D.R. Horton, Inc. Reports a 69% Increase in Fourth Quarter Net Income and a Year-End Record $3.7 Billion Backlog at September 30, 2003

November 12, 2003

Fourth Quarter Highlights * Net income increased 69% to $230.7 million * Diluted earnings per share increased 59% to $1.46 * Consolidated revenue increased 32% to $2.9 billion * Net sales orders increased 21% to $2.4 billion (10,114 homes)

     Fiscal Year 2003 Highlights
       *  Net income increased 55% to $626.0 million
       *  Diluted earnings per share increased 43% to $4.10
       *  Consolidated revenue increased 30% to $8.7 billion
       *  Sales contract backlog increased 29% to $3.7 billion (15,488 homes)
       *  Stockholders' equity increased 34% to $3.0 billion
       *  Homebuilding debt to total capitalization (net of cash) improved to
          40.0% from 51.3%
       *  Cash flows from operations of more than $400 million and "dry
          powder" of $1.3 billion

ARLINGTON, Texas, Nov. 12 /PRNewswire-FirstCall/ -- D.R. Horton, Inc. (NYSE: DHI) Wednesday (November 12, 2003), reported the highest quarterly earnings in Company history. Net income for the fourth quarter increased 69% to $230.7 million ($1.46 per diluted share), from $136.4 million ($0.92 per diluted share) for the same quarter of fiscal 2002. Fourth quarter consolidated revenue increased 32% to $2.9 billion, from $2.2 billion in the fourth quarter of fiscal 2002. Homebuilding revenue for the quarter increased 32% to $2.8 billion (11,527 homes closed), compared to $2.1 billion (9,554 homes closed) for the year ago quarter.

For the fiscal year ended September 30, 2003, net income increased 55% to $626.0 million ($4.10 per diluted share), compared to $404.7 million ($2.87 per diluted share) for fiscal 2002. Consolidated revenue for the year increased 30% to $8.7 billion, from $6.7 billion for fiscal 2002. Homebuilding revenue for the year increased 29% to $8.6 billion (35,934 homes closed), compared to $6.6 billion (29,761 homes closed) for fiscal 2002.

The Company's backlog of homes under contract at September 30, 2003 was a fiscal year-end record $3.7 billion (15,488 homes), up 29% from $2.8 billion (12,697 homes) at September 30, 2002. As previously reported, net sales orders for the fourth quarter were $2.4 billion (10,114 homes), an increase of 21% compared to $2.0 billion (8,665 homes) for the same quarter of fiscal 2002. Net sales orders for fiscal year 2003 increased 33% to $9.2 billion (38,725 homes), compared to $6.9 billion (31,491 homes) for fiscal 2002.

The Company expects diluted earnings per share for the quarter ended December 31, 2003 to be in the range of $0.90 to $0.95 (approximately 158.0 million diluted shares). The Company expects diluted earnings per share for fiscal year 2004 to be in the range of $4.50 to $4.60 (approximately 158.0 million diluted shares), based on projected revenues of approximately $9.5 to $9.7 billion (between 41,000 and 42,000 homes closed).

The Company will host a conference call Thursday, November 13th at 10:00 a.m. EST. The dial-in number is 800-374-9096. The call will also be webcast from www.drhorton.com on the "Investor Relations" page.

Donald R. Horton, Chairman of the Board, said, "We are pleased to conclude our 26th year of consecutive growth in earnings and revenues with a very strong balance sheet. Our shareholders' equity grew 34% to $3.0 billion, which is an incredible number compared to the $3,000 of beginning equity in 1978. Our $3.0 billion equity base contributed to our record low homebuilding net debt to cap of 40%. Strong earnings and controlled internal growth generated positive free cash flow this year, and we finished the year with $583 million in cash and $709 million available on our revolver, for a total of approximately $1.3 billion in 'dry powder.'

"We ended the year on an extremely positive note with a 21% organic increase in our fourth quarter sales and strong sales performances in all of our states. Our double-digit sales increase and our record $3.7 billion backlog position us to make fiscal year 2004 our 27th year of record earnings and revenues."

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, Dobson, Emerald, Melody, Milburn, Schuler, Stafford, Torrey, Trimark, and Western Pacific names in 20 states and 47 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 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. Forward- looking statements in this release relate to the Company's expected earnings per share for the quarter ending December 31, 2003 and the 2004 fiscal year, expected fiscal year 2004 revenues and the expectation of another record year in fiscal year 2004 due to the Company's double digit sales increase and record $3.7 billion sales contract backlog. 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; changes in income tax laws affecting mortgage interest deductibility; the Company's substantial leverage; competitive conditions within the industry; the availability of capital to the Company on favorable terms; the Company's ability to integrate acquisitions and 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 Securities and Exchange Commission.

                      WEBSITE ADDRESS: www.DRHORTON.com


                                D.R. HORTON, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)

                                   Three months ended       Fiscal year ended
                                      September 30,           September 30,
                                    2002        2003        2002       2003
                                    (In millions, except per share amounts)
    Homebuilding:
       Revenues
        Home sales                $2,119.3    $2,781.0    $6,529.6   $8,334.1
        Land/lot sales                15.2        28.9        95.6      218.0
                                   2,134.5     2,809.9     6,625.2    8,552.1
       Cost of sales
        Home sales                 1,708.3     2,191.6     5,282.1    6,621.2
        Land/lot sales                12.3        22.4        82.3      184.6
                                   1,720.6     2,214.0     5,364.4    6,805.8
       Gross profit
        Home sales                   411.0       589.4     1,247.5    1,712.9
        Land/lot sales                 2.9         6.5        13.3       33.4
                                     413.9       595.9     1,260.8    1,746.3

