D.R. Horton (DHI) 8-K D.R. Horton, Inc., America’s Builder, Reports Fiscal 2007 Second Quarter Results

Exhibit 99.1

Stacey Dwyer, EVP

301 Commerce Street, Ste. 500, Fort Worth, Texas 76102

817-390-8200

April 19, 2007

D.R. HORTON, INC., AMERICA’S BUILDER, REPORTS FISCAL 2007 SECOND QUARTER RESULTS

FORT WORTH, TEXAS – D.R. Horton, Inc. (NYSE:DHI), America’s Builder, the largest homebuilder in the United States, Thursday (April 19, 2007), reported net income for its second fiscal quarter ended March 31, 2007 of $51.7 million ($0.16 per diluted share), which included pre-tax charges to cost of sales of $67.3 million ($0.13 per diluted share) for inventory impairments and $13.9 million ($0.03 per diluted share) for write-offs of deposits and pre-acquisition costs related to land option contracts that the Company does not intend to pursue. Net income for the same quarter of fiscal 2006 was $352.8 million ($1.11 per diluted share). Homebuilding revenue for the second quarter of fiscal 2007 totaled $2.6 billion, compared to $3.5 billion in the same quarter of fiscal 2006. Homes closed in the current quarter totaled 9,792, compared to 12,570 homes closed in the year ago quarter.

For the six months ended March 31, 2007, net income totaled $161.4 million ($0.51 per diluted share), which included pre-tax charges to cost of sales of $108.2 million ($0.21 per diluted share) for inventory impairments and $50.6 million ($0.10 per diluted share) for write-offs of deposits and pre-acquisition costs related to land option contracts that the Company does not intend to pursue. Net income for the six months ended March 31, 2006 was $662.9 million ($2.09 per diluted share). Homebuilding revenue for the six months ended March 31, 2007 totaled $5.4 billion compared to $6.4 billion for the same period of fiscal 2006. Homes closed in the six-month period totaled 19,994, compared to 22,461 homes closed in the same period of fiscal 2006.

The Company’s sales backlog of homes under contract at March 31, 2007 was 16,885 homes ($4.8 billion), compared to 24,017 homes ($7.1 billion) at March 31, 2006. As previously reported, net sales orders for the second quarter ended March 31, 2007 totaled 9,983 homes ($2.6 billion), compared to 15,771 homes ($4.4 billion) for the same quarter of fiscal 2006. Net sales orders for the first six months of fiscal 2007 were 18,754 homes ($4.9 billion), compared to 27,234 homes ($7.5 billion) for the same period of fiscal 2006.

Donald R. Horton, Chairman of the Board, said, “Market conditions in the homebuilding industry continue to be challenging in most of our markets as inventory levels of both new and existing homes remain high, and further increases in the use of sales incentives continue to put pressure on profit margins. Our focus on managing our balance sheet in a disciplined manner resulted in positive cash flows from operations for the third consecutive quarter. We also improved our ratio of homebuilding debt to total capitalization, net of cash, to 40.9% from 43.9% a year ago.”

The Company will host a conference call on Thursday, April 19, 2007 at 10:00 a.m. Eastern Daylight Time. The dial-in number is 800-374-9096, and the call will also be webcast from 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. 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.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Three months ended March 31,						Six months ended March 31,
	2006			2007			2006			2007
	($’s in millions, except per share amounts)
Homebuilding:
Revenues:
Home sales	$	3,472.3		$	2,521.5		$	6,261.4		$	5,282.6
Land/lot sales		54.2			94.7			106.9			135.1
		3,526.5			2,616.2			6,368.3			5,417.7
Cost of sales:
Home sales		2,587.7			2,074.4			4,601.1			4,321.3
Land/lot sales		20.1			89.1			39.4			122.1
Inventory impairments and land option cost write-offs		7.1			81.2			10.9			158.8
		2,614.9			2,244.7			4,651.4			4,602.2
Gross profit:
Home sales		884.6			447.1			1,660.3			961.3
Land/lot sales		34.1			5.6			67.5			13.0
Inventory impairments and land option cost write-offs		(7.1	)		(81.2	)		(10.9	)		(158.8	)
		911.6			371.5			1,716.9			815.5
Selling, general and administrative expense		364.9			296.0			690.5			591.3
Loss on early retirement of debt		10.6			—			15.0			—
Other (income)		(5.6	)		(0.6	)		(10.5	)		(1.7	)
Operating income from Homebuilding		541.7			76.1			1,021.9			225.9
Financial Services:
Revenues		71.1			41.9			132.4			108.4
General and administrative expense		49.4			38.4			96.8			83.4
Interest expense		7.8			6.8			15.9			16.4
Other (income)		(13.4	)		(10.6	)		(27.6	)		(25.9	)
Operating income from Financial Services		27.3			7.3			47.3			34.5
Income before income taxes		569.0			83.4			1,069.2			260.4
Provision for income taxes		216.2			31.7			406.3			99.0
Net income	$	352.8		$	51.7		$	662.9		$	161.4
Basic:
Net income per share	$	1.13		$	0.16		$	2.12		$	0.51
Weighted average number of common shares		312.4			313.9			312.7			313.7
Diluted:
Net income per share	$	1.11		$	0.16		$	2.09		$	0.51
Weighted average number of common shares		316.7			316.1			317.1			315.8
Other Consolidated Financial Data:
Interest amortized to home and land/lot cost of sales	$	60.6		$	56.4		$	104.4		$	110.7
Depreciation and amortization	$	13.7		$	16.3		$	26.4		$	32.0
Interest incurred	$	89.1		$	85.2		$	166.5		$	172.9

