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PHM CORPORATION RELEASES 1991 FOURTH-QUARTER EARNINGS

 PHM CORPORATION RELEASES 1991 FOURTH-QUARTER EARNINGS
 BLOOMFIELD HILLS, Mich., Jan. 27 /PRNewswire/ -- PHM Corporation


(NYSE: PHM) announced today its consolidated revenues, income before income taxes, income taxes and net income for the year and quarter ended Dec. 31, 1991.
 For the year ended Dec. 31, 1991, PHM's net income was $40,658,000 ($1.63 per share), compared with $29,696,000 ($1.18 per share) for 1990.
 Sales from homebuilding operations in the year ended Dec. 31, 1991, were $887,106,000, compared with $769,970,000 in 1990. The increase resulted from a 16-percent increase in the units sold to 6,686 from 5,748. Pre-tax income from homebuilding operations was $19,289,000 for the year ended Dec. 31, 1991, compared with $5,126,000 in 1990. The improvement in operating results was due primarily to the additional sales, and lower reserve provisions which were $4,800,000 in 1991, compared with $18,100,000 in 1990. These improvements were partially offset by a reduction in gross profit margins caused by continued pricing softness experienced in certain housing markets.
 In the fourth quarter ended Dec. 31, 1991, sales from homebuilding operations were $273,155,000, compared with $224,714,000 in the same quarter of 1990. The increase in sales resulted from an 18-percent increase in the units sold to 2,008 from 1,696. Pre-tax income from homebuilding operations in the fourth quarter of 1991 was $8,884,000, compared with a pre-tax loss of $4,879,000 in the same quarter of 1990. The improvement in operating results was due primarily to the additional sales and lower reserve provisions, which were $2,500,000 in the fourth quarter of 1991, compared with $11,700,000 in the fourth quarter of 1990. In addition, fourth quarter gross profit margins improved slightly over those realized in the third quarter of 1991.
 Net new orders during the fourth quarter ended Dec. 31, 1991, were $214,000,000 (1,562 units), compared with $138,000,000 (1,131 units) in the same quarter of 1990. Housing unit backlog at Dec. 31, 1991, was $239,000,000 (1,672 units), compared with $210,000,000 (1,478 units) at Dec. 31, 1990.
 The company's financial services subsidiaries (mortgage banking, financing and thrift operations) had pre-tax income of $33,031,000 for the year ended Dec. 31, 1991, compared with $35,733,000 for the year ended Dec. 31, 1990.
 PHM CORPORATION
 Year Ended Dec. 31,
 1991 1990
 (000's omitted, except per-share data)
 CONSOLIDATED RESULTS:
 Revenues $1,213,841 $1,152,055
 Income before income taxes
 and extraordinary item 44,930 31,586
 Income taxes 2,350 1,890
 Income before extraordinary
 item 42,580 29,696
 Extraordinary loss from early
 extinguishment of debt (1,922) ---
 Net income $40,658 $29,696
 INCOME PER SHARE:
 Income before extraordinary
 item $1.71 $1.18
 Extraordinary item (.08) ---
 Net income $1.63 $1.18
 Shares used in per-share
 calculations 24,877 25,086
 PHM CORPORATION
 Three Months Ended
 Dec. 31,
 1991 1990
 (000's omitted, except per-share data)
 CONSOLIDATED RESULTS:
 Revenues $353,883 $318,654
 Income before income
 taxes (benefit) 22,061 3,564
 Income taxes (benefit) 1,210 (175)
 Net income $20,851 $3,739
 INCOME PER SHARE:
 Net income $.82 $.15
 Shares used in per-share
 calculations 24,991 24,468
 PHM CORPORATION
 Segment Data
 Year Ended
 Dec. 31,
 1991 1990
 ($000's omitted)
 HOMEBUILDING OPERATIONS:
 Sales (settlements) $887,106 $769,970
 Income before income taxes
 and reserve provisions 24,089 23,226
 Reserve provisions 4,800 18,100
 Income before income taxes 19,289 5,126
 Housing unit settlements 6,686 5,748
 FINANCIAL SERVICES OPERATIONS:
 Revenues $318,845 $371,338
 Income before income taxes $33,031 $35,733
 CORPORATE:
 Revenues $7,890 $10,747
 Loss before income taxes ($7,390) ($9,273)
 PHM CORPORATION
 Segment Data
 Three Months Ended
 Dec. 31,
 1991 1990
 ($000's omitted)
 HOMEBUILDING OPERATIONS:
 Sales (settlements) $273,155 $224,714
 Income before income taxes
 and reserve provisions 11,384 6,821
 Reserve provisions 2,500 11,700
 Income (loss) before income
 taxes 8,884 (4,879)
 Housing unit settlements 2,008 1,696
 FINANCIAL SERVICES OPERATIONS:
 Revenues $79,478 $91,277
 Income before income taxes $13,706 $11,811
 CORPORATE:
 Revenues $1,250 $2,663
 Loss before income taxes ($529) ($3,368)
 -0- 1/27/92
 /CONTACT: William J. Crombie of PHM Corporation, 313-647-2750/
 (PHM) CO: PHM Corporation ST: Michigan IN: CST SU: ERN


JG-SM -- DE027 -- 3938 01/27/92 17:11 EST
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