Centex Reports Record Fourth Quarter Results

Company Marks Fifth Consecutive Record Earnings Year



Apr 25, 2001, 01:00 ET from Centex Corporation

    DALLAS, April 25 /PRNewswire/ -- Centex Corporation (NYSE:   CTX) today
 announced the highest earnings for any quarter in its history for the quarter
 ended March 31, 2001, the fourth quarter of fiscal 2001, as well as record
 results for the fiscal year.
     Centex said the strong fourth quarter results were due primarily to a
 record performance by Centex Homes, the company's conventional home building
 subsidiary.  These gains were accompanied by excellent results from CTX
 Mortgage Company as a result of the vibrant refinancing market, a strong
 quarter for Investment Real Estate, and improved earnings from Centex
 Construction Group.  Centex noted that the company's overall record
 performance occurred despite depressed earnings from its Construction Products
 subsidiary and its Home Equity lending business and non-cash charges in its
 Manufactured Homes subsidiary.
     For this year's fourth quarter, Centex reported net earnings of
 $106,211,000, 52% higher than $70,025,000 for the same quarter last year.
 Diluted earnings per share of $1.73 this year were 48% higher than $1.17 per
 diluted share for the same quarter a year ago.  Revenues for the fourth
 quarter this year rose 15% to $2,004,831,000 from $1,739,334,000 for the same
 quarter in fiscal 2000.
     For fiscal 2001, Centex reported a 10% increase in net earnings to
 $281,977,000 or $4.65 per diluted share from net earnings of $257,132,000 or
 $4.22 per diluted share for fiscal 2000.  Consolidated revenues for fiscal
 2001 reached an all-time high $6,710,735,000, 12% higher than $6,008,136,000
 for fiscal 2000. Centex's return on beginning stockholders' equity was 19.9%
 for fiscal 2001 versus 21.5% for the prior year.
     Earnings per share for the quarter rose a lower percentage than net
 earnings due to a higher number of average shares outstanding in the current
 period.
     Through its subsidiaries, Centex ranks among the nation's leading home
 builders, non-bank-affiliated retail mortgage banking lenders and commercial
 contractors.  Centex also has an investment real estate operation and
 currently owns approximately 65.2% of Centex Construction Products, Inc., a
 publicly traded company.
 
                                 HOME BUILDING
     Centex Homes
     Operating earnings from Centex Homes (Conventional Homes) were
 $162.7 million for the fourth quarter this year, 35% higher than
 $120.5 million for the fourth quarter a year ago, due to an all-time high
 number of home closings and record operating margins.  Current year fourth
 quarter revenues from Centex Homes were $1.40 billion this year, a 15%
 increase over $1.23 billion for the same quarter last year.
     Centex Homes closings reached 6,457 units for the quarter this year, an
 all-time high and 7% above 6,050 closings for last year's fourth quarter.
 Home sales (orders) for this year's quarter totaled a record 6,965 units, 12%
 higher than sales of 6,216 units for the same quarter last year.  The backlog
 of homes sold but not closed at March 31, 2001 was a record 9,265 units, 22%
 higher than the 7,579 unit backlog at March 31, 2000.
     The average Centex Homes sales price for this year's fourth quarter was
 $212,165, 7% higher than $197,884 for the same quarter last year.  The per
 unit operating margin for the quarter this year was a record $25,198, 26%
 higher than $19,924 for the same quarter last year.  The Centex Homes
 operating margin as a percent of revenue was 11.6% for the fiscal 2001 fourth
 quarter compared to 9.8% for the same quarter last year.
     Fiscal 2001 operating earnings from Centex Homes reached a record
 $425.4 million, 32% higher than the $323.2 million of operating earnings
 reported in fiscal 2000.  Centex Homes revenues for fiscal 2001 were
 $4.36 billion, an 18% improvement over last year's revenues of $3.69 billion.
     Centex Homes closed a record 20,659 homes in fiscal 2001, 9% higher than
 18,904 homes in fiscal 2000.  Fiscal 2001 home orders rose 14% to 22,191 homes
 from 19,407 last year.
     Centex Homes' average sales price for fiscal 2001 was $205,913, 7% higher
 than fiscal 2000's average sales price of $191,568.  Operating earnings per
 closed unit averaged $20,594 this year, 20% higher than $17,098 last year.
 Operating margin as a percent of revenue was 9.8% for fiscal 2001 versus 8.8%
 for fiscal 2000.
 
     Manufactured Homes
     Cavco Industries (Manufactured Homes) reported an operating loss of
 $2.2 million for the fourth quarter of fiscal 2001 before non-cash charges of
 $20.1 million.  The non-cash charges included $19.2 million of one-time
 charges, of which $13.6 million was related to the retail operation, including
 its goodwill write-off.  The operating loss for the fourth quarter totaled
 $22.3 million compared to an operating profit of $518,000 for the same quarter
 last year.  Manufactured Homes revenues for the current quarter were
 $26.6 million, 29% less than $37.5 million for the same quarter a year ago.
     Manufactured Homes reported an operating loss for fiscal 2001 of
 $3.4 million before non-cash charges of $22.7 million, including the
 $19.2 million discussed above.  The total loss for fiscal 2001 was
 $26.1 million versus an operating profit of $7.3 million for fiscal 2000.
 Revenues of $126.4 million were 31% less than fiscal 2000 revenues of
 $183.5 million.
 
 
                          INTERNATIONAL HOME BUILDING
 
     London, England-based Fairclough Homes, which was acquired in April 1999
 by Centex Development Company, L.P., built and closed 1,243 homes during
 fiscal 2001.  Due to the unique structure of the transaction, Fairclough will
 begin reporting operating results as of April 2001.
 
 
                             INVESTMENT REAL ESTATE
 
     For the quarter ended March 31, 2001, Centex's Investment Real Estate
 operation, through which all investment property transactions are reported,
 had operating earnings of $24.2 million versus earnings of $6 million for the
 same quarter a year ago.  The disposition of low-cost basis real estate assets
 during the quarter accelerated the accretion of negative goodwill, which
 together positively impacted earnings by $18.7 million.  For fiscal 2001,
 Investment Real Estate's operating earnings were $50.9 million, 69% higher
 than fiscal 2000's earnings of $30.1 million.
 
 
                               FINANCIAL SERVICES
 
     Operating earnings from Financial Services for the quarter ended
 March 31, 2001 were $15.0 million versus an operating loss of $9.9 million for
 the same quarter last year.  This year's fourth quarter Financial Services
 revenues of $139.9 million were 61% higher than $86.7 million for the same
 quarter a year ago.  Financial Services operating earnings were $19.7 million
 for fiscal 2001, 39% less than $32.5 million for fiscal 2000.  Fiscal 2001
 revenues from Financial Services were $463.6 million, an 8% increase over
 $430.6 million last year.
 
     CTX Mortgage Company
     Operating earnings from CTX Mortgage Company (CTX) and related companies
 totaled $17.3 million for fiscal 2001's fourth quarter, 409% higher than
 $3.4 million for the same quarter last year.  CTX Mortgage's operating
 earnings for fiscal 2001 were $34.0 million, slightly higher than earnings of
 $33.9 million for the prior fiscal year.
 
     Following is a summary of statistical highlights for CTX Mortgage:
 
 
      CTX Mortgage Company
                      Quarter Ended March 31,    Twelve Months Ended March 31,
                      2001       2000   Change     2001       2000    Change
     Originations
         Builder      4,245     3,469     22%     12,506     10,958     14%
 
         Retail      14,672     9,208     59%     48,244     48,301    ---%
 
           Total     18,917    12,677     49%     60,750     59,259      3%
 
       Applications
         Builder      5,346     3,604     48%     15,590     11,724     33%
 
         Retail      21,377    11,280     90%     55,052     47,370     16%
 
           Total     26,723    14,884     80%     70,642     59,094     20%
 
     Loan Volume
      (in billions) $  2.86   $  1.79     60%    $  8.88    $  8.11     10%
 
     Average Loan
      Size         $151,200  $141,400      7%   $146,200   $136,800      7%
 
     Profit
      per Loan     $    916   $   265    246%   $    560   $    573     (2%)
 
 
     Centex Home Equity Corporation
     Including the $13.8 million impact of changing to the "Portfolio
 Accounting Method," Centex Home Equity Corporation (CHEC) reported a loss of
 $2.3 million for the fourth quarter this year compared to an operating loss of
 $12.3 million for the same quarter last year. Including the $45.6 million
 impact of its change to the "Portfolio Accounting Method," CHEC reported a
 fiscal 2001 operating loss this year of $14.3 million versus earnings of
 $2.7 million for fiscal 2000.
     Centex Home Equity's loan portfolio, on which it earns an interest rate
 spread under the "Portfolio Accounting Method," has reached $1.77 billion and
 continues to increase.
 
