Centex Losses Mount, Revenues Down 40 Percent

Dallas, TX, July 29, 2008–Home builder Centex reported a fiscal first-quarter loss of $150.1 million, $1.21 a share, compared with a loss of $128 million, or $1.05 a share, in the same period the prior year.

Total revenue fell to $1.13 billion from $1.90 billion a year ago, the company said.

“The housing market worsened in the June quarter, and I don’t expect to see it improve this fiscal year,” said Tim Eller, chairman and CEO of Centex Corp.

“We ended the quarter with $1.24 billion in cash, improved our gross margins sequentially and continued to reduce overhead expenses. I am confident that we will continue to lower our costs and improve our balance sheet through positive home building operating cash flow generation over the remainder of this fiscal year.”