ARLINGTON, Texas, March 9 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI), Tuesday, (March 9, 2004) announced that it is increasing fiscal
year 2004 guidance. The Company expects diluted earnings per share for the
year ended September 30, 2004 to be in the range of $3.30 to $3.40 (assuming
approximately 237 million diluted shares). This range represents a 21% to 25%
increase in earnings per share over the $2.73 reported in fiscal year 2003,
and is based on projected consolidated revenues of approximately $10.2 to
$10.4 billion (approximately 43,000 to 44,000 homes closed).
Donald R. Horton, Chairman of the Board, said, "We continue to see double-
digit sales growth, with the dollar value of net new sales orders in both
January and February increasing more than 30% compared to the year earlier
period. This strong sales momentum positions the Company to exceed its prior
guidance as we work toward achieving our 27th consecutive year of record
revenues and earnings in fiscal year 2004. In addition, we are establishing
revenue goals of $12.0 billion (52,000 homes closed) in fiscal year 2005 and
$14.0 billion (63,000 homes closed) in fiscal year 2006."
While D.R. Horton, Inc. generally reports net new sales orders at the end
of each quarter, under the guidelines of Regulation FD, the Company is
providing sales information prior to its presentations at investor conferences
this week. The Company anticipates that it will continue to report sales
information quarterly.
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 20 states
and 47 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 press release relate to (i) the Company's
expectation of earnings per share for the 2004 fiscal year to be in the range
of $3.30 to $3.40, which is based on projected consolidated revenues of
approximately $10.2 to $10.4 billion (based on projected 43,000 to 44,000
homes closed), (ii) the belief that the Company's double-digit sales momentum
positions the Company to exceed its prior guidance and achieve the Company's
27th consecutive year of record revenues and earnings in fiscal year 2004 and
(iii) the establishment of revenue goals of $12.0 billion (52,000 homes
closed) in fiscal year 2005 and $14.0 billion (63,000 homes closed) in fiscal
year 2006. 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
SOURCE D.R. Horton, Inc.
