FORT WORTH, Texas--(BUSINESS WIRE)--July 13, 2006--D.R. Horton,
Inc. (NYSE:DHI), America's Builder, the largest homebuilder in the
United States, Thursday (July 13, 2006), reported net sales orders for
the third quarter ended June 30, 2006 of 14,316 homes ($3.8 billion),
compared to 14,980 homes ($4.1 billion) for the same quarter of fiscal
year 2005. Net sales orders for the first nine months of fiscal year
2006 increased 6% to 41,550 homes ($11.4 billion), compared to 39,282
homes ($10.9 billion) for the same period of fiscal year 2005.
Donald R. Horton, Chairman of the Board, said, "Our people worked
very hard to achieve these net sales orders given the difficult
selling conditions the homebuilding industry is experiencing. The
current home sales environment is characterized by an increase in both
existing and new homes available for sale, higher than normal
cancellation rates and an increase in the use of sales incentives in
many of our markets. Due to these market conditions, we expect
earnings for the third quarter ended June 30, 2006 to be approximately
$0.93 per diluted share, which reflects approximately $0.11 per
diluted share in writeoffs of earnest money and pre-acquisition costs
related to land option contracts. We are reducing our guidance for
fiscal year 2006 to $3.65 per diluted share or greater on
approximately 50,000 homes closed."
The Company will provide additional information about the third
quarter results and its expectations for fiscal year 2006 in its July
20, 2006 press release and earnings conference call. The conference
call will be held Thursday, July 20, 2006 at 10:00 a.m. Eastern Time
(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.
D.R. Horton, Inc., America's Builder, is the largest homebuilder
in the United States, delivering more than 51,000 homes in its fiscal
year ended September 30, 2005. 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 Western
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 earnings for
the third quarter ended June 30, 2006 to be approximately $0.93 per
diluted share and for fiscal year 2006 to be $3.65 per diluted share
or greater on approximately 50,000 homes closed. Factors that may
cause the actual results to be materially different from the future
results expressed by the forward-looking statements include, but are
not limited to: changes in general economic, real estate construction
and other business conditions; changes in interest rates, the
availability of mortgage financing or increases in the costs of owning
a home; governmental regulations and environmental matters; the
Company's substantial debt; competitive conditions within the
industry; the availability of capital to the Company on favorable
terms; the Company's ability to successfully effect its growth
strategies; and warranty and product liability claims. Additional
information about issues that could lead to material changes in
performance is contained in D.R. Horton's annual report on Form 10-K
and most recent quarterly reports on Form 10-Q, which are filed with
the Securities and Exchange Commission.
Website Address: www.DRHORTON.com
D.R. HORTON, INC.
($'s in millions)
NET SALES ORDERS
Three months ended June 30,
-------------------------------------
2005 2006
------------------ ------------------
Homes $'s Homes $'s
------- ---------- ------- ----------
Mid-Atlantic 1,453 $381.6 1,355 $330.4
Midwest 952 254.5 585 171.0
Southeast 2,346 577.3 2,186 530.4
Southwest 5,807 1,158.5 6,511 1,340.0
West 4,422 1,762.9 3,679 1,461.2
------- ---------- ------- ----------
14,980 $4,134.8 14,316 $3,833.0
======= ========== ======= ==========
Nine months ended June 30,
-------------------------------------
2005 2006
------------------ ------------------
Homes $'s Homes $'s
------- ---------- ------- ----------
Mid-Atlantic 3,753 $1,004.7 3,839 $956.9
Midwest 2,258 603.8 1,736 496.4
Southeast 6,079 1,485.8 6,455 1,595.8
Southwest 15,383 3,007.1 17,652 3,635.0
West 11,809 4,787.8 11,868 4,678.9
------- ---------- ------- ----------
39,282 $10,889.2 41,550 $11,363.0
======= ========== ======= ==========
CONTACT: D.R. Horton, Inc., Fort Worth ,br>
Stacey Dwyer, 817-390-8200
SOURCE: D.R. Horton, Inc.
