ARLINGTON, Texas, July 8 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Thursday (July 8, 2004), reported that net sales orders for the
third quarter ended June 30, 2004 increased 23% to $3.2 billion
(12,444 homes), compared to $2.6 billion (10,811 homes) for the same quarter
of fiscal year 2003. Net sales orders for the first nine months of fiscal
year 2004 increased 27% to $8.6 billion (34,158 homes), compared to
$6.8 billion (28,611 homes) for the same period of fiscal year 2003.
Donald R. Horton, Chairman of the Board, said, "We are extremely pleased
that all of our regions produced double-digit sales dollar increases. Our
continued sales momentum and record backlog ensure that fiscal 2004 will be
our 27th consecutive year of record revenues and profitability, and position
the Company for a strong start to fiscal 2005."
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 continued sales
momentum and record sales backlog positioning the Company for record revenues
and profitability in fiscal year 2004 and the expectation of a strong start to
fiscal year 2005. 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: http://www.DRHORTON.com
D.R. HORTON, INC.
($'s in millions)
NET SALES ORDERS
Three months ended June 30,
2003 2004
Units $'s Units $'s
Mid-Atlantic 952 $216.1 1,147 $296.7
Midwest 503 138.0 586 162.2
Southeast 1,213 237.7 1,739 394.1
Southwest 4,317 715.5 4,962 839.2
West 3,826 1,311.1 4,010 1,524.1
10,811 $2,618.4 12,444 $3,216.3
Nine months ended June 30,
2003 2004
Units $'s Units $'s
Mid-Atlantic 2,666 $577.1 2,896 $740.6
Midwest 1,454 385.6 1,617 462.5
Southeast 3,314 623.0 4,670 1,010.7
Southwest 11,561 1,924.6 13,677 2,300.2
West 9,616 3,246.0 11,298 4,069.8
28,611 $6,756.3 34,158 $8,583.8
WEBSITE ADDRESS: http://www.DRHORTON.comSOURCE D.R. Horton, Inc.
