Pulte Sees 1Q Loss

Bloomfield Hills, MI, April 19, 2007--Pulte Homes said it expects a first quarter loss, as new orders for homes declined amid a sagging home market.

The company reported a preliminary loss from continuing operations of 34 cents to 38 cents per share. The company said it included in that loss estimate about 32 cents to 34 cents per share in losses from land-related charges and the reduced value of assets.

Previously, the company had said that it expected per-share results to range from between break-even and a loss of 10 cents, excluding land-related charges and the reduced value of assets.

Analysts polled by Thomson Financial had expected a loss of 12 cents per share. Analysts estimates typically exclude one-time charges.

"The company is in the process of completing its valuation analysis of land inventory, land held for sale, deposits and pre-acquisition costs, and its investment in unconsolidated joint ventures," Pulte's statement said.

Net new orders fell 21 percent in the quarter to 8,499, Pulte said, and backlog as of March 31 totaled 13,334 homes, valued at $4.7 billion.

The company said that homes closed decreased 37 percent to 5,420, and average sales price per home fell 2 percent to $330,000.