Sam Fuller, CFO; Stacey Dwyer, EVP
1901 Ascension Blvd., Suite 100, Arlington, TX 76006
817-856-8200
July 8, 2003
D.R. HORTON, INC. REPORTS SALES OF $2.6 BILLION, A 29% INCREASE FOR THE THIRD
QUARTER, AND THE HIGHEST QUARTERLY SALES IN COMPANY HISTORY
ARLINGTON, TEXAS - D.R. Horton, Inc. (NYSE:DHI) Tuesday (July 8, 2003),
reported the highest quarterly net sales orders in Company history. Net sales
orders for the third quarter ended June 30, 2003 increased 29% to $2.6 billion
(10,811 homes), compared to $2.0 billion (9,065 homes) for the same quarter of
fiscal 2002. Net sales orders for the first nine months of fiscal 2003 increased
38% to $6.8 billion (28,611 homes), compared to $4.9 billion (22,826 homes) for
the same period of fiscal 2002.
Donald R. Horton, Chairman of the Board, said, "We are very proud that
our people continue to deliver record-setting sales performances. Our continued
sales momentum and record backlog confirm that fiscal 2003 will be our 26th
consecutive year of record revenues and profitability, and position us for a
strong fiscal 2004."
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.
WEBSITE ADDRESS: www.DRHORTON.com
D. R. HORTON, INC.
($'s in millions)
NET SALES ORDERS
Three months ended June 30,
---------------------------------------------------
2002 2003
----------------------- -----------------------
Units $'s Units $'s
------ ---------- ------ ----------
Mid-Atlantic ........... 960 $ 201.3 952 $ 216.1
Midwest ................ 543 126.8 503 138.0
Southeast .............. 976 161.9 1,213 237.7
Southwest .............. 3,520 590.5 4,317 715.5
West ................... 3,066 954.1 3,826 1,311.1
------ -------- ------ --------
9,065 $ 2,034.6 10,811 $ 2,618.4
====== ======== ====== ========
Nine months ended June 30,
---------------------------------------------------
2002 2003
----------------------- -----------------------
Units $'s Units $'s
------ ---------- ------ ----------
Mid-Atlantic ........... 2,471 $ 512.0 2,666 $ 577.1
Midwest ................ 1,394 341.1 1,454 385.6
Southeast .............. 2,680 438.6 3,314 623.0
Southwest .............. 9,537 1,583.7 11,561 1,924.6
West ................... 6,744 2,014.1 9,616 3,246.0
------ -------- ------ --------
22,826 $ 4,889.5 28,611 $ 6,756.3
====== ======== ====== ========
WEBSITE ADDRESS: www.DRHORTON.com