Pulte Follows Other Builders With Massive Loss

Detroit, MI, January 30, 2008--Pulte Homes Inc. posted a loss of $874.7 million for the fourth quarter as the housing market continued to deteriorate.

Pulte’s loss per share was $3.46, compared to a loss of $8.4 million, or 3 cents per share, during the same period a year earlier.

The loss included $543.3 million of charges for inventory, land and goodwill impairment.

Revenue to $2.9 billion from $4.39 billion a year ago.

"The challenging market conditions that plagued the homebuilding industry for the first nine months of 2007 worsened in the fourth quarter," Pulte's president and chief executive, Richard J. Dugas Jr., said in a news release.

"Levels of new and existing home inventory remain elevated, buyer demand for new homes continues to be weak, and mortgage availability is still a problem for many prospective homebuyers."

For the full year, the company reported a loss of $2.26 billion, or $8.94 per share, compared with a gain of $687.5 million, or $2.66 per share, in 2006. Revenue fell to $9.26 billion from $14.27 billion.