FORT WORTH, TEXAS--(BUSINESS WIRE)--Oct. 10, 2006--D.R. Horton,
Inc. (NYSE:DHI), America's Builder, the largest homebuilder in the
United States, Tuesday (October 10, 2006), reported net sales orders
for the fourth quarter ended September 30, 2006 of 10,430 homes ($2.5
billion), compared to 13,950 homes ($3.8 billion) for the same quarter
of fiscal year 2005. Net sales orders for fiscal year 2006 totaled
51,980 homes ($13.9 billion), compared to 53,232 homes ($14.6 billion)
for fiscal year 2005. The Company's cancellation rate (homes cancelled
divided by gross homes sold) for the fourth quarter of fiscal year
2006 was 40%, compared to 29% in the third quarter of fiscal year
2006.
Donald R. Horton, Chairman of the Board, said, "The current
selling conditions in the homebuilding industry continue to be
challenging, with higher than normal cancellation rates and increased
use of sales incentives in many of our markets. We are extremely
pleased with the sales effort from our people, which generated over
72,000 gross sales this fiscal year in a difficult environment."
The Company will release earnings for the quarter and fiscal year
ended September 30, 2006 on Tuesday, November 14, 2006 before the
market opens. A conference call will be held Tuesday, November 14,
2006 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 2:00
p.m. ET on November 14, 2006 at 800-642-1687, reference number
8411586. 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 November 28, 2006.
D.R. Horton, Inc., America's Builder, is the largest homebuilder
in the United States, delivering more than 50,000 homes in both fiscal
years 2005 and 2006. Founded in 1978 in Fort Worth, Texas, D.R. Horton
has expanded its presence to include 83 markets in 27 states in the
Mid-Atlantic, Midwest, Southeast, Southwest 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
$900,000. D.R. Horton also provides mortgage financing and title
services for homebuyers through its mortgage and title subsidiaries.
D.R. HORTON, INC.
($'s in millions)
NET SALES ORDERS
Three months ended September 30,
-------------------------------------
2005 2006
------------------ ------------------
Homes $'s Homes $'s
------------------ ------------------
Mid-Atlantic 1,319 $ 338.0 1,044 $ 246.0
Midwest 835 217.7 415 114.2
Southeast 2,102 550.5 1,533 318.0
Southwest 5,992 1,220.7 5,016 908.2
West 3,702 1,427.3 2,422 945.8
------- --------- ------- ---------
13,950 $ 3,754.2 10,430 $ 2,532.2
======= ========= ======= =========
Year Ended September 30,
-------------------------------------
2005 2006
------------------ ------------------
Homes $'s Homes $'s
------------------ ------------------
Mid-Atlantic 5,072 $ 1,342.7 4,883 $ 1,202.8
Midwest 3,093 821.5 2,151 610.6
Southeast 8,181 2,036.3 7,988 1,913.8
Southwest 21,375 4,227.8 22,668 4,543.3
West 15,511 6,215.1 14,290 5,624.7
------- --------- ------- ---------
53,232 $14,643.4 51,980 $13,895.2
======= ========= ======= =========
WEBSITE ADDRESS: www.DRHORTON.com
CONTACT:
D.R. Horton, Inc.
Stacey Dwyer, EVP, 817-390-8200
SOURCE: D.R. Horton, Inc.
