SlideShare uma empresa Scribd logo
1 de 93
Baixar para ler offline
’03
Building on Operational Excellence
                            Annual Report
FINANCIAL HIGHLIGHTS


                                                     2003                         2002               2001 (a)            2000                   1999
($000’s omitted, except per share data)

Consolidated Results
Revenues                                        $9,048,926              $7,471,819              $5,389,261      $4,246,977               $3,768,223
Income from continuing operations                  617,322                 444,601                 302,425         218,384                  178,287
Net income                                         624,634                 453,645                 301,393         188,513                  178,165
Per share data: (b)
Earnings per share—basic:
  Continuing operations                               5.05                         3.68               3.08                 2.64                    2.06
  Net income                                          5.11                         3.75               3.07                 2.28                    2.06
Earnings per share—assuming dilution:
  Continuing operations                                4.91                    3.60                    3.00           2.59                     2.03
  Net income                                           4.97                    3.67                    2.99           2.24                     2.03
Cash dividends per share                                 .11                     .08                     .08            .08                     .08
Total assets                                    $8,063,352              $6,872,087              $5,710,893      $2,886,483               $2,487,351
Senior notes and subordinated notes               2,150,972               1,913,268               1,722,864        666,296                  508,690
Debt-to-capital ratio                                 38.42%                  40.94%                  44.80%         35.19%                   32.48%
Shareholders’ equity                            $3,448,123              $2,760,426              $2,276,665      $1,247,931               $1,093,319
Return on average shareholders’ equity                20.58%                  18.18%                  18.11%         16.58%                   17.69%
  Book value per share                          $     27.55             $     22.58             $     19.22     $    15.01               $    12.64
  Number of employees                                10,800                   9,200                   9,400          5,200                    5,000

Domestic Homebuilding Results
Revenues                                        $8,701,661              $7,167,915              $5,274,660      $4,168,516               $3,689,255
Pre-tax income                                     998,822                 719,010                 514,675         383,255                  306,130
Settlements (units)                                 32,693                  28,903                  22,915          19,799                   19,569
Net new orders (units) (c)                          34,989                  30,830                  22,163          19,844                   19,367
Backlog (units)                                     13,952                  10,605                   8,678           5,477                    5,432
Total markets, at year end                              44                      44                      43              41                       41
Active communities, at year end                        535                     460                     440             396                      388
Average selling price                           $      259              $      242              $      225      $      206               $      187
Gross profit margin from home sales (d)               20.6%                   19.4%                   19.1%           18.0%                    17.0%
(a) Del Webb operations were merged effective July 31, 2001.
(b) All share and per share amounts have been restated to retroactively reflect the two-for-one stock split announced on December 11, 2003
    and effected January 2, 2004.
(c) Total net new orders for the years ended December 31, 2003 and 2001, do not include 1,051 units and 3,953 units, respectively, of
    acquired backlog.
(d) Domestic Homebuilding interest expense, which represents the amortization of capitalized interest, has been reclassified to home
    cost of sales.


    Revenues                                           Earnings Per Share,                                      Book Value Per Share
                                                       Assuming Dilution, from
    Dollars in Billions                                                                                         In Dollars
                                                       Continuing Operations
                                                       In Dollars
                                                                                        $4.91
                                                                                                                                          $27.55
                                        $9.0


                                                                                                                                    $22.58
                                $7.5
                                                                                $3.60
                                                                                                                              $19.22
                                                                        $3.00
                       $5.4                                     $2.59                                                  $15.01
                                                                                                                $12.64
               $4.2                                     $2.03
      $3.8




                                         ’03                                              ’03                                                  ’03
         ’99     ’00      ’01     ’02                        ’99    ’00    ’01     ’02                               ’99     ’00   ’01   ’02
M A R K E T S S E RV E D                 BY




Pulte Homes          Del Webb            Divosta




                                                              Pulte Homes


                                                       C O M PA N Y P RO F I L E


For more than 50 years, Pulte Homes has            homes in its history, Pulte Homes has been      Whether it’s a first-time buyer or a growing
been helping individuals, couples and fami-        honored as “America’s Best Builder,” and        family, Pulte Homes’ commitment to quality
lies build a better life. Today, the Company’s     named Builder of the Year 2002. Providing       is reflected in the way it builds homes,
operations span more than 40 markets               excellent customer service and offering a       demonstrated in the way it treats customers
throughout the United States. Through its          wide variety of loan products, Pulte Mortgage   and evident in the 11,000 employees who
Del Webb brand, the Company is the coun-           LLC, Pulte Homes’ national mortgage com-        provide customers with exceptional value
try’s leading builder of Active Adult com-         pany, meets the financing needs of Pulte        and a buying experience that exceeds their
munities. In building more than 370,000            Homes’ customers throughout the country.        expectations.




                                                                     [ one ]
Letter to


P U L T E H O M E S S H A R E H O L D E R S , C U S T O M E R S , A S S O C I AT E S                              B U S I N E S S PA R T N E R S :
                                                                                                       AND




  At points during the past year, we conducted       expansion through segmentation, opera-           record 32,693 homes, while we ended 2003
  the modern-day equivalent of a whistle stop        tional excellence, people development and        with a record backlog of 13,952 homes, val-
  tour, visiting Pulte offices across the country.   financial discipline. We’ll provide details      ued at $4.1 billion.
  Spending time with the talented people who         about these initiatives in a minute, but for
                                                                                                      We also ended 2003 with a land pipeline of
  run our business gives us tremendous confi-        now, understand that they are enabling Pulte
                                                                                                      257,000 lots under control (47 percent
  dence for its continued success. The intelli-      Homes to get bigger and, more importantly,
                                                                                                      owned, 53 percent optioned and pending),
  gence, energy and passion these individuals        better as a company.
                                                                                                      which is vital given the scarcity of this key
  bring to the business every day are among
                                                     In terms of getting bigger, 2003 consoli-        resource. It cannot be overstated that the
  Pulte’s greatest competitive strengths.
                                                     dated revenues increased 21 percent to a         supply of land in this country is becoming
                                                     record $9.0 billion. In terms of getting bet-    increasingly constrained. In market after
          Income from                                ter, income from continuing operations was       market, the land entitlement process has
          Continuing Operations                      $617 million, as compared to $445 million        become so restrictive as to severely limit the
          Dollars in Millions
                                                     in 2002. Adjusting for the two-for-one stock     supply of land upon which new homes can
                                                     split we implemented effective January 2,        be built. Obviously, for a homebuilder there
                                              $625

                                                     2004, earnings per share from continuing         is no more critical resource than land, which
                                                     operations for 2003 increased 36 percent to      is why we view our ability to control
                                      $454

                                                     $4.91, while book value per share increased      and entitle our large land position as an
                             $301                    22 percent to $27.55. For the year, our          important competitive advantage.
                                                     return on equity surged more than 200 basis
            $178 $189
                                                     points to 21 percent. The growing strength                   Lots Under Control
                                                     of our operations enabled us to raise the
                                                     dividend rate by 150 percent to $0.20 per
                                               ’03
               ’99     ’00      ’01     ’02
                                                                                                        300,000
                                                     share annually.
                                                                                                        250,000       Lots Optioned
                                                                                                                      and Pending
                                                     The biggest driver of performance was our
  The purpose of these visits was to ensure                                                             200,000       Lots Owned
                                                     domestic homebuilding operations where
  alignment throughout the organization
                                                                                                        150,000
                                                     settlement and land sale revenues for the year
  with the four key business initiatives we
                                                     increased 21 percent to $8.7 billion. Domestic
  have established to drive improved operating                                                          100,000
                                                     closings for the year gained 13 percent to a
  and financial performance: market share
                                                                                                         50,000

                                                                                                              0
                                                                                                                                               ’03
                                                                                                                      ’99   ’00    ’01   ’02




                                                                       [ two ]
Our financial services operations also deliv-      According to industry experts, housing           major buyer groups: first time, first move
ered a strong performance in 2003, as pretax       demand should remain robust as annual            up, second move up and active adult. We
income rose to a record $69 million. Higher        household formations average 1.2 million         have actually identified 11 different Target
homebuilding volumes and an increase in            and immigration adds upwards of one mil-         Consumer Groups (TCG), each with its own
our mortgage capture rate to 83% were the          lion people per year. There will be interim      distinct set of wants and needs. Through our
key drivers as we originated a record 28,655       periods of stronger or weaker demand influ-      diversified product line, Pulte can serve the
mortgages, valued at $5.0 billion. Our mort-       enced by mortgage rates, employment and          biggest universe of potential customers.
gage operations are extremely profitable, but                                                       Serving one TCG can be more efficient in
even more important they are critical to                                                            the short run, but over time it severely limits
                                                              Sales by Buyer Group
ensuring that the house closes on the date                                                          a company’s ability to grow. Even if a com-
promised and, in turn, to delivering an over-                                                       pany could capture 100 percent of a seg-
all unmatched home buying experience.                                                               ment, it may be serving only 30 percent of
                                                       100%
                                                                                                    a market. To our way of thinking, it just
                                                        80%
While our domestic operations continue to                                                           doesn’t make sense to leave all those buyers
                                                                           Active Adult
realize accelerating gains, our International                                                       for someone else to serve.
                                                        60%
operations are moving at a slower pace.                                    Second Move Up
Pretax income of $3.3 million was down                                                              Embedded in our segmentation strategy
                                                        40%
                                                                           First Move Up
from the prior year; so while we are making                                                         is extending our leadership position in
                                                        20%
money, returns remain well below our                                                                serving the active adult (age 55 and better)
                                                                           First Time
expectations. As such, we have commenced                                                            segment through our Del Webb brand. We have
                                                         0%
a process to evaluate various long-term                                                             covered a lot of ground in the 30 months
strategic alternatives with regard to our                                                           since completing the merger with Del Webb.
International operations.                                                                           All of the Webb communities operating
                                                   consumer confidence, but overall, housing
                                                                                                    at the time of the merger achieved record
                                                   demand is expected to remain stable. Within
Overall, 2003 was a tremendous year with a                                                          performance in 2003 in terms of unit sales
                                                   a stable demand environment, growth is
lot to be proud of, but it’s past. Our challenge                                                    and/or pretax earnings. We also announced
                                                   about expanding market share. In other
and opportunity is to build on that success to                                                      10 new Webb-branded communities that
                                                   words, since the pie is not getting bigger, we
make Pulte Homes even better, and likely                                                            helped drive record active adult sales.
                                                   have to find ways of grabbing a larger slice.
bigger, in 2004 and beyond. As we will                                                              Even more exciting, over 20 new Webb-
explain, achieving better operating perform-       In this battle for market share, Pulte Homes     branded communities could be announced
ance requires successful implementation of         possesses some unique competitive advan-         in 2004, including new market penetra-
our four key business initiatives.                 tages. First is our segmentation strategy. We    tions in Colorado, Connecticut, Michigan,
                                                   are the only national builder serving all        New Jersey and Virginia.