     Following is a summary of statistical highlights for Centex Home Equity:
 
 
      Centex Home Equity Corporation
 
                          Quarter Ended March 31, Twelve Months Ended March 31,
                         2001      2000    Change    2001       2000     Change
 
     Originations        6,108     5,331    15%     26,418     20,568     28%
 
     Applications       38,849    37,665     3%    148,702    127,450     17%
 
     Loan Volume
      (in billions)    $  0.42   $  0.33    28%    $  1.72    $  1.32     30%
 
     Average Loan Size $69,200   $61,700    12%    $65,000    $64,200      1%
 
     Profit per Loan   $  (384)  $(2,301)   83%    $  (542)*  $   133   (508%)
 
     Servicing Portfolio as of March 31:              2001       2000   Change
 
       Number of Loans                              49,717     33,081     50%
 
       Servicing Portfolio, including $1.77
        in 2001 of "Portfolio Accounting Method"
        Loans (in billions)                        $  3.27    $  2.09     56%
 
      *  Change in profitability relates primarily to the change, as of
         April 1, 2000, to the "Portfolio Accounting Method" for recognizing
         earnings from the "Gain-on-Sale Method" previously used.
 
 
                             CONSTRUCTION PRODUCTS
 
     Operating earnings from Centex Construction Products, Inc. (CXP) were
 $9.7 million for the fourth quarter of fiscal 2001, 73% less than
 $36.0 million for the same quarter in fiscal 2000.  Revenues from CXP were
 $105.9 million for the fourth quarter of fiscal 2001, 3% lower than
 $109.1 million for the year ago period.
     For fiscal 2001, operating earnings from CXP were $99.4 million, 41% less
 than fiscal 2000 earnings of $168.6 million.  Fiscal 2001 revenues from CXP
 were $441.1 million, 6% less than revenues of $470.5 million for the prior
 year.
     For both the current fourth quarter and fiscal 2001, sales volumes in each
 of CXP's business segments exceeded sales volumes for the year ago periods,
 and Cement, along with Concrete and Aggregates, reported all-time high
 operating earnings.  However, CXP's total earnings for both the current
 quarter and fiscal year declined from the year-ago periods due to lower Gypsum
 Wallboard pricing and higher fuel and energy costs.
 
                     CONTRACTING AND CONSTRUCTION SERVICES
 
     Contracting and Construction Services reported record operating earnings
 of $9.7 million for the fourth quarter of fiscal 2001, 61% higher than
 earnings of $6.0 million for the same quarter last year.  Revenues from this
 segment were $315.7 million for the quarter this year, 14% higher than
 revenues of $277.1 million for the year ago quarter.  New contracts for the
 quarter totaled $892 million, a 165% increase over the new contract total of
 $337 million for the same quarter a year ago.
     For fiscal 2001, Contracting and Construction Services reported operating
 earnings of $30.9 million, 32% higher than fiscal 2000 earnings of
 $23.5 million.  Revenues for fiscal 2001 were $1.29 billion, 7% higher than
 prior year revenues of $1.21 billion.
     During fiscal 2001, Contracting and Construction Services was awarded
 approximately $1.9 billion of new contracts, a 17% increase over fiscal 2000's
 new contract total of $1.7 billion.  The backlog of uncompleted construction
 contracts at March 31, 2001 was $2.0 billion, a 46% increase over the backlog
 of $1.4 billion at March 31, 2000.  Contracting operating profit margins
 continue to improve.
 
                               OTHER DEVELOPMENTS
 
     During the fourth quarter of fiscal 2001, Centex Homes completed two
 acquisitions.  Centex Homes acquired the assets of the home building business
 of The Selective Group, based in Farmington Hills, Mich.  The acquisition
 expands Centex Homes' presence in Michigan.  Centex Homes also acquired the
 home building business of CityHomes, a leading builder of upscale urban
 townhomes in Dallas.  This acquisition provides Centex Homes with a successful
 model in the urban residential market that the company plans to expand to
 other major cities.
     After the end of the quarter, Centex HomeTeam Pest Management, a
 subsidiary of Centex HomeTeam Services, announced the acquisition of Unified
 Services, Inc. of Atlanta, Ga. and Unified's subsidiaries.  The acquisition
 places Centex HomeTeam among the four largest pest control companies in the
 United States, based on revenue.
 
                                    OUTLOOK
 
     Centex said the company entered fiscal 2002 with a record backlog of home
 sales and that recent declines in interest rates should continue to stimulate
 home orders.  The company noted that its mortgage refinancing business has
 accelerated as a result of lower interest rates, and that Centex Home Equity's
 servicing portfolio is increasing, both of which should have a substantial
 positive effect on Financial Services' results in the new fiscal year.  In
 addition, results from Centex's UK home building operation will be additive in
 fiscal 2002 and the Centex Construction Group enters fiscal 2002 with the
 highest backlog and operating margins in its history.  However, Construction
 Products earnings are expected to continue to be impacted by depressed Gypsum
 Wallboard prices.
     Centex expects fiscal 2002 will be the Company's sixth consecutive record
 year.
 
     Forward-Looking Statements.  The "Financial Services," "Contracting and
 Construction Services," "Other Developments," and "Outlook" sections of this
 press release contain 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 the Company is discussing its beliefs, estimates or
 expectations.  These statements are not guarantees of future performance and
 involve a number of risks and uncertainties.  Actual results and outcomes may
 differ materially from what is expressed or forecast in such forward-looking
 statements.  The principal risks and uncertainties that may affect the
 Company's actual performance and results of operations include the following:
 general economic conditions and interest rates; the cyclical and seasonal
 nature of the Company's businesses; adverse weather; 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
 the Company's markets and businesses; competition; availability of raw
 materials; and unexpected operations difficulties.  These and other factors
 are described in the Company's most recent Annual Report on Form 10-K for the
 fiscal year ended March 31, 2000 and in its Quarterly Reports on Form 10-Q for
 the fiscal quarters ended June 30, 2000 and September 30, 2000, and
 December 31, 2000, each of which is filed with the Securities and Exchange
 Commission.
 
     NOTE ATTACHMENTS:
     (1)   Summary of Consolidated Earnings
     (2)   Revenues and Earnings by Lines of Business (Quarter)
     (3)   Revenues and Earnings by Lines of Business (Year)
     (4)   Housing Activity by Geographic Area
     (5)   Supplemental Home Building Data
     (6)   Supplemental Construction Products Data
     (7)   Conventional Home Building Margins by Quarter
 
 
      Attachment 1
                      Centex Corporation and Subsidiaries
                        Summary of Consolidated Earnings
                                  (unaudited)
              (dollar amounts in thousands, except per share data)
 
                                                        Quarter Ended
                                                          March 31,
                                               2001          2000      Change
 
     Revenues                                $2,004,831    $1,739,334     15%
 
     Earnings Before Income Taxes              $151,843      $114,691     32%
 
     Net Earnings                              $106,211       $70,025     52%
 
     Earnings Per Share:
         Basic                                    $1.78         $1.18     51%
         Diluted                                  $1.73         $1.17     48%
 
     Average Shares Outstanding:
         Basic                               59,549,480    59,120,730      1%
         Diluted                             61,562,118    60,100,560      2%
 
 
                                                     Twelve Months Ended
                                                          March 31,
                                               2001          2000      Change
 
     Revenues                                $6,710,735    $6,008,136     12%
 
     Earnings Before Income Taxes              $436,331      $416,861      5%
 
     Net Earnings                              $281,977      $257,132     10%
 
     Earnings Per Share:
         Basic                                    $4.77         $4.34     10%
         Diluted                                  $4.65         $4.22     10%
 
     Average Shares Outstanding:
         Basic                               59,095,403    59,308,158    ---%
         Diluted                             60,660,885    60,928,980    ---%
 
 
      Attachment 2
                      Centex Corporation and Subsidiaries
                   Revenues and Earnings by Lines of Business
                             (dollars in thousands)
 
                                                       Quarter Ended
                                                         March 31,
                                              2001         2000       Change
 
     Revenues
             Home Building:
                 Conventional Homes         $1,403,337   $1,225,311       15%
                                                   70%          71%
                 Manufactured Homes             26,589       37,548      (29%)
                                                    1%           2%
             Investment Real Estate             13,375        3,571      275%
                                                    1%         ---%
             Financial Services                139,929       86,679       61%
                                                    7%           5%
             Construction Products (A)         105,891      109,109       (3%)
                                                    5%           6%
             Contracting and Construction
              Services                         315,710      277,116       14%
                                                   16%          16%
         Total                              $2,004,831   $1,739,334       15%
                                                  100%         100%
 
     Operating Earnings
             Home Building:
                 Conventional Homes           $162,701     $120,542       35%
                                                   82%          76%
                 Manufactured Homes            (22,350)         518   (4,415%)
                                                  (11%)        ---%
             Investment Real Estate             24,182        6,035      301%
                                                   12%           4%
             Financial Services                 15,018       (9,922)     251%
                                                    7%          (6%)
             Construction Products               9,685       36,042      (73%)
                                                    5%          23%
             Contracting and Construction
              Services                           9,660        6,001       61%
                                                    5%           4%
             Other, net                           (576)      (1,220)      53%
                                                  ---%          (1%)
         Total Operating Earnings              198,320      157,996       26%
                                                  100%         100%
 
             Corporate General Expenses        (10,961)      (9,194)
             Interest Expense                  (33,928)     (21,016)
             Minority Interest in
              Construction Products             (1,588)     (13,095)
 
     Earnings Before Income Taxes             $151,843     $114,691       32%
 
     (A) Centex Construction Products, Inc. adopted the provisions of Emerging
         Issues Task Force Issue No. 00-10, Accounting for Shipping and
         Handling Fees and Costs, during the quarter ended March 31, 2001.  As
         a result of this adoption, net revenues have been restated to include
         freight and delivery costs billed to customers.  Previously, such
         billings were offset against corresponding expenses in cost of sales.
 
