CTX Qwest Corp. 7.00% Notes Due 2052

Centex Reports Record Fourth Quarter and Fiscal Year Results Fiscal Year Net Earnings Rise 49%; Fourth Quarter Net Earnings Grow 53% DALLAS, April 20 /PRNewswire-FirstCall/ -- Centex Corporation today announced the highest sales, operating earnings and diluted earnings per share for any quarter in its history for the quarter ended March 31, 2004, as well as record results for the eighth consecutive fiscal year. Highlights of the quarter ended March 31, 2004 included these records: -- Revenues up 18% to $3.2 billion -- Earnings per diluted share from continuing operations grew 30% to $2.05 -- Net earnings grew 53% to $300.1 million -- Domestic home sales (orders) up 25%; closings up 5% -- Domestic Home Building operating margin of 14.7% Fiscal 2004 achievements: -- Revenues grew 23%, exceeding $10 billion -- Earnings per diluted share from continuing operations grew 44% to $6.01 -- Net earnings grew 49% to $827.7 million -- Domestic Home Building operating earnings of $965.9 million, up 53%; closings totaled 30,358 units, up 15%; new home sales (orders) of 33,722, an 18% increase -- Domestic Home Building operating margins of 12.8%, a 210-basis-point improvement over last year Through its subsidiaries, Centex ranks as one of America's leading companies in each of the Home Building, Financial Services, Construction Services and Home Services industries. "In Fiscal 2004, we achieved impressive results while streamlining our operations. Centex is a company that is centered on home building, with additional businesses that provide attractive operational and financial synergies," commented Tim Eller, Centex Corporation Chairman and CEO. "As we move into fiscal 2005, Centex Corporation is in a great position with all our businesses. In Centex Homes, we have a strong backlog and lot position that should deliver higher closings and neighborhood growth into the future. In our financial services businesses, we have a motivated and growing force of loan officers at CTX Mortgage, and an attractive interest rate spread locked in on a growing portfolio of loans at Centex Home Equity. Additionally, the business environment for our Construction Services business is on the upswing and our Home Services business will continue to grow its customer base. All of our operations will work together to produce what is expected to be another record year of revenues and earnings for our shareholders in fiscal 2005." Lel Echols, Executive Vice President and CFO, said, "Fiscal 2004 was a very strong year for our company and our shareholders. We have focused our operations and are continuously improving our transparency and earnings visibility. We are raising our earnings guidance for fiscal 2005 to $6.50 to $7.00 per diluted share, which would represent 8% to 16% growth over last fiscal year's earnings per diluted share from continuing operations." In the fourth quarter, Centex Corporation effected a 2-for-1 stock split in the form of a 100% stock dividend. All earnings per share presentations have been restated to reflect this action. Additionally, Centex Corporation will continue to pay a $0.16 per share dividend on the split shares, effectively doubling its dividend payout to shareholders. Centex Corporation repurchased 3,426,200 split-adjusted shares in fiscal 2004, returning over $168 million to shareholders. Centex has over 2.7 million shares remaining in its current authorization. In the fourth quarter, Centex Corporation successfully completed the spin- off of its Construction Products business, Eagle Materials Inc.; therefore, its results are now presented as a component of discontinued operations. Also in the fourth quarter, Centex Corporation, via a consolidation, terminated the tandem trading relationship with 3333 Holding Corporation (Holding Corp.) and Centex Development Company, L.P. (CDCLP). As