fiscal fourth quarter's loss also includes $38 million of severance and lease abandonment charges.
Fiscal year 2009's revenues were $3.83 billion, 54% lower than the $8.28 billion recorded in fiscal year 2008. The loss from continuing operations for fiscal year 2009 was $1.44 billion, or a loss of $11.58 per diluted share. The operating loss was primarily the result of $1.12 billion of impairments and write-offs recorded during the fiscal year. The 2009 fiscal year loss also includes $81 million of severance and lease abandonment charges. For fiscal year 2008, the loss from continuing operations was $2.66 billion or a loss of $21.71 per diluted share.
Home Building
Fiscal fourth-quarter revenues were $791 million, 65% lower than the
Hi Madmax,
Thanks for posting ER details for CTX.
Saleem
GS and my GE keep adding value my APPLE fell behind today
Citi really surprised me by popping today
Go GE and Citi
Hi Madmax,
Stress test details are out tommorrow...which will give clarity to financial sector.
I am happy that you are making $$$$$....
Saleem
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