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 ]
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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