       Selling, general and
        administrative expense       201.8       242.6       646.8      817.0
       Interest expense                0.8         3.1         6.0        5.2
       Other expense                  13.0         6.4        16.9        9.4

       Operating income from
        homebuilding                 198.3       343.8       591.1      914.7

    Financial services:
       Revenues                       35.9        52.3       113.6      176.0
       Selling, general and
        administrative expense        19.5        28.7        67.8       98.3
       Interest expense                2.0         2.2         5.5        7.4
       Other (income)                 (5.5)       (6.9)      (16.1)     (23.2)

       Operating income from
        financial services            19.9        28.3        56.4       93.5

    Income before income taxes       218.2       372.1       647.5    1,008.2
    Provision for income taxes        81.8       141.4       242.8      382.2

    Net income                      $136.4      $230.7      $404.7     $626.0

    Amounts per share - basic:
       Net Income                    $0.93       $1.49       $3.01      $4.21
       Weighted average number
        of shares                    146.5       155.2       134.3      148.5

    Amounts per share - diluted:
       Net Income                    $0.92       $1.46       $2.87      $4.10
       Weighted average number
        of shares                    148.8       157.8       141.6      153.0


          Other Consolidated Financial Data

       Interest amortized to home
        and land/lot cost of sales   $46.6       $74.7      $136.1     $219.4
       Depreciation and amortization $14.2       $11.8       $32.8      $41.8
       Interest incurred             $59.2       $62.2      $204.3     $246.9


                                D.R. HORTON, INC.
                            CONSOLIDATED BALANCE SHEET
                                   (UNAUDITED)

                                                      As of September 30,
                                                      2002           2003
                                                         (In millions)
                     ASSETS
    Homebuilding:
    Cash and cash equivalents                         $92.1         $542.4
    Inventories:
      Finished homes and construction in progress   2,035.2        2,464.6
      Residential lots - developed and under
       development                                  2,297.6        2,506.2
      Land held for development                        10.3            6.5
      Consolidated land inventories not owned           ---          105.0
                                                    4,343.1        5,082.3
    Property and equipment (net)                       71.9           81.7
    Other assets                                      430.4          436.7
    Excess of cost over net assets acquired (net)     579.2          578.9
                                                    5,516.7        6,722.0
    Financial services:
    Cash and cash equivalents                          12.2           40.5
    Mortgage loans held for sale                      464.1          485.5
    Other assets                                       24.5           31.4
                                                      500.8          557.4
                                                   $6,017.5       $7,279.4
                    LIABILITIES
    Homebuilding:
    Accounts payable and other liabilities           $834.0       $1,131.9
    Notes payable                                   2,487.0        2,565.2
                                                    3,321.0        3,697.1
    Financial services:
    Accounts payable and other liabilities             14.3           17.1
    Notes payable                                     391.4          398.0
                                                      405.7          415.1
                                                    3,726.7        4,112.2
    Minority interests                                 20.9          135.9

               STOCKHOLDERS' EQUITY
    Common stock                                        1.5            1.6
    Additional capital                              1,349.6        1,581.7
    Unearned compensation                              (4.4)          (2.2)
    Retained earnings                                 923.2        1,509.1
    Treasury stock (at cost)                            ---          (58.9)
                                                    2,269.9        3,031.3
                                                   $6,017.5       $7,279.4


                                D.R. HORTON, INC.
                                ($'s in millions)


                                       NET SALES ORDERS

                      Three Months Ended                Fiscal Year Ended
                         September 30,                    September 30,
                     2002            2003             2002           2003
                Units     $'s   Units     $'s   Units     $'s   Units     $'s

    Mid-Atlantic  910   $188.1    928   $203.7  3,381   $700.2  3,594   $780.8
    Midwest       515    123.4    613    168.0  1,909    464.4  2,067    553.6
    Southeast   1,038    178.4  1,214    240.3  3,718    617.0  4,528    863.3
    Southwest   3,206    547.8  4,138    690.1 12,743  2,131.5 15,699  2,614.7
    West        2,996    958.7  3,221  1,103.9  9,740  2,972.8 12,837  4,349.9
                8,665 $1,996.4 10,114 $2,406.0 31,491 $6,885.9 38,725 $9,162.3


                                         HOMES CLOSED

                       Three Months Ended            Fiscal Year Ended
                          September 30,                 September 30,
                      2002            2003           2002            2003
                 Units     $'s   Units    $'s   Units     $'s   Units     $'s

    Mid-Atlantic  934   $194.6  1,004   $211.1  2,950   $625.7  3,245   $674.8
    Midwest       588    155.2    667    178.0  1,911    488.7  2,002    513.2
    Southeast     997    166.2  1,349    254.1  3,513    595.8  4,374    773.9
    Southwest   3,888    644.4  4,271    703.6 11,859  1,997.3 14,209  2,381.5
    West        3,147    958.9  4,236  1,434.2  9,528  2,822.1 12,104  3,990.7
                9,554 $2,119.3 11,527 $2,781.0 29,761 $6,529.6 35,934 $8,334.1


                                           SALES CONTRACT BACKLOG

                                              As of September 30,
                                           2002                 2003
                                     Units       $'s      Units      $'s
               Mid-Atlantic          1,253     $264.8     1,602     $370.9
               Midwest                 916      238.5       981      278.9
               Southeast             1,669      274.7     1,823      364.1
               Southwest             5,186      887.8     6,676    1,120.9
               West                  3,673    1,159.4     4,406    1,518.6
                                    12,697   $2,825.2    15,488   $3,653.4

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.

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