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PHM CORPORATION REPORTS RECORD EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1992.

 BLOOMFIELD HILLS, Mich., Feb. 8 /PRNewswire/ -- PHM Corporation (PHM), (NYSE: PHM), (Contact: William J. Crombie, 313-647-2750) announced today its consolidated revenues, income before income taxes, income taxes and net income for the year and quarter ended December 31, 1992.
 For the year ended December 31, 1992, PHM's net income was the highest in company history at $70,104,000 or $2.58 per share, a 72 percent increase from $40,658,000 or $1.63 per share for 1991.
 Revenues from homebuilding operations in the year ended December 31, 1992 increased 22 percent to $1,078,154,000, from $887,106,000 in 1991. The increase resulted primarily from a 20 percent increase in the units sold to 8,028 in 1992 from 6,686 in 1991. Pre-tax income from homebuilding operations increased 148 percent to $47,897,000 in 1992 from $19,289,000 in 1991. The improvement in operating results was due primarily to the additional unit volume and higher gross margins. Pre- tax profit as a percent of sales increased to 4.4 percent in 1992 from 2.2 percent in 1991.
 In the fourth quarter ended December 31, 1992, revenues from homebuilding operations were $370,383,000, compared with $273,155,000 in the same quarter of 1991. The increase in sales resulted primarily from a 36 percent increase in the units sold to 2,728 from 2,008. Pre-tax income from homebuilding operations in the fourth quarter of 1992 was $18,951,000, compared with $8,884,000 in the same quarter of 1991. The improvement in operating results was due primarily to the additional unit volume and increased gross margins.
 Net new orders during the fourth quarter ended December 31, 1992, increased 26 percent to $269,000,000 (1,990 units), from $214,000,000 (1,562 units) in the same quarter of 1991. The sales value of housing unit backlog at December 31, 1992 was the highest at any year-end in the Company's history; $340,000,000 (2,416 units), compared with $239,000,000 (1,672 units) at December 31, 1991.
 The Company's financial services subsidiaries had pre-tax income of $38,295,000 for the year ended December 31, 1992, compared with $30,963,000 for the year ended December 31, 1991.
 PHM's mortgage banking operation, ICM Mortgage Corporation (ICM), experienced a 40 percent increase in mortgage originations for the year. In keeping with its plan to periodically sell a portion of servicing, while continuing to increase the servicing portfolio, ICM sold mortgage servicing which generated a pre-tax $6.8 million net gain in the fourth quarter of 1992 versus a $6.2 million net gain in the fourth quarter of 1991. At December 31, 1992, ICM's mortgage servicing portfolio was $1.9 billion, 42 percent higher than the $1.34 billion at December 31, 1991.
 The Company also announced its planned 1993 adoption of the new accounting standard for income taxes, Statement of Financial Accounting Standards No. 109. The Company's adoption will result in an income statement benefit of approximately $5 million to be recorded in the first quarter of 1993. In addition, the Company expects that during 1993, its income tax rate for financial reporting purposes will increase to approximately 30 percent. The adoption of this accounting standard does not impact the cash payment of income taxes.
 PHM is the parent of the Pulte group of companies. Pulte Home Corporation, one of the nation's largest builders, operates in 15 states and 25 markets across the country. ICM Mortgage Corporation has grown to become one of the nation's leading mortgage banks. First Heights Bank, fsb, provides a full range of banking and financial services in the Houston, Texas market.
