ARLINGTON, Texas, July 8 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Tuesday (July 8, 2003), reported the highest quarterly net sales
orders in Company history. Net sales orders for the third quarter ended
June 30, 2003 increased 29% to $2.6 billion (10,811 homes), compared to
$2.0 billion (9,065 homes) for the same quarter of fiscal 2002. Net sales
orders for the first nine months of fiscal 2003 increased 38% to $6.8 billion
(28,611 homes), compared to $4.9 billion (22,826 homes) for the same period of
fiscal 2002.
Donald R. Horton, Chairman of the Board, said, "We are very proud that our
people continue to deliver record-setting sales performances. Our continued
sales momentum and record backlog confirm that fiscal 2003 will be our 26th
consecutive year of record revenues and profitability, and position us for a
strong 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 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. 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 the most recent Form
10-Q, both of which were filed with the Securities and Exchange Commission.
D.R. HORTON, INC.
($'s in millions)
NET SALES ORDERS
Three months ended June 30,
2002 2003
Units $'s Units $'s
Mid-Atlantic 960 $201.3 952 $216.1
Midwest 543 126.8 503 138.0
Southeast 976 161.9 1,213 237.7
Southwest 3,520 590.5 4,317 715.5
West 3,066 954.1 3,826 1,311.1
9,065 $2,034.6 10,811 $2,618.4
Nine months ended June 30,
2002 2003
Units $'s Units $'s
Mid-Atlantic 2,471 $512.0 2,666 $577.1
Midwest 1,394 341.1 1,454 385.6
Southeast 2,680 438.6 3,314 623.0
Southwest 9,537 1,583.7 11,561 1,924.6
West 6,744 2,014.1 9,616 3,246.0
22,826 $4,889.5 28,611 $6,756.3
WEBSITE ADDRESS: www.DRHORTON.comSOURCE D.R. Horton, Inc.
