Pulte Homes reports third-quarter net loss
Pulte Homes, the Bloomfield Hills, Mich.-based home builder, reported a net loss of $280.4 million for the third quarter, ended Sept. 30, 2008. This compared with a $787.9 million net loss for the same period last year. The net loss included $266.6 million of pre-tax charges related to inventory impairments and other land-related charges, compared with charges of $842 million last year.
Consolidated revenues were $1.6 billion, down 37 percent from prior year revenues of $2.5 billion.
Net new home orders for the third quarter were 3,008 homes, down 34 percent from the prior-year period. The home builder's ending backlog as of Sept. 30 was at $1.7 billion (5,885 homes), compared with $4.1 billion (12,042 homes) at the end of last year's third quarter.
"The home-building operating environment significantly worsened during the third quarter of 2008," said Richard J. Dugas Jr., president and CEO of Pulte Homes. Still, he added: "The company generated positive cash flow, ending the quarter with a $1.2 billion cash balance and no debt outstanding under its revolving credit facility. Pulte remains well-positioned to capitalize on opportunities once stability in the housing sector begins to materialize."