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CENTEX REPORTS THIRD QUARTER AND NINE MONTHS RESULTS

 CENTEX REPORTS THIRD QUARTER AND NINE MONTHS RESULTS
 DALLAS, Jan. 30 /PRNewswire/ -- Centex Corporation (NYSE: CTX)


today announced results for the quarter ended Dec. 31, 1991 and for the first nine months of the company's 1992 fiscal year. Dallas-based Centex has operations in home building and mortgage banking, contracting and construction services, construction products and savings and loan.
 For the quarter ended Dec. 31, 1991, corporate revenues were $546,935,000, 3 percent less than $564,072,000 reported for the same quarter in the prior fiscal year. Net earnings for the current quarter were $10,168,000, a 22 percent increase over $8,305,000 for the same quarter last year. Earnings per share for the current quarter were $.65, 18 percent higher than $.55 for the same quarter in fiscal 1991. Net earnings increased a higher percentage than earnings per share due to a slight increase in the average number of shares outstanding in the current quarter.
 For the current nine months ended Dec. 31, 1991, corporate revenues totaled $1,643,251,000, down 5 percent from $1,731,907,000 for the same period last year. Net earnings for the nine months were $25,185,000 or $1.62 per share, down 36 percent from $39,375,000 or $2.55 per share for the similar period a year ago.
 Revenues from Centex's home building and mortgage banking division were $298.0 million for the current quarter, up 16 percent from $257.5 million for the same quarter last year. Operating earnings from home building and mortgage banking were $21.0 million for the quarter this year, 22 percent higher than $17.2 million a year ago.
 For the current nine months, revenues from home building and mortgage banking totaled $841.2 million, a slight increase over $838.3 million for the same period in the prior fiscal year. Operating earnings for the nine months this year were $53.9 million, 21 percent less than $67.9 million for the same period last year.
 Home closings for the current quarter were 2,010 units, a 5 percent increase over 1,909 units for the same quarter last year. Closings for the current nine months were 5,750 units, 7 percent less than 6,150 units for the nine months in the prior fiscal year. The backlog of homes sold but not closed at Dec. 31, 1991 totaled 2,605 units, 31 percent higher than the backlog of 1,981 units at Dec. 31, 1990.
 Sales for the current quarter were 1,678 units, 38 percent higher than 1,216 units for the same quarter last year. Sales for the current nine months of 5,731 units was 14 percent higher than 5,018 units for the similar period a year ago.
 Contracting and construction services revenues for the current quarter were $210.5 million, down 18 percent from $256.5 million for the same quarter last year. Operating earnings from contracting and construction services were $175,000, well below the $3.3 million reported for the same quarter in fiscal 1991.
 For the current nine months, revenues from contracting and construction services were $670.2 million, 9 percent less than $733.0 million for the same quarter last year. Operating earnings from contracting and construction services were $3.7 million for the current nine months, down 59 percent from $9.1 million for the similar period in the prior fiscal year. The backlog of uncompleted construction contracts at Dec. 31, 1991 was $918 million, slightly higher than the backlog of $906 million reported at Dec. 31, 1990 and 15 percent above the backlog of $800 million reported at Sept. 30, 1991.
 Construction products revenues for the current quarter were $32.4 million, 14 percent less than $37.9 million for the same quarter in the previous fiscal year. Operating earnings from construction products for the current quarter were $210,000 vs. $30,000 for the same quarter last year.
 For the current nine months, revenues from construction products were $109.8 million, 10 percent less than $122.5 million for the same period last year. Construction products operating earnings for the current nine months were $2.3 million, about half of $4.6 million for the same period a year ago.
 Savings and loan revenues for the quarter were $6.0 million, compared to $12.2 million for the same quarter last year. Operating earnings from the savings and loan were $901,000 for the quarter this year vs. $215,000 for the same quarter a year ago.
 For the current nine months, savings and loan revenues were $22.0 million vs. $38.1 million last year. Operating earnings from the savings and loan were $1.2 million for the period this year, a 12 percent increase over $1.0 million for the same period in fiscal 1991.
