Pulte Homes, Inc. (PHM)
Q1 2009 Earnings Call Transcript
May 6, 2009 8:30 a.m. ET

Executives

Calvin Boyd – Vice President, Investor and Corporate Communications
Richard J. Dugas, Jr. – President, Chief Executive Officer & Director
Roger A. Cregg – Executive Vice President & Chief Financial Officer
Steven C. Petruska – Executive Vice President & Chief Operating Officer
Michael J. Schweninger – Vice President, Principal Accounting Officer & Controller

Analysts

Ray Huang - JPMorgan
Josh Levin - Citigroup
Ivy Zelman – Zelman & Associates
Nishu Sood – Deutsche Bank
Daniel Oppenheim - Credit Suisse
Kenneth Zener – Macquarie Capital Securities
David Goldberg - UBS
Carl Reichardt - Wachovia Capital Markets, LLC
Stephen Kim – Alpine Woods Capital Investors, LLC
Alex Barron – Agency Trading Group
Susan Berliner – JPMorgan

Presentation

Operator

Thank you, everyone for joining us to the first quarter 2009 Pulte Homes earnings conference call. My name is Erica and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will facilitate a question-and-answer session towards the end of this conference. If, at any time during the call you require assistance, please press “*” followed by “0” and a coordinator will be happy to assist you.

I would now like to turn the presentation over to your host for today’s call, Mr. Calvin Boyd, Vice President, Investor and Corporate Communications. You may proceed, sir.

Calvin Boyd

Thank you, Erica. Good morning and thank you for joining us to discuss Pulte Homes financial and operating results for the three months ended March 31, 2009. I''m Calvin Boyd, Vice President of Investor and Corporate Communications.

On the call with me to discuss these results are Richard Dugas, President and Chief Executive Officer, Steve Petruska, Executive Vice President and Chief Operating Officer, Roger Cregg, Executive Vice President and CFO, and Mike Schweninger, Vice President and Controller.

For those who have access to the Internet, a slide presentation available at www.pulteinc.com will accompany this discussion. The presentation will be archived on the site for the next 30 days for those who want to review it at a later time.

As with prior conference calls, I want to alert everyone listening on the call and via the Internet that certain statements and comments made during the course of this call must be considered forward-looking statements as defined by the Securities and Litigation Reform Act of 1995.

Pulte Homes believes such statements are based on reasonable assumptions, but there are no assurances that actual outcomes will not be materially different from those discussed today. All forward-looking statements are based on information available to the company on the date of this call, and the company does not undertake any obligation to publicly update or revise any forward-looking statements as a result of new information in the future.

Participants in today''s call should refer to Pulte''s Annual Report on Form 10-K for the year ended December 31, 2008 and last night''s press release for a detailed list of the risks and uncertainties associated with the business.

As always, at the end of our prepared comments we will have the Q&A. We will wait until then before opening the queue for questions.

I will now turn over the call to Richard Dugas for his opening comments. Richard?

Richard J. Dugas, Jr.

Thank you, Calvin, and good morning everyone. I will first comment on Pulte’s first quarter and then briefly discuss the Centex merger later just before we take your questions.