a result of this transaction, Holding Corp. and CDCLP became subsidiaries of Centex. Beginning March 1, 2004, International Home Building is fully consolidated as a component of Home Building. Centex's equity in the earnings of International Home Building prior to March 1, 2004 has been reclassified from Investment Real Estate to Home Building. Investment Real Estate will not be reported as a separate business segment in fiscal 2005. HOME BUILDING Domestic Operating earnings from Centex Homes were $353.2 million for the fourth quarter this year, 44% higher than $245.4 million for the fourth quarter a year ago. Fiscal 2004's fourth quarter revenues from Centex Homes were $2.40 billion, 15% higher than $2.08 billion for the same quarter last year. The 44% increase in operating earnings was achieved on a 5% increase in closings to 9,635 homes in this year's fourth quarter, as well as an improvement in operating margins to 14.7% from 11.8% a year ago. The margin increase was due primarily to a higher per-unit average sales price and continued cost reductions resulting from lower direct construction costs and process improvements. New home orders for this year's fourth quarter were 10,274 homes, 25% above last year's level. The backlog of homes sold but not delivered at March 31, 2004 was 15,414 units, 28% higher than the backlog at the same time a year ago. Fiscal 2004 operating earnings from Centex Homes reached a record $965.9 million, 53% higher than fiscal 2003 operating earnings of $631.3 million. Centex Homes revenues of $7.52 billion for fiscal 2004 were 27% higher than last year's revenues. Fiscal 2004 closings reached an all-time high of 30,358 homes, 15% above closings last year, and new home orders for fiscal 2004 totaled 33,722 homes, 18% above last year's orders. Average neighborhoods totaled 558 for fiscal 2004, an 8% increase over the average community count of 519 reported for fiscal 2003. "Our 210-basis-point operating margin improvement reflects the strong demand for our products and our employees' relentless focus on continuous improvement," noted Andy Hannigan, Chairman and CEO of Centex Homes. "As we move into fiscal 2005, we will accelerate our neighborhood growth and continue to drive market share gains in our existing markets." International London, England-based Fairclough Homes, the international operation of Centex Homes, closed 433 homes during the fourth quarter of fiscal 2004 versus 516 units for the same quarter last year. Operating earnings for the quarter were $17.8 million, a 62% increase over last year's fourth quarter operating earnings of $11.0 million. Operating profit margin increased 450 basis points to 13.3% in the quarter. For fiscal 2004, Fairclough closed 1,547 homes, producing $39.4 million of operating earnings and posting increases of 4% and 93%, respectively. Operating profit margin increased 360 basis points to 9.0% for the year. FINANCIAL SERVICES Operating earnings from Financial Services for the fourth quarter this year were $44.5 million, 12% lower than $50.8 million for the same quarter last year. Fiscal 2004's fourth quarter Financial Services revenues of $252.3 million were 2% above $246.6 million for the same quarter a year ago. Fiscal 2004 operating earnings from Financial Services were $230.3 million, a 42% improvement over $161.8 million for fiscal 2003. Revenues from Financial Services were $1.05 billion for fiscal 2004, 23% higher than last year's revenues of $855.0 million. CTX Mortgage Company Operating earnings from CTX Mortgage Company and related companies, including Title and Insurance operations, totaled $27.0 million for the fourth quarter of fiscal 2004, 29% lower than $38.0 million for fiscal 2003's fourth quarter. Retail originations were down 35% in the quarter versus the same period a year ago. Operating profit per loan decreased 5% to $1,496 in the quarter. Fiscal 2004 operating earnings from CTX Mortgage and related companies were $165.8 million, a 43% increase over $116.3 million in fiscal 2003. Total mortgage originations for fiscal 2004 totaled 88,346, 4% higher than the previous year, and loan volume of $15.1 billion was up 8% from fiscal 2003. Mortgage refinancings accounted for 39% of total originations in fiscal 2004 compared to 42% last year. "I am very pleased with our results for fiscal 2004 and excited about our outlook going into this year," commented John Matthews, Chairman and CEO of CTX Mortgage. "We remain committed to growing our sales force of motivated loan officers, to provide even more focus on the purchase origination business. In the fourth quarter we grew our loan officer base by 15% and purchase money originations were 57% of our retail business versus only 36% in last year's fourth quarter." Centex Home Equity Company Centex Home Equity Company, LLC (CHEC) reported operating earnings of $17.6 million for the fourth quarter of fiscal 2004, a 37% improvement over $12.8 million in last year's fourth quarter. For fiscal year 2004, CHEC's operating earnings rose 37% to $64.5 million from $47.1 million in fiscal 2003. Originations for fiscal 2004 increased 24% to a record 36,659 loans. CHEC's loan servicing portfolio under the "Portfolio Accounting Method" has reached $6.5 billion, growing by over 40% in the past fiscal year. "Centex Home Equity's record loan volume this past year reflects our continued success in using diverse origination channels to maximize quality growth," said Tony Barone, President and CEO of Centex Home Equity Company. "The originations we have made over the past several years have locked in a very attractive interest rate spread that we will continue to harvest into the future. Additionally, our 90-plus day delinquency remains low, coming in at 2.4%, down 20 basis points versus last year at this time and the lowest it has been in two years." CONSTRUCTION SERVICES Construction Services reported operating earnings of $3.7 million for the fourth quarter of fiscal 2004, 9% less than operating earnings of $4.1 million for the same quarter last year. Revenues from Construction Services were $429.7 million for the quarter this year, 21% higher than revenues of $354.3 million for the year-ago quarter. New contracts for the quarter totaled $412 million, 36% higher than $303 million for the same quarter a year ago. For fiscal 2004, Construction Services reported operating earnings of $16.4 million, 47% less than $30.7 million in operating earnings in the prior year. Construction Services revenues for fiscal 2004 were $1.60 billion, 5% higher than $1.52 billion in the prior year. During fiscal 2004, Construction Services was awarded approximately $1.82 billion of new contracts, a 113% increase over $857 million in fiscal 2003. The backlog of uncompleted construction contracts at March 31, 2004 was $1.75 billion, 15% more than $1.52 billion at March 31, 2003. "Fiscal 2004 was a year of change and challenge for our business," said Robert C. Van Cleave, Chairman, President and CEO of Centex Construction Services. "However, we more than doubled our new contracts over last year and are positioned to grow our profit margin and earnings contribution in fiscal 2005." OUTLOOK Centex enters fiscal 2005 with the highest year-end backlog of home sales in its history and expects to continue to add more neighborhoods and loan officers, grow its servicing portfolio and increase its construction services backlog, positioning the company to post another year of record earnings. Centex said it expects fiscal 2005 to be the company's ninth consecutive record year, with net earnings of $6.50 to $7.00 per diluted share. Centex's senior management will conduct a conference call to discuss the fourth quarter and fiscal year 2004 