                                                                    [ three ]
Overall, 2003 was a tremendous year with a lot to be proud of, but
it’s past. Our challenge and opportunity is to build on that success to make Pulte Homes even
better, and likely bigger, in 2004 and beyond.

                            At approximately 50 million people, active         Unique to our industry, we are also discover-
                            adults comprise the largest customer group         ing that our reputation for quality and cus-
                            in the country today. They also represent the      tomer satisfaction facilitates access to and
                            fastest growing segment, forecast to reach         entitlement of critical land positions.
                            almost 80 million people by the year 2020.         Through success in delivering an unmatched
                            More affluent than any demographic group           customer experience, our goal is to build a
                            in history, active adults are an incredibly sta-   brand that rivals recognized quality leaders
                            ble buyer group, with 50 percent purchasing        such as Lexus, Ritz Carlton and FedEx.
                            homes for cash. Like a champion surfer, the        We will take this a step further. As the
                            Webb brand is set to ride the active adult         industry leader, we have an obligation to
                            wave for years to come.                            raise the bar on quality and to deliver an out-
                                                                               standing home and home buying experience.
                            Beyond our segmentation model, we main-            After all, our customers are trusting us with
                            tain another critical edge in the market share     what is likely the largest single purchase of
                            battle—quality. Reaping the benefits of a          their lifetime.
                            journey begun over a decade ago, Pulte
                            Homes ranked first in 12 of the 20 markets         As we deliver more homes, we need to drive
                            where our customers were surveyed in the           more of every revenue dollar to our bottom
                            J.D. Power and Associates 2003 Customer            line, which is what our second initiative,
                            Satisfaction Study. History is very clear on       Operational Excellence, is all about. Over
                            this point: better quality attracts customers,     the past five years, pretax margins in our
                            supports premium pricing and reduces future        domestic homebuilding operations have
                            service costs and risks.                           expanded by 300 basis points through a
                                                                               combination of higher prices, improved
                                                                               product mix and operational efficiencies.




                                              [ four ]
12 of our divisions ranked highest in customer satisfaction in the J.D. Power and Associates 2003 New
                                    Home Builder Customer Satisfaction Study. The divisions ranking highest in their respective markets
                                    were Dallas/Fort Worth (tie), Houston, Las Vegas, Minneapolis/St. Paul, San Francisco Bay Area, Phoenix,
                                    Raleigh/Durham, Sacramento (tie), Southern California (tie), Tampa (tie), Tucson and Palm Beach.




Although difficult to quantify, we estimate          across the country, including parts of            which is why People Development is our
there may be 200 to 300 basis points of              Southern California, where we took 50             third key initiative. Today, Pulte Homes
additional pretax margin to be captured by           days out of the building cycle. Ongoing           employs almost 11,000 individuals. Given
being smarter in how we run the business.            implementation of the DiVosta system fur-         our expected growth, this number needs to
From how our houses are designed and built,          ther reduced that construction time by an         increase significantly, which is why we
to advanced supply chain management and a            additional five days, taking our build times      maintain leading-edge training and devel-
greater focus on overhead leverage, we can           to 50 days.                                       opment programs. A critical source of new
take costs out of the system.                                                                          talent is our college-recruiting program
                                                    • In January 2004, Pulte announced a joint
                                                                                                       through which we hired over 675 graduates
                                                      venture with Pratte Development to provide
Under the banner of operational excellence,                                                            in 2003. Once on board, these individuals
                                                      material and labor for concrete foundations
we are also advancing a number of innova-                                                              and all our employees benefit from our
                                                      and flatwork, underground plumbing,
tive building practices to strengthen our                                                              emphasis on continued development through
                                                      framing and trim for our houses built
leadership position in the industry:                                                                   such innovative programs as our Top Gun
                                                      in Arizona and Nevada. The venture pro-
                                                                                                       and Emerging Leaders training. Our focus
• In 2004, Pulte Home Sciences (PHS) will             vides opportunities to capture additional
                                                                                                       on people development is yet another way
  open its first commercial production plant          margin and to reduce cycle times, while
                                                                                                       we are differentiating Pulte Homes and
  located in Manassas, Virginia. Through              lowering costs through enhanced value
                                                                                                       speaks to our commitment to managing for
  efficient manufacturing of concrete base-           engineering, manufacturer-direct purchas-
                                                                                                       long-term success.
  ment wall sections, floor decks, structural         ing, better scheduling and greater regional
  insulated panels (SIPs) and steel stud interior     operating leverage.
                                                                                                       In truth, competitors can copy our house
  walls, PHS can erect an enclosed shell of a
                                                                                                       designs, mimic our communities and attempt
  home in as little as five days. The goals of      Through the development of more innovative
                                                                                                       to match our quality. In the end, it is our
  PHS are to deliver a better quality home,         building processes, we are taking a leader-
                                                                                                       people who will make the difference.
  faster and at comparable or reduced costs         ship role in advancing building science with
  to traditional building practices.                the ultimate goals of delivering higher quality
                                                                                                       It may be a commentary on our times that
                                                    homes and better financial results.
• In 1998, we acquired DiVosta and Company,                                                            a company needs to publicly affirm its com-
  a Florida-based builder that delivers                                                                mitment to fiscal and corporate responsibility.
                                                    We are often asked what is the most pressing
  unmatched quality, with an industry-leading                                                          That is, however, exactly what we are doing
                                                    issue we face, to which we answer “people.”
  47-day build cycle. We are now exporting                                                             through our fourth initiative, Financial
                                                    The ability to attract, hire and retain the best
  DiVosta’s best practices on scheduling and                                                           Discipline. All of our employees under-
                                                    people is possibly Pulte’s greatest opportunity,
  efficient building to other Pulte markets                                                            stand that we will continue the conservative




                                                                       [ five ]
William J. Pulte                                              Richard J. Dugas, Jr.




operating, financial and reporting practices        out management present, and for publicly             supply constraints that exist in many markets
that have been a part of Pulte’s core values        disclosing governance guidelines which we            today. To best position Pulte Homes, we
for the past 53 years. From our commitment          proudly post on our corporate website at             have developed a robust land pipeline that
to a strong balance sheet, to our stringent         www.pulte.com.                                       is supported by a strong balance sheet.
project-underwriting criteria, we understand                                                             We have challenged our management teams
                                                    Bill and I, speaking on behalf of the Board
that there are no short cuts to achieving                                                                to find opportunities to grow, while attack-
                                                    of Directors and the entire management
long-term success.                                                                                       ing our labor and material costs. In other
                                                    team, recognize our fiduciary responsibilities       words, since the future is always uncertain,
It is, however, much more than just signing         and take our commitment to shareholders              we are prepared to capitalize on the market
quarterly certifications with confidence; it’s      very seriously.                                      opportunities that develop in any given eco-
about a culture that encourages honesty and                                                              nomic climate.
                                                    As a management team, it is our responsibility
integrity in all business practices. Reflective
                                                    to always be looking ahead. As of today, the
of this culture, in 2003 our corporate gover-                                                            In conclusion, we are very proud of our
                                                    expectation is that interest rates are more
nance score, as calculated by Institutional                                                              results, but in no way are we satisfied. With
                                                    likely to rise than decline in the coming
Shareholder Services, ranked higher than 95                                                              the support of our customers and sharehold-
                                                    quarters. From such a low starting point,
percent of companies in the S&P 500. These                                                               ers, and the continued passion and effort of
                                                    however, we believe that an increase of 25,
scores are based on a number of factors,                                                                 our associates and business partners, we are
                                                    50 or even 100-basis points in rates would
including a Board of Directors with a majority                                                           confident that we can deliver even greater
                                                    not have a meaningful impact on overall
of independent outside members, providing                                                                performance in the future.
                                                    housing demand, especially in light of the
for outside directors to meet regularly with-




