ARLINGTON, Texas, April 8 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Thursday (April 8, 2004), reported the highest quarterly net sales
orders in Company history. Net sales orders for the second quarter ended
March 31, 2004 increased 37% to $3.3 billion (13,480 homes), compared to
$2.4 billion (10,548 homes) for the same quarter of fiscal 2003. Net sales
orders for the first six months of fiscal 2004 increased 30% to $5.4 billion
(21,714 homes), compared to $4.1 billion (17,800 homes) for the same period of
fiscal 2003.
Donald R. Horton, Chairman of the Board, said, "Sales in March totaled
$1.3 billion, the highest for any month in Company history, which contributed
to the record sales for the quarter. Our strong sales and record sales
backlog position the Company for another record year in fiscal year 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 21 states
and 51 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. The
forward-looking statement in this release relates to our strong sales and
record sales backlog positioning the Company for another record year in fiscal
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.
WEBSITE ADDRESS: www.DRHORTON.com
D.R. HORTON, INC.
($'s in millions)
NET SALES ORDERS
Three months ended March 31,
2003 2004
Units $'s Units $'s
Mid-Atlantic 993 $215.1 1,034 $277.3
Midwest 522 140.7 620 175.1
Southeast 1,152 215.5 1,758 365.0
Southwest 4,473 740.2 5,435 906.1
West 3,408 1,128.0 4,633 1,610.3
10,548 $2,439.5 13,480 $3,333.8
Six months ended March 31,
2003 2004
Units $'s Units $'s
Mid-Atlantic 1,714 $361.0 1,749 $444.0
Midwest 951 247.6 1,031 300.3
Southeast 2,101 385.4 2,931 616.6
Southwest 7,244 1,209.1 8,715 1,460.9
West 5,790 1,934.9 7,288 2,545.7
17,800 $4,138.0 21,714 $5,367.5
SOURCE D.R. Horton, Inc.
