ARLINGTON, Texas, June 26 /PRNewswire-FirstCall/ --
D.R. Horton, Inc. (NYSE: DHI) Thursday (June 26, 2003), announced the results
of the Company's call of its Zero Coupon Convertible Senior Notes Due 2021.
D.R. Horton has been advised by the paying agent, American Stock Transfer &
Trust Company, that all of the notes were presented for conversion into D.R.
Horton, Inc. common stock. As a result, the Company has issued approximately
10 million shares of common stock in exchange for the notes.
Donald R. Horton, Chairman of the Board, said, "We recently increased our
fiscal year 2003 diluted earnings per share guidance to $3.85 to $3.90. That
guidance was based on an estimated share count which included the shares that
have been issued for the convertible notes, and the Company reiterates that
guidance. In addition, the settlement of our convertible notes for stock will
strengthen the Company's balance sheet and improve our debt to total
capitalization ratio by approximately 400 basis points."
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, 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 to the Company on favorable terms; the Company's ability to integrate
its 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 the most recent Form
10-Q, both of which were filed with the Securities and Exchange Commission.
SOURCE D.R. Horton, Inc.