financial results, as well as its outlook for fiscal 2005, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on Wednesday, April 21. The conference call, accompanied by a slide presentation, will be webcast simultaneously on the Centex Web site at http://www.centex.com/ . A replay of the call, as well as the presentation, will be archived on that site. Forward-Looking Statements. This press release 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 Centex is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only Centex's belief at the time the statements were made regarding future events, which are subject to significant risks, uncertainties and other factors, many of which are outside of Centex's control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. With respect to forward-looking statements relating to the business, operations, assets, liabilities, financial condition or results of operations of Centex, the risks and uncertainties to which these statements are subject include the following: general economic conditions and interest rates; the cyclical and seasonal nature of our businesses; adverse weather conditions; changes in property taxes and energy costs; changes in federal income tax laws and federal mortgage financing programs; governmental regulations; changes in governmental and public policy; changes in economic conditions specific to any one or more of our markets and businesses; competition; availability of land and raw materials; and unexpected operational difficulties. For example, increases in interest rates or decreases in demand for housing on a national or regional basis or increases in the cost or reductions in the supply of suitable land for development, or lumber or other building materials or labor, could affect the revenues or operating earnings of our homebuilding operations. Similarly, increases in interest rates could adversely affect demand for some of the mortgage loans offered by our mortgage finance operations. Finally, changes in national and regional economic conditions and levels of infrastructure and construction spending could adversely affect the results of operations of our construction services operations. These and other risks and uncertainties are described in greater detail in Centex's most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2003 (including under the captions "Forward- Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), and Centex's Quarterly Report on Form 10-Q for the quarter ended December 31, 2003, which are on file with the SEC and may be obtained free of charge through the website maintained by the SEC at http://www.sec.gov/ . All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. Centex undertakes no duty to update any forward-looking statement to reflect future events or changes in Centex's expectations. NOTE ATTACHMENTS: (1) Revenues and Earnings by Lines of Business (Quarter and Year) (2) Condensed Consolidated Balance Sheets (3) Condensed Consolidated Cash Flows (4) Supplemental Domestic Home Building Data (5) Domestic Housing Activity by Geographic Area (6) Domestic Housing Activity Dollar Values by Geographic Area (7) Supplemental International Home Building Data (8) Supplemental Financial Services Data Attachment 1 Centex Corporation and Subsidiaries Revenues and Earnings by Lines of Business (dollars in thousands, except per share data) Quarter Ended March 31, (unaudited) 2004 2003 (D) Change Revenues Home Building (A) $2,479,582 $2,078,163 19% Financial Services 252,263 246,578 2% Construction Services 429,724 354,258 21% Investment Real Estate 10,280 12,181 (16%) Other 20,730 21,981 (6%) Total $3,192,579 $2,713,161 18% Operating Earnings Home Building (A) $371,043 $256,405 45% Financial Services 44,549 50,759 (12%) Construction Services 3,701 4,087 (9%) Investment Real Estate 14,464 13,888 4% Other 132 (6,773) 102% Total