 
      Attachment 3
                      Centex Corporation and Subsidiaries
                   Revenues and Earnings by Lines of Business
                             (dollars in thousands)
 
                                                     Twelve Months Ended
                                                          March 31,
                                               2001          2000      Change
 
     Revenues
             Home Building:
                 Conventional Homes          $4,356,172    $3,686,844      18%
                                                    65%           61%
                 Manufactured Homes             126,366       183,526     (31%)
                                                     2%            3%
             Investment Real Estate              33,042        30,928       7%
                                                   ---%            1%
             Financial Services                 463,646       430,611       8%
                                                     7%            7%
             Construction Products (A)          441,127       470,465      (6%)
                                                     7%            8%
             Contracting and Construction
              Services                        1,290,382     1,205,762       7%
                                                    19%           20%
         Total                               $6,710,735    $6,008,136      12%
                                                   100%          100%
 
     Operating Earnings
             Home Building:
                 Conventional Homes            $425,450      $323,220      32%
                                                    70%           56%
                 Manufactured Homes             (26,077)        7,329    (456%)
                                                    (4%)           1%
             Investment Real Estate              50,908        30,122      69%
                                                     8%            5%
             Financial Services                  19,667        32,474     (39%)
                                                     3%            6%
             Construction Products               99,441       168,611     (41%)
                                                    17%           29%
             Contracting and Construction
              Services                           30,886        23,471      32%
                                                     5%            4%
             Other, net                           4,464        (4,749)    194%
                                                     1%           (1%)
         Total Operating Earnings               604,739       580,478       4%
                                                   100%          100%
 
             Corporate General Expenses         (36,924)      (33,015)
             Interest Expense                   (99,069)      (66,844)
             Minority Interest in
              Construction Products             (32,415)      (63,758)
 
 
     Earnings Before Income Taxes              $436,331      $416,861       5%
 
     (A) Centex Construction Products, Inc. adopted the provisions of Emerging
         Issues Task Force Issue No. 00-10, Accounting for Shipping and
         Handling Fees and Costs, during the quarter ended March 31, 2001.  As
         a result of this adoption, net revenues have been restated to include
         freight and delivery costs billed to customers.  Previously, such
         billings were offset against corresponding expenses in cost of sales.
 
 
      Attachment 4
                      Centex Corporation and Subsidiaries
                      Housing Activity by Geographic Area
 
                                                    Closings
                                                           Twelve Months Ended
                               Quarter Ended March 31,          March 31,
                                 2001   2000     Change    2001    2000  Change
 
     Midatlantic                 1,194    923      29%     3,541   3,188   11%
 
     Southeast                   1,307  1,315      (1%)    3,991   4,012   (1%)
 
     Midwest                       873    949      (8%)    3,294   3,089    7%
 
     South Central               1,610  1,488       8%     5,145   4,698   10%
 
     Mountain States               362    279      30%     1,151     908   27%
 
     West Coast                  1,111  1,096       1%     3,537   3,009   18%
 
                                 6,457  6,050       7%    20,659  18,904    9%
 
 
                                                 Sales (Orders) Backlog
                                              3/31/01      3/31/00       Change
 
     Midatlantic                                1,403        1,253         12%
 
     Southeast                                  1,898        1,848          3%
 
     Midwest                                    2,008        1,628         23%
 
     South Central                              2,374        1,751         36%
 
     Mountain States                              455          247         84%
 
     West Coast                                 1,127          852         32%
 
                                                9,265        7,579         22%
 
 
                                                 Sales (Orders)
                                                           Twelve Months Ended
                                  Quarter Ended March 31,       March 31,
                                    2001   2000  Change    2001    2000  Change
 
     Midatlantic                    1,088  1,063    2%     3,691   3,343   10%
 
     Southeast                      1,267  1,305   (3%)    4,041   4,066   (1%)
 
     Midwest                        1,177  1,031   14%     3,541   3,207   10%
 
     South Central                  1,903  1,446   32%     5,747   4,825   19%
 
     Mountain States                  505    282   79%     1,359     775   75%
 
     West Coast                     1,025  1,089   (6%)    3,812   3,191   19%
 
                                    6,965  6,216   12%    22,191  19,407   14%
 
     Effective with this quarter's release, Centex has realigned its
 conventional home building operating units into the above newly designated
 geographic areas. This realignment and its resulting geographic areas reflect
 the operational and strategic structure with the conventional home building
 operation. A detailed list of the regions within each new area is included in
 Centex's Form 10-K and Annual Report for the fiscal year ended March 31, 2001.
 
 
      Attachment 5
                      Centex Corporation and Subsidiaries
                        Supplemental Home Building Data
 
     Conventional Homes Results
       (dollars in millions, except per unit data)
                                               Quarter Ended March 31,
                                             2001                   2000
 
          Conventional Housing
           Revenues                  $1,403.4      100.0%   $1,225.3    100.0%
          Cost of Sales              (1,053.7)     (75.1%)    (953.4)   (77.8%)
          Selling, General &
           Administrative              (187.0)     (13.3%)    (151.4)   (12.4%)
 
               Operating Earnings      $162.7       11.6%     $120.5      9.8%
 
          Units Closed                  6,457                  6,050
 
          Unit Sales Price           $212,165               $197,884
               % Change                  7.2%                   4.7%
 
          Operating Earnings per
           Unit                       $25,198                $19,924
               % Change                 26.5%                   3.5%
 
     Manufactured Homes Results
       (dollars in thousands)
                                               Quarter Ended March 31,
                                             2001                   2000
 
             Manufactured Homes
              Revenues
              (Construction)          $15,858      100.0%    $22,930    100.0%
             Cost of Sales            (20,185)    (127.3%)   (17,923)   (78.2%)
             Selling, General &
              Administrative           (3,210)     (20.2%)    (3,125)   (13.6%)
 
                                       (7,537)     (47.5%)     1,882      8.2%
 
 
             Manufactured Homes
              Revenues (Retail)         9,301      100.0%     14,618    100.0%
             Cost of Sales             (9,243)     (99.4%)   (11,621)   (79.5%)
             Selling, General &
              Administrative           (3,947)     (42.4%)    (3,503)   (24.0%)
 
                                       (3,889)     (41.8%)      (506)    (3.5%)
 
                   Manufacturing and
                    Retail Earnings   (11,426)                 1,376
             Subdivision Development
              Activities                 (587)                   ---
             Goodwill Amortization    (10,337)                  (858)
             Minority Interest
              Expense                     ---                    ---
 
                   Group Operating
                    Earnings         $(22,350)                  $518
 
             Units
                  Units Produced          868                  1,265
                  Units Sold -
                   Retail and
                   Subdivision Dev.       268                    380
                  Less: Intersegment
                   Sales                 (222)                  (418)
 
                         Units Sold       914                  1,227
 
 
                      Centex Corporation and Subsidiaries
                   Supplemental Home Building Data Continued
 
     Conventional Homes Results
       (dollars in millions, except per unit data)
                                            Twelve Months Ended March 31,
                                              2001                  2000
 
          Conventional Housing
           Revenues                   $4,356.2     100.0%   $3,686.8    100.0%
          Cost of Sales               (3,304.9)    (75.9%)  (2,852.3)   (77.3%)
          Selling, General &
           Administrative               (625.9)    (14.3%)    (511.3)   (13.9%)
 
               Operating Earnings       $425.4       9.8%     $323.2      8.8%
 
          Units Closed                  20,659                18,904
 
          Unit Sales Price            $205,913              $191,568
               % Change                   7.5%                  3.2%
 
          Operating Earnings per Unit  $20,594               $17,098
               % Change                  20.4%                  4.4%
 
     Manufactured Homes Results
       (dollars in thousands)
                                            Twelve Months Ended March 31,
                                              2001                  2000
 
