Del Webb's Third Quarter Earnings Up 32 Percent; National Expansion Pushes Ahead

Third Quarter and Nine-Month Period Highlights:



- The company posted a 32 percent gain in net earnings for its third

quarter ended March 31, 2001, increasing from $16 million to

$21 million. For the first nine months of the fiscal year net earnings

are up 39 percent from $43.5 million to $60 million.



- Earnings per share (fully diluted) for the third quarter increased

28 percent to $1.10, up from 86 cents for the same period one year ago.

Earnings per share for the first nine months of the fiscal year

increased 36 percent to $3.18.



- Fiscal 2001 earnings per share for the year are expected to be

$4.60-$4.70, up from $4.00 one year ago.



- Orders for the first nine months were better than expected by

management. Higher margins, a lower tax rate and reduced interest

charged to earnings have resulted in improvement in earnings and

earnings per share despite anticipated fewer home closings and less

revenue than last year.



Apr 24, 2001, 01:00 ET from Del Webb Corporation

    PHOENIX, April 24 /PRNewswire Interactive News Release/ -- Del Webb
 Corporation (NYSE:   WBB), the nation's leading builder of active adult and
 lifestyle communities, today reported net earnings of $21 million, or
 $1.10 per fully diluted share, for its third quarter ended March 31, 2001.
 The results are a 32 percent increase over the $16 million, or
 86 cents per diluted share, for the same period one-year ago.
     Net earnings for the first nine months of the company's fiscal year, which
 ends June 30, were $60 million or $3.18 per fully diluted share, up 39 percent
 from last year's $43.5 million or $2.34 per fully diluted share.
     The improvement in net earnings was accomplished with less revenue than
 the year-ago period through a combination of a higher homebuilding margin
 percentage, lower interest costs and lower taxes which included an
 11-cent per share tax benefit.  Together, these factors resulted in a
 172 basis point improvement in net margin percentage for the quarter and
 142 basis point improvement for the nine months of operations.
     Revenues were down 14 percent for the third quarter and off by 5 percent
 for the first nine months of the fiscal year.  Net earnings as a percentage of
 revenues improved 170 basis points for the third quarter from 3.2 percent to
 4.9 percent and 140 basis points for the nine-month period from 3.1 percent to
 4.5 percent.
     President and Chief Executive Officer LeRoy Hanneman said, "the two main
 conclusions from these results are that Del Webb is exceeding with our
 earnings expectations for the year and that excellent margin-driven results
 and leverage reduction are leading us to a fifth consecutive year of record
 earnings."
     Hanneman said he was pleased with the company's performance for the first
 nine months of the year and emphasized the company is laying the groundwork
 for continued future success.  "In the past year we saw several of our
 communities sell out ahead of schedule, resulting in a current decline in unit
 closings for FY01.  Today, I am delighted to announce that we are moving
 forward on four new developments of varying sizes that will be located
 throughout the United States.  Several of these projects are expected to begin
 sales in FY02, which should lead to increased closings, strong revenues and
 Webb's continued leadership in the active adult marketplace."
     The first nine-month results, Hanneman said, show that Del Webb is clearly
 on track for record earnings and that he is comfortable with earnings
 forecasts of between $4.60 and $4.70 per fully diluted share for the year
 ending June 30, 2001.  Del Webb's recent inclusion on the S&P Small Cap Index,
 he said, illustrates that the company's new strategic plan, aimed at
 increasing shareholder value, continues to gain momentum.
 
     Leverage
     The company is on track to meet debt-to-total capital targets.
 Debt-to-total capital was at 65.6 percent in the quarter, down from the third
 quarter in 2000 when the company reported debt-to-total capital of 72 percent.
 The company's current 65.6 percent leverage is down from its historic high of
 73.2 percent in 1998 and is heading toward a target of below 60 percent by the
 end of fiscal 2003.  These continued leverage reductions have allowed a
 significant reduction in interest charges which have positively impacted
 earnings.
 
     Revenues and Closings
     While home closings declined during the quarter, the company experienced a
 significant increase in revenues generated per closing.  For the third
 quarter, Del Webb's total revenues declined by 14 percent.  Exclusive of last
 year's sale/leaseback of model homes and vacation units, homebuilding revenues
 decreased 11.5 percent from $462.7 million to $409.5 million.
     Average revenue per closing company-wide increased 11 percent to $254,300,
 compared to $228,800 for the same quarter last year.  In the company's active
 adult operations the average closing price was $243,000, an increase of nearly
 10 percent compared to the third quarter one year ago.  In the company's
 country club and family communities, the average closing price jumped
 16.2 percent to $283,300.
     Unit closings declined 21.5 percent company-wide, from 2,051 units to
 1,610 units for the quarter.  Closings for the first nine months were down
 18 percent.  In the company's active adult operations closings for the quarter
 declined 18 percent and 30 percent at the company's family and country club
 operations.
 
     Margins
     The company recognized a 210 basis point improvement in homebuilding gross
 margin during the third quarter, and a 170 basis points improvement for the
 first nine months of the fiscal year.
     The improvement resulted from higher home pricing at Webb's newest
 communities, operating efficiencies and lower construction costs -- including
 lumber and drywall.
     Selling, general and administrative expenses as a percentage of total
 revenues were flat for the nine-month period.  Selling general and
 administrative expenses are currently expected to be between 12.9 percent and
 13.1 percent of total revenues for the year ending June 30, 2001.  This
 compares to 13.2 percent for the fiscal year ended June 30, 2000.
     Net earnings as a percentage of revenues improved by 170 basis points
 during the quarter, increasing to 4.9 percent from 3.2 percent during the
 third quarter last year.  The percentage improved 140 basis points for the
 fiscal nine months.
 
     New Orders and Backlog
     Net new orders for the third quarter and the nine-month period were ahead
 of management expectations.  Net new orders did decrease 12.5 percent
 company-wide to 2,008 units compared to 2,295 units during the same quarter
 last year.  Net new orders for the nine-month period were off by 4 percent.
 Excluding home sales last year from sold out communities and last year's sale
 of model homes and Vacation Getaway units, net new orders were down 10 percent
 for nine-month period on a "same store," ordinary business basis.
     Net new orders from the company's active adult operations were down
 5.4 percent to 1,537 units during the third quarter compared to 1,625 units
 last year.  Hanneman underscored that while some other public homebuilders
 have seen significant drop in orders in California, Webb's California sales
 remain extremely healthy.  New orders in the company's northern and southern
 California communities, reported combined orders of 475 for the quarter, up
 29 percent from last year.
     In the company's family and country club operations, new orders were off
 30 percent for the quarter and down 13.2 percent for the nine-month period.
 Country club orders decreased about 11.6 percent for the nine-month period,
 while new orders at the company's family communities were off by 13.9 percent.
     The company's backlog of homes under contract but not yet delivered was
 down .5 percent at March 31, 2001 to 3,901 units, compared to 3,919 at March
 31, 2000.  However, the aggregate contract amount at March 31, 2001 increased
 approximately 5.3 percent to $1,062 million, compared to $1,009 million at the
 same point last year.  The average contract sales amount per home in backlog
 increased by 5.8 percent to $272,000.
 
