FORT WORTH, Texas--(BUSINESS WIRE)--Jan. 9, 2007--D.R. Horton,
Inc. (NYSE:DHI), America's Builder, the largest homebuilder in the
United States, Tuesday (January 9, 2007), reported net sales orders
for the first quarter ended December 31, 2006 of 8,771 homes ($2.3
billion), compared to 11,463 homes ($3.2 billion) for the same quarter
of fiscal 2006. The Company's cancellation rate (sales orders
cancelled divided by gross sales orders) for the first quarter of
fiscal 2007 was 33%, compared to 40% in the fourth quarter of fiscal
2006.
Donald R. Horton, Chairman of the Board, said, "Our people worked
very hard to achieve these net sales orders during a time when the
selling conditions in the homebuilding industry remain challenging.
Although our cancellation rate decreased in the first quarter of
fiscal 2007 compared to the fourth quarter of fiscal 2006, we continue
to experience higher than normal cancellation rates and an increased
use of sales incentives in many of our markets."
The Company will release earnings for the quarter ended December
31, 2006 on Tuesday, January 23, 2007 before the market opens. A
conference call will be held Tuesday, January 23, 2007 at 10:00 a.m.
ET. The dial in number is 800-374-9096. Participants are encouraged to
call in five minutes before the call begins (9:55 a.m. ET). Please
reference the call host, Donald J. Tomnitz, CEO of D.R. Horton, Inc.
The call will also be webcast from the Company's website at
www.drhorton.com on the "Investor Relations" page. A replay of the
conference call will be available after 2 p.m. ET on January 23, 2007
at 800-642-1687, reference number 5304468. The replay will also be
available from the Company's website at www.drhorton.com on the
"Investor Relations" page. The replay will be available through
midnight ET on February 6, 2007.
Historical net sales orders, homes closed and sales order backlogs
for our revised reporting regions are now available on the Company's
website at www.drhorton.com on the "Investor Relations" page.
D.R. Horton, Inc., America's Builder, is the largest homebuilder
in the United States, delivering more than 53,000 homes in its fiscal
year ended September 30, 2006. Founded in 1978 in Fort Worth, Texas,
D.R. Horton has expanded its presence to include 84 markets in 27
states in the Northeast, Southeast, South Central, Southwest,
California and West regions of the United States. The Company is
engaged in the construction and sale of high quality homes with sales
prices ranging from $90,000 to over $900,000. D.R. Horton also
provides mortgage financing and title services for homebuyers through
its mortgage and title subsidiaries.
WEBSITE ADDRESS: www.drhorton.com
D.R. HORTON, INC.
($'s in millions)
NET SALES ORDERS
Three Months Ended December 31,
-------------------------------------------------------
2005 2006
------------------------ --------------------------
Homes $'s Homes $'s
------------ ----------- ------------ -------------
Northeast 1,694 $ 456.9 1,155 $ 313.2
Southeast 1,795 468.5 1,372 321.6
South Central 2,737 472.6 1,923 348.5
Southwest 2,713 736.6 2,299 485.9
California 1,632 712.9 1,336 572.7
West 892 319.3 686 251.0
------------ ----------- ------------ -------------
Total 11,463 $ 3,166.8 8,771 $ 2,292.9
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CONTACT: D.R. Horton, Inc.
Stacey Dwyer, EVP, 817-390-8200
SOURCE: D.R. Horton, Inc.