             Manufactured Homes
              Revenues (Construction)  $79,356     100.0%   $121,015    100.0%
             Cost of Sales             (72,511)    (91.4%)   (94,057)   (77.7%)
             Selling, General &
              Administrative           (12,682)    (16.0%)   (13,947)   (11.5%)
 
                                        (5,837)     (7.4%)    13,011     10.8%
 
 
             Manufactured Homes
              Revenues (Retail)         43,467     100.0%     62,511    100.0%
             Cost of Sales             (37,058)    (85.2%)   (49,638)   (79.4%)
             Selling, General &
              Administrative           (12,428)    (28.6%)   (14,126)   (22.6%)
 
                                        (6,019)    (13.8%)    (1,253)    (2.0%)
 
                   Manufacturing and
                    Retail Earnings    (11,856)               11,758
             Subdivision Development
              Activities                (1,310)                  ---
             Goodwill Amortization     (12,911)               (3,415)
             Minority Interest
              Expense                      ---                (1,014)
 
                   Group Operating
                    Earnings          $(26,077)               $7,329
 
             Units
                  Units Produced         3,942                 5,686
                  Units Sold - Retail
                   and Subdivision Dev.  1,092                 1,492
                  Less: Intersegment
                   Sales                  (792)               (1,228)
 
                         Units Sold      4,242                 5,950
 
 
      Attachment 6
                      Centex Corporation and Subsidiaries
 
 
     Supplemental Construction Products Data
          (volumes in thousands, except Gypsum Wallboard)
                                                           Twelve Months Ended
                               Quarter Ended March 31,          March 31,
                                2001     2000    Change   2001    2000   Change
     Cement
       Sales Volumes (Tons)       486      459      6%    2,387    2,295    4%
 
       Average Net Sales
        Price                  $65.98   $67.40     (2%)  $67.65   $69.25   (2%)
 
     Gypsum Wallboard
       Sales Volumes (MMSF)       486      369     32%    1,584    1,363   16%
 
       Average Net Sales
        Price                  $68.49  $144.71    (53%)  $91.12  $153.57  (41%)
 
     Paperboard
       Sales Volumes (Tons)        56      ---     N.A.      80      ---   N.A.
 
       Average Net Sales
        Price                 $391.09     $---     N.A. $386.32     $---   N.A.
 
     Concrete
       Sales Volumes
        (Cubic Yards)             186      177      5%      808      788    3%
 
       Average Net Sales
        Price                  $54.02   $51.70      4%   $53.70   $52.07    3%
 
     Aggregates
       Sales Volumes (Tons)       815      717     14%    4,009    3,368   19%
 
       Average Net Sales
        Price                   $4.12    $4.25     (3%)   $4.16    $4.29   (3%)
 
     Supplemental Contracting and Construction Services Data
      (dollars in millions)
 
                                                         Twelve Months Ended
                             Quarter Ended March 31,           March 31,
                              2001    2000   Change    2001      2000  Change
 
     New Contracts             $892    $337   165%    $1,930    $1,651   17%
 
     Backlog at March 31,    $2,022  $1,382    46%    $2,022    $1,382   46%
 
 
      Attachment 7
                      Centex Corporation and Subsidiaries
                   Home Building Margins - Quarterly Summary
 
                                                For the Quarters Ending
                                             June 30, 1999   September 30, 1999
 
     Conventional Housing Revenues          $754.6   100.0%    $843.7   100.0%
     Cost of Sales                          (581.3)  (77.0%)   (651.1)  (77.2%)
               Gross Margin                  173.3    23.0%     192.6    22.8%
     Selling, General & Administrative      (114.2)  (15.2%)   (122.4)  (14.5%)
               Operating Earnings            $59.1     7.8%     $70.2     8.3%
 
     Units Closed                            3,934              4,425
 
     Unit Sales Price                     $188,608           $187,700
            % Change - Prior Year             2.3%               1.7%
 
     Operating Earnings/Unit               $15,035            $15,864
            % Change - Prior Year            10.2%               5.4%
 
     Gross Margin Per Unit                 $44,052            $43,525
            % Change - Prior Year             7.4%               5.9%
 
     SG&A Per Unit                         $29,029            $27,661
            % Change - Prior Year             6.1%               6.2%
 
 
                                                For the Quarters Ending
                                             June 30, 2000   September 30, 2000
 
     Conventional Housing Revenues          $887.0   100.0%  $1,027.0   100.0%
     Cost of Sales                          (679.5)  (76.6%)   (789.3)  (76.9%)
               Gross Margin                  207.5    23.4%     237.7    23.1%
     Selling, General & Administrative      (135.0)  (15.2%)   (148.1)  (14.4%)
               Operating Earnings            $72.5     8.2%     $89.6     8.7%
 
     Units Closed                            4,408              4,901
 
     Unit Sales Price                     $196,314           $203,900
            % Change - Prior Year             4.1%               8.6%
 
     Operating Earnings/Unit               $16,459            $18,274
            % Change - Prior Year             9.5%              15.2%
 
     Gross Margin Per Unit                 $47,074            $48,500
            % Change - Prior Year             6.9%              11.4%
 
     SG&A Per Unit                         $30,626            $30,218
            % Change - Prior Year             5.5%               9.2%
 
 
                      Centex Corporation and Subsidiaries
              Home Building Margins - Quarterly Summary Continued
 
                                                For the Quarters Ending,
                                           December 31, 1999   March 31, 2000
 
     Conventional Housing Revenues          $863.2   100.0%  $1,225.3   100.0%
     Cost of Sales                          (666.6)  (77.2%)   (953.4)  (77.8%)
               Gross Margin                  196.6    22.8%     271.9    22.2%
     Selling, General & Administrative      (123.3)  (14.3%)   (151.4)  (12.4%)
               Operating Earnings            $73.3     8.5%    $120.5     9.8%
 
     Units Closed                            4,495              6,050
 
     Unit Sales Price
            % Change - Prior Year             3.2%               4.7%
 
     Operating Earnings/Unit               $16,314            $19,924
            % Change - Prior Year             1.1%               3.5%
 
     Gross Margin Per Unit                 $43,737            $44,942
            % Change - Prior Year             3.3%               2.8%
 
     SG&A Per Unit                         $27,430            $25,025
            % Change - Prior Year             4.6%               2.1%
 
                                                 For the Quarters Ending,
                                           December 31, 2000   March 31, 2001
 
     Conventional Housing Revenues        $1,038.8   100.0%  $1,403.4   100.0%
     Cost of Sales                          (782.4)  (75.3%) (1,053.7)  (75.1%)
               Gross Margin                  256.4    24.7%     349.7    24.9%
     Selling, General & Administrative      (155.8)  (15.0%)   (187.0)  (13.3%)
               Operating Earnings           $100.6     9.7%    $162.7    11.6%
 
     Units Closed                            4,893              6,457
 
     Unit Sales Price                     $208,328           $212,165
            % Change - Prior Year            10.0%               7.2%
 
     Operating Earnings/Unit               $20,568            $25,198
            % Change - Prior Year            26.1%              26.5%
 
     Gross Margin Per Unit                 $52,401            $54,158
            % Change - Prior Year            19.8%              20.5%
 
     SG&A Per Unit                         $31,841            $28,961
            % Change - Prior Year            16.1%              15.7%
 
 
                      Centex Corporation and Subsidiaries
              Home Building Margins - Quarterly Summary Continued
 
                                                       Fiscal Year Total
                                                         March 31, 2000
 
     Conventional Housing Revenues                  $3,686.8            100.0%
     Cost of Sales                                  (2,852.3)           (77.3%)
               Gross Margin                            834.5             22.7%
     Selling, General & Administrative                (511.3)           (13.9%)
               Operating Earnings                     $323.2              8.8%
 
     Units Closed                                     18,904
 
     Unit Sales Price
            % Change - Prior Year                       3.2%
 
     Operating Earnings/Unit                         $17,098
            % Change - Prior Year                       4.4%
 
     Gross Margin Per Unit                           $44,144
            % Change - Prior Year                       6.3%
 
     SG&A Per Unit                                   $27,047
            % Change - Prior Year                       9.3%
 
                                                        Fiscal Year Total
                                                          March 31, 2001
 
     Conventional Housing Revenues                  $4,356.2            100.0%
     Cost of Sales                                  (3,304.9)           (75.9%)
               Gross Margin                          1,051.3             24.1%
     Selling, General & Administrative                (625.9)           (14.3%)
               Operating Earnings                     $425.4              9.8%
 
     Units Closed                                     20,659
 
     Unit Sales Price
            % Change - Prior Year                       7.5%
 
     Operating Earnings/Unit                         $20,594
            % Change - Prior Year                      20.4%
 
     Gross Margin Per Unit                           $50,888
            % Change - Prior Year                      16.3%
 
     SG&A Per Unit                                   $30,297
            % Change - Prior Year                      12.0%
 
