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| Centex reports second-quarter results Centex Corporation, the Dallas-based home-building company, reported selected preliminary results for its fiscal second quarter, which ended on Sept. 30, 2007. Centex closed 7,350 units, a decrease of 14 percent from one year ago. Net sales (orders) for the period were 5,953 units, a decrease of 13 percent from last year's second quarter. Also at quarter-end, backlog was 9,633 units, a decrease of 38 percent compared to one year ago. Centex expects to record an impairment of approximately $850 million for neighborhood and land inventory for the quarter, and an impairment and option write-off of approximately $40 million for the company's share of land holdings in joint ventures. Centex projects consolidated cash flow of approximately $500 million for fiscal 2008, down from previous estimates of $750 million, reflecting the impact of worsening conditions in the housing market. write your comments about the article :: © 2007 Construction News :: home page |