ARLINGTON, Texas, Jan. 8 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Thursday (January 8, 2004) reported record first quarter net sales
orders. Net sales orders for the quarter ended December 31, 2003 increased
20% to $2.0 billion (8,234 homes) compared to $1.7 billion (7,252 homes) for
the same period of fiscal year 2003.
Donald R. Horton, Chairman of the Board, said, "We are extremely pleased
with our double-digit organic sales performance. Our continued sales
increases and strong backlog at December 31 position the Company for another
record year in fiscal 2004."
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 20 states
and 47 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 Company's backlog at
December 31, 2003 and the Company's record earnings in fiscal year 2004.
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.
($ in millions)
"SAME STORE" NET SALES ORDERS
Quarter Ended December 31,
2002 2003
Homes $ Homes $
Mid-Atlantic 721 $146.0 715 $166.7
Midwest 429 106.9 411 125.2
Southeast 949 169.8 1,173 251.6
Southwest 2,771 468.9 3,280 554.8
West 2,382 806.9 2,655 935.4
Total 7,252 $1,698.5 8,234 $2,033.7
WEBSITE ADDRESS: www.DRHORTON.comSOURCE D.R. Horton, Inc.
