<PAGE>   1
 
                                                                     EXHIBIT 1.1
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
 
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                      (IN THOUSANDS EXCEPT PER SHARE DATA)
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                                               THREE MONTHS ENDED      NINE MONTHS ENDED
                                                                   MARCH 31,               MARCH 31,
                                                              --------------------    --------------------
                                                                1998        1997        1998        1997
                                                              --------    --------    --------    --------
<S>                                                           <C>         <C>         <C>         <C>
Revenues....................................................  $254,714    $280,317    $781,692    $838,294
                                                              --------    --------    --------    --------
Costs and expenses:
  Home construction, land and other.........................   194,644     213,373     596,625     644,212
  Interest..................................................     9,473      12,398      31,472      35,680
  Selling, general and administrative.......................    38,847      39,584     114,672     117,204
                                                              --------    --------    --------    --------
                                                               242,964     265,355     742,769     797,096
                                                              --------    --------    --------    --------
    Earnings before income taxes and extraordinary item.....    11,750      14,962      38,923      41,198
Income taxes................................................     4,230       5,386      14,012      14,831
                                                              --------    --------    --------    --------
    Earnings before extraordinary item......................     7,520       9,576      24,911      26,367
Extraordinary item:
  Loss from extinguishment of debt (net of tax).............        --       1,285          --       1,285
                                                              --------    --------    --------    --------
    Net earnings............................................  $  7,520    $  8,291    $ 24,911    $ 25,082
                                                              ========    ========    ========    ========
Weighted average shares outstanding.........................    17,890      17,630      17,740      17,584
                                                              ========    ========    ========    ========
Weighted average shares outstanding -- assuming dilution....    18,749      17,884      18,350      17,888
                                                              ========    ========    ========    ========
Net earnings per share:
  Earnings before extraordinary item........................  $   0.42    $   0.54    $   1.40    $   1.50
  Extraordinary item........................................        --        0.07          --        0.07
                                                              --------    --------    --------    --------
                                                              $   0.42    $   0.47    $   1.40    $   1.43
                                                              ========    ========    ========    ========
Net earnings per share -- assuming dilution:
  Earnings before extraordinary item........................  $   0.40    $   0.54    $   1.36    $   1.47
  Extraordinary item........................................        --        0.07          --        0.07
                                                              --------    --------    --------    --------
                                                              $   0.40    $   0.46    $   1.36    $   1.40
                                                              ========    ========    ========    ========
</TABLE>
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
 
                     REVENUES AND COSTS AND EXPENSES DETAIL
                             (DOLLARS IN THOUSANDS)
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                                               THREE MONTHS ENDED      NINE MONTHS ENDED
                                                                   MARCH 31,               MARCH 31,
                                                              --------------------    --------------------
                                                                1998        1997        1998        1997
                                                              --------    --------    --------    --------
<S>                                                           <C>         <C>         <C>         <C>
Revenues:
  Homebuilding:
    Communities.............................................  $186,828    $220,728    $582,512    $633,713
    Conventional............................................    48,265      53,289     150,491     166,013
                                                              --------    --------    --------    --------
        Total homebuilding..................................   235,093     274,017     733,003     799,726
  Land and facility sales...................................    17,213       3,827      41,344      30,061
  Other.....................................................     2,408       2,473       7,345       8,507
                                                              --------    --------    --------    --------
                                                              $254,714    $280,317    $781,692    $838,294
                                                              ========    ========    ========    ========
Costs and expenses:
  Home construction and land:
    Communities.............................................  $137,585    $164,449    $436,638    $476,625
    Conventional............................................    39,901      45,694     125,802     140,441
                                                              --------    --------    --------    --------
        Total homebuilding..................................   177,486     210,413     562,440     617,066
  Cost of land and facility sales...........................    16,252       2,690      32,040      24,751
  Other cost of sales.......................................       906         540       2,145       2,395
                                                              --------    --------    --------    --------
        Total home construction, land and other.............   194,644     213,373     596,625     644,212
  Interest..................................................     9,473      12,398      31,472      35,680
  Selling, general and administrative.......................    38,847      39,584     114,672     117,204
                                                              ========    ========    ========    ========
                                                              $242,964    $265,355    $742,769    $797,096
                                                              ========    ========    ========    ========
Homebuilding gross margin percentage:
  Communities...............................................      26.4%       25.5%       25.0%       24.8%
  Conventional..............................................      17.3%       14.3%       16.4%       15.4%
                                                              --------    --------    --------    --------
        Total homebuilding..................................      24.5%       23.3%       23.3%       22.8%
                                                              ========    ========    ========    ========
</TABLE>
 
