ARLINGTON, Texas, Oct. 7 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Tuesday (October 7, 2003) reported that net sales orders for the
fourth quarter ended September 30, 2003 increased 21% to $2,406.0 million
(10,114 homes), compared to $1,996.4 million (8,665 homes) for the same
quarter of fiscal year 2002. Net sales orders for fiscal year 2003 increased
33% to $9,162.3 million (38,725 homes), compared to $6,885.9 million
(31,491 homes) for fiscal year 2002.
Donald R. Horton, Chairman of the Board, said, "We are extremely pleased
with the Company's double-digit sales increase. The excellent sales results
in our fourth quarter, combined with our strong backlog, position the Company
for a strong start to another record year in fiscal 2004."
Founded in 1978, D.R. Horton, Inc. is engaged in the construction and sale
of high quality homes designed principally for the entry-level and first time
move-up markets. D.R. Horton currently builds and sells homes under the D.R.
Horton, Cambridge, Continental, Dietz-Crane, Emerald, Melody, Milburn,
Schuler, Stafford, Torrey, Trimark, and Western Pacific names in 20 states and
44 markets, with a geographic presence in the Midwest, Mid-Atlantic,
Southeast, Southwest and Western regions of the United States. The Company
also provides mortgage financing and title services for homebuyers through its
mortgage and title subsidiaries.
Portions of this document may constitute "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995. Although
D.R. Horton believes any such statements are based on reasonable assumptions,
there is no assurance that actual outcomes will not be materially different.
All forward-looking statements that relate to the Company's backlog and
assurance of another record year in fiscal 2004 are based upon information
available to D.R. Horton on the date this release was issued. D.R. Horton
does not undertake any obligation to publicly update or revise any forward-
looking statements, whether as a result of new information, future events or
otherwise. Factors that may cause the actual results to be materially
different from the future results expressed by the forward-looking statements
include, but are not limited to: changes in general economic, real estate and
business conditions; changes in interest rates and the availability of
mortgage financing; governmental regulations and environmental matters; the
Company's substantial leverage; competitive conditions within the industry;
the availability of capital and the Company's ability to integrate its
acquisitions, successfully effect the cost savings, operating efficiencies and
revenue enhancements that are believed available and otherwise to successfully
effect its other growth strategies. Additional information about issues that
could lead to material changes in performance is contained in D.R. Horton's
annual report on Form 10-K and most recent quarterly reports on Form 10-Q,
which are filed with the SEC.
D.R. HORTON, INC.
($'s in millions)
NET SALES ORDERS
Three months ended September 30,
Units $'s Units $'s
Mid-Atlantic 910 $188.1 928 $203.7
Midwest 515 123.4 613 168.0
Southeast 1,038 178.4 1,214 240.3
Southwest 3,206 547.8 4,138 690.1
West 2,996 958.7 3,221 1,103.9
8,665 $1,996.4 10,114 $2,406.0
Year ended September 30,
Units $'s Units $'s
Mid-Atlantic 3,381 $700.2 3,594 $780.8
Midwest 1,909 464.4 2,067 553.6
Southeast 3,718 617.0 4,528 863.3
Southwest 12,743 2,131.5 15,699 2,614.7
West 9,740 2,972.8 12,837 4,349.9
31,491 $6,885.9 38,725 $9,162.3
WEBSITE ADDRESS: www.DRHORTON.com
SOURCE D.R. Horton, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding D.R. Horton's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.