Centex Posts Second Quarter Loss

Dallas, TX, October 23, 2007--Centex Corp. posted a loss in the second quarter on a massive charge for depreciating assets, as the housing sector meltdown worsened.

The company posted a loss of $643.8 million, or $5.26 per share, compared with year-ago income of $137.4 million, or $1.11 per share.

The latest quarter included a charge of $983 million, or $4.97 per share, in impairment and land charges. The move adjusts the value of unsold inventory and land holdings on the company's books.

Analyst expected a loss of $3.26 per share, according to Thomson Financial. The estimates of polled analysts ranged from a loss of $6.05 per share to a profit of 59 cents per share. The wide range indicates that some estimates likely included anticipated charges while others did not.

Revenue slumped 21 percent to $2.22 billion from $2.82 billion, but surpassed Wall Street estimates for $2.08 billion. Orders plunged 13% to 5,953 houses.

"Market conditions were extremely challenging during the quarter, reflecting the serious disruptions in the credit and mortgage markets that occurred during that period," Tim Eller, chairman and CEO, said in a statement.