                                        3
<PAGE>   2
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
 
               CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA
 
<TABLE>
<CAPTION>
                                          THREE MONTHS                            NINE MONTHS
                                             ENDED                                   ENDED
                                           MARCH 31,            CHANGE             MARCH 31,            CHANGE
                                         --------------    -----------------     --------------    -----------------
                                         1998     1997     AMOUNT    PERCENT     1998     1997     AMOUNT    PERCENT
                                         -----    -----    ------    -------     -----    -----    ------    -------
<S>                                      <C>      <C>      <C>       <C>         <C>      <C>      <C>       <C>
OPERATING DATA:
Number of net new orders:
  Sun Cities Phoenix(1)................    393      372       21         5.6%      927      994      (67)       (6.7)%
  Sun Cities Las Vegas(2)..............    308      272       36        13.2%      826      751       75        10.0%
  Sun City Palm Desert.................    162      118       44        37.3%      315      183      132        72.1%
  Sun City Roseville...................    196      153       43        28.1%      509      347      162        46.7%
  Sun City Hilton Head.................    103       92       11        12.0%      273      228       45        19.7%
  Sun City Georgetown..................    118      132      (14)      (10.6)%     311      325      (14)       (4.3)%
  Florida communities(3)...............    122      N/A      122         N/A       122      N/A      122         N/A
  Other communities*...................     99      N/A       99         N/A       172      N/A      172         N/A
  Coventry Homes.......................    432      335       97        29.0%      983      849      134        15.8%
                                         -----    -----    -----     -------     -----    -----    -----     -------
    Total current communities..........  1,933    1,474      459        31.1%    4,438    3,677      761        20.7%
Completed operations:
  Sun City Tucson......................    N/A       20      (20)     (100.0)%     N/A       58      (58)      100.0)%
  Terravita............................      1       89      (88)      (98.9)%     N/A      192     (192)      100.0)%
  Coventry Homes -- So. California.....    N/A       55      (55)     (100.0)%     N/A      152     (152)      100.0)%
                                         -----    -----    -----     -------     -----    -----    -----     -------
    Total..............................  1,934    1,638      296        18.1%    4,438    4,079      359         8.8%
                                         =====    =====    =====     =======     =====    =====    =====     =======
Number of home closings:
  Sun Cities Phoenix(1)................    292      271       21         7.7%      913      769      144        18.7%
  Sun Cities Las Vegas(2)..............    241      277      (36)      (13.0)%     772      808      (36)       (4.5)%
  Sun City Palm Desert.................     84       69       15        21.7%      202      162       40        24.7%
  Sun City Roseville...................    147      118       29        24.6%      420      446      (26)       (5.8)%
  Sun City Hilton Head.................     90      105      (15)      (14.3)%     270      290      (20)       (6.9)%
  Sun City Georgetown..................     75      151      (76)      (50.3)%     298      438     (140)      (32.0)%
  Florida communities(3)...............     71      N/A       71         N/A        71      N/A       71         N/A
  Other communities*...................      5      N/A        5         N/A         5      N/A        5         N/A
  Coventry Homes.......................    259      277      (18)       (6.5)%     825      914      (89)       (9.7)%
                                         -----    -----    -----     -------     -----    -----    -----     -------
    Total current communities..........  1,264    1,268       (4)       (0.3)%   3,776    3,827      (51)       (1.3)%
Completed operations:
  Sun City Tucson......................    N/A       23      (23)     (100.0)%     N/A      102     (102)      100.0)%
  Terravita............................      6      120     (114)      (95.0)%     118      307     (189)      (61.6)%
  Coventry Homes -- So. California.....    N/A       56      (56)     (100.0)%      20      126     (106)      (84.1)%
                                         -----    -----    -----     -------     -----    -----    -----     -------
    Total..............................  1,270    1,467     (197)      (13.4)%   3,914    4,362     (448)      (10.3)%
                                         =====    =====    =====     =======     =====    =====    =====     =======
BACKLOG DATA:
Homes under contract at March 31:
  Sun Cities Phoenix(1)................    706      778      (72)      (9.3)%
  Sun Cities Las Vegas(2)..............    587      585        2        0.3%
  Sun City Palm Desert.................    239      133      106       79.7%
  Sun City Roseville...................    369      278       91       32.7%
  Sun City Hilton Head.................    162      131       31       23.7%
  Sun City Georgetown..................    215      265      (50)     (18.9)%
  Florida communities(3)...............    256      N/A      256        N/A
  Other communities*...................    167      N/A      167        N/A
  Coventry Homes.......................    616      507      109       21.5%
                                         -----    -----    -----     ------
    Total current communities..........  3,317    2,677      640       23.9%
Completed operations:
  Sun City Tucson......................    N/A        1       (1)    (100.0)%
  Terravita............................      2      189     (187)     (98.9)%
  Coventry Homes -- So. California.....    N/A       49      (49)    (100.0)%
                                         -----    -----    -----     ------
    Total..............................  3,319    2,916      403       13.8%
                                         =====    =====    =====     ======
Aggregate contract sales amount
  (dollars in millions)................  $ 663    $ 566    $  97       17.1%
                                         =====    =====    =====     ======
Average contract sales amount per home
  (dollars in thousands)...............  $ 200    $ 194    $   6        3.1%
                                         =====    =====    =====     ======
</TABLE>
 
