Sam Fuller, CFO; Stacey H. Dwyer, EVP
1901 Ascension Blvd., Suite 100, Arlington, TX 76006
817-856-8200
April 8, 2003
D.R. HORTON, INC. REPORTS NET SALES ORDERS OF $2.4 BILLION, A 33% INCREASE FOR
THE SECOND QUARTER AND THE HIGHEST QUARTERLY SALES IN COMPANY HISTORY
ARLINGTON, TEXAS - D.R. Horton, Inc. (NYSE:DHI) Tuesday (April 8,
2003), reported the highest quarterly net sales orders in Company history. Net
sales orders for the second quarter ended March 31, 2003 increased 33% to $2.4
billion (10,548 homes), compared to $1.8 billion (8,617 homes) for the same
quarter of fiscal 2002. "Same store" sales dollars increased 19% over the year
ago quarter.
Net sales orders for the first six months of fiscal 2003 increased 45%
to $4.1 billion (17,800 homes), compared to $2.9 billion (13,761 homes) for the
same period of fiscal 2002. "Same store" sales dollars increased 20% for the six
months ended March 31, 2003.
Donald R. Horton, Chairman of the Board said, "March had the highest
monthly sales in the company history, which led to record sales for the quarter.
Our strong sales and record sales backlog position the Company for another
record year in fiscal year 2003."
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. Forward-looking
statements in this release relate to the expectation of another record year in
fiscal year 2003 due to the Company's strong sales and record backlog position.
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 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 March 31,
-----------------------------------------------------
2002 2003
------------------------ ------------------------
Units $'s Units $'s
--------- ---------- --------- ----------
Mid-Atlantic 883 $ 182.6 993 $ 215.1
Midwest 463 117.4 522 140.7
Southeast 969 158.4 1,152 215.5
Southwest 3,685 613.9 4,473 740.2
West 2,617 761.1 3,408 1,128.0
--------- ---------- --------- ----------
8,617 $ 1,833.4 10,548 $ 2,439.5
========= ========== ========= ==========
Six months ended March 31,
-----------------------------------------------------
2002 2003
------------------------ ------------------------
Units $'s Units $'s
--------- ---------- --------- ----------
Mid-Atlantic 1,511 $ 310.7 1,714 $ 361.0
Midwest 851 214.3 951 247.6
Southeast 1,704 276.7 2,101 385.4
Southwest 6,017 993.2 7,244 1,209.1
West 3,678 1,060.0 5,790 1,934.9
--------- ---------- --------- ----------
13,761 $ 2,854.9 17,800 $ 4,138.0
========= ========== ========= ==========
WEBSITE ADDRESS: www.DRHORTON.com