ARLINGTON, Texas, Jan. 8 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Wednesday (January 8, 2003) reported record first quarter net
sales orders. Net sales orders for the quarter ended December 31, 2002
increased 66% to $1.7 billion (7,252 homes) compared to $1.0 billion
(5,144 homes) for the same period of fiscal year 2002. Schuler Homes
(acquired in February 2002) contributed 1,248 home sales. On a "same store"
basis, sales dollars increased 22% over the year ago quarter.
Donald R. Horton, Chairman of the Board, said, "We are extremely pleased
with our excellent sales performance. Our continued sales momentum and strong
backlog at December 31 position the Company for 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, 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. Forward-
looking statements in this release relate to the expectation of another record
year in fiscal year 2003 due to the Company's backlog position. 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 to the Company on favorable terms; the Company's ability to integrate
its 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.
($ in millions)
NET SALES CONTRACTS
Quarter Ended December 31,
2001 2002
Homes $ Homes $
Mid-Atlantic 628 $128.1 721 $146.0
Midwest 388 96.9 429 106.9
Southeast 735 118.3 949 169.8
Southwest 2,332 379.2 2,771 468.9
West 1,061 298.9 2,382 806.9
Total 5,144 $1,021.4 7,252 $1,698.5
SOURCE D.R. Horton, Inc.