                                                                  Sincerely,




                              WILLIAM J. PULTE                                                 RICHARD J. DUGAS, JR.
                      Founder and Chairman of the Board                                  President and Chief Executive Officer




                                                                      [ six ]
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
pulte homes 2003 AR
C O R P O R AT E O F F I C E R S

William J. Pulte                                            Cristopher D. Cash                                          Gregory M. Nelson
Chairman of the Board                                       Vice President, Construction                                Vice President and Assistant Secretary

Richard J. Dugas, Jr.                                       Thomas M. Chisholm                                          Erik R. Pekarski
President and Chief Executive Officer                       Vice President, Sales and Marketing                         Vice President, Customer Relations

Steven C. Petruska                                          Sean J. Degen                                               Bruce E. Robinson
Executive Vice President and Chief Operating Officer        Vice President, Architectural Services                      Vice President and Treasurer

Roger A. Cregg                                              Vincent J. Frees                                            Robert P. Schafer
Executive Vice President and Chief Financial Officer        Vice President and Controller                               Vice President, Finance and Homebuilding Operations

Leo J. Taylor                                               Elaine A. Kramer                                            David G. Schreiner
Executive Vice President, Human Resources                   Vice President, Leadership Development and Training         Vice President, Active Adult Development

John R. Stoller                                             Daniel P. Lynch                                             Wayne B. Williams
Senior Vice President, General Counsel and Secretary        Vice President, Compensation and Process Improvement        Vice President, Manufacturing Services

Jerry R. Batt                                               Norma J. Machado                                            James P. Zeumer
Vice President, Chief Information Officer                   Vice President, H.R. Planning and Development               Vice President, Investor and Corporate Communications

Steven A. Burch                                             Reginald C. McCoy
Vice President, Segmentation                                Vice President, Supply Chain and Purchasing



                                                                  AREA MANAGEMENT

Patrick J. Beirne                                                                             Jeffrey K. Parsigian
REGIONAL PRESIDENT—WEST                                                                       REGIONAL PRESIDENT — EAST

Arizona Area                                   Rocky Mountain Area                            Florida Area                                 Northeast Area

ARIZONA AREA PRESIDENT                         ROCKY MOUNTAIN                                 FLORIDA AREA PRESIDENT                       NORTHEAST AREA PRESIDENT
John J. Chadwick                                                                              James C. Leiferman                           Richard D. DiBella
                                               AREA PRESIDENT
                                               C. Dean Amann II
  Phoenix Active Adult                                                                          DiVosta                                      Baltimore
  Benjamin S. Redman—President                                                                  Harmon D. Smith—President                    G. Louis Baker, III—President
                                                 Colorado
                                                 Bruce F. Stokes—President
  Phoenix Lifestyles                                                                            Fort Meyers                                  Delaware Valley
  Curtis H. VanHyfte—President                                                                  Gregory G. Wolpert—President                 William E. Reiser, Jr.—President
                                                 Kansas City
                                                 Todd Lipschutz—President
  Phoenix Traditional                                                                           Jacksonville                                 Fredericksburg
  Michael H. Nuessle—President                                                                  David A. Smith—President                     Christopher J. Ryan—President
                                                 Minnesota
                                                 Keith W. Tomlinson—President
  Tucson President                                                                              Orlando                                      Long Island
  Joseph L. Whatley—President                                                                   Marc Tindall—President                       Donald Cowdell—President
                                                 New Mexico
                                                 Gerardo Sanchez—President                      Spruce Creek                                 Metro NY/NJ
                                                                                                Jay A. Thompson—President                    William E. Weber—President
Nevada Area                                    Southern California Area                         Tampa                                        New England
                                                                                                Scott H. Campbell—President                  James R. McCabe—President
NEVADA AREA PRESIDENT                          SOUTHERN CALIFORNIA
                                                                                                                                             Washington
Sheryl D. Palmer                               AREA PRESIDENT                                                                                David R. Graham—President
                                               Igor M. Noriega
  Las Vegas Active Adult
  Christopher Haines—President                   N. Inland Empire                             Great Lakes Area                             Southeast Area
                                                 Ronald J. Rakunas—President
  Las Vegas Traditional
  Randall M. Bury—President                      N. LA/Ventura County                         GREAT LAKES                                  SOUTHEAST AREA PRESIDENT
                                                 Roderick C. Flint—President                                                               Greg Duriez
                                                                                              AREA PRESIDENT
                                                                                              Peter Keane
                                                 San Diego                                                                                  Charlotte
                                                 Leonard Steinberg—President                                                                Thomas W. Bruce—President
                                                                                                Chicago Active Adult
                                                                                                Karen L. Brunhofer—President
                                                 S. Riverside/Orange County                                                                 Georgia
                                                 L.J. Edgecomb—President                                                                    Casey Hill—President
                                                                                                Chicago Traditional
                                                                                                Brian M. Brunhofer—President                Nashville
Northern California Area                       Texas Area                                                                                   Joseph S. Bars, Jr.—President
                                                                                                Cleveland
                                                                                                Gregory J. Schmidt—President                Raleigh
NORTHERN CALIFORNIA                            TEXAS AREA PRESIDENT                                                                         Stephen P. Schlageter—President
                                                                                                Grand Rapids
                                               Mark A. Thomas
AREA PRESIDENT                                                                                  Jeffrey D. Chamberlain—President            Sun City Hilton Head
Matthew W. Koart                                Austin                                                                                      Kenneth R. Hull—President
                                                                                                Indianapolis
                                                Arra Yerganian—President
 Central Valley                                                                                 Greg Huff—President
 Christopher C. Schimunek—President             Dallas
                                                                                                Metro Detroit
                                                Richard B. Dix—President
 N. California                                                                                  James J. Bagley, Jr.—President
 J. Steven Kalmbach—President                   Houston
                                                Steven S. Atchison—President
 Sacramento
 Christopher B. Cady—President                  San Antonio
                                                Bart J. Swider—President
 Sacramento Active Adult
 Mark E. Kaushagen—President                    Sun City Texas
                                                Gary L. Newman—President

Pulte Mortgage LLC                                                                            International
                                                Debra W. Still
  Roger C. Pastore                                                                            INTERNATIONAL
                                                Executive Vice President and
  President and Chief Executive Officer
                                                                                                Argentina       Mexico             Puerto Rico
                                                Chief Operating Officer
                                                                                                Carlos D. Bordo Juan C. Diaz       Francisco J. Arrivi
                                                                                                Enrique Solari
C O R P O R AT E I N F O R M AT I O N

Senior Corporate Officers                                        Operating Subsidiaries                           Internet Address
                                                                 Pulte Homes, Inc.                                Additional information about Pulte Homes
William J. Pulte
Chairman of the Board                                            100 Bloomfield Hills Parkway                     may be obtained by visiting our website at
                                                                 Suite 300                                        http://www.pulte.com.
Richard J. Dugas, Jr.
President and Chief Executive Officer                            Bloomfield Hills, Michigan 48304
                                                                                                                  Annual Meeting of the Shareholders
Steven C. Petruska                                               Pulte Mortgage LLC
Executive Vice President and Chief Operating Officer                                                              The annual meeting of shareholders of Pulte
                                                                 7475 South Joliet Street
                                                                                                                  Homes, Inc., will be held at 8:30 a.m. (EDT),
Roger A. Cregg                                                   Englewood, Colorado 80112
Executive Vice President and Chief Financial Officer                                                              Thursday, May 13, 2004, at the Hilton
                                                                 Investor Information                             Northfield in Troy, Michigan.
Leo J. Taylor
Executive Vice President, Human Resources
                                                                 Information Requests
                                                                                                                  Common Stock Information
John R. Stoller
                                                                 The Company’s annual report to stockhold-
                                                                                                                  Ticker Symbol: PHM
Senior Vice President, General Counsel and Secretary
                                                                 ers and proxy statement together contain
                                                                                                                  Pulte Homes, Inc., is a component of the
Directors                                                        substantially all the information presented in
                                                                                                                  S&P 500 Composite Stock Price Index.
                                                                 the Form 10-K report filed with the Securities
D. Kent Anderson, Chairman(2)
                                                                                                                  Common stock of Pulte Homes, Inc., is listed
                                                                 and Exchange Commission. Individuals
Beacon Management Corporation
                                                                                                                  and traded on the New York Stock Exchange,
                                                                 interested in receiving the annual report,
Richard J. Dugas, Jr.
                                                                                                                  which is the principal market for the common
                                                                 Form 10-K, Form 10-Qs or other printed
President and Chief Executive Officer
                                                                                                                  stock, and is also traded on the Boston,
                                                                 corporate literature should write to the
Debra Kelly-Ennis(1)(3)
                                                                                                                  Cincinnati, Midwest, Pacific and Philadelphia
                                                                 Investor Relations Department at the
President/COO Saab Cars USA, Inc.
                                                                                                                  stock exchanges. Option trading in Pulte is
                                                                 corporate office or call (248) 647-2750.
David N. McCammon(1)(3)
                                                                                                                  conducted on the Chicago Board of Exchange.
Senior Partner                                                   Investor Inquiries
Strength Capital Management
                                                                 Shareholders, securities analysts, portfolio
Retired Vice President of Finance
Ford Motor Company                                               managers and others with inquiries about the
                                                                 Company should contact James P. Zeumer,
William J. Pulte
Chairman of the Board & Founder                                  Vice President of Investor and Corporate
Pulte Homes, Inc.
                                                                 Communications, at the corporate office or
Bernard W. Reznicek(1)(2)                                        call (248) 433-4597. Shareholders with
President/CEO
                                                                 inquiries relating to shareholder records,
Premier Enterprises, Inc.
                                                                 stock transfers, change of ownership,
Michael E. Rossi(1)
                                                                 change of address and dividend payments
Retired Vice Chairman, Bank of America
                                                                 should contact:
Alan E. Schwartz
                                                                 State Street Bank and Trust Company
Partner
Honigman, Miller, Schwartz and Cohn, Attorneys                      EquiServe
Counsel to the Company
                                                                 150 Royall Street
Francis J. Sehn(2)(3)                                            Canton, MA 02021
Chief Executive Officer
                                                                 (877) 282-1168
The Fran Sehn Company, Inc.
                                                                 www.equiserve.com
John J. Shea(2)(3)
Retired Vice Chairman, President and
Chief Executive Officer
Spiegel, Inc.

