ARLINGTON, Texas, Oct 7, 2004 /PRNewswire-FirstCall via COMTEX/ -- D.R. Horton, Inc.
(NYSE: DHI) Thursday (October 7, 2004) reported that net sales orders for the
quarter ended September 30, 2004 increased 17% to a fourth-quarter record $2.8
billion (11,105 homes), compared to $2.4 billion (10,114 homes) for the same
quarter of fiscal year 2003. Net sales orders for fiscal year 2004 increased
24% to a record $11.4 billion (45,263 homes), compared to $9.2 billion (38,725
homes) for fiscal year 2003.
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Donald R. Horton, Chairman of the Board, said, "We are extremely pleased
with the Company's double-digit sales increase. For the first time in
history, a homebuilder has sold more than 45,000 homes in the United States in
a fiscal year. Each of our regions recorded increases in both homes sold and
sales dollars for the quarter and for the entire year. Our continued sales
momentum and record backlog ensure a strong start to another record year in
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 in 21 states
and 51 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. The
forward-looking statement in this release relates to our continued sales
momentum and record sales backlog positioning the Company for a strong start
to a record year in fiscal year 2005. 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.
D.R. HORTON, INC.
($'s in millions)
NET SALES ORDERS
Three months ended September 30,
Units $'s Units $'s
Mid-Atlantic 928 $203.7 1,136 $269.1
Midwest 613 168.0 644 172.0
Southeast 1,214 240.3 1,631 365.0
Southwest 4,138 690.1 4,469 786.6
West 3,221 1,103.9 3,225 1,229.7
10,114 $2,406.0 11,105 $2,822.4
Year ended September 30,
Units $'s Units $'s
Mid-Atlantic 3,594 $780.8 4,032 $1,009.7
Midwest 2,067 553.6 2,261 634.5
Southeast 4,528 863.3 6,301 1,375.8
Southwest 15,699 2,614.7 18,146 3,086.7
West 12,837 4,349.9 14,523 5,299.5
38,725 $9,162.3 45,263 $11,406.2
WEBSITE ADDRESS: http://www.DRHORTON.com
SOURCE D.R. Horton, Inc.
Stacey Dwyer, EVP and Treasurer of D.R. Horton, Inc.,
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"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.