D.R. HORTON, INC.

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

	As of March 31, 2007
	(In millions)
ASSETS
Homebuilding:
Cash and cash equivalents	$	68.2
Inventories:
Construction in progress and finished homes		4,182.7
Residential land and lots – developed and under development		6,725.3
Land held for development		204.3
Consolidated land inventory not owned		96.9
		11,209.2
Property and equipment, net		125.1
Earnest money deposits and other assets		760.8
Goodwill		578.9
		12,742.2
Financial Services:
Cash and cash equivalents		150.4
Mortgage loans held for sale		568.6
Other assets		49.3
		768.3
Total assets	$	13,510.5
LIABILITIES
Homebuilding:
Accounts payable	$	777.5
Accrued expenses and other liabilities		960.5
Notes payable		4,592.4
		6,330.4
Financial Services:
Accounts payable and other liabilities		29.2
Notes payable		508.1
		537.3
		6,867.7
Minority interests		103.3
STOCKHOLDERS’ EQUITY
Common stock		3.2
Additional capital		1,677.7
Retained earnings		4,954.3
Treasury stock, at cost		(95.7	)
		6,539.5
Total liabilities and stockholders’ equity	$	13,510.5

D.R. HORTON, INC.

($’s in millions)

NET SALES ORDERS

	Three Months Ended March 31,						Six Months Ended March 31,
	2006			2007			2006			2007
	Homes	Value		Homes	Value		Homes	Value		Homes	Value
Northeast	1,990	$	510.8	1,564	$	409.2	3,684	$	967.7	2,719	$	722.3
Southeast	2,040		523.5	1,429		315.7	3,835		992.0	2,801		637.3
South Central	4,151		704.0	2,734		490.2	6,888		1,176.6	4,657		838.7
Southwest	3,537		918.0	2,171		499.8	6,250		1,654.6	4,470		985.8
California	2,697		1,236.1	1,107		533.5	4,329		1,949.0	2,443		1,106.2
West	1,356		470.8	978		350.9	2,248		790.1	1,664		601.9
	15,771	$	4,363.2	9,983	$	2,599.3	27,234	$	7,530.0	18,754	$	4,892.2
HOMES CLOSED
	Three Months Ended March 31,						Six Months Ended March 31,
	2006			2007			2006			2007
	Homes	Value		Homes	Value		Homes	Value		Homes	Value
Northeast	1,951	$	517.1	1,413	$	366.2	3,427	$	916.5	2,834	$	747.0
Southeast	2,051		531.6	1,433		343.3	3,623		921.7	2,922		708.7
South Central	3,202		532.8	2,668		477.4	5,536		928.3	5,190		927.9
Southwest	2,446		649.9	2,505		598.8	4,551		1,216.4	4,883		1,185.6
California	1,919		878.5	1,038		476.7	3,451		1,604.8	2,621		1,172.3
West	1,001		362.4	735		259.1	1,873		673.7	1,544		541.1
	12,570	$	3,472.3	9,792	$	2,521.5	22,461	$	6,261.4	19,994	$	5,282.6
SALES ORDER BACKLOG
				As of March 31,
				2006			2007
				Homes	Value		Homes	Value
Northeast				4,151	$	1,200.1	2,787	$	772.2
Southeast				3,331		979.8	2,027		562.5
South Central				4,327		772.5	3,680		688.6
Southwest				6,767		1,821.0	5,341		1,350.4
California				3,800		1,748.0	1,910		975.5
West				1,641		582.5	1,140		445.5
				24,017	$	7,103.9	16,885	$	4,794.7