William B. Smith(2)
Advisory Director
Morgan Stanley Dean Witter & Co.
(1) Audit Committee Member
(2) Compensation Committee Member
(3) Nominating Committee Member




Designed by Curran & Connors, Inc. / www.curran-connors.com
Join our growing family
                        of satisfied customers.
      Together, Pulte Homes, Del Webb and DiVosta form a family of builders that’s dedicated to satisfying customers.
        And thanks to our homeowners, we have been honored in return with 21 recent J.D. Power and Associates
      Customer Satisfaction Awards, far more than any other homebuilder. Visit us online to find out more about who
           we are and where we build. When you work with us, you’ll find that we’re not satisfied until you are.




                  delwebb.com                                                                                                           divosta.com
                                                                             pulte.com
                      Pulte Homes ranked Highest in Customer Satisfaction With New Home Builders in Las Vegas, Four Years in a Row; Houston,
                Minneapolis/St Paul, San Francisco Bay Area, Two Years in a Row; Phoenix, Two Years in a Row (Tied in 2002); Raleigh/Durham, Tucson;
                 Dallas/Ft Worth (in a tie) and Tampa Bay (in a tie). • Del Webb ranked Highest in Customer Satisfaction With New Home Builders in
           Southern California (Tied Three Years in a Row); Sacramento (in a tie). • DiVosta Homes ranked Highest in Customer Satisfaction With New Home
            Builders in Palm Beach. • Pulte Homes ranked in the Top 3 for Customer Satisfaction With New Home Builders in Chicago, Two Years in a Row;
                            Austin, Charlotte, Philadelphia, and Washington D.C. • Del Webb ranked in the Top 3 for Customer Satisfaction
                                With New Home Builders in Chicago, Las Vegas and Phoenix, Three Years in a Row, and Tucson (in a tie).


                       J.D. Power and Associates 2000-2004 New Home Builder Customer Satisfaction StudiesSM. 2003 study based on responses from
                       71,312 buyers of newly constructed homes in 21 of the largest U.S. markets. For counties in each market, visit www.jdpower.com.




P u l t e H o m e s , I n c . / / 1 0 0 B l o o m f i e l d H i l l s P a r k w a y / / B l o o m f i e l d H i l l s , M i c h i g a n 4 8 3 0 4 / / w w w. p u l t e . c o m

Mais conteúdo relacionado

Mais procurados

morgan stanley Annual Reports 2001
morgan stanley  Annual Reports 2001 morgan stanley  Annual Reports 2001
morgan stanley Annual Reports 2001 finance2
 
ecolab 2003AnnualReport
ecolab  2003AnnualReportecolab  2003AnnualReport
ecolab 2003AnnualReportfinance37
 
WorldFuel 2003AnnualReport
WorldFuel 2003AnnualReportWorldFuel 2003AnnualReport
WorldFuel 2003AnnualReportfinance19
 
alltel 3q 07_highlights
alltel  3q 07_highlightsalltel  3q 07_highlights
alltel 3q 07_highlightsfinance27
 
jacobs2002ar_comp
jacobs2002ar_compjacobs2002ar_comp
jacobs2002ar_compfinance28
 
Dole 2002 Annual
Dole 2002 AnnualDole 2002 Annual
Dole 2002 Annualfinance32
 
Expeditors International of Washington, 3rd04qer
Expeditors International of Washington, 3rd04qerExpeditors International of Washington, 3rd04qer
Expeditors International of Washington, 3rd04qerfinance39
 
ppg industries 3Q2007EARNINGSTABLES
ppg industries 3Q2007EARNINGSTABLESppg industries 3Q2007EARNINGSTABLES
ppg industries 3Q2007EARNINGSTABLESfinance22
 
csx 02 annual
csx 02 annualcsx 02 annual
csx 02 annualfinance27
 
ppg industries 3Q 06 Earning sTables
ppg industries 3Q 06 Earning sTables ppg industries 3Q 06 Earning sTables
ppg industries 3Q 06 Earning sTables finance22
 
snxAnnualReport2003
snxAnnualReport2003snxAnnualReport2003
snxAnnualReport2003finance32
 
Q3 2009 Earning Report of Commerce Bancshares, Inc.
Q3 2009 Earning Report of Commerce Bancshares, Inc.Q3 2009 Earning Report of Commerce Bancshares, Inc.
Q3 2009 Earning Report of Commerce Bancshares, Inc.earningreport earningreport
 
Supplemental Second Quarter 2006 Financial Information
Supplemental Second Quarter 2006 Financial InformationSupplemental Second Quarter 2006 Financial Information
Supplemental Second Quarter 2006 Financial InformationQuarterlyEarningsReports3
 
limited brands annual report 1998_mda
limited brands annual report 1998_mdalimited brands annual report 1998_mda
limited brands annual report 1998_mdafinance26
 

Mais procurados (16)

morgan stanley Annual Reports 2001
morgan stanley  Annual Reports 2001 morgan stanley  Annual Reports 2001
morgan stanley Annual Reports 2001
 
jacobs_ar01
jacobs_ar01jacobs_ar01
jacobs_ar01
 
ecolab 2003AnnualReport
ecolab  2003AnnualReportecolab  2003AnnualReport
ecolab 2003AnnualReport
 
WorldFuel 2003AnnualReport
WorldFuel 2003AnnualReportWorldFuel 2003AnnualReport
WorldFuel 2003AnnualReport
 
alltel 3q 07_highlights
alltel  3q 07_highlightsalltel  3q 07_highlights
alltel 3q 07_highlights
 
jacobs2002ar_comp
jacobs2002ar_compjacobs2002ar_comp
jacobs2002ar_comp
 
Dole 2002 Annual
Dole 2002 AnnualDole 2002 Annual
Dole 2002 Annual
 
Expeditors International of Washington, 3rd04qer
Expeditors International of Washington, 3rd04qerExpeditors International of Washington, 3rd04qer
Expeditors International of Washington, 3rd04qer
 
ppg industries 3Q2007EARNINGSTABLES
ppg industries 3Q2007EARNINGSTABLESppg industries 3Q2007EARNINGSTABLES
ppg industries 3Q2007EARNINGSTABLES
 
csx 02 annual
csx 02 annualcsx 02 annual
csx 02 annual
 
ppg industries 3Q 06 Earning sTables
ppg industries 3Q 06 Earning sTables ppg industries 3Q 06 Earning sTables
ppg industries 3Q 06 Earning sTables
 
timken
timkentimken
timken
 
snxAnnualReport2003
snxAnnualReport2003snxAnnualReport2003
snxAnnualReport2003
 
Q3 2009 Earning Report of Commerce Bancshares, Inc.
Q3 2009 Earning Report of Commerce Bancshares, Inc.Q3 2009 Earning Report of Commerce Bancshares, Inc.
Q3 2009 Earning Report of Commerce Bancshares, Inc.
 
Supplemental Second Quarter 2006 Financial Information
Supplemental Second Quarter 2006 Financial InformationSupplemental Second Quarter 2006 Financial Information
Supplemental Second Quarter 2006 Financial Information
 
limited brands annual report 1998_mda
limited brands annual report 1998_mdalimited brands annual report 1998_mda
limited brands annual report 1998_mda
 

Semelhante a pulte homes 2003 AR

brunswick annual reports 2005
brunswick annual reports 2005brunswick annual reports 2005
brunswick annual reports 2005finance36
 
Ecolab2005AR
Ecolab2005AREcolab2005AR
Ecolab2005ARfinance37
 
Swifton - The Capital Network - Financial Projections
Swifton - The Capital Network - Financial ProjectionsSwifton - The Capital Network - Financial Projections
Swifton - The Capital Network - Financial ProjectionsDavid Fogel
 
Swifton CFOs - McCarter English - Fin Proj 100511
Swifton CFOs - McCarter English - Fin Proj 100511Swifton CFOs - McCarter English - Fin Proj 100511
Swifton CFOs - McCarter English - Fin Proj 100511David Fogel
 
alltel 2q 07_highlights
alltel  2q 07_highlightsalltel  2q 07_highlights
alltel 2q 07_highlightsfinance27
 
