ARLINGTON, Texas, Jan. 8 /PRNewswire/ -- D.R. Horton, Inc. (NYSE: DHI)
Tuesday (January 8, 2002) reported record sales for the first quarter of
fiscal 2002. Net sales for the quarter ended December 31, 2001 increased
22% to 5,144 units ($1,021.4 million) compared to 4,229 units ($900.3 million)
for the same period of fiscal year 2001.
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 first quarter, combined with our strong backlog, provide a solid
foundation for our 25th consecutive year of growth and profitability."
D.R. Horton's earnings release for the quarter ended December 31, 2001 is
scheduled for January 22, 2002. The quarterly conference call will be at
11:00 a.m. EST at 800-374-9096. The call will also be available through a
webcast at www.DRHORTON.com .
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. The Company currently builds and sells homes under the D.R.
Horton, Arappco, Cambridge, Continental, Dietz-Crane, Dobson, Emerald, Mareli,
Milburn, Regency, SGS Communities, Torrey and Trimark names in 20 states and
38 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
subsidiaries CH Mortgage, DRH Title Company, Principal Title, Travis Title
Company, Metro Title Company, Century Title Company and Custom Title Company.
Portions of this document may constitute "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995. Although the
Company 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 the
Company as of the date of this press release. The Company undertakes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future results 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
regulation and environmental matters; the Company's substantial leverage;
competitive conditions within the industry; the availability of capital and
the Company's ability to successfully effect growth strategies. Additional
information about issues that could lead to material changes in performance is
contained in the Company's annual report on Form 10-K and most recent
quarterly report on Form 10-Q, which are filed with the Securities and
Exchange Commission.
D.R. HORTON, INC.
($ in millions)
NET SALES CONTRACTS
Quarter Ended December 31,
2000 2001
Homes $ Homes $
Mid-Atlantic 550 $128.4 628 $128.1
Midwest 326 80.1 388 96.9
Southeast 548 98.0 735 118.3
Southwest 1,679 277.8 2,332 379.2
West 1,126 316.0 1,061 298.9
Total 4,229 $900.3 5,144 $1,021.4
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X72771415
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
