Pulte Home (PHM) Reports Q3 Loss of $1.15, Versus Consensus of a $0.64 Loss
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Pulte Home (NYSE: PHM) reports Q3 loss of $1.15 per share, versus the consensus of a $0.64 loss. Revenues came in at $1.09 billion, versus the consensus of $1.17 billion.
As of September 30, 2009, Pulte Homes was not in compliance with the tangible net worth covenant under its credit facility. The Company subsequently requested and received a limited waiver from its banks until December 15, 2009, permitting the Company to issue letters of credit under the credit facility during the term of the waiver. The Company expects to negotiate a permanent amendment by December 15, 2009, but there can be no assurance that any agreement regarding the amendment can be reached. If the Company does not reach an agreement with its banks prior to expiration of the waiver, the Company may seek an extension of the waiver or alternatively terminate the credit facility. In the event the Company terminates the credit facility, it believes it has sufficient liquidity given its current and expected cash position.
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