ATLANTA, May 4, 2016 /PRNewswire/ -- PulteGroup, Inc. (NYSE: PHM) announced today that, based on proxies submitted to the Independent Inspector of Election for its 2016 Annual Meeting of Shareholders, each of the 10 Director nominees received overwhelming support and have been elected to new one-year terms.
Each of the Company's Director nominees received the favorable support of more than 83% of the shares voted. Adjusting for the shares owned by company founder William Pulte, who announced his intention to vote against all Directors, each director received more than 93% of shares voted.
Richard J. Dugas, Jr., PulteGroup Chairman and Chief Executive Officer, stated: "Shareholders have provided a strong expression of support for the Value Creation strategy PulteGroup initiated in 2011. Since that time, the strategy has contributed to shareholder returns of 160%, among the highest of our large homebuilding peers, as significant increases in pre-tax income have enabled us to invest in our business, establish one of the industry's strongest balance sheets, and return funds to shareholders. Our recently reported first quarter results which showed a 60% increase in earnings per share underscore our excellent momentum."
Shareholders also ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm, approved an advisory resolution on executive compensation, and approved an amendment to extend the term of the company's amended and restated Section 382 rights agreement.
This press release includes "forward-looking statements." These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "may," "can," "could," "might," "will" and similar expressions identify forward-looking statements, including statements related to expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.
Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; continued volatility in the debt and equity markets; competition within the industries in which PulteGroup operates; the availability and cost of land and other raw materials used by PulteGroup in its homebuilding operations; the impact of any changes to our strategy in responding to the cyclical nature of the industry, including any changes regarding our land positions; the availability and cost of insurance covering risks associated with PulteGroup's businesses; shortages and the cost of labor; weather related slowdowns; slow growth initiatives and/or local building moratoria; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans; the interpretation of or changes to tax, labor and environmental laws; economic changes nationally or in PulteGroup's local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; legal or regulatory proceedings or claims; our ability to generate sufficient cash flow in order to successfully implement our capital allocation priorities; required accounting changes; terrorist acts and other acts of war; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See PulteGroup's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and other public filings with the Securities and Exchange Commission (the "SEC") for a further discussion of these and other risks and uncertainties applicable to our businesses. PulteGroup undertakes no duty to update any forward-looking statement, whether as a result of new information, future events or changes in PulteGroup's expectations.
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America's largest homebuilding companies with operations in approximately 50 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes and John Wieland Homes and Neighborhoods, the Company is one of the industry's most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup conducts extensive research to provide homebuyers with innovative solutions and consumer inspired homes and communities to make lives better.
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SOURCE PulteGroup, Inc.