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PHM CORPORATION RELEASES 1992 FIRST-QUARTER EARNINGS

 PHM CORPORATION RELEASES 1992 FIRST-QUARTER EARNINGS
 BLOOMFIELD HILLS, Mich., April 14 /PRNewswire/ -- PHM Corporation


(NYSE: PHM), Bloomfield Hills, announced today its consolidated revenues, income before income taxes, income taxes and net income for the first quarter ended March 31, 1992.
 For the quarter ended March 31, 1992, PHM's net income was $9,497,000 ($.37 per share), compared with $284,000 ($.01 per share) in 1991.
 Sales from homebuilding operations in the first quarter of 1992 were $180,460,000, compared with $171,069,000 in 1991. The increase resulted from a five-percent increase in the units sold. Pre-tax income from homebuilding operations was $2,425,000 in 1992, compared to a pre-tax loss of $2,118,000 in 1991. The improvement in operating results was due principally to the increase in units sold and higher gross profit margins than those realized in the first quarter of 1991. Gross profit margins have steadily increased since the end of the Gulf War.
 During the quarter ended March 31, 1992, net new orders of $304,000,000 (2,257 units) were received, compared with $258,000,000 (1,912 units) during the quarter ended March 31, 1991. Housing unit backlog at March 31, 1992 was $363,000,000 (2,587 units), and reflects slightly higher gross profit margins than those realized in the first quarter of 1992. Housing unit backlog at March 31, 1991 was $296,000,000 (2,107 units).
 The company's financial services subsidiaries (mortgage banking, financing and thrift operations) had pre-tax income of $11,963,000 for the quarter ended March 31, 1992, compared with $4,829,000 for the quarter ended March 31, 1991. Financial services pre-tax earnings were favorably impacted in the first quarter of 1992 by the sale of thrift owned (First Heights Bank, fsb) mortgage-related securities which resulted in approximately $9,800,000 of gains related to a strategy to partially restructure its balance sheet.
 The company also announced that virtually all of its 8-1/2 percent Convertible Subordinated Debentures (approximately $59,955,000) were converted into the company's Common Stock pursuant to its redemption notice dated March 13, 1992.
 PHM CORPORATION
 Three Months Ended
 March 31,
 1992 1991
 (000's omitted, except per share data)
 CONSOLIDATED RESULTS:
 Revenues $ 257,113 $ 254,213
 Income before income taxes 10,147 284
 Income taxes 650
 Net income $ 9,497 $ 284
 Net income per share $ .37 $ .01
 Shares used in per share
 calculations 25,415 24,783
 PHM Corporation
 Segment Data
 Three Months Ended
 March 31,
 1992 1991
 ($000's omitted)
 HOMEBUILDING OPERATIONS:
 Sales (settlements) $ 180,460 $ 171,069
 Income (loss) before
 income taxes $ 2,425 $ (2,118)
 Housing unit settlements:
 Mid-Atlantic 352 289
 Central 199 194
 Southeast 201 215
 Southwest 590 585
 1,342 1,283
 FINANCIAL SERVICES OPERATIONS:
 Revenues $ 75,578 $ 80,930
 Income before income taxes $ 11,963 $ 4,829
 Mortgage banking (ICM
 Mortgage Corporation)
 originations:
 Loans 3,271 1,800
 Principal $ 320,300 $ 166,800
 CORPORATE:
 Revenues $ 1,075 $ 2,214
 Loss before income taxes $ (4,241) $ (2,427)
 -0- 4/14/92
 /CONTACT: William J. Crombie of PHM Corporation, 313-647-2750/
 (PHM) CO: PHM Corporation ST: Michigan IN: CST SU: ERN


ML -- DE004 -- 8065 04/14/92 08:41 EDT
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Publication:PR Newswire
Date:Apr 14, 1992
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