Operating Earnings 433,889 318,366 36% Corporate General Expenses (34,547) (19,453) Interest Expense (4,499) (15,234) Earnings from Continuing Operations Before Income Taxes 394,843 283,679 39% Income Taxes (126,854) (85,108) Net Earnings from Continuing Operations 267,989 198,571 35% Earnings (Loss) from Discontinued Operations (B) 32,108 (1,900) Cumulative Effect of Accounting Change (C) --- --- Net Earnings $300,097 $196,671 53% Earnings Per Share - Basic Earnings per Share - Continuing Operations $2.17 $1.64 32% Earnings per Share - Discontinued Operations 0.26 (0.02) Earnings per Share - Cumulative Effect --- --- Earnings Per Share - Basic $2.43 $1.62 50% Earnings Per Share - Diluted Earnings per Share - Continuing Operations $2.05 $1.58 30% Earnings per Share - Discontinued Operations 0.25 (0.02) Earnings per Share - Cumulative Effect --- --- Earnings Per Share - Diluted $2.30 $1.56 47% Average Shares Outstanding: Basic 123,525,669 121,274,618 2% Diluted 130,515,294 126,048,272 4% Attachment 1 (Continued) Centex Corporation and Subsidiaries Revenues and Earnings by Lines of Business (dollars in thousands, except per share data) Fiscal Year Ended March 31, (unaudited) 2004 2003 (D) Change Revenues Home Building (A) $7,599,519 $5,922,724 28% Financial Services 1,047,905 855,015 23% Construction Services 1,596,335 1,517,851 5% Investment Real Estate 37,869 33,298 14% Other 81,763 99,817 (18%) Total $10,363,391 $8,428,705 23% Operating Earnings Home Building (A) $1,005,290 $651,719 54% Financial Services 230,301 161,825 42% Construction Services 16,413 30,718 (47%) Investment Real Estate 44,756 33,942 32% Other (2,298) (10,239) 78% Total Operating Earnings 1,294,462 867,965 49% Corporate General Expenses (105,529) (60,289) Interest Expense (39,869) (60,326) Earnings from Continuing Operations Before Income Taxes 1,149,064 747,350 54% Income Taxes (371,933) (220,538) Net Earnings from Continuing Operations 777,131 526,812 48% Earnings (Loss) from Discontinued Operations (B) 63,815 29,107 Cumulative Effect of Accounting Change (C) (13,260) --- Net Earnings $827,686 $555,919 49% Earnings Per Share - Basic Earnings per Share - Continuing Operations $6.30 $4.33 45% Earnings per Share - Discontinued Operations 0.52 0.24 Earnings per Share - Cumulative Effect (0.11) --- Earnings Per Share - Basic $6.71 $4.57 47% Earnings Per Share - Diluted Earnings per Share - Continuing Operations $6.01 $4.18 44% Earnings per Share - Discontinued Operations 0.49 0.23 Earnings per Share - Cumulative Effect (0.10) --- Earnings Per Share - Diluted $6.40 $4.41 45% Average Shares Outstanding: Basic 123,382,068 121,564,084 1% Diluted 129,392,821 126,116,312 3% (A) 3333 Holding Corporation and Centex Development Company, L.P. were consolidated into Centex Corporation on February 29, 2004. As a result, beginning March 1, 2004 and forward, International Home Building will be fully consolidated as a component of Home Building. Centex's equity in the earnings of International Home Building prior to March 1, 2004 have been reclassified from Investment Real Estate to Home Building. See Attachment 7 for additional International Home Building information. (B) Includes the operations spun-off in the CXP and Cavco transactions and other discontinued manufactured housing operations. (C) Represents the cumulative effect of change in accounting resulting from the consolidation of HSF-I effective July 1, 2003. (D) Certain prior year items have been reclassified to conform to current period classifications. Attachment 2 Centex Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Dollars in millions) (unaudited) Centex Corporation Centex Financial and Subsidiaries Corporation* Services March 31, March 31, March 31, March 31, March 31, March 31, 2004 2003 2004 2003 2004 2003 Assets Cash - Unrestricted $193 $456 $175 $441 $18 $15 Restricted 296 172 36 8 260 164 