’03AnnualReportBuildingonOperationalExcellenceFINANCIALHIGHLIGHTS($000’somitted,exceptpersharedata)200320022001(a)20001999ConsolidatedResultsRevenues$9,048,926$7,471,819$5,389,261$4,246,977$3,768,223Incomefromcontinuingoperations617,322444,601302,425218,384178,287Netincome624,634453,645301,393188,513178,165Persharedata:(b)Earningspershare—basic:Continuingoperations5.053.683.082.642.06Netincome5.113.753.072.282.06Earningspershare—assumingdilution:Continuingoperations4.913.603.002.592.03Netincome4.973.672.992.242.03Cashdividendspershare.11.08.08.08.08Totalassets$8,063,352$6,872,087$5,710,893$2,886,483$2,487,351Seniornotesandsubordinatednotes2,150,9721,913,2681,722,864666,296508,690Debt-to-capitalratio38.42%40.94%44.80%35.19%32.48%Shareholders’equity$3,448,123$2,760,426$2,276,665$1,247,931$1,093,319Returnonaverageshareholders’equity20.58%18.18%18.11%16.58%17.69%Bookvaluepershare$27.55$22.58$19.22$15.01$12.64Numberofemployees10,8009,2009,4005,2005,000DomesticHomebuildingResultsRevenues$8,701,661$7,167,915$5,274,660$4,168,516$3,689,255Pre-taxincome998,822719,010514,675383,255306,130Settlements(units)32,69328,90322,91519,79919,569Netneworders(units)(c)34,98930,83022,16319,84419,367Backlog(units)13,95210,6058,6785,4775,432Totalmarkets,atyearend4444434141Activecommunities,atyearend535460440396388Averagesellingprice$259$242$225$206$187Grossprofitmarginfromhomesales(d)20.6%19.4%19.1%18.0%17.0%(a)DelWebboperationsweremergedeffectiveJuly31,2001.(b)Allshareandpershareamountshavebeenrestatedtoretroactivelyreflectthetwo-for-onestocksplitannouncedonDecember11,2003andeffectedJanuary2,2004.(c)TotalnetnewordersfortheyearsendedDecember31,2003and2001,donotinclude1,051unitsand3,953units,respectively,ofacquiredbacklog.(d)DomesticHomebuildinginterestexpense,whichrepresentstheamortizationofcapitalizedinterest,hasbeenreclassifiedtohomecostofsales.RevenuesDollarsinBillions’03’02’01’00’99$3.8$4.2$5.4$7.5$9.0EarningsPerShare,AssumingDilution,fromContinuingOperationsInDollars’03’02’01’00’99$2.03$2.59$3.00$3.60$4.91BookValuePerShareInDollars’03’02’01’00’99$12.64$15.01$19.22$22.58$27.55[one]Formorethan50years,PulteHomeshasbeenhelpingindividuals,couplesandfami-liesbuildabetterlife.Today,theCompany’soperationsspanmorethan40marketsthroughouttheUnitedStates.ThroughitsDelWebbbrand,theCompanyisthecoun-try’sleadingbuilderofActiveAdultcom-munities.Inbuildingmorethan370,000homesinitshistory,PulteHomeshasbeenhonoredas“America’sBestBuilder,”andnamedBuilderoftheYear2002.Providingexcellentcustomerserviceandofferingawidevarietyofloanproducts,PulteMortgageLLC,PulteHomes’nationalmortgagecom-pany,meetsthefinancingneedsofPulteHomes’customersthroughoutthecountry.Whetherit’safirst-timebuyeroragrowingfamily,PulteHomes’commitmenttoqualityisreflectedinthewayitbuildshomes,demonstratedinthewayittreatscustomersandevidentinthe11,000employeeswhoprovidecustomerswithexceptionalvalueandabuyingexperiencethatexceedstheirexpectations.PulteHomesCOMPANYPROFILEMARKETSSERVEDBYPulteHomesDelWebbDivosta[two]Atpointsduringthepastyear,weconductedthemodern-dayequivalentofawhistlestoptour,visitingPulteofficesacrossthecountry.Spendingtimewiththetalentedpeoplewhorunourbusinessgivesustremendousconfi-denceforitscontinuedsuccess.Theintelli-gence,energyandpassiontheseindividualsbringtothebusinesseverydayareamongPulte’sgr...