     Strategic Overview
     Hanneman emphasized that the company's development of new communities will
 not detract from plans to continue reducing the company's financial leverage
 and its efficiency initiatives.  "Some of these new communities will be
 undertaken as joint ventures with strategic partners.  Our internal cash flow
 is strong and quite sufficient to provide capital for these new communities
 while we continue to decrease our leverage level to our designated objective."
     Details on the company's four new communities, Hanneman said, would be
 unveiled shortly.  The communities have been approved by the company's Board
 of Directors.  Details are currently being finalized with sellers and
 government officials.  He emphasized that these properties should be viewed as
 the first steps in Webb's new strategic expansion.
     Hanneman said the new communities will illustrate the evolution of Webb's
 traditional business model.  The new communities will be smaller than Webb's
 typical larger Sun City developments and will be a mix of active adult and
 resort-style master-planned communities.  He said the projects will range in
 size from about 200 acres to 2,000 acres and will represent a total of
 approximately 5,000-6,000 units.
     Pushing ahead with a new strategic plan, Hanneman said, the company is
 focused on increasing earnings per share, improving margins, improving return
 on invested capital and reducing Webb's debt as a percentage of total
 capitalization.  "As we continue to focus on these business metrics, we must
 keep our eye on the big picture.  That means thinking long-term, demanding
 creativity from employees, delivering customer satisfaction and remaining the
 unquestioned leader in the active adult industry."
     Hanneman said Webb continues to focus on improving return on invested
 capital by reduction in its existing real estate inventories, particularly
 excess land holdings at its largest communities.  He said at the company's
 Hilton Head community 228 acres of undeveloped property were sold in March to
 another developer.  He also said the Anthem Arizona community announced it has
 begun negotiating with several top national builders for sale of home sites
 within the community.
 
     Forward-looking Information:
     The following forward-looking information reflects the company's current
 projections for the fiscal year ending June 30, 2001.  This information is
 based on actual results through March 31, 2001 and currently expected results
 for the last three months of the fiscal year.
 
     -- The company currently expects homebuilding revenues to be between
        $1.75 billion and $1.85 billion for the year ending June 30, 2001 based
        on home closings of 7,000 to 7,300 units.  Total revenues, which
        include land and facility sales as well as other revenues, currently
        are expected to be between $1.85 billion and $2 billion.
     -- Homebuilding gross margin is currently expected to be between
        24 percent and 25 percent for the year ending June 30, 2001.  Total
        gross margin currently is expected to be between 23.5 percent and
        24.5 percent.
     -- Selling general and administrative expenses are currently expected to
        be between 12.9 percent and 13.1 percent of total revenues for the year
        ending June 30, 2001.  This compares to 13.2 percent for the fiscal
        year ended June 30, 2000.
     -- Interest expense as a percentage of total revenues is currently
        expected to range between 3.8 percent and 4 percent for the fiscal
        year.
     -- The company's effective income tax rate is currently expected to be
        approximately 34.5 percent for the year after the impact of an
        11-cent per share tax benefit recorded in the third quarter.
     -- Net earnings as a percentage of total revenues are currently expected
        to be between 4 percent and 5 percent for this fiscal year.  This
        compares to 3.6 percent for last fiscal year.
     -- Last year's earnings per share of $4.00 (fully diluted) included a
        22 cents per share benefit from a reduction in income taxes.  Earnings
        per share before the benefit were $3.78.  The company currently expects
        earnings per share (fully diluted) for this year's fourth quarter to be
        between $1.30 and $1.45 and between $4.60 and $4.70 for the fiscal year
        ending June 30.
     -- Preliminary goal for earnings per share for fiscal 2002 is in the range
        of $5.00-$5.50.
 
     Del Webb Corporation, based in Phoenix, is the nation's leading builder of
 active adult communities for people age 55 and older.  The company operates
 12 active adult communities in markets including Phoenix and Tucson, Ariz.;
 Las Vegas, Nev.; Palm Desert, Lincoln and Cloverdale, Calif.; Hilton Head,
 S.C.; Georgetown, Texas; Ocala, Fla.; and Chicago, Ill.  The company also
 builds family and country club communities in Phoenix and Las Vegas.
 
     This press release contains forward-looking statements that involve risks
 and uncertainties, and actual results may differ materially.  Certain
 forward-looking statements are based on assumptions that may not prove to be
 accurate.  Risks and uncertainties include risks associated with:  the
 cyclical nature of real estate operations; land acquisition and development,
 government regulation, growth management and environmental considerations;
 geographic concentration; financing and leverage; interest rate fluctuations;
 construction labor and materials costs; future communities and new geographic
 markets; legal matters; natural risks; and other matters set forth in the
 Company's Form 10-K for the year ended June 30, 2000 and subsequent SEC
 filings.
 
     To access other news about Del Webb Corporation, visit the company's
 Internet site at http://www.delwebb.com or call for News-by Fax at
 1-800-758-5804, extension 236610.
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF EARNINGS
                      (In Thousands Except Per Share Data)
                                  (Unaudited)
 
                                Three Months Ended       Nine Months Ended
                                     March 31,               March 31,
                                 2001        2000        2001         2000
 
     Revenues                 $429,217     $499,799   $1,333,828  $1,404,974
 
     Costs and expenses:
       Home construction,
        land and other         319,808      384,933    1,012,143   1,087,570
       Selling, general and
        administrative          63,577       67,930      179,928     190,151
       Interest                 15,992       21,958       50,799      59,348
                               399,377      474,821    1,242,870   1,337,069
         Earnings before
          income taxes          29,840       24,978       90,958      67,905
     Income taxes                8,742        8,992       30,745      24,446
         Net earnings          $21,098      $15,986      $60,213     $43,459
 
     Weighted average shares
      outstanding - basic       18,607       18,319       18,488      18,271
     Weighted average shares
      outstanding -
      assuming dilution         19,182       18,530       18,934      18,598
 
     Net earnings per
      share - basic              $1.13        $0.87        $3.26       $2.38
 
     Net earnings per share -
      assuming dilution          $1.10        $0.86        $3.18       $2.34
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
                     REVENUES AND COSTS AND EXPENSES DETAIL
                             (Dollars In Thousands)
                                  (Unaudited)
 
                               Three Months Ended        Nine Months Ended
                                    March 31,                 March 31,
                                 2001       2000          2001        2000
     Revenues:
       Homebuilding:
        Active adult
         communities          $281,423     $305,682     $870,378    $916,909
        Family and country
         club communities      128,046      157,066      368,201     393,056
                               409,469      462,748    1,238,579   1,309,965
        Models/vacation
         getaway homes with
         long-term leaseback        --        6,538           --      30,602
          Total homebuilding   409,469      469,286    1,238,579   1,340,567
       Land and facility sales  12,837       24,040       74,176      49,689
       Other                     6,911        6,473       21,073      14,718
                              $429,217     $499,799   $1,333,828  $1,404,974
 
     Costs and expenses:
       Home construction and
        land:
        Active adult
         communities          $206,939     $231,768     $647,868    $693,027
        Family and country
         club communities       99,865      123,005      288,441     312,969
                               306,804      354,773      936,309   1,005,996
        Models/vacation
         getaway homes with
         long-term leaseback        --        6,538           --      30,602
          Total homebuilding   306,804      361,311      936,309   1,036,598
       Cost of land and
        facility sales           7,862       19,393       57,935      40,950
       Other cost of sales       5,142        4,229       17,899      10,022
          Total home
           construction,
           land and other      319,808      384,933    1,012,143   1,087,570
       Selling, general and
        administrative          63,577       67,930      179,928     190,151
       Interest                 15,992       21,958       50,799      59,348
                              $399,377     $474,821   $1,242,870  $1,337,069
 