 
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SOURCE Centex Corporation
    DALLAS, April 25 /PRNewswire/ -- Centex Corporation (NYSE:   CTX) today
 announced the highest earnings for any quarter in its history for the quarter
 ended March 31, 2001, the fourth quarter of fiscal 2001, as well as record
 results for the fiscal year.
     Centex said the strong fourth quarter results were due primarily to a
 record performance by Centex Homes, the company's conventional home building
 subsidiary.  These gains were accompanied by excellent results from CTX
 Mortgage Company as a result of the vibrant refinancing market, a strong
 quarter for Investment Real Estate, and improved earnings from Centex
 Construction Group.  Centex noted that the company's overall record
 performance occurred despite depressed earnings from its Construction Products
 subsidiary and its Home Equity lending business and non-cash charges in its
 Manufactured Homes subsidiary.
     For this year's fourth quarter, Centex reported net earnings of
 $106,211,000, 52% higher than $70,025,000 for the same quarter last year.
 Diluted earnings per share of $1.73 this year were 48% higher than $1.17 per
 diluted share for the same quarter a year ago.  Revenues for the fourth
 quarter this year rose 15% to $2,004,831,000 from $1,739,334,000 for the same
 quarter in fiscal 2000.
     For fiscal 2001, Centex reported a 10% increase in net earnings to
 $281,977,000 or $4.65 per diluted share from net earnings of $257,132,000 or
 $4.22 per diluted share for fiscal 2000.  Consolidated revenues for fiscal
 2001 reached an all-time high $6,710,735,000, 12% higher than $6,008,136,000
 for fiscal 2000. Centex's return on beginning stockholders' equity was 19.9%
 for fiscal 2001 versus 21.5% for the prior year.
     Earnings per share for the quarter rose a lower percentage than net
 earnings due to a higher number of average shares outstanding in the current
 period.
     Through its subsidiaries, Centex ranks among the nation's leading home
 builders, non-bank-affiliated retail mortgage banking lenders and commercial
 contractors.  Centex also has an investment real estate operation and
 currently owns approximately 65.2% of Centex Construction Products, Inc., a
 publicly traded company.
 
                                 HOME BUILDING
     Centex Homes
     Operating earnings from Centex Homes (Conventional Homes) were
 $162.7 million for the fourth quarter this year, 35% higher than
 $120.5 million for the fourth quarter a year ago, due to an all-time high
 number of home closings and record operating margins.  Current year fourth
 quarter revenues from Centex Homes were $1.40 billion this year, a 15%
 increase over $1.23 billion for the same quarter last year.
     Centex Homes closings reached 6,457 units for the quarter this year, an
 all-time high and 7% above 6,050 closings for last year's fourth quarter.
 Home sales (orders) for this year's quarter totaled a record 6,965 units, 12%
 higher than sales of 6,216 units for the same quarter last year.  The backlog
 of homes sold but not closed at March 31, 2001 was a record 9,265 units, 22%
 higher than the 7,579 unit backlog at March 31, 2000.
     The average Centex Homes sales price for this year's fourth quarter was
 $212,165, 7% higher than $197,884 for the same quarter last year.  The per
 unit operating margin for the quarter this year was a record $25,198, 26%
 higher than $19,924 for the same quarter last year.  The Centex Homes
 operating margin as a percent of revenue was 11.6% for the fiscal 2001 fourth
 quarter compared to 9.8% for the same quarter last year.
     Fiscal 2001 operating earnings from Centex Homes reached a record
 $425.4 million, 32% higher than the $323.2 million of operating earnings
 reported in fiscal 2000.  Centex Homes revenues for fiscal 2001 were
 $4.36 billion, an 18% improvement over last year's revenues of $3.69 billion.
     Centex Homes closed a record 20,659 homes in fiscal 2001, 9% higher than
 18,904 homes in fiscal 2000.  Fiscal 2001 home orders rose 14% to 22,191 homes
 from 19,407 last year.
     Centex Homes' average sales price for fiscal 2001 was $205,913, 7% higher
 than fiscal 2000's average sales price of $191,568.  Operating earnings per
 closed unit averaged $20,594 this year, 20% higher than $17,098 last year.
 Operating margin as a percent of revenue was 9.8% for fiscal 2001 versus 8.8%
 for fiscal 2000.
 
     Manufactured Homes
     Cavco Industries (Manufactured Homes) reported an operating loss of
 $2.2 million for the fourth quarter of fiscal 2001 before non-cash charges of
 $20.1 million.  The non-cash charges included $19.2 million of one-time
 charges, of which $13.6 million was related to the retail operation, including
 its goodwill write-off.  The operating loss for the fourth quarter totaled
 $22.3 million compared to an operating profit of $518,000 for the same quarter
 last year.  Manufactured Homes revenues for the current quarter were
 $26.6 million, 29% less than $37.5 million for the same quarter a year ago.
     Manufactured Homes reported an operating loss for fiscal 2001 of
 $3.4 million before non-cash charges of $22.7 million, including the
 $19.2 million discussed above.  The total loss for fiscal 2001 was
 $26.1 million versus an operating profit of $7.3 million for fiscal 2000.
 Revenues of $126.4 million were 31% less than fiscal 2000 revenues of
 $183.5 million.
 
 
                          INTERNATIONAL HOME BUILDING
 
     London, England-based Fairclough Homes, which was acquired in April 1999
 by Centex Development Company, L.P., built and closed 1,243 homes during
 fiscal 2001.  Due to the unique structure of the transaction, Fairclough will
 begin reporting operating results as of April 2001.
 
 
                             INVESTMENT REAL ESTATE
 
     For the quarter ended March 31, 2001, Centex's Investment Real Estate
 operation, through which all investment property transactions are reported,
 had operating earnings of $24.2 million versus earnings of $6 million for the
 same quarter a year ago.  The disposition of low-cost basis real estate assets
 during the quarter accelerated the accretion of negative goodwill, which
 together positively impacted earnings by $18.7 million.  For fiscal 2001,
 Investment Real Estate's operating earnings were $50.9 million, 69% higher
 than fiscal 2000's earnings of $30.1 million.
 
 
                               FINANCIAL SERVICES
 
     Operating earnings from Financial Services for the quarter ended
 March 31, 2001 were $15.0 million versus an operating loss of $9.9 million for
 the same quarter last year.  This year's fourth quarter Financial Services
 revenues of $139.9 million were 61% higher than $86.7 million for the same
 quarter a year ago.  Financial Services operating earnings were $19.7 million
 for fiscal 2001, 39% less than $32.5 million for fiscal 2000.  Fiscal 2001
 revenues from Financial Services were $463.6 million, an 8% increase over
 $430.6 million last year.
 
     CTX Mortgage Company
     Operating earnings from CTX Mortgage Company (CTX) and related companies
 totaled $17.3 million for fiscal 2001's fourth quarter, 409% higher than
 $3.4 million for the same quarter last year.  CTX Mortgage's operating
 earnings for fiscal 2001 were $34.0 million, slightly higher than earnings of
 $33.9 million for the prior fiscal year.
 
     Following is a summary of statistical highlights for CTX Mortgage:
 
 
      CTX Mortgage Company
                      Quarter Ended March 31,    Twelve Months Ended March 31,
                      2001       2000   Change     2001       2000    Change
     Originations
         Builder      4,245     3,469     22%     12,506     10,958     14%
 
         Retail      14,672     9,208     59%     48,244     48,301    ---%
 
           Total     18,917    12,677     49%     60,750     59,259      3%
 
       Applications
         Builder      5,346     3,604     48%     15,590     11,724     33%
 
         Retail      21,377    11,280     90%     55,052     47,370     16%
 
           Total     26,723    14,884     80%     70,642     59,094     20%
 
     Loan Volume
      (in billions) $  2.86   $  1.79     60%    $  8.88    $  8.11     10%
 
     Average Loan
      Size         $151,200  $141,400      7%   $146,200   $136,800      7%
 
     Profit
      per Loan     $    916   $   265    246%   $    560   $    573     (2%)
 
 
     Centex Home Equity Corporation
     Including the $13.8 million impact of changing to the "Portfolio
 Accounting Method," Centex Home Equity Corporation (CHEC) reported a loss of
 $2.3 million for the fourth quarter this year compared to an operating loss of
 $12.3 million for the same quarter last year. Including the $45.6 million
 impact of its change to the "Portfolio Accounting Method," CHEC reported a
 fiscal 2001 operating loss this year of $14.3 million versus earnings of
 $2.7 million for fiscal 2000.
     Centex Home Equity's loan portfolio, on which it earns an interest rate
 spread under the "Portfolio Accounting Method," has reached $1.77 billion and
 continues to increase.
 
