’03
Building on Operational Excellence
                            Annual Report
FINANCIAL HIGHLIGHTS


                                                     2003                         2002             ...
M A R K E T S S E RV E D                 BY




Pulte Homes          Del Webb            Divosta




                     ...
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                          ...
Our financial services operations also deliv-      According to industry experts, housing           major buyer groups: fi...
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...
12 of our divisions ranked highest in customer satisfaction in the J.D. Power and Associates 2003 New
                    ...
William J. Pulte                                              Richard J. Dugas, Jr.




operating, financial and reporting...
C O R P O R AT E O F F I C E R S

William J. Pulte                                            Cristopher D. Cash          ...
C O R P O R AT E I N F O R M AT I O N

Senior Corporate Officers                                        Operating Subsidia...
Join our growing family
                        of satisfied customers.
      Together, Pulte Homes, Del Webb and DiVosta ...
pulte homes 2003 AR
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pulte homes 2003 AR

  1. 1. ’03 Building on Operational Excellence Annual Report
  2. 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. 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. 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. 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. 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. 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. 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 ]
  9. 9. 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
  10. 10. 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
  11. 11. 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

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