     Margin percentages:
       Homebuilding gross
        margin:
        Active adult
         communities             26.5%        24.2%        25.6%       24.4%
        Family and country
         club communities        22.0%        21.7%        21.7%       20.4%
                                 25.1%        23.3%        24.4%       23.2%
        Models/vacation
         getaway homes with
         long-term leaseback        --           --           --          --
          Total homebuilding
           gross margin          25.1%        23.0%        24.4%       22.7%
          Gross margin on land
           and facility sales    38.8%        19.3%        21.9%       17.6%
          Gross margin on other
           revenues              25.6%        34.7%        15.1%       31.9%
            Total gross margin   25.5%        23.0%        24.1%       22.6%
           Selling, general
            and administrative   14.8%        13.6%        13.5%       13.5%
            Earnings before
             interest and taxes  10.7%         9.4%        10.6%        9.1%
           Interest               3.7%         4.4%         3.8%        4.2%
            Earnings before
             taxes                7.0%         5.0%         6.8%        4.8%
           Income taxes           2.0%         1.8%         2.3%        1.7%
            Net earnings          4.9%         3.2%         4.5%        3.1%
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
               CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA
 
                                      Three Months Ended
                                           March 31,           Change
                                       2001       2000    Amount     Percent
     OPERATING DATA:
      Number of net new orders:
       Active adult communities:
        Sun City Grand                  318        407       (89)     (21.9%)
        Sun Cities Las Vegas            318        391       (73)     (18.7%)
        Sun City Palm Desert            198        162        36       22.2%
        Sun Cities Northern California  277        206        71       34.5%
        Sun City Hilton Head             68         97       (29)     (29.9%)
        Sun City Texas                  103        105        (2)      (1.9%)
        Sun City at Huntley              93         71        22       31.0%
        Florida communities              87         97       (10)     (10.3%)
        Other communities                75         89       (14)     (15.7%)
          Total active adult
           communities                1,537      1,625       (88)      (5.4%)
       Family and country club
        communities:
        Arizona country club
         communities                     92        127       (35)     (27.6%)
        Nevada country club community    65        112       (47)     (42.0%)
        Arizona family communities      296        324       (28)      (8.6%)
        Nevada family communities        18        107       (89)     (83.2%)
          Total family and country
           club communities             471        670      (199)     (29.7%)
            Total                     2,008      2,295      (287)     (12.5%)
 
 
                                      Nine Months Ended
                                           March 31,            Change
                                       2001       2000    Amount      Percent
     OPERATING DATA:
      Number of net new orders:
       Active adult communities:
        Sun City Grand                  726        976      (250)     (25.6%)
        Sun Cities Las Vegas            909        877        32        3.6%
        Sun City Palm Desert            418        322        96       29.8%
        Sun Cities Northern California  733        480       253       52.7%
        Sun City Hilton Head            196        272       (76)     (27.9%)
        Sun City Texas                  262        242        20        8.3%
        Sun City at Huntley             282        264        18        6.8%
        Florida communities             240        246        (6)      (2.4%)
        Other communities               177        294      (117)     (39.8%)
         Total active adult
          communities                 3,943      3,973       (30)      (0.8%)
       Family and country club
        communities:
        Arizona country club
         communities                    213        233       (20)      (8.6%)
        Nevada country club community   190        223       (33)     (14.8%)
        Arizona family communities      736        763       (27)      (3.5%)
        Nevada family communities       114        224      (110)     (49.1%)
          Total family and country
           club communities           1,253      1,443      (190)     (13.2%)
            Total                     5,196      5,416      (220)      (4.1%)
 
     Included in net new orders for the three and nine months ended March 31,
      2000 were models and vacation getaway homes sold with long-term
      leasebacks.  Sun City Grand had 17 such net new orders for the three
      month period and 162 for the nine month period.  The Sun Cities Las Vegas
      had 3 and 33 for the three and nine month periods, respectively.  The
      Nevada country club community had 13 for the nine month period.
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
               CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA
 
                                     Three Months Ended
                                           March 31,            Change
                                       2001       2000    Amount      Percent
     Number of home closings:
       Active adult communities:
        Sun City Grand                  219        323      (104)     (32.2%)
        Sun Cities Las Vegas            285        328       (43)     (13.1%)
        Sun City Palm Desert            154        118        36       30.5%
        Sun Cities Northern California  202        214       (12)      (5.6%)
        Sun City Hilton Head             57         81       (24)     (29.6%)
        Sun City Texas                   61         56         5        8.9%
        Sun City at Huntley              53        120       (67)     (55.8%)
        Florida communities              72         64         8       12.5%
        Other communities                55        103       (48)     (46.6%)
         Total active adult
          communities                 1,158      1,407      (249)     (17.7%)
     Family and country club
      communities:
        Arizona country club
         communities                     80        132       (52)     (39.4%)
        Nevada country club community    68         48        20       41.7%
        Arizona family communities      264        383      (119)     (31.1%)
        Nevada family communities        40         81       (41)     (50.6%)
         Total family and country
          club communities              452        644      (192)     (29.8%)
           Total                      1,610      2,051      (441)     (21.5%)
 
 
                                      Nine Months Ended
                                          March 31,              Change
                                       2001      2000      Amount     Percent
     Number of home closings:
       Active adult communities:
        Sun City Grand                  793      1,080      (287)     (26.6%)
        Sun Cities Las Vegas            887        840        47        5.6%
        Sun City Palm Desert            371        367         4        1.1%
        Sun Cities Northern California  573        554        19        3.4%
        Sun City Hilton Head            192        294      (102)     (34.7%)
        Sun City Texas                  181        189        (8)      (4.2%)
        Sun City at Huntley             206        534      (328)     (61.4%)
        Florida communities             192        193        (1)      (0.5%)
        Other communities               187        253       (66)     (26.1%)
         Total active adult
          communities                 3,582      4,304      (722)     (16.8%)
     Family and country club
      communities:
        Arizona country club
         communities                    259        239        20        8.4%
        Nevada country club community   174        171         3        1.8%
        Arizona family communities      730        935      (205)     (21.9%)
        Nevada family communities       161        332      (171)     (51.5%)
         Total family and country
          club communities            1,324      1,677      (353)     (21.0%)
           Total                      4,906      5,981    (1,075)     (18.0%)
 
     Included in home closings for the three and nine months ended March 31,
      2000 were models and vacation getaway homes sold with long-term
      leasebacks.  Profits on the closings of these units were deferred and are
      being amortized as reductions of selling, general and administrative
      expenses over the leaseback periods, offsetting substantially all of the
      related rent expense.  Sun City Grand had 35 such home closings for the
      three months and 160 for the nine months.  The Sun Cities Las Vegas had
      5 and 32 for the three and nine months, respectively.  The Nevada country
      club community 13 for the nine months.
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
               CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA
 
