FORT WORTH, Texas--(BUSINESS WIRE)--July 10, 2007--D.R. Horton,
Inc. (NYSE:DHI), America's Builder, the largest homebuilder in the
United States, Tuesday (July 10, 2007), reported net sales orders for
the third quarter ended June 30, 2007 of 8,559 homes ($2.0 billion),
compared to 14,316 homes ($3.8 billion) for the same quarter of fiscal
year 2006. Net sales orders for the first nine months of fiscal year
2007 totaled 27,313 homes ($6.9 billion), compared to 41,550 homes
($11.4 billion) for the same period of fiscal year 2006. The Company's
cancellation rate (sales orders cancelled divided by gross sales
orders) for the third quarter of fiscal 2007 was 38%.
Donald R. Horton, Chairman of the Board, said, "Market conditions
for new home sales declined in our June quarter as inventory levels of
both new and existing homes remained high, and we expect the housing
environment to remain challenging. We adjusted our sales prices as
selling conditions deteriorated, and we continue to react quickly to
market dynamics. We expect to report a profit from operations before
impairments for the June 30, 2007 quarter. However, as a result of the
factors mentioned above, we will realize significant asset impairments
which will result in a loss for both the quarter and the nine months
ended June 30, 2007."
The Company will release its third quarter results on July 26,
2007 before the market opens. The conference call will be held
Thursday, July 26, 2007 at 10:00 a.m. Eastern Daylight Time (EDT). The
dial-in number is 800-374-9096. Participants are encouraged to call in
five minutes before the call begins (9:55 a.m. EDT). 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.
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 85 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.
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 release include our expectation for future market
conditions to remain challenging and our earnings expectations for the
quarter ended June 30, 2007, which include reporting a profit before
impairments, realizing significant asset impairments and recording a
loss for both the quarter and the nine months ended June 30, 2007.
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, construction and other business conditions; changes in
interest rates, the availability of mortgage financing or increases in
the costs of owning a home; governmental regulations and environmental
matters; the Company's substantial debt; competitive conditions within
the industry; the availability of capital to the Company on favorable
terms; the Company's ability to successfully effect its growth
strategies; and warranty and product liability claims. 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 report on Form 10-Q, which are filed with
the Securities and Exchange Commission.
WEBSITE ADDRESS: www.drhorton.com
D.R. HORTON, INC.
($'s in millions)
NET SALES ORDERS
Three months ended June 30,
--------------------------------------------------
2006 2007
----------------------- ------------------------
Homes Value Homes Value
----------------------- ------------------------
Northeast 1,979 $ 510.3 1,148 $ 308.3
Southeast 2,010 497.1 1,500 323.7
South Central 4,290 744.2 2,541 443.5
Southwest 3,227 880.5 1,894 409.2
California 1,708 805.1 804 307.1
West 1,102 395.8 672 237.0
-------- ---------- -------- -----------
14,316 $ 3,833.0 8,559 $ 2,028.8
======== ========== ======== ===========
Nine months ended June 30,
--------------------------------------------------
2006 2007
----------------------- ------------------------
Homes Value Homes Value
----------------------- ------------------------
Northeast 5,663 $ 1,478.0 3,867 $ 1,030.6
Southeast 5,845 1,489.1 4,301 961.1
South Central 11,178 1,920.8 7,198 1,282.2
Southwest 9,477 2,535.1 6,364 1,395.0
California 6,037 2,754.2 3,247 1,413.2
West 3,350 1,185.8 2,336 838.9
-------- ---------- -------- -----------
41,550 $ 11,363.0 27,313 $ 6,921.0
======== ========== ======== ===========
CONTACT: D.R. Horton, Inc.
Stacey Dwyer, EVP, 817-390-8200
SOURCE: D.R. Horton, Inc.