Receivables - Residential Mortgage Loans Held for Investment 6,498 4,643 --- --- 6,498 4,643 Residential Mortgage Loans Held for Sale 1,820 303 --- --- 1,820 303 Other Receivables 669 603 491 405 178 198 Inventories - Homebuilding 5,105 3,413 5,105 3,413 --- --- Land Held Under Option Agreements not Owned 362 --- 362 --- --- --- Other 94 16 85 7 9 9 Investments 140 384 672 789 --- --- Property and Equipment, net 156 146 115 104 41 42 Goodwill 255 213 238 196 17 17 Deferred Charges and Other Assets 481 508 239 229 242 279 Assets from Discontinued Operations --- 754 --- 754 --- --- $16,069 $11,611 $7,518 $6,346 $9,083 $5,670 Liabilities and Stockholders' Equity Accounts Payable and Accrued Liabilities $1,963 $1,585 $1,715 $1,321 $264 $290 Debt Non-Financial Services 2,418 2,025 2,418 2,025 --- --- Financial Services 8,302 4,999 --- --- 8,302 4,999 Liabilities from Discontinued Operations --- 341 --- 341 --- --- Minority Stockholders' Interest 336 3 335 1 1 2 Stockholders' Equity 3,050 2,658 3,050 2,658 516 379 $16,069 $11,611 $7,518 $6,346 $9,083 $5,670 * In the supplemental data presented above, "Centex Corporation" represents the consolidation of all subsidiaries other than those included in Financial Services. Transactions between Centex Corporation and Financial Services have been eliminated from the Centex Corporation and Subsidiaries balance sheets. ** We believe that separate disclosure of the consolidating information is useful because: the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and we have limited obligations with respect to the indebtedness of our Financial Services subsidiaries. Management uses this information in its financial and strategic planning. Attachment 3 Centex Corporation and Subsidiaries Condensed Consolidated Cash Flows (Dollars in millions) (unaudited) Centex Corporation and Centex Financial Subsidiaries Corporation* Services For the Fiscal For the Fiscal For the Fiscal Year Ended Year Ended Year Ended March 31, March 31, March 31, 2004 2003 2004 2003 2004 2003 Cash Flows - Operating Activities Net Earnings $828 $556 $828 $556 $133 $153 Adjustments - Depreciation and Amortization 101 113 84 96 17 17 Other Noncash Adjustments 61 48 (100) (140) 102 32 Decrease (Increase) in Loans Held for Sale 927 (62) --- --- 927 (62) Increase in Inventories (1,203) (737) (1,203) (732) --- (5) Other Operating Activities (2) 76 81 87 (88) (173) 712 (6) (310) (133) 1,091 (38) Cash Flows - Investing Activities Increase in Loans Held for Investment (1,935) (1,398) --- --- (1,935) (1,398) Other Investing Activities 16 (164) (56) 91 3 (16) (1,919) (1,562) (56) 91 (1,932) (1,414) Cash Flows - Financing Activities (Decrease) Increase in Short-Term Debt, net (1,117) 534 (59) 6 (1,058) 528 Issuance of Long-Term Debt, net 2,176 1,294 274 308 1,902 986 Other Financing Activities (116) (24) (116) (24) --- (74) 943 1,804 99 290 844 1,440 Effect of Exchange Rate on Cash 1 --- 1 --- --- --- Net (Decrease) Increase in Cash and Cash Equivalents (263) 236 (266) 248 3 (12) Cash and Cash Equivalents at Beginning of Period 456 220 441 193 15 27 Cash and Cash Equivalents at End of Period $193 $456 $175 $441 $18 $15 * In the supplemental data presented above, "Centex Corporation" represents the consolidation of all subsidiaries other than those included in Financial Services. Transactions between Centex Corporation and Financial Services have been eliminated from the Centex Corporation and Subsidiaries cash flows. ** We believe that separate disclosure of the consolidating information is useful because: the Financial Services subsidiaries operate in a distinctly different financial environment that generally requires significantly less equity to support their higher debt levels compared to the operations of our other subsidiaries; the Financial Services subsidiaries have structured their financing programs substantially