Centex Reports Preliminary Third-Quarter Operating Results
2009年1月23日 - 8:30PM
PRニュース・ワイアー (英語)
DALLAS, Jan. 23 /PRNewswire-FirstCall/ -- Centex Corporation
(NYSE:CTX) today announced preliminary operating results for its
fiscal third quarter ended Dec. 31, 2008: -- Net sales (orders) for
the quarter were 1,080 units, with a backlog of 4,628 units --
Closings were 3,405 units -- Non-cash impairments expected in the
range of $550 million to $600 million, reflecting current market
realities and the outlook for continuing price declines -- Cash
balance expected to increase by $200 million to approximately $1.5
billion "Abrupt and sweeping changes in the economy caused
unprecedented homebuyer hesitancy, which severely impacted sales
early in the quarter," said Timothy R. Eller, chairman and CEO of
Centex Corp. "As housing starts dropped to record lows and
unemployment rose, buyers remained firmly on the sidelines early in
the quarter. We responded with incentives and adjustments that
resulted in better sales volumes in December and into January while
successfully protecting our strong backlog. "Our strategic focus
continues to be on restoring profitability, maintaining a strong
cash position and improving balance sheet strength," Mr. Eller
said. "We expect to report a cash balance of $1.5 billion for the
third fiscal quarter, up $200 million from the second fiscal
quarter. We anticipate generating positive cash flow from
operations in the current quarter and for fiscal year 2010. Also,
we continue to aggressively manage expenditures. We've accelerated
overhead reductions to prepare the organization for what
potentially could become a sustained period of lower sales volumes.
We also expect to further reduce land and development spending."
Based upon these current housing market conditions and the
Company's outlook for a further decline in home prices, Centex
expects to record between $550 and $600 million in non-cash
impairments for the fiscal third quarter, primarily for land
valuation. Centex also announced that it has obtained sufficient
lender approvals to amend the terms of its unsecured revolving
credit facility and waive a potential event of default. The Company
currently has no direct borrowings outstanding under the facility.
Under the terms of the proposed amendment, the total commitment is
being reduced to $500 million at the Company's request. The full
terms will be filed with the SEC after the closing of the
amendment. Schedule for financial results, quarterly conference
call Centex will release earnings for the third quarter of fiscal
year 2009 on Tuesday, Feb. 3, after the close of trading on the New
York Stock Exchange. Centex senior management will host a
conference call to discuss the third-quarter financial results at
10 a.m. EST (9 a.m. CST) on Wednesday, Feb. 4. The live webcast may
be accessed on the Investor Relations section of the Centex web
site at http://ir.centex.com/. The accompanying slide presentation
will be posted under the "supporting materials" section of the
event web page. A replay of this webcast, including the slide
presentation and call transcript, will be archived for 12 months on
the Investor Relations web page under the "presentations" link.
About Centex Dallas-based Centex, founded in 1950, is one of the
nation's leading home building companies. Its leading brands
include Centex Homes, Fox & Jacobs Homes and CityHomes. In
addition to its home building operations, Centex also offers
mortgage and title services. Centex has ranked among the top three
builders on FORTUNE magazine's list of "America's Most Admired
Companies" for 10 straight years and is a leader in quality and
customer satisfaction. Forward-Looking Statements Some of the
statements in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. You can identify forward-looking statements by the fact
that they relate only to anticipated or expected events,
activities, trends or results, which are inherently subject to
risks, uncertainties and other factors. Actual results and outcomes
may differ materially from what is expressed or forecast in such
statements. Forward-looking statements included in this press
release are made as of its date. We do not undertake any obligation
to update or revise any forward-looking statement. Important risks
and other factors include, but are not limited to: (1) the effects
of recent disruptions in the global credit and securities markets,
which have adversely impacted the banking and mortgage finance
industries, resulting in tightening of credit and reductions in
liquidity; (2) recent adverse changes in national and regional
economic or business conditions, including employment levels and
interest rates; (3) the effects of the current downturn in the
homebuilding industry, including potential adverse market
conditions that could result in reduced sales and closings and
additional inventory or other impairments; (4) customer
cancellations and consumer homebuyer sentiment; (5) competition;
(6) price changes in raw materials or other components of our
houses; (7) the availability of adequate sources of financing to
continue to implement our business strategy; and (8) our ability to
generate cash from sales of assets and other sources that
supplement our existing cash resources. These and other risks and
uncertainties are described in greater detail in our reports filed
with the Securities and Exchange Commission, including our Annual
Report on Form 10-K for the fiscal year ended March 31, 2008, and
subsequent Quarterly Reports on Form 10-Q. DATASOURCE: Centex
Corporation CONTACT: Matthew G. Moyer, Vice President, Investor
Relations, or Eric Bruner, Director, Public Relations, both of
Centex Corporation, +1-214-981-5000 Web Site: http://ir.centex.com/
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