ARLINGTON, Texas, April 3 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Wednesday (April 3, 2002), reported the highest quarterly net
sales orders in Company history. Net sales orders for the second quarter
ended March 31, 2002 increased 35% to $1.8 billion (8,617 homes), compared to
$1.4 billion (6,712 homes) for the same quarter of fiscal 2001. The year ago
amount represented the Company's previous record for sales in a single
quarter. For the current quarter, Schuler Homes (acquired in February 2002)
contributed 828 sales, and Emerald Homes (acquired in July 2001) and the
Jacksonville operations of Fortress (acquired in May 2001) contributed
850 sales. Net sales orders for the first six months of fiscal 2002 increased
27% to $2.9 billion (13,761 homes), compared to $2.3 billion (10,941 homes)
for the same period of fiscal 2001. For the six months, Emerald Homes and the
Jacksonville operations acquired from Fortress contributed 1,415 sales.
Donald R. Horton, Chairman of the Board, said, "We are extremely pleased
with the record-setting sales performance of the Company. In setting this new
quarterly record, each month's sales dollars and units increased over the
prior month, with March setting a Company record for monthly sales. Our
record backlog confirms that fiscal 2002 will be our 25th consecutive year of
record revenues and profitability, and positions the Company for a strong
beginning to fiscal 2003."
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, Arappco, Cambridge, Continental, Dietz-Crane, Dobson, Emerald, Mareli,
Melody, Milburn, Regency, Schuler, SGS Communities, Stafford, Torrey, Trimark,
and Western Pacific names in 21 states and 42 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. 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 combined companies'
substantial leverage; competitive conditions within the industry; the
availability of capital and the combined companies' ability to integrate their
operations, successfully effect the cost savings, operating efficiencies and
revenue enhancements that are believed available and otherwise to successfully
effect their 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 CONTRACTS
Three months ended March 31,
2001 2002
Units $'s Units $'s
Mid-Atlantic 860 $184.3 883 $182.7
Midwest 595 155.6 463 117.3
Southeast 850 154.0 969 158.4
Southwest 2,795 453.4 3,685 613.9
West 1,612 408.6 2,617 761.1
6,712 $1,355.9 8,617 $1,833.4
Six months ended March 31,
2001 2002
Units $'s Units $'s
Mid-Atlantic 1,410 $312.7 1,511 $310.7
Midwest 921 235.6 851 214.3
Southeast 1,398 252.0 1,704 276.7
Southwest 4,474 731.1 6,017 993.2
West 2,738 724.7 3,678 1,060.0
10,941 $2,256.1 13,761 $2,854.9
WEBSITE ADDRESS: www.DRHORTON.com
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SOURCE D.R. Horton, Inc.
Web site: http: //www.drhorton.com
Company News On-Call: http: //www.prnewswire.com/comp/118697.html
CONTACT: Sam Fuller, CFO, or Stacey H. Dwyer, EVP, both of D.R. Horton, Inc., +1-817-856-8200