on a stand-alone basis; and we have limited obligations with respect to the indebtedness of our Financial Services subsidiaries. Management uses this information in its financial and strategic planning. Attachment 4 Centex Corporation and Subsidiaries Supplemental Home Building Data - Domestic Operations (unaudited) (dollars in millions, except per unit data) Quarter Ended March 31, 2004 2003 HOME BUILDING - DOMESTIC Revenues - Housing $2,363.1 100.0% $2,056.6 100.0% Cost of Sales - Housing (1,728.3) (73.1%) (1,547.5) (75.2%) Gross Margin - Housing 634.8 26.9% 509.1 24.8% Revenues - Land Sales & Other 36.0 21.5 Cost of Sales - Land Sales & Other (18.0) (22.4) Gross Margin - Land Sales & Other 18.0 (0.9) Total Gross Margin 652.8 27.2% 508.2 24.5% Selling, General & Administrative (306.2) (12.8%) (263.6) (12.7%) Other Income 6.6 0.3% 0.7 ---% Operating Earnings $353.2 14.7% $245.3 11.8% Units Closed 9,635 9,135 Average Unit Sales Price $245,267 $225,132 % Change 8.9% 3.9% Operating Earnings per Unit $36,660 $26,861 % Change 36.5% 20.4% Average Neighborhoods 557 551 % Change 1.1% 16.5% Attachment 4 (Continued) Centex Corporation and Subsidiaries Supplemental Home Building Data - Domestic Operations (unaudited) (dollars in millions, except per unit data) Fiscal Year Ended March 31, 2004 2003 HOME BUILDING - DOMESTIC Revenues - Housing $7,360.7 100.0% $5,818.8 100.0% Cost of Sales - Housing (5,401.1) (73.4%) (4,362.7) (75.0%) Gross Margin - Housing 1,959.6 26.6% 1,456.1 25.0% Revenues - Land Sales & Other 158.3 103.9 Cost of Sales - Land Sales & Other (143.2) (91.3) Gross Margin - Land Sales & Other 15.1 12.6 Total Gross Margin 1,974.7 26.3% 1,468.7 24.8% Selling, General & Administrative (1,038.8) (13.8%) (849.2) (14.3%) Other Income 30.0 0.3% 11.8 0.2% Operating Earnings $965.9 12.8% $631.3 10.7% Units Closed 30,358 26,427 Average Unit Sales Price $242,465 $220,183 % Change 10.1% 3.0% Operating Earnings per Unit $31,816 $23,889 % Change 33.2% 12.7% Average Neighborhoods 558 519 % Change 7.5% 9.5% Beginning with the June 30, 2003 quarter, Centex has reflected interest cost relieved from inventory as cost of sales and reclassified certain costs between cost of sales and SG&A. Prior year items have been reclassified to conform to the current period classifications. LOT POSITION - DOMESTIC As of March 31, 2004 2003 Change Lot Owned and Controlled: Lots Owned 77,475 59,844 29.5% Lots Controlled 115,366 70,926 62.7% Total 192,841 130,770 47.5% Attachment 5 Centex Corporation and Subsidiaries Supplemental Home Building Data - Domestic Operations Housing Activity (Units) by Geographic Area Closings Quarter Ended Fiscal Year Ended March 31, March 31, 2004 2003 Change 2004 2003 Change Mid-Atlantic 1,502 1,434 5% 5,201 4,501 16% Southeast 1,860 1,585 17% 5,568 4,851 15% Midwest 1,807 1,684 7% 5,801 4,695 24% Southwest 3,073 2,890 6% 8,708 8,157 7% West Coast 1,393 1,542 (10%) 5,080 4,223 20% 9,635 9,135 5% 30,358 26,427 15% Sales (Orders) Backlog As of March 31, 2004 2003 Change Mid-Atlantic 2,801 2,148 30% Southeast 3,707 2,713 37% Midwest 3,392 2,920 16% Southwest 2,869 2,258 27% West Coast 2,645 2,011 32% 15,414 12,050 28% Sales (Orders) Quarter Ended Fiscal Year Ended March 31, March 31, 2004 2003 Change 2004 2003 Change Mid-Atlantic 1,732 1,586 9% 5,854 5,146 14% Southeast 2,045 1,441 42% 6,562 5,249 25% Midwest 2,081 1,559 33% 6,273 5,087 23% Southwest 2,764 2,280 21% 9,319 8,054 16% West Coast 1,652 1,357 22% 5,714 5,132 11% 10,274 8,223 25% 33,722 28,668 18% Attachment 6 Centex Corporation and Subsidiaries Supplemental Home Building Data - Domestic Operations Housing Activity (Values) by Geographic Area Housing Revenues - Closings (dollars in millions) Quarter Ended March 31, Fiscal Year Ended March 31, 2004 2003 Change 2004 2003 Change Mid-Atlantic $425.3 $367.2 16% $1,434.3 $1,160.8 24% Southeast 470.4 343.6 37% 