                                         At March 31,           Change
                                       2001       2000    Amount      Percent
     BACKLOG DATA:
      Homes under contract:
       Active adult communities:
        Sun City Grand                  494        630      (136)     (21.6%)
        Sun Cities Las Vegas            565        582       (17)      (2.9%)
        Sun City Palm Desert            293        239        54       22.6%
        Sun Cities Northern California  556        334       222       66.5%
        Sun City Hilton Head            142        172       (30)     (17.4%)
        Sun City Texas                  299        211        88       41.7%
        Sun City at Huntley             221        235       (14)      (6.0%)
        Florida communities             257        186        71       38.2%
        Other communities               123        209       (86)     (41.1%)
         Total active adult
          communities                 2,950      2,798       152        5.4%
      Family and country club
       communities:
        Arizona country club
         communities                    188        238       (50)     (21.0%)
        Nevada country club community   179        187        (8)      (4.3%)
        Arizona family communities      516        555       (39)      (7.0%)
        Nevada family communities        68        141       (73)     (51.8%)
         Total family and country
          club communities              951      1,121      (170)     (15.2%)
           Total                      3,901      3,919       (18)      (0.5%)
     Aggregate contract sales amount
      (dollars in millions)          $1,062     $1,009       $53        5.3%
     Average contract sales amount
      per home (dollars in thousands)  $272       $257       $15        5.8%
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
               CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA
 
                                    Three Months Ended
                                        March 31,                Change
                                    2001         2000       Amount    Percent
     AVERAGE REVENUE PER
      HOME CLOSING:
       Active adult communities:
        Sun City Grand            $228,000     $188,600    $39,400     20.9%
        Sun Cities Las Vegas       228,800      224,900      3,900      1.7%
        Sun City Palm Desert       289,300      272,400     16,900      6.2%
        Sun Cities Northern
         California                298,600      275,200     23,400      8.5%
        Sun City Hilton Head       256,200      201,300     54,900     27.3%
        Sun City Texas             242,000      241,300        700      0.3%
        Sun City at Huntley        246,900      222,700     24,200     10.9%
        Florida communities        156,300      139,900     16,400     11.7%
        Other communities          140,400      204,000    (63,600)   (31.2%)
          Average active adult
           communities             243,000      221,900     21,100      9.5%
       Family and country club
        communities:
        Arizona country club
         communities               366,700      289,500     77,200     26.7%
        Nevada country club
         community                 416,500      459,400    (42,900)    (9.3%)
        Arizona family
         communities               229,600      216,500     13,100      6.1%
        Nevada family communities  244,200      171,500     72,700     42.4%
          Average family and
           country club
           communities             283,300      243,900     39,400     16.2%
            Total average          254,300      228,800     25,500     11.1%
 
 
                                   Nine Months Ended
                                        March 31,                Change
                                     2001        2000       Amount    Percent
     AVERAGE REVENUE PER
      HOME CLOSING:
       Active adult communities:
        Sun City Grand            $212,600     $178,000    $34,600     19.4%
        Sun Cities Las Vegas       232,000      227,500      4,500      2.0%
        Sun City Palm Desert       309,600      275,400     34,200     12.4%
        Sun Cities Northern
         California                304,000      277,000     27,000      9.7%
        Sun City Hilton Head       246,000      199,500     46,500     23.3%
        Sun City Texas             245,300      231,100     14,200      6.1%
        Sun City at Huntley        251,500      230,100     21,400      9.3%
        Florida communities        153,100      138,300     14,800     10.7%
        Other communities          182,200      203,000    (20,800)   (10.2%)
         Average active adult
          communities              243,000      218,700     24,300     11.1%
       Family and country club
        communities:
        Arizona country club
         communities               347,900      272,100     75,800     27.9%
        Nevada country club
         community                 422,200      431,600     (9,400)    (2.2%)
        Arizona family
         communities               232,700      211,700     21,000      9.9%
        Nevada family communities  215,800      188,600     27,200     14.4%
         Average family and
          country club
          communities              278,100      238,200     39,900     16.8%
           Total average           252,500      224,100     28,400     12.7%
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
               CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA
 
                                     Three Months Ended
                                            March 31,            Change
                                        2001      2000      Amount    Percent
     OPERATING STATISTICS:
       Costs and expenses as a
        percentage of revenues:
        Home construction, land
         and other                      74.5%     77.0%     (2.5%)     (3.2%)
        Selling, general and
         administrative                 14.8%     13.6%       1.2%      8.8%
        Interest                         3.7%      4.4%     (0.7%)    (15.9%)
       Ratio of home closings to homes
        under contract in backlog at
        beginning of period             46.0%     55.8%     (9.8%)    (17.6%)
 
 
                                       Nine Months Ended
                                            March 31,            Change
                                        2001      2000      Amount    Percent
     OPERATING STATISTICS:
       Costs and expenses as a
        percentage of revenues:
        Home construction, land
         and other                      75.9%     77.4%     (1.5%)     (1.9%)
        Selling, general and
         administrative                 13.5%     13.5%       0.0%      0.0%
        Interest                         3.8%      4.2%     (0.4%)     (9.5%)
        Ratio of home closings to homes
         under contract in backlog at
         beginning of period           135.9%    133.4%       2.5%      1.9%
 
     NOTES:
 
     New orders are net of cancellations.  The Company recognizes revenue at
      the close of escrow.
 
     The Sun Cities Las Vegas include Sun City Summerlin (which is built out),
      Sun City MacDonald Ranch and Sun City Anthem.
 
     The Sun Cities Northern California include Sun City Roseville (which is
      built out) and Sun City Lincoln Hills.
 
     Other active adult communities represent two smaller-scale communities in
      Arizona and California.
 
     A substantial majority of the backlog at March 31, 2001 is currently
      anticipated to result in revenues in the next 12 months.  However, a
      majority of the backlog is contingent primarily upon the availability of
      financing for the customer and, in certain cases, sale of the customer's
      existing residence.  Also, as a practical matter, the Company's ability
      to obtain damages for breach of contract by a potential home buyer is
      limited to retaining all or a portion of the deposit received.  In the
      three months ended March 31, 2001 and 2000, cancellations of home sales
      orders as a percentage of new home sales orders written during the period
      were 13.9 percent and 14.5 percent, respectively.
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
                   Supplementary Earnings Release Information
               As of and for the Nine Months Ended March 31, 2001
                                  (Unaudited)
 
     Shareholders Equity at March 31, 2001
      (dollars in thousands)
     Common stock, $.001 par value.  Authorized
       30,000,000 shares; issued 18,708,191 shares                  $18
     Additional paid-in capital                                 176,860
     Retained earnings                                          376,454
                                                                553,332
     Less deferred compensation                                  (7,202)
          Total shareholders' equity                           $546,130
 
 
     Real Estate Inventories at March 31, 2001
      (dollars in thousands)
     Home construction costs                                   $306,434
     Unamortized improvement and amenity costs                1,093,253
     Unamortized capitalized interest                           129,243
     Land held for housing                                      188,089
     Land held for future development or sale                    90,232
          Total real estate inventories                      $1,807,251
 
 
     Notes Payable, Senior and Subordinated Debt at
       March 31, 2001 (dollars in thousands)
     9 3/4 % Senior Subordinated Debentures due 2003,
      net, unsecured                                            $99,212
     9 % Senior Subordinated Debentures due 2006, net,
      unsecured                                                  98,654
     9 3/4 % Senior Subordinated Debentures due 2008,
      net, unsecured                                            146,701
     9 3/8 % Senior Subordinated Debentures due 2009,
      net, unsecured                                            196,230
     10 1/4 % Senior Subordinated Debentures due 2010,
      net, unsecured                                            144,674
     Notes payable to banks under a revolving credit
      facility and short-term lines of credit, unsecured        293,848
     Real estate and other notes, primarily secured              62,913
          Total notes payable, senior
           and subordinated debt                             $1,042,232
 