 PHM CORPORATION
 PHM Corporation
 Year Ended December 31,
 ----------------------------
 1992 1991
 ------------ ------------
 (000's omitted, except per share data)
 CONSOLIDATED RESULTS:
 Revenues $1,369,944 $1,213,841
 Income before income taxes
 and extraordinary item 77,888 44,930
 Income taxes 5,700 2,350
 Income before extraordinary
 item 72,188 42,580
 Extraordinary loss from early
 extinguishment of debt (2,084) (1,922)
 Net income $70,104 $ 40,658
 INCOME PER SHARE:
 Income before extraordinary
 item $2.66 $1.71
 Extraordinary item (.08) (.08)
 Net income $2.58 $1.63
 Shares used in per share
 calculations 27,177 24,877
 PHM Corporation
 Three Months Ended
 December 31,
 ----------------------------
 1992 1991
 ------------ ------------
 (000's omitted, except per share data)
 CONSOLIDATED RESULTS:
 Revenues $439,487 $ 353,883
 Income before income taxes
 and extraordinary item 26,500 22,061
 Income taxes 2,700 1,210
 Income before extraordinary
 item 23,800 20,851
 Extraordinary loss from
 early extinguishment of debt (610) ---
 Net income $23,190 $ 20,851
 INCOME PER SHARE:
 Income before extraordinary
 item $ .87 $ .82
 Extraordinary item (.03)
 Net income $ .84 $ .82
 Shares used in per share
 calculations 27,815 24,991
 PHM Corporation
 Segment Data
 Year Ended
 December 31,
 -------------------------
 1992 1991
 ----------- -----------
 ($000's omitted)
 HOMEBUILDING OPERATIONS:
 Sales (settlements) $1,078,154 $ 887,106
 Income before income taxes $ 47,897 $ 19,289
 FINANCIAL SERVICES OPERATIONS:
 Revenues $ 288,281 $ 318,845
 Income before income taxes:
 First Heights Bank, fsb $ 17,878(a) $ 8,268(a)
 ICM Mortgage Corporation (ICM) 6,346 3,833
 PFCI 14,071 18,862
 --------- ---------
 $ 38,295 $ 30,963
 CORPORATE; (Loss) before
 income taxes $ (8,304)(a)$ (5,322)(a)
 --------- --------
 CONSOLIDATED RESULTS:
 Income before income taxes
 and extraordinary item $ 77,888 $ 44,930
 OTHER INFORMATION:
 Housing unit settlements:
 Mid-Atlantic 2,161 1,526
 Central 1,213 1,132
 Southeast 1,122 1,068
 Southwest 3,532 2,960
 --------- --------
 8,028 6,686
 Mortgage banking (ICM)
 originations:
 Loans 14,409 10,267
 Principal $1,442,000 $ 974,000
 (a) 1991 and the first three quarters of 1992 reflect the
 reclassification of 20 percent FSLIC Resolution Fund minority
 interest warrant expense from Corporate to First Heights Bank, fsb,
 to conform to the fourth quarter, 1992 presentation.
 PHM Corporation
 Segment Data
 Three Months Ended
 December 31,
 -------------------------
 1992 1991
 ----------- -----------
 ($000's omitted)
 HOMEBUILDING OPERATIONS:
 Sales (settlements) $ 370,383 $ 273,155
 Income before income taxes $ 18,951 $ 8,884
 FINANCIAL SERVICES OPERATIONS:
 Revenues $ 68,456 $ 79,478
 Income before income taxes:
 First Heights Bank, fsb $ 2,339 $ 3,110(a)
 ICM Mortgage Corporation (ICM) 5,760 6,721
 PFCI 899 3,097
 -------- --------
 $ 8,998 $ 12,928
 CORPORATE:
 Income(loss) before income taxes $ (1,449) $ 249(a)
 -------- --------
 CONSOLIDATED RESULTS:
 Income before income taxes
 and extraordinary item $ 26,500 $ 22,061
 OTHER INFORMATION:
 Housing unit settlements:
 Mid-Atlantic 748 534
 Central 454 377
 Southeast 391 272
 Southwest 1,135 825
 --------- --------
 2,728 2,008
 Mortgage banking (ICM) originations:
 Loans 4,114 3,055
 Principal $ 420,000 $ 300,000
 (a) 1991 reflects the reclassification of 20 percent FSLIC
 Resolution Fund minority interest warrant expense from Corporate to
 First Heights Bank, fsb, to conform to 1992 presentation.
 -0- 2/8/93
 /CONTACT: William J. Crombie of PHM Corporation, 313-647-2750/
 (PHM)


CO: PHM Corporation ST: Michigan IN: CST SU: ERN

JG -- DE025 -- 4286 02/08/93 16:56 EST
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