ARLINGTON, Texas, April 8 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Tuesday (April 8, 2003), reported the highest quarterly net sales
orders in Company history. Net sales orders for the second quarter ended
March 31, 2003 increased 33% to $2.4 billion (10,548 homes), compared to
$1.8 billion (8,617 homes) for the same quarter of fiscal 2002. "Same store"
sales dollars increased 19% over the year ago quarter.
Net sales orders for the first six months of fiscal 2003 increased 45% to
$4.1 billion (17,800 homes), compared to $2.9 billion (13,761 homes) for the
same period of fiscal 2002. "Same store" sales dollars increased 20% for the
six months ended March 31, 2003.
Donald R. Horton, Chairman of the Board said, "March had the highest
monthly sales in the company history, which led to record sales for the
quarter. Our strong sales and record sales backlog position the Company for
another record year in fiscal year 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 strong sales and record 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.
($'s in millions)
NET SALES ORDERS
Three months ended March 31,
2002 2003
Units $'s Units $'s
Mid-Atlantic 883 $182.6 993 $215.1
Midwest 463 117.4 522 140.7
Southeast 969 158.4 1,152 215.5
Southwest 3,685 613.9 4,473 740.2
West 2,617 761.1 3,408 1,128.0
8,617 $1,833.4 10,548 $2,439.5
Six months ended March 31,
2002 2003
Units $'s Units $'s
Mid-Atlantic 1,511 $310.7 1,714 $361.0
Midwest 851 214.3 951 247.6
Southeast 1,704 276.7 2,101 385.4
Southwest 6,017 993.2 7,244 1,209.1
West 3,678 1,060.0 5,790 1,934.9
13,761 $2,854.9 17,800 $4,138.0
SOURCE D.R. Horton, Inc.
