-- Net sales (orders) for the quarter were 1,080 units, with a backlog of 4,628 units -- Closings were 3,405 units -- Non-cash impairments expected in the range of $550 million to $600 million, reflecting current market realities and the outlook for continuing price declines -- Cash balance expected to increase by $200 million to approximately $1.5 billion
"Abrupt and sweeping changes in the economy caused unprecedented homebuyer hesitancy, which severely impacted sales early in the quarter," said
"Our strategic focus continues to be on restoring profitability, maintaining a strong cash position and improving balance sheet strength," Mr. Eller said. "We expect to report a cash balance of
Based upon these current housing market conditions and the Company's outlook for a further decline in home prices, Centex expects to record between
Schedule for financial results, quarterly conference call
Centex will release earnings for the third quarter of fiscal year 2009 on
About Centex
Forward-Looking Statements
Some of the statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they relate only to anticipated or expected events, activities, trends or results, which are inherently subject to risks, uncertainties and other factors. Actual results and outcomes may differ materially from what is expressed or forecast in such statements.
Forward-looking statements included in this press release are made as of its date. We do not undertake any obligation to update or revise any forward-looking statement. Important risks and other factors include, but are not limited to: (1) the effects of recent disruptions in the global credit and securities markets, which have adversely impacted the banking and mortgage finance industries, resulting in tightening of credit and reductions in liquidity; (2) recent adverse changes in national and regional economic or business conditions, including employment levels and interest rates; (3) the effects of the current downturn in the homebuilding industry, including potential adverse market conditions that could result in reduced sales and closings and additional inventory or other impairments; (4) customer cancellations and consumer homebuyer sentiment; (5) competition; (6) price changes in raw materials or other components of our houses; (7) the availability of adequate sources of financing to continue to implement our business strategy; and (8) our ability to generate cash from sales of assets and other sources that supplement our existing cash resources. These and other risks and uncertainties are described in greater detail in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended
SOURCE Centex Corporation