     Interest for the Three Months Ended March 31, 2001
      (dollars in thousands)
     Unamortized capitalized interest included in
      real estate inventories at beginning of period           $120,625
     Interest incurred and capitalized                           24,610
     Amortization of capitalized interest in
      costs and expenses                                        (15,992)
     Unamortized capitalized interest included in real
      estate inventories at end of period                      $129,243
 
 
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SOURCE Del Webb Corporation
    PHOENIX, April 24 /PRNewswire Interactive News Release/ -- Del Webb
 Corporation (NYSE:   WBB), the nation's leading builder of active adult and
 lifestyle communities, today reported net earnings of $21 million, or
 $1.10 per fully diluted share, for its third quarter ended March 31, 2001.
 The results are a 32 percent increase over the $16 million, or
 86 cents per diluted share, for the same period one-year ago.
     Net earnings for the first nine months of the company's fiscal year, which
 ends June 30, were $60 million or $3.18 per fully diluted share, up 39 percent
 from last year's $43.5 million or $2.34 per fully diluted share.
     The improvement in net earnings was accomplished with less revenue than
 the year-ago period through a combination of a higher homebuilding margin
 percentage, lower interest costs and lower taxes which included an
 11-cent per share tax benefit.  Together, these factors resulted in a
 172 basis point improvement in net margin percentage for the quarter and
 142 basis point improvement for the nine months of operations.
     Revenues were down 14 percent for the third quarter and off by 5 percent
 for the first nine months of the fiscal year.  Net earnings as a percentage of
 revenues improved 170 basis points for the third quarter from 3.2 percent to
 4.9 percent and 140 basis points for the nine-month period from 3.1 percent to
 4.5 percent.
     President and Chief Executive Officer LeRoy Hanneman said, "the two main
 conclusions from these results are that Del Webb is exceeding with our
 earnings expectations for the year and that excellent margin-driven results
 and leverage reduction are leading us to a fifth consecutive year of record
 earnings."
     Hanneman said he was pleased with the company's performance for the first
 nine months of the year and emphasized the company is laying the groundwork
 for continued future success.  "In the past year we saw several of our
 communities sell out ahead of schedule, resulting in a current decline in unit
 closings for FY01.  Today, I am delighted to announce that we are moving
 forward on four new developments of varying sizes that will be located
 throughout the United States.  Several of these projects are expected to begin
 sales in FY02, which should lead to increased closings, strong revenues and
 Webb's continued leadership in the active adult marketplace."
     The first nine-month results, Hanneman said, show that Del Webb is clearly
 on track for record earnings and that he is comfortable with earnings
 forecasts of between $4.60 and $4.70 per fully diluted share for the year
 ending June 30, 2001.  Del Webb's recent inclusion on the S&P Small Cap Index,
 he said, illustrates that the company's new strategic plan, aimed at
 increasing shareholder value, continues to gain momentum.
 
     Leverage
     The company is on track to meet debt-to-total capital targets.
 Debt-to-total capital was at 65.6 percent in the quarter, down from the third
 quarter in 2000 when the company reported debt-to-total capital of 72 percent.
 The company's current 65.6 percent leverage is down from its historic high of
 73.2 percent in 1998 and is heading toward a target of below 60 percent by the
 end of fiscal 2003.  These continued leverage reductions have allowed a
 significant reduction in interest charges which have positively impacted
 earnings.
 
     Revenues and Closings
     While home closings declined during the quarter, the company experienced a
 significant increase in revenues generated per closing.  For the third
 quarter, Del Webb's total revenues declined by 14 percent.  Exclusive of last
 year's sale/leaseback of model homes and vacation units, homebuilding revenues
 decreased 11.5 percent from $462.7 million to $409.5 million.
     Average revenue per closing company-wide increased 11 percent to $254,300,
 compared to $228,800 for the same quarter last year.  In the company's active
 adult operations the average closing price was $243,000, an increase of nearly
 10 percent compared to the third quarter one year ago.  In the company's
 country club and family communities, the average closing price jumped
 16.2 percent to $283,300.
     Unit closings declined 21.5 percent company-wide, from 2,051 units to
 1,610 units for the quarter.  Closings for the first nine months were down
 18 percent.  In the company's active adult operations closings for the quarter
 declined 18 percent and 30 percent at the company's family and country club
 operations.
 
     Margins
     The company recognized a 210 basis point improvement in homebuilding gross
 margin during the third quarter, and a 170 basis points improvement for the
 first nine months of the fiscal year.
     The improvement resulted from higher home pricing at Webb's newest
 communities, operating efficiencies and lower construction costs -- including
 lumber and drywall.
     Selling, general and administrative expenses as a percentage of total
 revenues were flat for the nine-month period.  Selling general and
 administrative expenses are currently expected to be between 12.9 percent and
 13.1 percent of total revenues for the year ending June 30, 2001.  This
 compares to 13.2 percent for the fiscal year ended June 30, 2000.
     Net earnings as a percentage of revenues improved by 170 basis points
 during the quarter, increasing to 4.9 percent from 3.2 percent during the
 third quarter last year.  The percentage improved 140 basis points for the
 fiscal nine months.
 
     New Orders and Backlog
     Net new orders for the third quarter and the nine-month period were ahead
 of management expectations.  Net new orders did decrease 12.5 percent
 company-wide to 2,008 units compared to 2,295 units during the same quarter
 last year.  Net new orders for the nine-month period were off by 4 percent.
 Excluding home sales last year from sold out communities and last year's sale
 of model homes and Vacation Getaway units, net new orders were down 10 percent
 for nine-month period on a "same store," ordinary business basis.
     Net new orders from the company's active adult operations were down
 5.4 percent to 1,537 units during the third quarter compared to 1,625 units
 last year.  Hanneman underscored that while some other public homebuilders
 have seen significant drop in orders in California, Webb's California sales
 remain extremely healthy.  New orders in the company's northern and southern
 California communities, reported combined orders of 475 for the quarter, up
 29 percent from last year.
     In the company's family and country club operations, new orders were off
 30 percent for the quarter and down 13.2 percent for the nine-month period.
 Country club orders decreased about 11.6 percent for the nine-month period,
 while new orders at the company's family communities were off by 13.9 percent.
     The company's backlog of homes under contract but not yet delivered was
 down .5 percent at March 31, 2001 to 3,901 units, compared to 3,919 at March
 31, 2000.  However, the aggregate contract amount at March 31, 2001 increased
 approximately 5.3 percent to $1,062 million, compared to $1,009 million at the
 same point last year.  The average contract sales amount per home in backlog
 increased by 5.8 percent to $272,000.
 