     Following is a summary of statistical highlights for Centex Home Equity:
 
 
      Centex Home Equity Corporation
 
                          Quarter Ended March 31, Twelve Months Ended March 31,
                         2001      2000    Change    2001       2000     Change
 
     Originations        6,108     5,331    15%     26,418     20,568     28%
 
     Applications       38,849    37,665     3%    148,702    127,450     17%
 
     Loan Volume
      (in billions)    $  0.42   $  0.33    28%    $  1.72    $  1.32     30%
 
     Average Loan Size $69,200   $61,700    12%    $65,000    $64,200      1%
 
     Profit per Loan   $  (384)  $(2,301)   83%    $  (542)*  $   133   (508%)
 
     Servicing Portfolio as of March 31:              2001       2000   Change
 
       Number of Loans                              49,717     33,081     50%
 
       Servicing Portfolio, including $1.77
        in 2001 of "Portfolio Accounting Method"
        Loans (in billions)                        $  3.27    $  2.09     56%
 
      *  Change in profitability relates primarily to the change, as of
         April 1, 2000, to the "Portfolio Accounting Method" for recognizing
         earnings from the "Gain-on-Sale Method" previously used.
 
 
                             CONSTRUCTION PRODUCTS
 
     Operating earnings from Centex Construction Products, Inc. (CXP) were
 $9.7 million for the fourth quarter of fiscal 2001, 73% less than
 $36.0 million for the same quarter in fiscal 2000.  Revenues from CXP were
 $105.9 million for the fourth quarter of fiscal 2001, 3% lower than
 $109.1 million for the year ago period.
     For fiscal 2001, operating earnings from CXP were $99.4 million, 41% less
 than fiscal 2000 earnings of $168.6 million.  Fiscal 2001 revenues from CXP
 were $441.1 million, 6% less than revenues of $470.5 million for the prior
 year.
     For both the current fourth quarter and fiscal 2001, sales volumes in each
 of CXP's business segments exceeded sales volumes for the year ago periods,
 and Cement, along with Concrete and Aggregates, reported all-time high
 operating earnings.  However, CXP's total earnings for both the current
 quarter and fiscal year declined from the year-ago periods due to lower Gypsum
 Wallboard pricing and higher fuel and energy costs.
 
                     CONTRACTING AND CONSTRUCTION SERVICES
 
     Contracting and Construction Services reported record operating earnings
 of $9.7 million for the fourth quarter of fiscal 2001, 61% higher than
 earnings of $6.0 million for the same quarter last year.  Revenues from this
 segment were $315.7 million for the quarter this year, 14% higher than
 revenues of $277.1 million for the year ago quarter.  New contracts for the
 quarter totaled $892 million, a 165% increase over the new contract total of
 $337 million for the same quarter a year ago.
     For fiscal 2001, Contracting and Construction Services reported operating
 earnings of $30.9 million, 32% higher than fiscal 2000 earnings of
 $23.5 million.  Revenues for fiscal 2001 were $1.29 billion, 7% higher than
 prior year revenues of $1.21 billion.
     During fiscal 2001, Contracting and Construction Services was awarded
 approximately $1.9 billion of new contracts, a 17% increase over fiscal 2000's
 new contract total of $1.7 billion.  The backlog of uncompleted construction
 contracts at March 31, 2001 was $2.0 billion, a 46% increase over the backlog
 of $1.4 billion at March 31, 2000.  Contracting operating profit margins
 continue to improve.
 
                               OTHER DEVELOPMENTS
 
     During the fourth quarter of fiscal 2001, Centex Homes completed two
 acquisitions.  Centex Homes acquired the assets of the home building business
 of The Selective Group, based in Farmington Hills, Mich.  The acquisition
 expands Centex Homes' presence in Michigan.  Centex Homes also acquired the
 home building business of CityHomes, a leading builder of upscale urban
 townhomes in Dallas.  This acquisition provides Centex Homes with a successful
 model in the urban residential market that the company plans to expand to
 other major cities.
     After the end of the quarter, Centex HomeTeam Pest Management, a
 subsidiary of Centex HomeTeam Services, announced the acquisition of Unified
 Services, Inc. of Atlanta, Ga. and Unified's subsidiaries.  The acquisition
 places Centex HomeTeam among the four largest pest control companies in the
 United States, based on revenue.
 
                                    OUTLOOK
 
     Centex said the company entered fiscal 2002 with a record backlog of home
 sales and that recent declines in interest rates should continue to stimulate
 home orders.  The company noted that its mortgage refinancing business has
 accelerated as a result of lower interest rates, and that Centex Home Equity's
 servicing portfolio is increasing, both of which should have a substantial
 positive effect on Financial Services' results in the new fiscal year.  In
 addition, results from Centex's UK home building operation will be additive in
 fiscal 2002 and the Centex Construction Group enters fiscal 2002 with the
 highest backlog and operating margins in its history.  However, Construction
 Products earnings are expected to continue to be impacted by depressed Gypsum
 Wallboard prices.
     Centex expects fiscal 2002 will be the Company's sixth consecutive record
 year.
 
     Forward-Looking Statements.  The "Financial Services," "Contracting and
 Construction Services," "Other Developments," and "Outlook" sections of this
 press release contain 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 the Company is discussing its beliefs, estimates or
 expectations.  These statements are not guarantees of future performance and
 involve a number of risks and uncertainties.  Actual results and outcomes may
 differ materially from what is expressed or forecast in such forward-looking
 statements.  The principal risks and uncertainties that may affect the
 Company's actual performance and results of operations include the following:
 general economic conditions and interest rates; the cyclical and seasonal
 nature of the Company's businesses; adverse weather; 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
 the Company's markets and businesses; competition; availability of raw
 materials; and unexpected operations difficulties.  These and other factors
 are described in the Company's most recent Annual Report on Form 10-K for the
 fiscal year ended March 31, 2000 and in its Quarterly Reports on Form 10-Q for
 the fiscal quarters ended June 30, 2000 and September 30, 2000, and
 December 31, 2000, each of which is filed with the Securities and Exchange
 Commission.
 
     NOTE ATTACHMENTS:
     (1)   Summary of Consolidated Earnings
     (2)   Revenues and Earnings by Lines of Business (Quarter)
     (3)   Revenues and Earnings by Lines of Business (Year)
     (4)   Housing Activity by Geographic Area
     (5)   Supplemental Home Building Data
     (6)   Supplemental Construction Products Data
     (7)   Conventional Home Building Margins by Quarter
 
 
      Attachment 1
                      Centex Corporation and Subsidiaries
                        Summary of Consolidated Earnings
                                  (unaudited)
              (dollar amounts in thousands, except per share data)
 
                                                        Quarter Ended
                                                          March 31,
                                               2001          2000      Change
 
     Revenues                                $2,004,831    $1,739,334     15%
 
     Earnings Before Income Taxes              $151,843      $114,691     32%
 
     Net Earnings                              $106,211       $70,025     52%
 
     Earnings Per Share:
         Basic                                    $1.78         $1.18     51%
         Diluted                                  $1.73         $1.17     48%
 
     Average Shares Outstanding:
         Basic                               59,549,480    59,120,730      1%
         Diluted                             61,562,118    60,100,560      2%
 
 
                                                     Twelve Months Ended
                                                          March 31,
                                               2001          2000      Change
 
     Revenues                                $6,710,735    $6,008,136     12%
 
     Earnings Before Income Taxes              $436,331      $416,861      5%
 
     Net Earnings                              $281,977      $257,132     10%
 
     Earnings Per Share:
         Basic                                    $4.77         $4.34     10%
         Diluted                                  $4.65         $4.22     10%
 
     Average Shares Outstanding:
         Basic                               59,095,403    59,308,158    ---%
         Diluted                             60,660,885    60,928,980    ---%
 
 
      Attachment 2
                      Centex Corporation and Subsidiaries
                   Revenues and Earnings by Lines of Business
                             (dollars in thousands)
 
                                                       Quarter Ended
                                                         March 31,
                                              2001         2000       Change
 
     Revenues
             Home Building:
                 Conventional Homes         $1,403,337   $1,225,311       15%
                                                   70%          71%
                 Manufactured Homes             26,589       37,548      (29%)
                                                    1%           2%
             Investment Real Estate             13,375        3,571      275%
                                                    1%         ---%
             Financial Services                139,929       86,679       61%
                                                    7%           5%
             Construction Products (A)         105,891      109,109       (3%)
                                                    5%           6%
             Contracting and Construction
              Services                         315,710      277,116       14%
                                                   16%          16%
         Total                              $2,004,831   $1,739,334       15%
                                                  100%         100%
 
     Operating Earnings
             Home Building:
                 Conventional Homes           $162,701     $120,542       35%
                                                   82%          76%
                 Manufactured Homes            (22,350)         518   (4,415%)
                                                  (11%)        ---%
             Investment Real Estate             24,182        6,035      301%
                                                   12%           4%
             Financial Services                 15,018       (9,922)     251%
                                                    7%          (6%)
             Construction Products               9,685       36,042      (73%)
                                                    5%          23%
             Contracting and Construction
              Services                           9,660        6,001       61%
                                                    5%           4%
             Other, net                           (576)      (1,220)      53%
                                                  ---%          (1%)
         Total Operating Earnings              198,320      157,996       26%
                                                  100%         100%
 
             Corporate General Expenses        (10,961)      (9,194)
             Interest Expense                  (33,928)     (21,016)
             Minority Interest in
              Construction Products             (1,588)     (13,095)
 
     Earnings Before Income Taxes             $151,843     $114,691       32%
 
     (A) Centex Construction Products, Inc. adopted the provisions of Emerging
         Issues Task Force Issue No. 00-10, Accounting for Shipping and
         Handling Fees and Costs, during the quarter ended March 31, 2001.  As
         a result of this adoption, net revenues have been restated to include
         freight and delivery costs billed to customers.  Previously, such
         billings were offset against corresponding expenses in cost of sales.
 