1,290.1 1,010.3 28% Midwest 372.3 324.0 15% 1,203.4 893.5 35% Southwest 490.3 431.9 14% 1,358.4 1,222.0 11% West Coast 604.8 589.9 3% 2,074.5 1,532.2 35% $2,363.1 $2,056.6 15% $7,360.7 $5,818.8 26% Sales (Orders) Backlog Value (dollars in millions) As of March 31, 2004 2003 Change Mid-Atlantic $914.2 $616.7 48% Southeast 982.8 574.1 71% Midwest 682.4 553.2 23% Southwest 463.7 343.2 35% West Coast 1,188.9 714.8 66% $4,232.0 $2,802.0 51% Attachment 7 Centex Corporation and Subsidiaries Supplemental Home Building Data - International Operations (unaudited) (dollars in millions, except per unit data) Quarter Ended March 31, 2004 2003 HOME BUILDING - INTERNATIONAL Revenues - Housing $130.1 100.0% $123.0 100.0% Cost of Sales - Housing (101.2) (77.8%) (103.0) (83.7%) Gross Margin - Housing 28.9 22.2% 20.0 16.3% Revenues - Land Sales & Other 3.8 1.9 Cost of Sales - Land Sales & Other (3.8) (0.1) Gross Margin - Land Sales & Other --- 1.8 Total Gross Margin 28.9 21.6% 21.8 17.5% Selling, General & Administrative (10.6) (7.9%) (10.1) (8.1%) Operating Earnings 18.3 13.7% 11.7 9.4% Interest (0.5) (0.4%) (0.7) (0.6%) Earnings Before Income Taxes $17.8 13.3% $11.0 8.8% Units Closed 433 516 Average Unit Sales Price $300,499 $238,306 % Change 26.1% 7.5% Operating Earnings per Unit $42,296 $22,797 % Change 85.5% 114.3% Attachment 7 (Continued) Centex Corporation and Subsidiaries Supplemental Home Building Data - International Operations (unaudited) (dollars in millions, except per unit data) Fiscal Year Ended March 31, 2004 2003 HOME BUILDING - INTERNATIONAL Revenues - Housing $428.7 100.0% $352.0 100.0% Cost of Sales - Housing (353.2) (82.4%) (303.1) (86.1%) Gross Margin - Housing 75.5 17.6% 48.9 13.9% Revenues - Land Sales & Other 10.3 23.6 Cost of Sales - Land Sales & Other (6.2) (16.2) Gross Margin - Land Sales & Other 4.1 7.4 Total Gross Margin 79.6 18.1% 56.3 15.0% Selling, General & Administrative (38.1) (8.7%) (33.4) (8.9%) Operating Earnings 41.5 9.4% 22.9 6.1% Interest (2.1) (0.4%) (2.5) (0.7%) Earnings Before Income Taxes $39.4 9.0% $20.4 5.4% Units Closed 1,547 1,492 Average Unit Sales Price $277,125 $235,930 % Change 17.5% 15.5% Operating Earnings per Unit $26,840 $15,369 % Change 74.6% 48.4% Attachment 8 Centex Corporation and Subsidiaries Supplemental Financial Services Data CTX Mortgage Company Quarter Ended March 31, Fiscal Year Ended March 31, 2004 2003 Change 2004 2003 Change Originations Builder 6,558 6,410 2% 20,865 18,127 15% Retail 11,465 17,718 (35%) 67,481 66,807 1% Total 18,023 24,128 (25%) 88,346 84,934 4% Applications Builder 7,092 5,904 20% 24,031 20,103 20% Retail 15,057 20,921 (28%) 65,514 69,883 (6%) Total 22,149 26,825 (17%) 89,545 89,986 ---% Loan Volume (in billions) $3.24 $4.02 (20%) $15.12 $13.99 8% Average Loan Size $179,600 $166,600 8% $171,100 $164,700 4% Operating Profit per Loan $1,496 $1,574 (5%) $1,839 $1,369 34% Centex Home Equity Quarter Ended March 31, Fiscal Year Ended March 31, 2004 2003 Change 2004 2003 Change Originations 8,891 7,667 16% 36,659 29,448 24% Applications 91,077 74,835 22% 340,894 248,150 37% Loan Volume (in billions) $1.01 $0.70 44% $3.92 $2.51 56% Average Loan Size $114,100 $91,800 24% $106,900 $85,100 26% Earnings As a % of Average "Owned" Portfolio 1.12% 1.15% 1.16% 1.20% Servicing Portfolio: As of March 31, 2004 2003 Change Number of Loans: Portfolio Accounting Method 76,215 61,073 Other 10,858 13,329 Total 87,073 74,402 17% Servicing Portfolio (in billions): Portfolio Accounting Method $6.50 $4.64 Other 0.64 0.84 Total $7.14 $5.48 30% CPLBF DATASOURCE: Centex Corporation CONTACT: Leldon E. Echols, Executive Vice President and Chief Financial Officer, or Matthew G. Moyer, Vice President-Investor Relations, both of Centex Corporation, +1-214-981-5000 Web site: http://www.sec.gov/ Web site: http://www.centex.com/

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