Stacey Dwyer, EVP
1901 Ascension Blvd., Suite 100, Arlington, TX 76006
817-856-8200
October 7, 2003
D.R. HORTON, INC. REPORTS FOURTH QUARTER NET SALES ORDERS INCREASED 21% TO $2.4
BILLION
ARLINGTON, TEXAS - D. R. Horton, Inc. (NYSE:DHI) Tuesday (October 7,
2003) reported that net sales orders for the fourth quarter ended September 30,
2003 increased 21% to $2,406.0 million (10,114 homes), compared to $1,996.4
million (8,665 homes) for the same quarter of fiscal year 2002. Net sales orders
for fiscal year 2003 increased 33% to $9,162.3 million (38,725 homes), compared
to $6,885.9 million (31,491homes) for fiscal year 2002.
Donald R. Horton, Chairman of the Board, said, "We are extremely
pleased with the Company's double-digit sales increase. The excellent sales
results in our fourth quarter, combined with our strong backlog, position the
Company for a strong start to another record year in 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, Cambridge, Continental, Dietz-Crane, Emerald, Melody, Milburn,
Schuler, 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 that relate to the Company's backlog and assurance of
another record year in fiscal 2004 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 and the
Company's ability to integrate its acquisitions, 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 SEC.
WEBSITE ADDRESS: www.DRHORTON.com
D. R. HORTON, INC.
($'s in millions)
NET SALES ORDERS
Three months ended September 30,
--------------------------------
2002 2003
---------------------- -----------------------
Units $ Units $
---------------------- -----------------------
Mid-Atlantic 910 $ 188.1 928 $ 203.7
Midwest 515 123.4 613 168.0
Southeast 1,038 178.4 1,214 240.3
Southwest 3,206 547.8 4,138 690.1
West 2,996 958.7 3,221 1,103.9
----- ------- ------ --------
8,665 $1,996.4 10,114 $ 2,406.0
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Year ended September 30,
-------------------------
2002 2003
---------------------- -----------------------
Units $ Units $
---------------------- -----------------------
Mid-Atlantic 3,381 $ 700.2 3,594 $ 780.8
Midwest 1,909 464.4 2,067 553.6
Southeast 3,718 617.0 4,528 863.3
Southwest 12,743 2,131.5 15,699 2,614.7
West 9,740 2,972.8 12,837 4,349.9
----- ------- ------ -------
31,491 $ 6,885.9 38,725 $ 9,162.3
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WEBSITE ADDRESS: www.DRHORTON.com
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