 
      Attachment 3
                      Centex Corporation and Subsidiaries
                   Revenues and Earnings by Lines of Business
                             (dollars in thousands)
 
                                                     Twelve Months Ended
                                                          March 31,
                                               2001          2000      Change
 
     Revenues
             Home Building:
                 Conventional Homes          $4,356,172    $3,686,844      18%
                                                    65%           61%
                 Manufactured Homes             126,366       183,526     (31%)
                                                     2%            3%
             Investment Real Estate              33,042        30,928       7%
                                                   ---%            1%
             Financial Services                 463,646       430,611       8%
                                                     7%            7%
             Construction Products (A)          441,127       470,465      (6%)
                                                     7%            8%
             Contracting and Construction
              Services                        1,290,382     1,205,762       7%
                                                    19%           20%
         Total                               $6,710,735    $6,008,136      12%
                                                   100%          100%
 
     Operating Earnings
             Home Building:
                 Conventional Homes            $425,450      $323,220      32%
                                                    70%           56%
                 Manufactured Homes             (26,077)        7,329    (456%)
                                                    (4%)           1%
             Investment Real Estate              50,908        30,122      69%
                                                     8%            5%
             Financial Services                  19,667        32,474     (39%)
                                                     3%            6%
             Construction Products               99,441       168,611     (41%)
                                                    17%           29%
             Contracting and Construction
              Services                           30,886        23,471      32%
                                                     5%            4%
             Other, net                           4,464        (4,749)    194%
                                                     1%           (1%)
         Total Operating Earnings               604,739       580,478       4%
                                                   100%          100%
 
             Corporate General Expenses         (36,924)      (33,015)
             Interest Expense                   (99,069)      (66,844)
             Minority Interest in
              Construction Products             (32,415)      (63,758)
 
 
     Earnings Before Income Taxes              $436,331      $416,861       5%
 
     (A) Centex Construction Products, Inc. adopted the provisions of Emerging
         Issues Task Force Issue No. 00-10, Accounting for Shipping and
         Handling Fees and Costs, during the quarter ended March 31, 2001.  As
         a result of this adoption, net revenues have been restated to include
         freight and delivery costs billed to customers.  Previously, such
         billings were offset against corresponding expenses in cost of sales.
 
 
      Attachment 4
                      Centex Corporation and Subsidiaries
                      Housing Activity by Geographic Area
 
                                                    Closings
                                                           Twelve Months Ended
                               Quarter Ended March 31,          March 31,
                                 2001   2000     Change    2001    2000  Change
 
     Midatlantic                 1,194    923      29%     3,541   3,188   11%
 
     Southeast                   1,307  1,315      (1%)    3,991   4,012   (1%)
 
     Midwest                       873    949      (8%)    3,294   3,089    7%
 
     South Central               1,610  1,488       8%     5,145   4,698   10%
 
     Mountain States               362    279      30%     1,151     908   27%
 
     West Coast                  1,111  1,096       1%     3,537   3,009   18%
 
                                 6,457  6,050       7%    20,659  18,904    9%
 
 
                                                 Sales (Orders) Backlog
                                              3/31/01      3/31/00       Change
 
     Midatlantic                                1,403        1,253         12%
 
     Southeast                                  1,898        1,848          3%
 
     Midwest                                    2,008        1,628         23%
 
     South Central                              2,374        1,751         36%
 
     Mountain States                              455          247         84%
 
     West Coast                                 1,127          852         32%
 
                                                9,265        7,579         22%
 
 
                                                 Sales (Orders)
                                                           Twelve Months Ended
                                  Quarter Ended March 31,       March 31,
                                    2001   2000  Change    2001    2000  Change
 
     Midatlantic                    1,088  1,063    2%     3,691   3,343   10%
 
     Southeast                      1,267  1,305   (3%)    4,041   4,066   (1%)
 
     Midwest                        1,177  1,031   14%     3,541   3,207   10%
 
     South Central                  1,903  1,446   32%     5,747   4,825   19%
 
     Mountain States                  505    282   79%     1,359     775   75%
 
     West Coast                     1,025  1,089   (6%)    3,812   3,191   19%
 
                                    6,965  6,216   12%    22,191  19,407   14%
 
     Effective with this quarter's release, Centex has realigned its
 conventional home building operating units into the above newly designated
 geographic areas. This realignment and its resulting geographic areas reflect
 the operational and strategic structure with the conventional home building
 operation. A detailed list of the regions within each new area is included in
 Centex's Form 10-K and Annual Report for the fiscal year ended March 31, 2001.
 
 
      Attachment 5
                      Centex Corporation and Subsidiaries
                        Supplemental Home Building Data
 
     Conventional Homes Results
       (dollars in millions, except per unit data)
                                               Quarter Ended March 31,
                                             2001                   2000
 
          Conventional Housing
           Revenues                  $1,403.4      100.0%   $1,225.3    100.0%
          Cost of Sales              (1,053.7)     (75.1%)    (953.4)   (77.8%)
          Selling, General &
           Administrative              (187.0)     (13.3%)    (151.4)   (12.4%)
 
               Operating Earnings      $162.7       11.6%     $120.5      9.8%
 
          Units Closed                  6,457                  6,050
 
          Unit Sales Price           $212,165               $197,884
               % Change                  7.2%                   4.7%
 
          Operating Earnings per
           Unit                       $25,198                $19,924
               % Change                 26.5%                   3.5%
 
     Manufactured Homes Results
       (dollars in thousands)
                                               Quarter Ended March 31,
                                             2001                   2000
 
             Manufactured Homes
              Revenues
              (Construction)          $15,858      100.0%    $22,930    100.0%
             Cost of Sales            (20,185)    (127.3%)   (17,923)   (78.2%)
             Selling, General &
              Administrative           (3,210)     (20.2%)    (3,125)   (13.6%)
 
                                       (7,537)     (47.5%)     1,882      8.2%
 
 
             Manufactured Homes
              Revenues (Retail)         9,301      100.0%     14,618    100.0%
             Cost of Sales             (9,243)     (99.4%)   (11,621)   (79.5%)
             Selling, General &
              Administrative           (3,947)     (42.4%)    (3,503)   (24.0%)
 
                                       (3,889)     (41.8%)      (506)    (3.5%)
 
                   Manufacturing and
                    Retail Earnings   (11,426)                 1,376
             Subdivision Development
              Activities                 (587)                   ---
             Goodwill Amortization    (10,337)                  (858)
             Minority Interest
              Expense                     ---                    ---
 
                   Group Operating
                    Earnings         $(22,350)                  $518
 
             Units
                  Units Produced          868                  1,265
                  Units Sold -
                   Retail and
                   Subdivision Dev.       268                    380
                  Less: Intersegment
                   Sales                 (222)                  (418)
 
                         Units Sold       914                  1,227
 
 
                      Centex Corporation and Subsidiaries
                   Supplemental Home Building Data Continued
 
     Conventional Homes Results
       (dollars in millions, except per unit data)
                                            Twelve Months Ended March 31,
                                              2001                  2000
 
          Conventional Housing
           Revenues                   $4,356.2     100.0%   $3,686.8    100.0%
          Cost of Sales               (3,304.9)    (75.9%)  (2,852.3)   (77.3%)
          Selling, General &
           Administrative               (625.9)    (14.3%)    (511.3)   (13.9%)
 
               Operating Earnings       $425.4       9.8%     $323.2      8.8%
 
          Units Closed                  20,659                18,904
 
          Unit Sales Price            $205,913              $191,568
               % Change                   7.5%                  3.2%
 
          Operating Earnings per Unit  $20,594               $17,098
               % Change                  20.4%                  4.4%
 
     Manufactured Homes Results
       (dollars in thousands)
                                            Twelve Months Ended March 31,
                                              2001                  2000
 
