Centex Losses Mount for Quarter, Year

Dallas, TX, April 30, 2008-- Homebuilder Centex Corporation reported a $7.34 per share loss from continuing operations for its fourth quarter ended March 31, and a $21.74 loss per share for its fiscal year.

Orders for the quarter decreased 15 percent and total revenues for the year fell 30 percent to $8.28 billion.

Home closings also fell 24 percent for the year and the company reduced its inventory of unsold homes by 64 percent to 1,754.

"In the most difficult housing market in decades, we accomplished a number of key goals," said CEO Tim Eller.

"We lowered our debt, reduced our land position and generated strong operating cash flow. We also accelerated home sales in front of impending foreclosures, significantly reduced our unsold inventory and completed a large land sale. We were disappointed with our lack of operating earnings, but believe these actions position us to continue to build an even stronger cash position and to restore operational profitability in the future."

Fourth quarter revenues were $2.31 billion, 36 percent lower than the same quarter last year. The loss from continuing operations for the fourth quarter was $908 million, or a loss of $7.34 per diluted share, down from a loss of $23 million, or $0.19 per diluted share, in the previous year's fiscal fourth quarter.

Fiscal year 2008's revenues were $8.28 billion, 30 percent lower than the $11.89 billion recorded in fiscal year 2007. Fourth quarter revenues were $2.25 billion, 36 percent lower than the same quarter last year as a result of a 33 percent decrease in closings and a 15 percent decrease in average sales price to $267,953.