ARLINGTON, Texas, Oct. 7 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Monday (October 7, 2002) reported that net sales orders for the
fourth quarter ended September 30, 2002 increased 93% to $2.0 billion
(8,665 homes), compared to $1.0 billion (5,224 homes) for the same quarter of
fiscal 2001. Schuler Homes (acquired in February 2002) contributed
1,488 sales. Further, same store
sales dollars increased a substantial
46% in the fourth quarter. Net sales orders for fiscal year 2002 increased
53% to $6.9 billion (31,491 homes), compared to $4.5 billion (22,179 homes)
for fiscal year 2001.
Donald R. Horton, Chairman of the Board, said, We are extremely pleased
with our record-setting sales performance. Our continued sales momentum and
strong backlog at September 30 position the Company for a strong start to
another record year in 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, Melody,
Milburn, Regency, Schuler, SGS Communities, 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 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 CONTRACTS
Three months ended September 30,
2001 2002
Units $'s Units $'s
Mid-Atlantic 672 $130.6 910 $188.1
Midwest 410 106.5 515 123.4
Southeast 741 125.9 1,038 178.4
Southwest 2,306 394.3 3,206 547.8
West 1,095 274.7 2,996 958.7
5,224 $1,032.0 8,665 $1,996.4
Year ended September 30,
2001 2002
Units $'s Units $'s
Mid-Atlantic 2,756 $590.0 3,381 $700.2
Midwest 1,851 481.3 1,909 464.4
Southeast 3,007 530.8 3,718 617.0
Southwest 9,233 1,536.4 12,743 2,131.5
West 5,332 1,364.1 9,740 2,972.8
22,179 $4,502.6 31,491 $6,885.9
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SOURCE D.R. Horton, Inc.
-0- 10/07/2002
/CONTACT: Sam Fuller, CFO, or Stacey Dwyer, EVP, both of D.R. Horton,
+1-817-856-8200/
/Company News On-Call: http://www.prnewswire.com/comp/118697.html/
/Web site: http://www.drhorton.com /
(DHI)
CO: D.R. Horton, Inc.
ST: Texas
IN: CST
SU: SLS
KO
-- NYM078 --
9765 10/07/2002 07:05 EDT http://www.prnewswire.com