Swifton CFOs LLC - Boston BizSpark presentation - Financial Projections for I...
Swifton CFOs LLC - Boston BizSpark presentation - Financial Projections for I...Swifton CFOs LLC - Boston BizSpark presentation - Financial Projections for I...
Swifton CFOs LLC - Boston BizSpark presentation - Financial Projections for I...David Fogel
 
ecolab Ecolab_BusDesc_FinHigh
ecolab  Ecolab_BusDesc_FinHighecolab  Ecolab_BusDesc_FinHigh
ecolab Ecolab_BusDesc_FinHighfinance37
 
anheuser-busch BUD07_Annual_Report_SuppFinInfo
anheuser-busch BUD07_Annual_Report_SuppFinInfoanheuser-busch BUD07_Annual_Report_SuppFinInfo
anheuser-busch BUD07_Annual_Report_SuppFinInfofinance15
 
anheuser-busch SupplementalFinancialInfo
anheuser-busch SupplementalFinancialInfoanheuser-busch SupplementalFinancialInfo
anheuser-busch SupplementalFinancialInfofinance15
 
emerson electricl Proxy Statement for 2009 Annual Shareholders Meeting
emerson electricl Proxy Statement for 2009 Annual Shareholders Meeting  emerson electricl Proxy Statement for 2009 Annual Shareholders Meeting
emerson electricl Proxy Statement for 2009 Annual Shareholders Meeting finance12
 
Big_Lots_AR2003
Big_Lots_AR2003Big_Lots_AR2003
Big_Lots_AR2003finance50
 
capital one Printer Friendly Version of the Financial Supplement
capital one Printer Friendly Version of the Financial Supplementcapital one Printer Friendly Version of the Financial Supplement
capital one Printer Friendly Version of the Financial Supplementfinance13
 
lemark international lxk_AR2005
lemark international lxk_AR2005lemark international lxk_AR2005
lemark international lxk_AR2005finance47
 
occidental petroleum 2005 Annual Report
occidental petroleum 2005 Annual Reportoccidental petroleum 2005 Annual Report
occidental petroleum 2005 Annual Reportfinance13
 
alltel 3Q05_Highlights
alltel  3Q05_Highlightsalltel  3Q05_Highlights
alltel 3Q05_Highlightsfinance27
 
alltel 4q 06_highlights
alltel  4q 06_highlightsalltel  4q 06_highlights
alltel 4q 06_highlightsfinance27
 
alltel 2q 07_Supplement
alltel  2q 07_Supplementalltel  2q 07_Supplement
alltel 2q 07_Supplementfinance27
 
alltel 3Q06_Highlightsa
alltel  3Q06_Highlightsaalltel  3Q06_Highlightsa
alltel 3Q06_Highlightsafinance27
 
anheuser-busch 2006AR_FinancialHighlights
anheuser-busch 2006AR_FinancialHighlightsanheuser-busch 2006AR_FinancialHighlights
anheuser-busch 2006AR_FinancialHighlightsfinance15
 

Semelhante a pulte homes 2003 AR (20)

brunswick annual reports 2005
brunswick annual reports 2005brunswick annual reports 2005
brunswick annual reports 2005
 
Ecolab2005AR
Ecolab2005AREcolab2005AR
Ecolab2005AR
 
Swifton - The Capital Network - Financial Projections
Swifton - The Capital Network - Financial ProjectionsSwifton - The Capital Network - Financial Projections
Swifton - The Capital Network - Financial Projections
 
Swifton CFOs - McCarter English - Fin Proj 100511
Swifton CFOs - McCarter English - Fin Proj 100511Swifton CFOs - McCarter English - Fin Proj 100511
Swifton CFOs - McCarter English - Fin Proj 100511
 
alltel 2q 07_highlights
alltel  2q 07_highlightsalltel  2q 07_highlights
alltel 2q 07_highlights
 
Swifton CFOs LLC - Boston BizSpark presentation - Financial Projections for I...
Swifton CFOs LLC - Boston BizSpark presentation - Financial Projections for I...Swifton CFOs LLC - Boston BizSpark presentation - Financial Projections for I...
Swifton CFOs LLC - Boston BizSpark presentation - Financial Projections for I...
 
ecolab Ecolab_BusDesc_FinHigh
ecolab  Ecolab_BusDesc_FinHighecolab  Ecolab_BusDesc_FinHigh
ecolab Ecolab_BusDesc_FinHigh
 
anheuser-busch BUD07_Annual_Report_SuppFinInfo
anheuser-busch BUD07_Annual_Report_SuppFinInfoanheuser-busch BUD07_Annual_Report_SuppFinInfo
anheuser-busch BUD07_Annual_Report_SuppFinInfo
 
anheuser-busch SupplementalFinancialInfo
anheuser-busch SupplementalFinancialInfoanheuser-busch SupplementalFinancialInfo
anheuser-busch SupplementalFinancialInfo
 
emerson electricl Proxy Statement for 2009 Annual Shareholders Meeting
emerson electricl Proxy Statement for 2009 Annual Shareholders Meeting  emerson electricl Proxy Statement for 2009 Annual Shareholders Meeting
emerson electricl Proxy Statement for 2009 Annual Shareholders Meeting
 
Big_Lots_AR2003
Big_Lots_AR2003Big_Lots_AR2003
Big_Lots_AR2003
 
capital one Printer Friendly Version of the Financial Supplement
capital one Printer Friendly Version of the Financial Supplementcapital one Printer Friendly Version of the Financial Supplement
capital one Printer Friendly Version of the Financial Supplement
 
GPI2002AR
GPI2002ARGPI2002AR
GPI2002AR
 
lemark international lxk_AR2005
lemark international lxk_AR2005lemark international lxk_AR2005
lemark international lxk_AR2005
 
occidental petroleum 2005 Annual Report
occidental petroleum 2005 Annual Reportoccidental petroleum 2005 Annual Report
occidental petroleum 2005 Annual Report
 
alltel 3Q05_Highlights
alltel  3Q05_Highlightsalltel  3Q05_Highlights
alltel 3Q05_Highlights
 
alltel 4q 06_highlights
alltel  4q 06_highlightsalltel  4q 06_highlights
alltel 4q 06_highlights
 
alltel 2q 07_Supplement
alltel  2q 07_Supplementalltel  2q 07_Supplement
alltel 2q 07_Supplement
 
alltel 3Q06_Highlightsa
alltel  3Q06_Highlightsaalltel  3Q06_Highlightsa
alltel 3Q06_Highlightsa
 
anheuser-busch 2006AR_FinancialHighlights
anheuser-busch 2006AR_FinancialHighlightsanheuser-busch 2006AR_FinancialHighlights
anheuser-busch 2006AR_FinancialHighlights
 

Mais de finance42

saic annual reports 2003
saic annual reports 2003saic annual reports 2003
saic annual reports 2003finance42
 
saic annual reports 2004
saic annual reports 2004saic annual reports 2004
saic annual reports 2004finance42
 
saic annual reports 2005
saic annual reports 2005saic annual reports 2005
saic annual reports 2005finance42
 
saic annual reports 2006
saic annual reports 2006saic annual reports 2006
saic annual reports 2006finance42
 
saic annual reports 2007
saic annual reports 2007saic annual reports 2007
saic annual reports 2007finance42
 
saic annual reports 2008
saic annual reports 2008saic annual reports 2008
saic annual reports 2008finance42
 
terex Merrill050808
terex Merrill050808terex Merrill050808
terex Merrill050808finance42
 
terex BofA050808
terex BofA050808terex BofA050808
terex BofA050808finance42
 
terex Merrill050808
terex Merrill050808terex Merrill050808
terex Merrill050808finance42
 
terex BofA050808
terex BofA050808terex BofA050808
terex BofA050808finance42
 
terex Sanford053008
terex Sanford053008terex Sanford053008
terex Sanford053008finance42
 
terex Shareholders0508
terex Shareholders0508terex Shareholders0508
terex Shareholders0508finance42
 
terex Shareholders0508
terex Shareholders0508terex Shareholders0508
terex Shareholders0508finance42
 
terex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Confterex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Conffinance42
 
terex Sanford053008
terex Sanford053008terex Sanford053008
terex Sanford053008finance42
 
terex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Confterex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Conffinance42
 
terex KeyBanc060508
terex KeyBanc060508terex KeyBanc060508
terex KeyBanc060508finance42
 
terex KeyBanc060508
terex KeyBanc060508terex KeyBanc060508
terex KeyBanc060508finance42
 
terex Wachovia062508
terex Wachovia062508terex Wachovia062508
terex Wachovia062508finance42
 
terex Wachovia062508
terex Wachovia062508terex Wachovia062508
terex Wachovia062508finance42
 

Mais de finance42 (20)

saic annual reports 2003
saic annual reports 2003saic annual reports 2003
saic annual reports 2003
 
saic annual reports 2004
saic annual reports 2004saic annual reports 2004
saic annual reports 2004
 
saic annual reports 2005
saic annual reports 2005saic annual reports 2005
saic annual reports 2005
 
saic annual reports 2006
saic annual reports 2006saic annual reports 2006
saic annual reports 2006
 
saic annual reports 2007
saic annual reports 2007saic annual reports 2007
saic annual reports 2007
 
saic annual reports 2008
saic annual reports 2008saic annual reports 2008
saic annual reports 2008
 
terex Merrill050808
terex Merrill050808terex Merrill050808
terex Merrill050808
 
terex BofA050808
terex BofA050808terex BofA050808
terex BofA050808
 
terex Merrill050808
terex Merrill050808terex Merrill050808
terex Merrill050808
 
terex BofA050808
terex BofA050808terex BofA050808
terex BofA050808
 
terex Sanford053008
terex Sanford053008terex Sanford053008
terex Sanford053008
 
terex Shareholders0508
terex Shareholders0508terex Shareholders0508
terex Shareholders0508
 
terex Shareholders0508
terex Shareholders0508terex Shareholders0508
terex Shareholders0508
 
terex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Confterex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Conf
 
terex Sanford053008
terex Sanford053008terex Sanford053008
terex Sanford053008
 
terex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Confterex 08_06_04_JP_Morgan_Conf
terex 08_06_04_JP_Morgan_Conf
 
terex KeyBanc060508
terex KeyBanc060508terex KeyBanc060508
terex KeyBanc060508
 
terex KeyBanc060508
terex KeyBanc060508terex KeyBanc060508
terex KeyBanc060508
 
terex Wachovia062508
terex Wachovia062508terex Wachovia062508
terex Wachovia062508
 
terex Wachovia062508
terex Wachovia062508terex Wachovia062508
terex Wachovia062508
 

