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PHM CORPORATION RELEASES 1992 SECOND-QUARTER EARNINGS

 PHM CORPORATION RELEASES 1992 SECOND-QUARTER EARNINGS
 BLOOMFIELD HILLS, Mich., July 22 /PRNewswire/ -- PHM Corporation


(NYSE: PHM) announced today its consolidated revenues, income before income taxes, income taxes and net income for the second quarter and six months ended June 30, 1992.
 For the quarter ended June 30, 1992, PHM's net income was $16,043,000 or $.59 per share, compared with $7,934,000 or $.32 per share in 1991.
 Sales from homebuilding operations in the second quarter of 1992 increased 13 percent to $243,428,000 (1,857 units) from $215,293,000 (1,689 units) in 1991. The increase resulted from a 10-percent improvement in units sold and an increase in the average selling price from $127,000 in the second quarter of 1991 to $131,000 in 1992.
 Pre-tax income from homebuilding operations was $11,681,000 in the quarter ended June 30, 1992, compared to $5,028,000 in 1991. The improvement in operating results was due to the increased sales and higher gross profit margins in the second quarter of 1992 than those realized in 1991. As a result, pre-tax profitability increased to 4.8 percent of sales in the second quarter of 1992 from 2.3 percent in 1991.
 During the quarter ended June 30, 1992, net new orders received increased 15 percent to $289,000,000 (2,145 units), from $251,000,000 (1,936 units) during the quarter ended June 30, 1991. Housing unit backlog at June 30, 1992 was $408,000,000 (2,875 units), 24 percent greater than the $330,000,000 (2,354 units) at June 30, 1991.
 William J. Pulte, chairman and CEO, stated: "We are pleased with the strong increase in sales and net new orders in the second quarter, given the increase we experienced in the second quarter of 1991 following the conclusion of the Gulf War."
 The company's financial services subsidiaries realized pre-tax income of $8,045,000 for the quarter ended June 30, 1992, compared with $6,282,000 for the quarter ended June 30, 1991. PHM's mortgage banking operation, ICM Mortgage Corporation (ICM), experienced a 34-percent increase in mortgage originations during the quarter due principally to greater spot volume. In keeping with our plan to periodically sell a portion of servicing, while continuing to increase the servicing portfolio, ICM sold $151.6 million in mortgage servicing rights during the quarter which generated a pre-tax $2.2 million net gain. No such sale was transacted during the comparable 1991 quarter. After the sale, ICM's mortgage servicing portfolio was $1.747 billion, 40 percent higher than the $1.251 billion at June 30, 1991.
 PHM is the parent of the Pulte group of companies with homebuilding divisions in 15 states and 25 markets across the country and financial services operations in the mortgage banking, thrift and mortgage finance industries.
 PHM CORPORATION
 PHM Corporation
 Three Months Ended
 June 30,
 1992 1991
 (000's omitted, except per share data)
 CONSOLIDATED RESULTS:
 Revenues $ 316,056 $ 296,571
 Income before income taxes 17,043 8,174
 Income taxes 1,000 240
 Net income $ 16,043 $ 7,934
 Net income per share $.59 $ .32
 Shares used in per share
 calculations 27,725 24,890
 PHM Corporation
 Six Months Ended
 June 30,
 1992 1991
 (000's omitted, except per share data)
 CONSOLIDATED RESULTS:
 Revenues $ 573,169 $ 550,784
 Income before income taxes 27,190 8,458
 Income taxes 1,650 240
 Net income $ 25,540 $ 8,218
 Net income per share $ .96 $ .33
 Shares used in per share
 calculations 26,570 24,837
 PHM Corporation
 Segment Data
 Three Months Ended
 June 30,
 1992 1991
 ($000's omitted)
 HOMEBUILDING OPERATIONS:
 Sales (settlements) $ 243,428 $ 215,293
 Income before income taxes $ 11,681 $ 5,028
 FINANCIAL SERVICES OPERATIONS:
 Revenues $ 71,690 $ 79,080
 Income (loss) before income
 taxes:
 First Heights Bank, fsb $ 3,461 $ 3,368
 ICM Mortgage Corporation (ICM) 1,991 (843)
 PFCI 2,593 3,757
 ------- -------
 $ 8,045 $ 6,282
 CORPORATE: (Loss) before
 income taxes $ (2,683) $ (3,136)
 ------- -------
 CONSOLIDATED RESULTS:
 Income before income taxes $ 17,043 $ 8,174
 OTHER INFORMATION:
 Housing unit settlements:
 Mid-Atlantic 482 366
 Central 247 247
 Southeast 263 324
 Southwest 865 752
 ----- -----
 1,857 1,689
 Mortgage banking (ICM)
 originations:
 Loans 3,394 2,718
 Principal $ 332,000 $ 248,000
 PHM Corporation
 Segment Data
 Six Months Ended
 June 30,
 1992 1991
 ($000's omitted)
 HOMEBUILDING OPERATIONS:
 Sales (settlements) $ 423,888 $ 386,362
 Income before income taxes $ 14,106 $ 2,910
 FINANCIAL SERVICES OPERATIONS:
 Revenues $ 147,268 $ 160,010
 Income (loss) before income
 taxes:
 First Heights Bank, fsb $ 14,636 $ 5,242
 ICM Mortgage Corporation (ICM) 180 (2,528)
 PFCI 5,192 8,397
 ------- -------
 $ 20,008 $ 11,111
 CORPORATE: (Loss) before
 income taxes $ (6,924) $ (5,563)
 ------- -------
 CONSOLIDATED RESULTS:
 Income before income taxes $ 27,190 $ 8,458
 OTHER INFORMATION:
 Housing unit settlements:
 Mid-Atlantic 834 655
 Central 446 441
 Southeast 464 539
 Southwest 1,455 1,337
 ----- -----
 3,199 2,972
 Mortgage banking (ICM)
 originations:
 Loans 6,665 4,518
 Principal $ 653,000 $ 415,000
 -0- 7/22/92
 /CONTACT: William J. Crombie of PHM Corporation, 313-647-2750/
 (PHM) CO: PHM Corporation ST: Michigan IN: CST SU: ERN


SB-ML -- DE025 -- 2130 07/22/92 17:00 EDT
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Date:Jul 22, 1992
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