 Centex said improved results for the current quarter were due primarily to increased earnings from its home building and mortgage banking division. The company noted that its mortgage banking division continued its strong
performance during the quarter. The company also benefited from reduced interest expense as a result of lower interest rates.
 Lower operating earnings from contracting and construction services resulted from less work put in place and competitive pressure on margins. Improved results from cement-related operations were offset by the ongoing deterioration of pricing and demand in the company's gypsum wallboard operation.
 Centex said that home building sales since the end of the quarter have improved significantly over sales for the same period last year. The company noted, however, that last year's sales rate in January and February was extremely low due to the Gulf War crisis and that order comparisons later in the quarter may be less dramatic. However, the higher orders in the December quarter and in the current period should favorably affect results early in fiscal 1993.
 CENTEX CORPORATION AND SUBSIDIARIES
 Summary of Consolidated Earnings
 (Unaudited, dollar amounts in thousands, except per share data)
 Quarter ended Dec. 31: 1991 1990 Percent change
 Revenues $ 546,935 $ 564,072 (3)
 Operating earnings 14,030 10,522 33
 Net earnings 10,168 8,305 22
 Earnings per share $ 0.65 $ 0.55 18
 Average shares
 outstanding 15,542,746 15,173,673 2
 Nine months ended Dec. 31: 1991 1990 Percent change
 Revenues $1,643,251 1,731,907 (5)
 Operating earnings 34,726 52,352 (34)
 Net earnings 25,185 39,375 (36)
 Earnings per share $ 1.62 $ 2.55 (36)
 Average shares
 outstanding 15,519,341 15,416,528 1
 CENTEX CORPORATION AND SUBSIDIARIES
 Revenues and Earnings by Lines of Business
 (dollars in thousands)
 Quarter ended Dec. 31: 1991 1990 Percent change
 Revenues
 Home building and
 mortgage banking $298,013 $257,454 16
 (As a Percent) 55 46
 Contracting and
 Construction Services(A) 210,485 256,481 (18)
 (As a percent) 38 45
 Construction Products 32,417 37,888 (14)
 (As a percent) 6 7
 Savings and Loan 6,020 12,249 (51)
 (As a percent) 1 2
 Total $546,935 $564,072 (3)
 (As a percent) 100 100
 Operating Earnings
 Home building and
 Mortgage banking $ 20,955 $ 17,151 22
 (As a percent) 94 83
 Contracting and
 construction services(A) 175 3,275 (95)
 (As a percent) 1 16
 Construction products 210 30 600
 (As a percent) 1 --
 Savings and Loan 901 215 319
 (As a percent) 4 1
 Total lines of business 22,241 20,671 8
 (As a percent) 100 100
 Corporate general expenses (3,049) (3,166)
 Interest expense (5,162) (6,983)
 Total $ 14,030 $ 10,522 33
 Nine months ended Dec. 31: 1991 1990 Percent change
 Revenues
 Home building and
 mortgage banking $ 841,231 $ 838,336 --
 (As a percent) 51 49
 Contracting and
 construction services(A) 670,198 733,003 (9)
 (As a percent) 41 42
 Construction products 109,805 122,487 (10)
 (As a percent) 7 7
 Savings and Loan 22,017 38,081 (42)
 (As a percent) 1 2
 Total $1,643,251 $1,731,907 (5)
 (As a percent) 100 100
 Operating earnings
 Home building and
 mortgage banking $ 53,881 $ 67,895 (21)
 (As a percent) 88 82
 Contracting and
 construction services(A) 3,677 9,057 (59)
 (As a percent) 6 11
 Construction products 2,331 4,580 (49)
 (As a percent) 4 6
 Savings and Loan 1,152 1,028 12
 (As a percent) 2 1
 Total lines of business 61,041 82,560 (26)
 (As a percent) 100 100
 Corporate general
 expenses (9,437) (8,968)
 Interest expense (16,878) (21,240)
 Total $ 34,726 $ 52,352 (34)
 (A) -- Formerly General Construction
 Housing Activity by Geographic Area
 Closings
 Periods ended Three months Nine months
 Dec. 31: 1991 1990 1991 1990
 West 245 150 626 728
 Midwest 251 199 630 624
 East 418 420 1,190 1,386
 Southeast 523 524 1,455 1,588
 Southwest 573 616 1,849 1,824
 Total 2,010 1,909 5,750 6,150
 Sales Backlog
 12/31/91 9/30/91 12/31/90
 West 388 457(A) 221
 Midwest 305 349 218
 East 485 534 383
 Southeast 679 771 524
 Southwest 748 826 635
 Total 2,605 2,937(A) 1,981
 Sales
 Periods ended: Three months Nine months
 Dec. 31: 1991 1990 1991 1990
 West 176 82 579 456
 Midwest 207 119 612 521
 East 369 249 1,163 1,084
 Southeast 431 323 1,498 1,342
 Southwest 495 443 1,879 1,615
 Total 1,678 1,216 5,731 5,018
 (A) -- The backlog at Sept. 30, 1991 has been restated to reflect the addition of 169 units related to Centex's November 1991 acquisition of The Mangano Company, Inc.
 -0- 1/30/92
 /CONTACT: Laurence E. Hirsch, chairman and chief executive officer of Centex, 214-559-6500/
 (CTX) CO: Centex Corporation ST: Texas IN: CST SU: ERN


TS -- NY043 -- 5195 01/30/92 11:20 EST
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