                                        4
<PAGE>   3
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
 
         CERTAIN CONSOLIDATED FINANCIAL AND OPERATING DATA (CONTINUED)
 
<TABLE>
<CAPTION>
                                              THREE MONTHS                               NINE MONTHS
                                                  ENDED                                     ENDED
                                                MARCH 31,             CHANGE              MARCH 31,              CHANGE
                                           -------------------   -----------------   -------------------   ------------------
                                             1998       1997     AMOUNT    PERCENT     1998       1997      AMOUNT    PERCENT
                                           --------   --------   -------   -------   --------   --------   --------   -------
<S>                                        <C>        <C>        <C>       <C>       <C>        <C>        <C>        <C>
AVERAGE REVENUE PER HOME CLOSING:
  Sun Cities Phoenix(1)..................  $158,500   $163,700   $(5,200)   (3.2%)   $157,800   $161,900   $ (4,100)   (2.5%)
  Sun Cities Las Vegas(2)................   200,300    184,100   16,200      8.8%     198,600    179,500     19,100    10.6%
  Sun City Palm Desert...................   228,000    232,600   (4,600)    (2.0%)    228,500    225,600      2,900     1.3%
  Sun City Roseville.....................   224,500    221,700    2,800      1.3%     214,700    210,600      4,100     1.9%
  Sun City Hilton Head...................   173,100    174,500   (1,400)    (0.8%)    169,300    165,900      3,400     2.0%
  Sun City Georgetown....................   195,800    176,500   19,300     10.9%     198,700    180,300     18,400    10.2%
  Florida communities(3).................    97,900        N/A      N/A       N/A      97,900        N/A        N/A      N/A
  Other communities*.....................   130,000        N/A      N/A       N/A     130,000        N/A        N/A      N/A
  Coventry Homes.........................   186,400    149,200   37,200     24.9%     177,900    151,000     26,900    17.8%
  Weighted average current communities...   184,200    176,600    7,600      4.3%     183,500    173,800      9,700     5.6%
Completed operations:
  Sun City Tucson........................       N/A    164,200      N/A       N/A         N/A    167,100        N/A      N/A
  Terravita..............................   379,300    286,800   92,500     32.3%     307,000    291,800     15,200     5.2%
  Coventry Homes -- So. California.......       N/A    213,400      N/A       N/A     186,600    222,000    (35,400)  (15.9%)
    Total weighted average...............   185,100    186,800   (1,700)    (0.9%)    187,300    183,300      4,000     2.2%
                                           ========   ========   =======   ======    ========   ========   ========   ======
OPERATING STATISTICS:
Costs and expenses as a percentage of
  revenues:
  Home construction, land and other......     76.4%      76.1%     0.3%      0.4%       76.3%      76.8%      (0.5%)   (0.7%)
  Interest...............................      3.7%       4.4%    (0.7%)   (15.9%)       4.0%       4.3%      (0.3%)   (7.0%)
  Selling, general and administrative....     15.3%      14.1%     1.2%      8.5%       14.7%      14.0%       0.7%     5.0%
Ratio of home closings to homes under
  contract in backlog at beginning of
  period.................................     51.8%      53.4%    (1.6%)    (3.0%)     151.1%     136.4%      14.7%    10.8%
                                           ========   ========   =======   ======    ========   ========   ========   ======
</TABLE>
 