Último

2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources PresentationAdnet Communications
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneurabcisahunter
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...Antonis Zairis
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfMichael Silva
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Commonwealth
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 
Stock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfStock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfMichael Silva
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI360factors
 
Mphasis - Schwab Newsletter PDF - Sample 8707
Mphasis - Schwab Newsletter PDF - Sample 8707Mphasis - Schwab Newsletter PDF - Sample 8707
Mphasis - Schwab Newsletter PDF - Sample 8707harshan90
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent PreferencesGRAPE
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Matthews Bantsijang
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?Stephen Perrenod
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoCoinGecko
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.KumarJayaraman3
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdfAdnet Communications
 
20240315 _E-Invoicing Digiteal. .pptx
20240315 _E-Invoicing Digiteal.    .pptx20240315 _E-Invoicing Digiteal.    .pptx
20240315 _E-Invoicing Digiteal. .pptxFinTech Belgium
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingHenry Tapper
 

Último (20)

2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...
 
Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdf
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 
Stock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfStock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdf
 
What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI
 
Mphasis - Schwab Newsletter PDF - Sample 8707
Mphasis - Schwab Newsletter PDF - Sample 8707Mphasis - Schwab Newsletter PDF - Sample 8707
Mphasis - Schwab Newsletter PDF - Sample 8707
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent Preferences
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?
 
Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024
 
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
 
20240315 _E-Invoicing Digiteal. .pptx
20240315 _E-Invoicing Digiteal.    .pptx20240315 _E-Invoicing Digiteal.    .pptx
20240315 _E-Invoicing Digiteal. .pptx
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB funding
 