     Strategic Overview
     Hanneman emphasized that the company's development of new communities will
 not detract from plans to continue reducing the company's financial leverage
 and its efficiency initiatives.  "Some of these new communities will be
 undertaken as joint ventures with strategic partners.  Our internal cash flow
 is strong and quite sufficient to provide capital for these new communities
 while we continue to decrease our leverage level to our designated objective."
     Details on the company's four new communities, Hanneman said, would be
 unveiled shortly.  The communities have been approved by the company's Board
 of Directors.  Details are currently being finalized with sellers and
 government officials.  He emphasized that these properties should be viewed as
 the first steps in Webb's new strategic expansion.
     Hanneman said the new communities will illustrate the evolution of Webb's
 traditional business model.  The new communities will be smaller than Webb's
 typical larger Sun City developments and will be a mix of active adult and
 resort-style master-planned communities.  He said the projects will range in
 size from about 200 acres to 2,000 acres and will represent a total of
 approximately 5,000-6,000 units.
     Pushing ahead with a new strategic plan, Hanneman said, the company is
 focused on increasing earnings per share, improving margins, improving return
 on invested capital and reducing Webb's debt as a percentage of total
 capitalization.  "As we continue to focus on these business metrics, we must
 keep our eye on the big picture.  That means thinking long-term, demanding
 creativity from employees, delivering customer satisfaction and remaining the
 unquestioned leader in the active adult industry."
     Hanneman said Webb continues to focus on improving return on invested
 capital by reduction in its existing real estate inventories, particularly
 excess land holdings at its largest communities.  He said at the company's
 Hilton Head community 228 acres of undeveloped property were sold in March to
 another developer.  He also said the Anthem Arizona community announced it has
 begun negotiating with several top national builders for sale of home sites
 within the community.
 
     Forward-looking Information:
     The following forward-looking information reflects the company's current
 projections for the fiscal year ending June 30, 2001.  This information is
 based on actual results through March 31, 2001 and currently expected results
 for the last three months of the fiscal year.
 
     -- The company currently expects homebuilding revenues to be between
        $1.75 billion and $1.85 billion for the year ending June 30, 2001 based
        on home closings of 7,000 to 7,300 units.  Total revenues, which
        include land and facility sales as well as other revenues, currently
        are expected to be between $1.85 billion and $2 billion.
     -- Homebuilding gross margin is currently expected to be between
        24 percent and 25 percent for the year ending June 30, 2001.  Total
        gross margin currently is expected to be between 23.5 percent and
        24.5 percent.
     -- Selling general and administrative expenses are currently expected to
        be between 12.9 percent and 13.1 percent of total revenues for the year
        ending June 30, 2001.  This compares to 13.2 percent for the fiscal
        year ended June 30, 2000.
     -- Interest expense as a percentage of total revenues is currently
        expected to range between 3.8 percent and 4 percent for the fiscal
        year.
     -- The company's effective income tax rate is currently expected to be
        approximately 34.5 percent for the year after the impact of an
        11-cent per share tax benefit recorded in the third quarter.
     -- Net earnings as a percentage of total revenues are currently expected
        to be between 4 percent and 5 percent for this fiscal year.  This
        compares to 3.6 percent for last fiscal year.
     -- Last year's earnings per share of $4.00 (fully diluted) included a
        22 cents per share benefit from a reduction in income taxes.  Earnings
        per share before the benefit were $3.78.  The company currently expects
        earnings per share (fully diluted) for this year's fourth quarter to be
        between $1.30 and $1.45 and between $4.60 and $4.70 for the fiscal year
        ending June 30.
     -- Preliminary goal for earnings per share for fiscal 2002 is in the range
        of $5.00-$5.50.
 
     Del Webb Corporation, based in Phoenix, is the nation's leading builder of
 active adult communities for people age 55 and older.  The company operates
 12 active adult communities in markets including Phoenix and Tucson, Ariz.;
 Las Vegas, Nev.; Palm Desert, Lincoln and Cloverdale, Calif.; Hilton Head,
 S.C.; Georgetown, Texas; Ocala, Fla.; and Chicago, Ill.  The company also
 builds family and country club communities in Phoenix and Las Vegas.
 
     This press release contains forward-looking statements that involve risks
 and uncertainties, and actual results may differ materially.  Certain
 forward-looking statements are based on assumptions that may not prove to be
 accurate.  Risks and uncertainties include risks associated with:  the
 cyclical nature of real estate operations; land acquisition and development,
 government regulation, growth management and environmental considerations;
 geographic concentration; financing and leverage; interest rate fluctuations;
 construction labor and materials costs; future communities and new geographic
 markets; legal matters; natural risks; and other matters set forth in the
 Company's Form 10-K for the year ended June 30, 2000 and subsequent SEC
 filings.
 
     To access other news about Del Webb Corporation, visit the company's
 Internet site at http://www.delwebb.com or call for News-by Fax at
 1-800-758-5804, extension 236610.
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF EARNINGS
                      (In Thousands Except Per Share Data)
                                  (Unaudited)
 
                                Three Months Ended       Nine Months Ended
                                     March 31,               March 31,
                                 2001        2000        2001         2000
 
     Revenues                 $429,217     $499,799   $1,333,828  $1,404,974
 
     Costs and expenses:
       Home construction,
        land and other         319,808      384,933    1,012,143   1,087,570
       Selling, general and
        administrative          63,577       67,930      179,928     190,151
       Interest                 15,992       21,958       50,799      59,348
                               399,377      474,821    1,242,870   1,337,069
         Earnings before
          income taxes          29,840       24,978       90,958      67,905
     Income taxes                8,742        8,992       30,745      24,446
         Net earnings          $21,098      $15,986      $60,213     $43,459
 
     Weighted average shares
      outstanding - basic       18,607       18,319       18,488      18,271
     Weighted average shares
      outstanding -
      assuming dilution         19,182       18,530       18,934      18,598
 
     Net earnings per
      share - basic              $1.13        $0.87        $3.26       $2.38
 
     Net earnings per share -
      assuming dilution          $1.10        $0.86        $3.18       $2.34
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
                     REVENUES AND COSTS AND EXPENSES DETAIL
                             (Dollars In Thousands)
                                  (Unaudited)
 
                               Three Months Ended        Nine Months Ended
                                    March 31,                 March 31,
                                 2001       2000          2001        2000
     Revenues:
       Homebuilding:
        Active adult
         communities          $281,423     $305,682     $870,378    $916,909
        Family and country
         club communities      128,046      157,066      368,201     393,056
                               409,469      462,748    1,238,579   1,309,965
        Models/vacation
         getaway homes with
         long-term leaseback        --        6,538           --      30,602
          Total homebuilding   409,469      469,286    1,238,579   1,340,567
       Land and facility sales  12,837       24,040       74,176      49,689
       Other                     6,911        6,473       21,073      14,718
                              $429,217     $499,799   $1,333,828  $1,404,974
 
     Costs and expenses:
       Home construction and
        land:
        Active adult
         communities          $206,939     $231,768     $647,868    $693,027
        Family and country
         club communities       99,865      123,005      288,441     312,969
                               306,804      354,773      936,309   1,005,996
        Models/vacation
         getaway homes with
         long-term leaseback        --        6,538           --      30,602
          Total homebuilding   306,804      361,311      936,309   1,036,598
       Cost of land and
        facility sales           7,862       19,393       57,935      40,950
       Other cost of sales       5,142        4,229       17,899      10,022
          Total home
           construction,
           land and other      319,808      384,933    1,012,143   1,087,570
       Selling, general and
        administrative          63,577       67,930      179,928     190,151
       Interest                 15,992       21,958       50,799      59,348
                              $399,377     $474,821   $1,242,870  $1,337,069
 
