ARLINGTON, Texas, July 9 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Tuesday (July 9, 2002), reported the highest quarterly net sales
orders in Company history. Net sales orders for the third quarter ended
June 30, 2002 increased 68% to $2.0 billion (9,065 homes), compared to $1.2
billion (6,014 homes) for the same quarter of fiscal 2001. Further, our "same
store" sales dollars increased a substantial 22% in the third quarter.
Schuler Homes (acquired in February 2002) contributed 1,370 sales, and Emerald
Homes (acquired in July 2001) contributed 539 sales in the third quarter. Net
sales orders for the first nine months of fiscal 2002 increased 41% to
$4.9 billion (22,826 homes), compared to $3.5 billion (16,955 homes) for the
same period of fiscal 2001.
Donald R. Horton, Chairman of the Board, said, "Our people continue to
deliver record-setting sales performances. We are especially proud that even
though D. R. Horton has been a leading consolidator in the homebuilding
industry, our "same store" sales grew this quarter at a 22% pace, reflecting
continued strong growth in our core divisions. The Company's continued sales
momentum and record backlog confirm that fiscal 2002 will be our 25th
consecutive year of record revenues and profitability, and positions the
Company for a strong fiscal 2003."
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, Regency, 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 and the Company's ability to integrate its acquisitions, 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 SEC.
WEBSITE ADDRESS: www.DRHORTON.com
D.R. HORTON, INC.
($'s in millions)
NET SALES CONTRACTS
Three months ended June 30,
2001 2002
Units $'s Units $'s
Mid-Atlantic 674 $146.7 960 $201.3
Midwest 520 139.2 543 126.8
Southeast 868 152.9 976 161.9
Southwest 2,453 411.0 3,520 590.5
West 1,499 364.7 3,066 954.1
6,014 $1,214.5 9,065 $2,034.6
Nine months ended June 30,
2001 2002
Units $'s Units $'s
Mid-Atlantic 2,084 $459.4 2,471 $512.0
Midwest 1,441 374.8 1,394 341.1
Southeast 2,266 404.8 2,680 438.6
Southwest 6,927 1,142.2 9,537 1,583.7
West 4,237 1,089.4 6,744 2,014.1
16,955 $3,470.6 22,826 $4,889.5
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X60535373
SOURCE D.R. Horton, Inc.
Web site: http: //www.drhorton.com
Company News On-Call: http: //www.prnewswire.com/comp/118697.html
CONTACT: Sam Fuller, CFO, or Stacey Dwyer, EVP, both of D.R. Horton, Inc., +1-817-856-8200