---------------
(1) Includes Sun City West and Sun City Grand.
 
(2) Includes Sun City Summerlin and Sun City MacDonald Ranch.
 
(3) Represents two operating age-restricted communities acquired in January
    1998. Included in this acquisition was a beginning backlog of 205 homes.
 
 *  Represents three smaller-scale communities in Arizona and California.
 
                                        5
<PAGE>   4
 
                     DEL WEBB CORPORATION AND SUBSIDIARIES
 
                   SUPPLEMENTARY EARNINGS RELEASE INFORMATION
          AS OF AND FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 1998
                                  (UNAUDITED)
 
<TABLE>
<S>                                                           <C>        <C>
SHAREHOLDERS EQUITY AT MARCH 31, 1998 (DOLLARS IN THOUSANDS)
Common stock, $.001 par value. Authorized 30,000,000 shares;
  issued 18,035,966 shares at March 31, 1998................             $       18
  Additional paid-in capital................................                165,156
  Retained earnings.........................................                168,173
                                                                         ----------
                                                                            333,347
  Less cost of common stock in treasury, no shares at March
    31, 1998................................................                     --
  Less deferred compensation................................                 (5,713)
                                                                         ----------
    Total shareholders' equity..............................             $  327,634
                                                                         ==========
REAL ESTATE INVENTORIES AT MARCH 31, 1998 (DOLLARS IN
  THOUSANDS)
Home construction costs.....................................             $  199,515
Unamortized improvement and amenity costs...................                574,560
Unamortized capitalized interest............................                 57,785
Land held for housing.......................................                245,556
Land and facilities held for future development or sale.....                 29,861
                                                                         ----------
    Total real estate inventories...........................             $1,107,277
                                                                         ==========
NOTES PAYABLE, SENIOR AND SUBORDINATED DEBT AT MARCH 31,
  1998 (DOLLARS IN THOUSANDS)
9 3/4% Senior Subordinated Debentures due 2003, net.........             $   97,978
9% Senior Subordinated Debentures due 2006, net.............                 97,834
9 3/4% Senior Subordinated Debentures due 2008, net.........                145,249
Notes payable to banks under a revolving credit facility and
  short-term lines of credit................................                311,000
Real estate and other notes.................................                 84,656
                                                                         ----------
  Total notes payable, senior and subordinated debt.........             $  736,717
                                                                         ==========
</TABLE>
 
<TABLE>
<CAPTION>
                                                               THREE      NINE
                                                              MONTHS     MONTHS
                                                              -------    -------
<S>                                                           <C>        <C>
INTEREST FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 1998
  (DOLLARS IN THOUSANDS)
Unamortized capitalized interest included in real estate
  inventories at beginning of period........................  $50,125    $46,121
Interest incurred and capitalized...........................   17,133     43,136
Amortization of capitalized interest in costs and
  expenses..................................................   (9,473)   (31,472)
                                                              -------    -------
Unamortized capitalized interest included in real estate
  inventories at end of period..............................  $57,785    $57,785
                                                              =======    =======
</TABLE>
 
                                        6