Centex Reports Losses for Quarter, Year

Dallas, TX, May 5, 2009--Homebuilder Centex Corporation said it had a loss from continuing operations of $3.26 per share for the fourth quarter ended March 31, and a loss of $11.58 per share for fiscal year 2009.

Total revenues decreased 54% to $3.83 billion for the year as home closings fell 47 percent ot 14,434. The company reduced the number of lots it owns to 64,334.

"Housing markets remained challenged throughout the quarter, with the positives of historic affordability and low interest rates offset by rising foreclosures and high resale inventories," said CEO Timothy R. Eller.

Fiscal fourth-quarter revenues were $823 million, 64% lower than the same quarter last year. The loss from continuing operations for the fourth quarter was $406 million, narrower than last year's fourth-quarter loss of $908 million, or $7.34 per diluted share.

Fiscal year 2009's revenues were $3.83 billion, 54% lower than the $8.28 billion recorded in fiscal year 2008. .

For fiscal year 2009, home building revenues were $3.64 billion, 54% lower than last year. The reduction in revenues was a result of a 47% decrease in closings and a 10% decrease in average sales price to $247,900.