BLOOMFIELD HILLS, Mich., Nov. 26 /PRNewswire-FirstCall/ -- In anticipation
of meetings at the J.P. Morgan Homebuilding and Building Products Conference
in Las Vegas, Pulte Homes issued the following comments.
"While demand for new housing is weak and supply levels continue to be
elevated, we remain committed to our previous guidance for fourth quarter pre-
impairment earnings and cash position, and we continue to improve our already
strong balance sheet," said Pulte CEO Richard J. Dugas, Jr. "Our teams
continue to do an outstanding job selling and closing standing inventory and
lowering overall land investment levels, all in an effort to generate cash and
give Pulte maximum flexibility entering 2008."
Pulte also announced that on November 19, 2007, Roger A. Cregg, Executive
Vice President and Chief Financial Officer, purchased 182,400 shares of
Pulte's common stock through the exercise of employee stock options.
Subsequently, Mr. Cregg sold 152,300 of these shares on November 19, 2007 and
continues to hold 30,100 of these shares. Mr. Cregg took this action during
the Company's current open trading window because these options were scheduled
to expire during a pre-determined blackout period in January 2008. Mr. Cregg
used the proceeds of the sale to pay for the option exercise cost and the
taxes due in connection with the option exercise. As a result of these option
exercises, Mr. Cregg has increased his direct holdings in the Company from
approximately 368,090 shares of common stock to approximately 398,190 shares.
The requisite filing reflecting these transactions has been made with the
Securities and Exchange Commission.
Certain statements in this release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve known risks, uncertainties and other
factors that may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among other things, (1) general economic and business
conditions; (2) interest rate changes and the availability of mortgage
financing; (3) the relative stability of debt and equity markets; (4)
competition; (5) the availability and cost of land and other raw materials
used by the Company in its homebuilding operations; (6) the availability and
cost of insurance covering risks associated with the Company's business; (7)
shortages and the cost of labor; (8) weather related slowdowns; (9) slow
growth initiatives and/or local building moratoria; (10) governmental
regulation, including the interpretation of tax, labor and environmental laws;
(11) changes in consumer confidence and preferences; (12) required accounting
changes; (13) terrorist acts and other acts of war; and (14) other factors
over which the Company has little or no control. See the Company's Annual
Report on Form 10-K and Annual Report to Shareholders for the year ended
December 31, 2006 and other public filings with the Securities and Exchange
Commission for a further discussion of these and other risks and uncertainties
applicable to Pulte's business. Pulte undertakes no duty to update any
forward-looking statement whether as a result of new information, future
events or changes in Pulte's expectations.
About Pulte Homes
Pulte Homes, Inc., (NYSE: PHM), based in Bloomfield Hills, Mich., is a
FORTUNE 200 company with operations in 51 markets and 26 states. In 2006, it
delivered 41,487 homes and generated consolidated revenues of $14.3 billion.
During its 57-year history, the company has constructed nearly 500,000 homes.
Since 2000, Pulte Homes operations have earned more top-three finishes than
any other homebuilder in the annual J.D. Power and Associates(R) New Home-
Builder Customer Satisfaction Study(sm). Under its Del Webb brand, Pulte is
the nation's largest builder of active adult communities for people age 55 and
better. Its DiVosta brand is renowned in Florida for its Built Solid(TM)
building system and distinctive master-planned communities. Pulte Mortgage
LLC is a nationwide lender offering Pulte customers a wide variety of loan
products and superior service.
Websites: www.pulte.com; www.delwebb.com; www.divosta.com
SOURCE Pulte Homes, Inc.
-0- 11/26/2007
/CONTACT: Calvin Boyd, Vice President of Pulte Homes, Inc.,
+1-248-433-4527, calvin.boyd@pulte.com/
/Web site: http://www.pulte.com
http://www.delwebb.com
http://www.divosta.com /
(PHM)
CO: Pulte Homes, Inc.; J.P. Morgan Homebuilding and Building Products
Conference
ST: Michigan, Nevada
IN: CST
SU: ERP TDS
GK-TP
-- CLM144 --
6353 11/26/2007 18:02 EST http://www.prnewswire.com