     Margin percentages:
       Homebuilding gross
        margin:
        Active adult
         communities             26.5%        24.2%        25.6%       24.4%
        Family and country
         club communities        22.0%        21.7%        21.7%       20.4%
                                 25.1%        23.3%        24.4%       23.2%
        Models/vacation
         getaway homes with
         long-term leaseback        --           --           --          --
          Total homebuilding
           gross margin          25.1%        23.0%        24.4%       22.7%
          Gross margin on land
           and facility sales    38.8%        19.3%        21.9%       17.6%
          Gross margin on other
           revenues              25.6%        34.7%        15.1%       31.9%
            Total gross margin   25.5%        23.0%        24.1%       22.6%
           Selling, general
            and administrative   14.8%        13.6%        13.5%       13.5%
            Earnings before
             interest and taxes  10.7%         9.4%        10.6%        9.1%
           Interest               3.7%         4.4%         3.8%        4.2%
            Earnings before
             taxes                7.0%         5.0%         6.8%        4.8%
           Income taxes           2.0%         1.8%         2.3%        1.7%
            Net earnings          4.9%         3.2%         4.5%        3.1%
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
               CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA
 
                                      Three Months Ended
                                           March 31,           Change
                                       2001       2000    Amount     Percent
     OPERATING DATA:
      Number of net new orders:
       Active adult communities:
        Sun City Grand                  318        407       (89)     (21.9%)
        Sun Cities Las Vegas            318        391       (73)     (18.7%)
        Sun City Palm Desert            198        162        36       22.2%
        Sun Cities Northern California  277        206        71       34.5%
        Sun City Hilton Head             68         97       (29)     (29.9%)
        Sun City Texas                  103        105        (2)      (1.9%)
        Sun City at Huntley              93         71        22       31.0%
        Florida communities              87         97       (10)     (10.3%)
        Other communities                75         89       (14)     (15.7%)
          Total active adult
           communities                1,537      1,625       (88)      (5.4%)
       Family and country club
        communities:
        Arizona country club
         communities                     92        127       (35)     (27.6%)
        Nevada country club community    65        112       (47)     (42.0%)
        Arizona family communities      296        324       (28)      (8.6%)
        Nevada family communities        18        107       (89)     (83.2%)
          Total family and country
           club communities             471        670      (199)     (29.7%)
            Total                     2,008      2,295      (287)     (12.5%)
 
 
                                      Nine Months Ended
                                           March 31,            Change
                                       2001       2000    Amount      Percent
     OPERATING DATA:
      Number of net new orders:
       Active adult communities:
        Sun City Grand                  726        976      (250)     (25.6%)
        Sun Cities Las Vegas            909        877        32        3.6%
        Sun City Palm Desert            418        322        96       29.8%
        Sun Cities Northern California  733        480       253       52.7%
        Sun City Hilton Head            196        272       (76)     (27.9%)
        Sun City Texas                  262        242        20        8.3%
        Sun City at Huntley             282        264        18        6.8%
        Florida communities             240        246        (6)      (2.4%)
        Other communities               177        294      (117)     (39.8%)
         Total active adult
          communities                 3,943      3,973       (30)      (0.8%)
       Family and country club
        communities:
        Arizona country club
         communities                    213        233       (20)      (8.6%)
        Nevada country club community   190        223       (33)     (14.8%)
        Arizona family communities      736        763       (27)      (3.5%)
        Nevada family communities       114        224      (110)     (49.1%)
          Total family and country
           club communities           1,253      1,443      (190)     (13.2%)
            Total                     5,196      5,416      (220)      (4.1%)
 
     Included in net new orders for the three and nine months ended March 31,
      2000 were models and vacation getaway homes sold with long-term
      leasebacks.  Sun City Grand had 17 such net new orders for the three
      month period and 162 for the nine month period.  The Sun Cities Las Vegas
      had 3 and 33 for the three and nine month periods, respectively.  The
      Nevada country club community had 13 for the nine month period.
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
               CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA
 
                                     Three Months Ended
                                           March 31,            Change
                                       2001       2000    Amount      Percent
     Number of home closings:
       Active adult communities:
        Sun City Grand                  219        323      (104)     (32.2%)
        Sun Cities Las Vegas            285        328       (43)     (13.1%)
        Sun City Palm Desert            154        118        36       30.5%
        Sun Cities Northern California  202        214       (12)      (5.6%)
        Sun City Hilton Head             57         81       (24)     (29.6%)
        Sun City Texas                   61         56         5        8.9%
        Sun City at Huntley              53        120       (67)     (55.8%)
        Florida communities              72         64         8       12.5%
        Other communities                55        103       (48)     (46.6%)
         Total active adult
          communities                 1,158      1,407      (249)     (17.7%)
     Family and country club
      communities:
        Arizona country club
         communities                     80        132       (52)     (39.4%)
        Nevada country club community    68         48        20       41.7%
        Arizona family communities      264        383      (119)     (31.1%)
        Nevada family communities        40         81       (41)     (50.6%)
         Total family and country
          club communities              452        644      (192)     (29.8%)
           Total                      1,610      2,051      (441)     (21.5%)
 
 
                                      Nine Months Ended
                                          March 31,              Change
                                       2001      2000      Amount     Percent
     Number of home closings:
       Active adult communities:
        Sun City Grand                  793      1,080      (287)     (26.6%)
        Sun Cities Las Vegas            887        840        47        5.6%
        Sun City Palm Desert            371        367         4        1.1%
        Sun Cities Northern California  573        554        19        3.4%
        Sun City Hilton Head            192        294      (102)     (34.7%)
        Sun City Texas                  181        189        (8)      (4.2%)
        Sun City at Huntley             206        534      (328)     (61.4%)
        Florida communities             192        193        (1)      (0.5%)
        Other communities               187        253       (66)     (26.1%)
         Total active adult
          communities                 3,582      4,304      (722)     (16.8%)
     Family and country club
      communities:
        Arizona country club
         communities                    259        239        20        8.4%
        Nevada country club community   174        171         3        1.8%
        Arizona family communities      730        935      (205)     (21.9%)
        Nevada family communities       161        332      (171)     (51.5%)
         Total family and country
          club communities            1,324      1,677      (353)     (21.0%)
           Total                      4,906      5,981    (1,075)     (18.0%)
 
     Included in home closings for the three and nine months ended March 31,
      2000 were models and vacation getaway homes sold with long-term
      leasebacks.  Profits on the closings of these units were deferred and are
      being amortized as reductions of selling, general and administrative
      expenses over the leaseback periods, offsetting substantially all of the
      related rent expense.  Sun City Grand had 35 such home closings for the
      three months and 160 for the nine months.  The Sun Cities Las Vegas had
      5 and 32 for the three and nine months, respectively.  The Nevada country
      club community 13 for the nine months.
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
               CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA
 
                                         At March 31,           Change
                                       2001       2000    Amount      Percent
     BACKLOG DATA:
      Homes under contract:
       Active adult communities:
        Sun City Grand                  494        630      (136)     (21.6%)
        Sun Cities Las Vegas            565        582       (17)      (2.9%)
        Sun City Palm Desert            293        239        54       22.6%
        Sun Cities Northern California  556        334       222       66.5%
        Sun City Hilton Head            142        172       (30)     (17.4%)
        Sun City Texas                  299        211        88       41.7%
        Sun City at Huntley             221        235       (14)      (6.0%)
        Florida communities             257        186        71       38.2%
        Other communities               123        209       (86)     (41.1%)
         Total active adult
          communities                 2,950      2,798       152        5.4%
      Family and country club
       communities:
        Arizona country club
         communities                    188        238       (50)     (21.0%)
        Nevada country club community   179        187        (8)      (4.3%)
        Arizona family communities      516        555       (39)      (7.0%)
        Nevada family communities        68        141       (73)     (51.8%)
         Total family and country
          club communities              951      1,121      (170)     (15.2%)
           Total                      3,901      3,919       (18)      (0.5%)
     Aggregate contract sales amount
      (dollars in millions)          $1,062     $1,009       $53        5.3%
     Average contract sales amount
      per home (dollars in thousands)  $272       $257       $15        5.8%
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
               CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA
 