             Manufactured Homes
              Revenues (Construction)  $79,356     100.0%   $121,015    100.0%
             Cost of Sales             (72,511)    (91.4%)   (94,057)   (77.7%)
             Selling, General &
              Administrative           (12,682)    (16.0%)   (13,947)   (11.5%)
 
                                        (5,837)     (7.4%)    13,011     10.8%
 
 
             Manufactured Homes
              Revenues (Retail)         43,467     100.0%     62,511    100.0%
             Cost of Sales             (37,058)    (85.2%)   (49,638)   (79.4%)
             Selling, General &
              Administrative           (12,428)    (28.6%)   (14,126)   (22.6%)
 
                                        (6,019)    (13.8%)    (1,253)    (2.0%)
 
                   Manufacturing and
                    Retail Earnings    (11,856)               11,758
             Subdivision Development
              Activities                (1,310)                  ---
             Goodwill Amortization     (12,911)               (3,415)
             Minority Interest
              Expense                      ---                (1,014)
 
                   Group Operating
                    Earnings          $(26,077)               $7,329
 
             Units
                  Units Produced         3,942                 5,686
                  Units Sold - Retail
                   and Subdivision Dev.  1,092                 1,492
                  Less: Intersegment
                   Sales                  (792)               (1,228)
 
                         Units Sold      4,242                 5,950
 
 
      Attachment 6
                      Centex Corporation and Subsidiaries
 
 
     Supplemental Construction Products Data
          (volumes in thousands, except Gypsum Wallboard)
                                                           Twelve Months Ended
                               Quarter Ended March 31,          March 31,
                                2001     2000    Change   2001    2000   Change
     Cement
       Sales Volumes (Tons)       486      459      6%    2,387    2,295    4%
 
       Average Net Sales
        Price                  $65.98   $67.40     (2%)  $67.65   $69.25   (2%)
 
     Gypsum Wallboard
       Sales Volumes (MMSF)       486      369     32%    1,584    1,363   16%
 
       Average Net Sales
        Price                  $68.49  $144.71    (53%)  $91.12  $153.57  (41%)
 
     Paperboard
       Sales Volumes (Tons)        56      ---     N.A.      80      ---   N.A.
 
       Average Net Sales
        Price                 $391.09     $---     N.A. $386.32     $---   N.A.
 
     Concrete
       Sales Volumes
        (Cubic Yards)             186      177      5%      808      788    3%
 
       Average Net Sales
        Price                  $54.02   $51.70      4%   $53.70   $52.07    3%
 
     Aggregates
       Sales Volumes (Tons)       815      717     14%    4,009    3,368   19%
 
       Average Net Sales
        Price                   $4.12    $4.25     (3%)   $4.16    $4.29   (3%)
 
     Supplemental Contracting and Construction Services Data
      (dollars in millions)
 
                                                         Twelve Months Ended
                             Quarter Ended March 31,           March 31,
                              2001    2000   Change    2001      2000  Change
 
     New Contracts             $892    $337   165%    $1,930    $1,651   17%
 
     Backlog at March 31,    $2,022  $1,382    46%    $2,022    $1,382   46%
 
 
      Attachment 7
                      Centex Corporation and Subsidiaries
                   Home Building Margins - Quarterly Summary
 
                                                For the Quarters Ending
                                             June 30, 1999   September 30, 1999
 
     Conventional Housing Revenues          $754.6   100.0%    $843.7   100.0%
     Cost of Sales                          (581.3)  (77.0%)   (651.1)  (77.2%)
               Gross Margin                  173.3    23.0%     192.6    22.8%
     Selling, General & Administrative      (114.2)  (15.2%)   (122.4)  (14.5%)
               Operating Earnings            $59.1     7.8%     $70.2     8.3%
 
     Units Closed                            3,934              4,425
 
     Unit Sales Price                     $188,608           $187,700
            % Change - Prior Year             2.3%               1.7%
 
     Operating Earnings/Unit               $15,035            $15,864
            % Change - Prior Year            10.2%               5.4%
 
     Gross Margin Per Unit                 $44,052            $43,525
            % Change - Prior Year             7.4%               5.9%
 
     SG&A Per Unit                         $29,029            $27,661
            % Change - Prior Year             6.1%               6.2%
 
 
                                                For the Quarters Ending
                                             June 30, 2000   September 30, 2000
 
     Conventional Housing Revenues          $887.0   100.0%  $1,027.0   100.0%
     Cost of Sales                          (679.5)  (76.6%)   (789.3)  (76.9%)
               Gross Margin                  207.5    23.4%     237.7    23.1%
     Selling, General & Administrative      (135.0)  (15.2%)   (148.1)  (14.4%)
               Operating Earnings            $72.5     8.2%     $89.6     8.7%
 
     Units Closed                            4,408              4,901
 
     Unit Sales Price                     $196,314           $203,900
            % Change - Prior Year             4.1%               8.6%
 
     Operating Earnings/Unit               $16,459            $18,274
            % Change - Prior Year             9.5%              15.2%
 
     Gross Margin Per Unit                 $47,074            $48,500
            % Change - Prior Year             6.9%              11.4%
 
     SG&A Per Unit                         $30,626            $30,218
            % Change - Prior Year             5.5%               9.2%
 
 
                      Centex Corporation and Subsidiaries
              Home Building Margins - Quarterly Summary Continued
 
                                                For the Quarters Ending,
                                           December 31, 1999   March 31, 2000
 
     Conventional Housing Revenues          $863.2   100.0%  $1,225.3   100.0%
     Cost of Sales                          (666.6)  (77.2%)   (953.4)  (77.8%)
               Gross Margin                  196.6    22.8%     271.9    22.2%
     Selling, General & Administrative      (123.3)  (14.3%)   (151.4)  (12.4%)
               Operating Earnings            $73.3     8.5%    $120.5     9.8%
 
     Units Closed                            4,495              6,050
 
     Unit Sales Price
            % Change - Prior Year             3.2%               4.7%
 
     Operating Earnings/Unit               $16,314            $19,924
            % Change - Prior Year             1.1%               3.5%
 
     Gross Margin Per Unit                 $43,737            $44,942
            % Change - Prior Year             3.3%               2.8%
 
     SG&A Per Unit                         $27,430            $25,025
            % Change - Prior Year             4.6%               2.1%
 
                                                 For the Quarters Ending,
                                           December 31, 2000   March 31, 2001
 
     Conventional Housing Revenues        $1,038.8   100.0%  $1,403.4   100.0%
     Cost of Sales                          (782.4)  (75.3%) (1,053.7)  (75.1%)
               Gross Margin                  256.4    24.7%     349.7    24.9%
     Selling, General & Administrative      (155.8)  (15.0%)   (187.0)  (13.3%)
               Operating Earnings           $100.6     9.7%    $162.7    11.6%
 
     Units Closed                            4,893              6,457
 
     Unit Sales Price                     $208,328           $212,165
            % Change - Prior Year            10.0%               7.2%
 
     Operating Earnings/Unit               $20,568            $25,198
            % Change - Prior Year            26.1%              26.5%
 
     Gross Margin Per Unit                 $52,401            $54,158
            % Change - Prior Year            19.8%              20.5%
 
     SG&A Per Unit                         $31,841            $28,961
            % Change - Prior Year            16.1%              15.7%
 
 
                      Centex Corporation and Subsidiaries
              Home Building Margins - Quarterly Summary Continued
 
                                                       Fiscal Year Total
                                                         March 31, 2000
 
     Conventional Housing Revenues                  $3,686.8            100.0%
     Cost of Sales                                  (2,852.3)           (77.3%)
               Gross Margin                            834.5             22.7%
     Selling, General & Administrative                (511.3)           (13.9%)
               Operating Earnings                     $323.2              8.8%
 
     Units Closed                                     18,904
 
     Unit Sales Price
            % Change - Prior Year                       3.2%
 
     Operating Earnings/Unit                         $17,098
            % Change - Prior Year                       4.4%
 
     Gross Margin Per Unit                           $44,144
            % Change - Prior Year                       6.3%
 
     SG&A Per Unit                                   $27,047
            % Change - Prior Year                       9.3%
 
                                                        Fiscal Year Total
                                                          March 31, 2001
 
     Conventional Housing Revenues                  $4,356.2            100.0%
     Cost of Sales                                  (3,304.9)           (75.9%)
               Gross Margin                          1,051.3             24.1%
     Selling, General & Administrative                (625.9)           (14.3%)
               Operating Earnings                     $425.4              9.8%
 
     Units Closed                                     20,659
 
     Unit Sales Price
            % Change - Prior Year                       7.5%
 
     Operating Earnings/Unit                         $20,594
            % Change - Prior Year                      20.4%
 
     Gross Margin Per Unit                           $50,888
            % Change - Prior Year                      16.3%
 
     SG&A Per Unit                                   $30,297
            % Change - Prior Year                      12.0%
 
 
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 SOURCE  Centex Corporation