pulte homes 2003 AR

  • 1. ’03 Building on Operational Excellence Annual Report
  • 2. FINANCIAL HIGHLIGHTS 2003 2002 2001 (a) 2000 1999 ($000’s omitted, except per share data) Consolidated Results Revenues $9,048,926 $7,471,819 $5,389,261 $4,246,977 $3,768,223 Income from continuing operations 617,322 444,601 302,425 218,384 178,287 Net income 624,634 453,645 301,393 188,513 178,165 Per share data: (b) Earnings per share—basic: Continuing operations 5.05 3.68 3.08 2.64 2.06 Net income 5.11 3.75 3.07 2.28 2.06 Earnings per share—assuming dilution: Continuing operations 4.91 3.60 3.00 2.59 2.03 Net income 4.97 3.67 2.99 2.24 2.03 Cash dividends per share .11 .08 .08 .08 .08 Total assets $8,063,352 $6,872,087 $5,710,893 $2,886,483 $2,487,351 Senior notes and subordinated notes 2,150,972 1,913,268 1,722,864 666,296 508,690 Debt-to-capital ratio 38.42% 40.94% 44.80% 35.19% 32.48% Shareholders’ equity $3,448,123 $2,760,426 $2,276,665 $1,247,931 $1,093,319 Return on average shareholders’ equity 20.58% 18.18% 18.11% 16.58% 17.69% Book value per share $ 27.55 $ 22.58 $ 19.22 $ 15.01 $ 12.64 Number of employees 10,800 9,200 9,400 5,200 5,000 Domestic Homebuilding Results Revenues $8,701,661 $7,167,915 $5,274,660 $4,168,516 $3,689,255 Pre-tax income 998,822 719,010 514,675 383,255 306,130 Settlements (units) 32,693 28,903 22,915 19,799 19,569 Net new orders (units) (c) 34,989 30,830 22,163 19,844 19,367 Backlog (units) 13,952 10,605 8,678 5,477 5,432 Total markets, at year end 44 44 43 41 41 Active communities, at year end 535 460 440 396 388 Average selling price $ 259 $ 242 $ 225 $ 206 $ 187 Gross profit margin from home sales (d) 20.6% 19.4% 19.1% 18.0% 17.0% (a) Del Webb operations were merged effective July 31, 2001. (b) All share and per share amounts have been restated to retroactively reflect the two-for-one stock split announced on December 11, 2003 and effected January 2, 2004. (c) Total net new orders for the years ended December 31, 2003 and 2001, do not include 1,051 units and 3,953 units, respectively, of acquired backlog. (d) Domestic Homebuilding interest expense, which represents the amortization of capitalized interest, has been reclassified to home cost of sales. Revenues Earnings Per Share, Book Value Per Share Assuming Dilution, from Dollars in Billions In Dollars Continuing Operations In Dollars $4.91 $27.55 $9.0 $22.58 $7.5 $3.60 $19.22 $3.00 $5.4 $2.59 $15.01 $12.64 $4.2 $2.03 $3.8 ’03 ’03 ’03 ’99 ’00 ’01 ’02 ’99 ’00 ’01 ’02 ’99 ’00 ’01 ’02
  • 3. M A R K E T S S E RV E D BY Pulte Homes Del Webb Divosta Pulte Homes C O M PA N Y P RO F I L E For more than 50 years, Pulte Homes has homes in its history, Pulte Homes has been Whether it’s a first-time buyer or a growing been helping individuals, couples and fami- honored as “America’s Best Builder,” and family, Pulte Homes’ commitment to quality lies build a better life. Today, the Company’s named Builder of the Year 2002. Providing is reflected in the way it builds homes, operations span more than 40 markets excellent customer service and offering a demonstrated in the way it treats customers throughout the United States. Through its wide variety of loan products, Pulte Mortgage and evident in the 11,000 employees who Del Webb brand, the Company is the coun- LLC, Pulte Homes’ national mortgage com- provide customers with exceptional value try’s leading builder of Active Adult com- pany, meets the financing needs of Pulte and a buying experience that exceeds their munities. In building more than 370,000 Homes’ customers throughout the country. expectations. [ one ]
  • 4. Letter to P U L T E H O M E S S H A R E H O L D E R S , C U S T O M E R S , A S S O C I AT E S B U S I N E S S PA R T N E R S : AND At points during the past year, we conducted expansion through segmentation, opera- record 32,693 homes, while we ended 2003 the modern-day equivalent of a whistle stop tional excellence, people development and with a record backlog of 13,952 homes, val- tour, visiting Pulte offices across the country. financial discipline. We’ll provide details ued at $4.1 billion. Spending time with the talented people who about these initiatives in a minute, but for We also ended 2003 with a land pipeline of run our business gives us tremendous confi- now, understand that they are enabling Pulte 257,000 lots under control (47 percent dence for its continued success. The intelli- Homes to get bigger and, more importantly, owned, 53 percent optioned and pending), gence, energy and passion these individuals better as a company. which is vital given the scarcity of this key bring to the business every day are among In terms of getting bigger, 2003 consoli- resource. It cannot be overstated that the Pulte’s greatest competitive strengths. dated revenues increased 21 percent to a supply of land in this country is becoming record $9.0 billion. In terms of getting bet- increasingly constrained. In market after Income from ter, income from continuing operations was market, the land entitlement process has Continuing Operations $617 million, as compared to $445 million become so restrictive as to severely limit the Dollars in Millions in 2002. Adjusting for the two-for-one stock supply of land upon which new homes can split we implemented effective January 2, be built. Obviously, for a homebuilder there $625 2004, earnings per share from continuing is no more critical resource than land, which operations for 2003 increased 36 percent to is why we view our ability to control $454 $4.91, while book value per share increased and entitle our large land position as an $301 22 percent to $27.55. For the year, our important competitive advantage. return on equity surged more than 200 basis $178 $189 points to 21 percent. The growing strength Lots Under Control of our operations enabled us to raise the dividend rate by 150 percent to $0.20 per ’03 ’99 ’00 ’01 ’02 300,000 share annually. 250,000 Lots Optioned and Pending The biggest driver of performance was our The purpose of these visits was to ensure 200,000 Lots Owned domestic homebuilding operations where alignment throughout the organization 150,000 settlement and land sale revenues for the year with the four key business initiatives we increased 21 percent to $8.7 billion. Domestic have established to drive improved operating 100,000 closings for the year gained 13 percent to a and financial performance: market share 50,000 0 ’03 ’99 ’00 ’01 ’02 [ two ]
  • 5. Our financial services operations also deliv- According to industry experts, housing major buyer groups: first time, first move ered a strong performance in 2003, as pretax demand should remain robust as annual up, second move up and active adult. We income rose to a record $69 million. Higher household formations average 1.2 million have actually identified 11 different Target homebuilding volumes and an increase in and immigration adds upwards of one mil- Consumer Groups (TCG), each with its own our mortgage capture rate to 83% were the lion people per year. There will be interim distinct set of wants and needs. Through our key drivers as we originated a record 28,655 periods of stronger or weaker demand influ- diversified product line, Pulte can serve the mortgages, valued at $5.0 billion. Our mort- enced by mortgage rates, employment and biggest universe of potential customers. gage operations are extremely profitable, but Serving one TCG can be more efficient in even more important they are critical to the short run, but over time it severely limits Sales by Buyer Group ensuring that the house closes on the date a company’s ability to grow. Even if a com- promised and, in turn, to delivering an over- pany could capture 100 percent of a seg- all unmatched home buying experience. ment, it may be serving only 30 percent of 100% a market. To our way of thinking, it just 80% While our domestic operations continue to doesn’t make sense to leave all those buyers Active Adult realize accelerating gains, our International for someone else to serve. 60% operations are moving at a slower pace. Second Move Up Pretax income of $3.3 million was down Embedded in our segmentation strategy 40% First Move Up from the prior year; so while we are making is extending our leadership position in 20% money, returns remain well below our serving the active adult (age 55 and better) First Time expectations. As such, we have commenced segment through our Del Webb brand. We have 0% a process to evaluate various long-term covered a lot of ground in the 30 months strategic alternatives with regard to our since completing the merger with Del Webb. International operations. All of the Webb communities operating consumer confidence, but overall, housing at the time of the merger achieved record demand is expected to remain stable. Within Overall, 2003 was a tremendous year with a performance in 2003 in terms of unit sales a stable demand environment, growth is lot to be proud of, but it’s past. Our challenge and/or pretax earnings. We also announced about expanding market share. In other and opportunity is to build on that success to 10 new Webb-branded communities that words, since the pie is not getting bigger, we make Pulte Homes even better, and likely helped drive record active adult sales. have to find ways of grabbing a larger slice. bigger, in 2004 and beyond. As we will Even more exciting, over 20 new Webb- explain, achieving better operating perform- In this battle for market share, Pulte Homes branded communities could be announced ance requires successful implementation of possesses some unique competitive advan- in 2004, including new market penetra- our four key business initiatives. tages. First is our segmentation strategy. We tions in Colorado, Connecticut, Michigan, are the only national builder serving all New Jersey and Virginia. [ three ]
  • 6. Overall, 2003 was a tremendous year with a lot to be proud of, but it’s past. Our challenge and opportunity is to build on that success to make Pulte Homes even better, and likely bigger, in 2004 and beyond. At approximately 50 million people, active Unique to our industry, we are also discover- adults comprise the largest customer group ing that our reputation for quality and cus- in the country today. They also represent the tomer satisfaction facilitates access to and fastest growing segment, forecast to reach entitlement of critical land positions. almost 80 million people by the year 2020. Through success in delivering an unmatched More affluent than any demographic group customer experience, our goal is to build a in history, active adults are an incredibly sta- brand that rivals recognized quality leaders ble buyer group, with 50 percent purchasing such as Lexus, Ritz Carlton and FedEx. homes for cash. Like a champion surfer, the We will take this a step further. As the Webb brand is set to ride the active adult industry leader, we have an obligation to wave for years to come. raise the bar on quality and to deliver an out- standing home and home buying experience. Beyond our segmentation model, we main- After all, our customers are trusting us with tain another critical edge in the market share what is likely the largest single purchase of battle—quality. Reaping the benefits of a their lifetime. journey begun over a decade ago, Pulte Homes ranked first in 12 of the 20 markets As we deliver more homes, we need to drive where our customers were surveyed in the more of every revenue dollar to our bottom J.D. Power and Associates 2003 Customer line, which is what our second initiative, Satisfaction Study. History is very clear on Operational Excellence, is all about. Over this point: better quality attracts customers, the past five years, pretax margins in our supports premium pricing and reduces future domestic homebuilding operations have service costs and risks. expanded by 300 basis points through a combination of higher prices, improved product mix and operational efficiencies. [ four ]