                                    Three Months Ended
                                        March 31,                Change
                                    2001         2000       Amount    Percent
     AVERAGE REVENUE PER
      HOME CLOSING:
       Active adult communities:
        Sun City Grand            $228,000     $188,600    $39,400     20.9%
        Sun Cities Las Vegas       228,800      224,900      3,900      1.7%
        Sun City Palm Desert       289,300      272,400     16,900      6.2%
        Sun Cities Northern
         California                298,600      275,200     23,400      8.5%
        Sun City Hilton Head       256,200      201,300     54,900     27.3%
        Sun City Texas             242,000      241,300        700      0.3%
        Sun City at Huntley        246,900      222,700     24,200     10.9%
        Florida communities        156,300      139,900     16,400     11.7%
        Other communities          140,400      204,000    (63,600)   (31.2%)
          Average active adult
           communities             243,000      221,900     21,100      9.5%
       Family and country club
        communities:
        Arizona country club
         communities               366,700      289,500     77,200     26.7%
        Nevada country club
         community                 416,500      459,400    (42,900)    (9.3%)
        Arizona family
         communities               229,600      216,500     13,100      6.1%
        Nevada family communities  244,200      171,500     72,700     42.4%
          Average family and
           country club
           communities             283,300      243,900     39,400     16.2%
            Total average          254,300      228,800     25,500     11.1%
 
 
                                   Nine Months Ended
                                        March 31,                Change
                                     2001        2000       Amount    Percent
     AVERAGE REVENUE PER
      HOME CLOSING:
       Active adult communities:
        Sun City Grand            $212,600     $178,000    $34,600     19.4%
        Sun Cities Las Vegas       232,000      227,500      4,500      2.0%
        Sun City Palm Desert       309,600      275,400     34,200     12.4%
        Sun Cities Northern
         California                304,000      277,000     27,000      9.7%
        Sun City Hilton Head       246,000      199,500     46,500     23.3%
        Sun City Texas             245,300      231,100     14,200      6.1%
        Sun City at Huntley        251,500      230,100     21,400      9.3%
        Florida communities        153,100      138,300     14,800     10.7%
        Other communities          182,200      203,000    (20,800)   (10.2%)
         Average active adult
          communities              243,000      218,700     24,300     11.1%
       Family and country club
        communities:
        Arizona country club
         communities               347,900      272,100     75,800     27.9%
        Nevada country club
         community                 422,200      431,600     (9,400)    (2.2%)
        Arizona family
         communities               232,700      211,700     21,000      9.9%
        Nevada family communities  215,800      188,600     27,200     14.4%
         Average family and
          country club
          communities              278,100      238,200     39,900     16.8%
           Total average           252,500      224,100     28,400     12.7%
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
               CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA
 
                                     Three Months Ended
                                            March 31,            Change
                                        2001      2000      Amount    Percent
     OPERATING STATISTICS:
       Costs and expenses as a
        percentage of revenues:
        Home construction, land
         and other                      74.5%     77.0%     (2.5%)     (3.2%)
        Selling, general and
         administrative                 14.8%     13.6%       1.2%      8.8%
        Interest                         3.7%      4.4%     (0.7%)    (15.9%)
       Ratio of home closings to homes
        under contract in backlog at
        beginning of period             46.0%     55.8%     (9.8%)    (17.6%)
 
 
                                       Nine Months Ended
                                            March 31,            Change
                                        2001      2000      Amount    Percent
     OPERATING STATISTICS:
       Costs and expenses as a
        percentage of revenues:
        Home construction, land
         and other                      75.9%     77.4%     (1.5%)     (1.9%)
        Selling, general and
         administrative                 13.5%     13.5%       0.0%      0.0%
        Interest                         3.8%      4.2%     (0.4%)     (9.5%)
        Ratio of home closings to homes
         under contract in backlog at
         beginning of period           135.9%    133.4%       2.5%      1.9%
 
     NOTES:
 
     New orders are net of cancellations.  The Company recognizes revenue at
      the close of escrow.
 
     The Sun Cities Las Vegas include Sun City Summerlin (which is built out),
      Sun City MacDonald Ranch and Sun City Anthem.
 
     The Sun Cities Northern California include Sun City Roseville (which is
      built out) and Sun City Lincoln Hills.
 
     Other active adult communities represent two smaller-scale communities in
      Arizona and California.
 
     A substantial majority of the backlog at March 31, 2001 is currently
      anticipated to result in revenues in the next 12 months.  However, a
      majority of the backlog is contingent primarily upon the availability of
      financing for the customer and, in certain cases, sale of the customer's
      existing residence.  Also, as a practical matter, the Company's ability
      to obtain damages for breach of contract by a potential home buyer is
      limited to retaining all or a portion of the deposit received.  In the
      three months ended March 31, 2001 and 2000, cancellations of home sales
      orders as a percentage of new home sales orders written during the period
      were 13.9 percent and 14.5 percent, respectively.
 
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
                   Supplementary Earnings Release Information
               As of and for the Nine Months Ended March 31, 2001
                                  (Unaudited)
 
     Shareholders Equity at March 31, 2001
      (dollars in thousands)
     Common stock, $.001 par value.  Authorized
       30,000,000 shares; issued 18,708,191 shares                  $18
     Additional paid-in capital                                 176,860
     Retained earnings                                          376,454
                                                                553,332
     Less deferred compensation                                  (7,202)
          Total shareholders' equity                           $546,130
 
 
     Real Estate Inventories at March 31, 2001
      (dollars in thousands)
     Home construction costs                                   $306,434
     Unamortized improvement and amenity costs                1,093,253
     Unamortized capitalized interest                           129,243
     Land held for housing                                      188,089
     Land held for future development or sale                    90,232
          Total real estate inventories                      $1,807,251
 
 
     Notes Payable, Senior and Subordinated Debt at
       March 31, 2001 (dollars in thousands)
     9 3/4 % Senior Subordinated Debentures due 2003,
      net, unsecured                                            $99,212
     9 % Senior Subordinated Debentures due 2006, net,
      unsecured                                                  98,654
     9 3/4 % Senior Subordinated Debentures due 2008,
      net, unsecured                                            146,701
     9 3/8 % Senior Subordinated Debentures due 2009,
      net, unsecured                                            196,230
     10 1/4 % Senior Subordinated Debentures due 2010,
      net, unsecured                                            144,674
     Notes payable to banks under a revolving credit
      facility and short-term lines of credit, unsecured        293,848
     Real estate and other notes, primarily secured              62,913
          Total notes payable, senior
           and subordinated debt                             $1,042,232
 
     Interest for the Three Months Ended March 31, 2001
      (dollars in thousands)
     Unamortized capitalized interest included in
      real estate inventories at beginning of period           $120,625
     Interest incurred and capitalized                           24,610
     Amortization of capitalized interest in
      costs and expenses                                        (15,992)
     Unamortized capitalized interest included in real
      estate inventories at end of period                      $129,243
 
 
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 SOURCE  Del Webb Corporation