  • 7. 12 of our divisions ranked highest in customer satisfaction in the J.D. Power and Associates 2003 New Home Builder Customer Satisfaction Study. The divisions ranking highest in their respective markets were Dallas/Fort Worth (tie), Houston, Las Vegas, Minneapolis/St. Paul, San Francisco Bay Area, Phoenix, Raleigh/Durham, Sacramento (tie), Southern California (tie), Tampa (tie), Tucson and Palm Beach. Although difficult to quantify, we estimate across the country, including parts of which is why People Development is our there may be 200 to 300 basis points of Southern California, where we took 50 third key initiative. Today, Pulte Homes additional pretax margin to be captured by days out of the building cycle. Ongoing employs almost 11,000 individuals. Given being smarter in how we run the business. implementation of the DiVosta system fur- our expected growth, this number needs to From how our houses are designed and built, ther reduced that construction time by an increase significantly, which is why we to advanced supply chain management and a additional five days, taking our build times maintain leading-edge training and devel- greater focus on overhead leverage, we can to 50 days. opment programs. A critical source of new take costs out of the system. talent is our college-recruiting program • In January 2004, Pulte announced a joint through which we hired over 675 graduates venture with Pratte Development to provide Under the banner of operational excellence, in 2003. Once on board, these individuals material and labor for concrete foundations we are also advancing a number of innova- and all our employees benefit from our and flatwork, underground plumbing, tive building practices to strengthen our emphasis on continued development through framing and trim for our houses built leadership position in the industry: such innovative programs as our Top Gun in Arizona and Nevada. The venture pro- and Emerging Leaders training. Our focus • In 2004, Pulte Home Sciences (PHS) will vides opportunities to capture additional on people development is yet another way open its first commercial production plant margin and to reduce cycle times, while we are differentiating Pulte Homes and located in Manassas, Virginia. Through lowering costs through enhanced value speaks to our commitment to managing for efficient manufacturing of concrete base- engineering, manufacturer-direct purchas- long-term success. ment wall sections, floor decks, structural ing, better scheduling and greater regional insulated panels (SIPs) and steel stud interior operating leverage. In truth, competitors can copy our house walls, PHS can erect an enclosed shell of a designs, mimic our communities and attempt home in as little as five days. The goals of Through the development of more innovative to match our quality. In the end, it is our PHS are to deliver a better quality home, building processes, we are taking a leader- people who will make the difference. faster and at comparable or reduced costs ship role in advancing building science with to traditional building practices. the ultimate goals of delivering higher quality It may be a commentary on our times that homes and better financial results. • In 1998, we acquired DiVosta and Company, a company needs to publicly affirm its com- a Florida-based builder that delivers mitment to fiscal and corporate responsibility. We are often asked what is the most pressing unmatched quality, with an industry-leading That is, however, exactly what we are doing issue we face, to which we answer “people.” 47-day build cycle. We are now exporting through our fourth initiative, Financial The ability to attract, hire and retain the best DiVosta’s best practices on scheduling and Discipline. All of our employees under- people is possibly Pulte’s greatest opportunity, efficient building to other Pulte markets stand that we will continue the conservative [ five ]
  • 8. William J. Pulte Richard J. Dugas, Jr. operating, financial and reporting practices out management present, and for publicly supply constraints that exist in many markets that have been a part of Pulte’s core values disclosing governance guidelines which we today. To best position Pulte Homes, we for the past 53 years. From our commitment proudly post on our corporate website at have developed a robust land pipeline that to a strong balance sheet, to our stringent www.pulte.com. is supported by a strong balance sheet. project-underwriting criteria, we understand We have challenged our management teams Bill and I, speaking on behalf of the Board that there are no short cuts to achieving to find opportunities to grow, while attack- of Directors and the entire management long-term success. ing our labor and material costs. In other team, recognize our fiduciary responsibilities words, since the future is always uncertain, It is, however, much more than just signing and take our commitment to shareholders we are prepared to capitalize on the market quarterly certifications with confidence; it’s very seriously. opportunities that develop in any given eco- about a culture that encourages honesty and nomic climate. As a management team, it is our responsibility integrity in all business practices. Reflective to always be looking ahead. As of today, the of this culture, in 2003 our corporate gover- In conclusion, we are very proud of our expectation is that interest rates are more nance score, as calculated by Institutional results, but in no way are we satisfied. With likely to rise than decline in the coming Shareholder Services, ranked higher than 95 the support of our customers and sharehold- quarters. From such a low starting point, percent of companies in the S&P 500. These ers, and the continued passion and effort of however, we believe that an increase of 25, scores are based on a number of factors, our associates and business partners, we are 50 or even 100-basis points in rates would including a Board of Directors with a majority confident that we can deliver even greater not have a meaningful impact on overall of independent outside members, providing performance in the future. housing demand, especially in light of the for outside directors to meet regularly with- Sincerely, WILLIAM J. PULTE RICHARD J. DUGAS, JR. Founder and Chairman of the Board President and Chief Executive Officer [ six ]
  • 91. C O R P O R AT E O F F I C E R S William J. Pulte Cristopher D. Cash Gregory M. Nelson Chairman of the Board Vice President, Construction Vice President and Assistant Secretary Richard J. Dugas, Jr. Thomas M. Chisholm Erik R. Pekarski President and Chief Executive Officer Vice President, Sales and Marketing Vice President, Customer Relations Steven C. Petruska Sean J. Degen Bruce E. Robinson Executive Vice President and Chief Operating Officer Vice President, Architectural Services Vice President and Treasurer Roger A. Cregg Vincent J. Frees Robert P. Schafer Executive Vice President and Chief Financial Officer Vice President and Controller Vice President, Finance and Homebuilding Operations Leo J. Taylor Elaine A. Kramer David G. Schreiner Executive Vice President, Human Resources Vice President, Leadership Development and Training Vice President, Active Adult Development John R. Stoller Daniel P. Lynch Wayne B. Williams Senior Vice President, General Counsel and Secretary Vice President, Compensation and Process Improvement Vice President, Manufacturing Services Jerry R. Batt Norma J. Machado James P. Zeumer Vice President, Chief Information Officer Vice President, H.R. Planning and Development Vice President, Investor and Corporate Communications Steven A. Burch Reginald C. McCoy Vice President, Segmentation Vice President, Supply Chain and Purchasing AREA MANAGEMENT Patrick J. Beirne Jeffrey K. Parsigian REGIONAL PRESIDENT—WEST REGIONAL PRESIDENT — EAST Arizona Area Rocky Mountain Area Florida Area Northeast Area ARIZONA AREA PRESIDENT ROCKY MOUNTAIN FLORIDA AREA PRESIDENT NORTHEAST AREA PRESIDENT John J. Chadwick James C. Leiferman Richard D. DiBella AREA PRESIDENT C. Dean Amann II Phoenix Active Adult DiVosta Baltimore Benjamin S. Redman—President Harmon D. Smith—President G. Louis Baker, III—President Colorado Bruce F. Stokes—President Phoenix Lifestyles Fort Meyers Delaware Valley Curtis H. VanHyfte—President Gregory G. Wolpert—President William E. Reiser, Jr.—President Kansas City Todd Lipschutz—President Phoenix Traditional Jacksonville Fredericksburg Michael H. Nuessle—President David A. Smith—President Christopher J. Ryan—President Minnesota Keith W. Tomlinson—President Tucson President Orlando Long Island Joseph L. Whatley—President Marc Tindall—President Donald Cowdell—President New Mexico Gerardo Sanchez—President Spruce Creek Metro NY/NJ Jay A. Thompson—President William E. Weber—President Nevada Area Southern California Area Tampa New England Scott H. Campbell—President James R. McCabe—President NEVADA AREA PRESIDENT SOUTHERN CALIFORNIA Washington Sheryl D. Palmer AREA PRESIDENT David R. Graham—President Igor M. Noriega Las Vegas Active Adult Christopher Haines—President N. Inland Empire Great Lakes Area Southeast Area Ronald J. Rakunas—President Las Vegas Traditional Randall M. Bury—President N. LA/Ventura County GREAT LAKES SOUTHEAST AREA PRESIDENT Roderick C. Flint—President Greg Duriez AREA PRESIDENT Peter Keane San Diego Charlotte Leonard Steinberg—President Thomas W. Bruce—President Chicago Active Adult Karen L. Brunhofer—President S. Riverside/Orange County Georgia L.J. Edgecomb—President Casey Hill—President Chicago Traditional Brian M. Brunhofer—President Nashville Northern California Area Texas Area Joseph S. Bars, Jr.—President Cleveland Gregory J. Schmidt—President Raleigh NORTHERN CALIFORNIA TEXAS AREA PRESIDENT Stephen P. Schlageter—President Grand Rapids Mark A. Thomas AREA PRESIDENT Jeffrey D. Chamberlain—President Sun City Hilton Head Matthew W. Koart Austin Kenneth R. Hull—President Indianapolis Arra Yerganian—President Central Valley Greg Huff—President Christopher C. Schimunek—President Dallas Metro Detroit Richard B. Dix—President N. California James J. Bagley, Jr.—President J. Steven Kalmbach—President Houston Steven S. Atchison—President Sacramento Christopher B. Cady—President San Antonio Bart J. Swider—President Sacramento Active Adult Mark E. Kaushagen—President Sun City Texas Gary L. Newman—President Pulte Mortgage LLC International Debra W. Still Roger C. Pastore INTERNATIONAL Executive Vice President and President and Chief Executive Officer Argentina Mexico Puerto Rico Chief Operating Officer Carlos D. Bordo Juan C. Diaz Francisco J. Arrivi Enrique Solari
  • 92. C O R P O R AT E I N F O R M AT I O N Senior Corporate Officers Operating Subsidiaries Internet Address Pulte Homes, Inc. Additional information about Pulte Homes William J. Pulte Chairman of the Board 100 Bloomfield Hills Parkway may be obtained by visiting our website at Suite 300 http://www.pulte.com. Richard J. Dugas, Jr. President and Chief Executive Officer Bloomfield Hills, Michigan 48304 Annual Meeting of the Shareholders Steven C. Petruska Pulte Mortgage LLC Executive Vice President and Chief Operating Officer The annual meeting of shareholders of Pulte 7475 South Joliet Street Homes, Inc., will be held at 8:30 a.m. (EDT), Roger A. Cregg Englewood, Colorado 80112 Executive Vice President and Chief Financial Officer Thursday, May 13, 2004, at the Hilton Investor Information Northfield in Troy, Michigan. Leo J. Taylor Executive Vice President, Human Resources Information Requests Common Stock Information John R. Stoller The Company’s annual report to stockhold- Ticker Symbol: PHM Senior Vice President, General Counsel and Secretary ers and proxy statement together contain Pulte Homes, Inc., is a component of the Directors substantially all the information presented in S&P 500 Composite Stock Price Index. the Form 10-K report filed with the Securities D. Kent Anderson, Chairman(2) Common stock of Pulte Homes, Inc., is listed and Exchange Commission. Individuals Beacon Management Corporation and traded on the New York Stock Exchange, interested in receiving the annual report, Richard J. Dugas, Jr. which is the principal market for the common Form 10-K, Form 10-Qs or other printed President and Chief Executive Officer stock, and is also traded on the Boston, corporate literature should write to the Debra Kelly-Ennis(1)(3) Cincinnati, Midwest, Pacific and Philadelphia Investor Relations Department at the President/COO Saab Cars USA, Inc. stock exchanges. Option trading in Pulte is corporate office or call (248) 647-2750. David N. McCammon(1)(3) conducted on the Chicago Board of Exchange. Senior Partner Investor Inquiries Strength Capital Management Shareholders, securities analysts, portfolio Retired Vice President of Finance Ford Motor Company managers and others with inquiries about the Company should contact James P. Zeumer, William J. Pulte Chairman of the Board & Founder Vice President of Investor and Corporate Pulte Homes, Inc. Communications, at the corporate office or Bernard W. Reznicek(1)(2) call (248) 433-4597. Shareholders with President/CEO inquiries relating to shareholder records, Premier Enterprises, Inc. stock transfers, change of ownership, Michael E. Rossi(1) change of address and dividend payments Retired Vice Chairman, Bank of America should contact: Alan E. Schwartz State Street Bank and Trust Company Partner Honigman, Miller, Schwartz and Cohn, Attorneys EquiServe Counsel to the Company 150 Royall Street Francis J. Sehn(2)(3) Canton, MA 02021 Chief Executive Officer (877) 282-1168 The Fran Sehn Company, Inc. www.equiserve.com John J. Shea(2)(3) Retired Vice Chairman, President and Chief Executive Officer Spiegel, Inc. William B. Smith(2) Advisory Director Morgan Stanley Dean Witter & Co. (1) Audit Committee Member (2) Compensation Committee Member (3) Nominating Committee Member Designed by Curran & Connors, Inc. / www.curran-connors.com
  • 93. Join our growing family of satisfied customers. Together, Pulte Homes, Del Webb and DiVosta form a family of builders that’s dedicated to satisfying customers. And thanks to our homeowners, we have been honored in return with 21 recent J.D. Power and Associates Customer Satisfaction Awards, far more than any other homebuilder. Visit us online to find out more about who we are and where we build. When you work with us, you’ll find that we’re not satisfied until you are. delwebb.com divosta.com pulte.com Pulte Homes ranked Highest in Customer Satisfaction With New Home Builders in Las Vegas, Four Years in a Row; Houston, Minneapolis/St Paul, San Francisco Bay Area, Two Years in a Row; Phoenix, Two Years in a Row (Tied in 2002); Raleigh/Durham, Tucson; Dallas/Ft Worth (in a tie) and Tampa Bay (in a tie). • Del Webb ranked Highest in Customer Satisfaction With New Home Builders in Southern California (Tied Three Years in a Row); Sacramento (in a tie). • DiVosta Homes ranked Highest in Customer Satisfaction With New Home Builders in Palm Beach. • Pulte Homes ranked in the Top 3 for Customer Satisfaction With New Home Builders in Chicago, Two Years in a Row; Austin, Charlotte, Philadelphia, and Washington D.C. • Del Webb ranked in the Top 3 for Customer Satisfaction With New Home Builders in Chicago, Las Vegas and Phoenix, Three Years in a Row, and Tucson (in a tie). J.D. Power and Associates 2000-2004 New Home Builder Customer Satisfaction StudiesSM. 2003 study based on responses from 71,312 buyers of newly constructed homes in 21 of the largest U.S. markets. For counties in each market, visit www.jdpower.com. P u l t e H o m e s , I n c . / / 1 0 0 B l o o m f i e l d H i l l s P a r k w a y / / B l o o m f i e l d H i l l s , M i c h i g a n 4 8 3 0 4 / / w w w. p u l t e . c o m