D.R. Horton, Inc. Reports a 31% Increase in Second Quarter Net Income and A Record $2.1 Billion Backlog at March 31, 2001

Quarter Highlights

- Net income increased 31% to $51.6 million, compared to $39.4 million

for the second quarter of fiscal 2000

- Earnings per share increased 29% to $0.67 from $0.52 for the second

quarter of fiscal 2000

- Record sales backlog of $2.1 billion, up 38% from March 31, 2000

- Highest quarterly net sales orders in company history of $1.4 billion,

up 36% from the same quarter of fiscal 2000



Apr 18, 2001, 01:00 ET from D.R. Horton, Inc.

    ARLINGTON, Texas, April 18 /PRNewswire/ -- D.R. Horton, Inc. (NYSE:   DHI)
 Wednesday (April 18, 2001), reported its 94th consecutive quarter of year-
 over-year growth in revenues and net income.  Second quarter net income
 increased 31% to $51.6 million ($0.67 per share), from $39.4 million
 ($0.52 per share) in fiscal 2000.  Second quarter revenue increased 14% to
 $906.8 million from $798.9 million in fiscal 2000.  Homebuilding revenue was
 $892.4 million (4,330 homes closed), compared to $788.1 million (4,364 homes
 closed) for the same period of fiscal 2000.
     For the six months ended March 31, 2001, net income increased 24% to
 $101.4 million ($1.33 per share), compared to $82.0 million ($1.08 per share)
 for the same period of fiscal 2000.  Income before the cumulative effect of a
 change in accounting principle for the six months was $99.3 million ($1.30 per
 share).  The cumulative after-tax effect of the October 1, 2000 adoption of
 SFAS #133, "Accounting for Derivative Instruments and Hedging Activities,"
 amounted to an increase in income of $2.1 million ($0.03 per share) in the
 first fiscal quarter of 2001.  Revenue for the six months increased 12% to
 $1.8 billion from $1.6 billion for the same period of fiscal 2000.
 Homebuilding revenue for the six months increased 11% to $1,766 million
 (8,620 homes closed), from $1,586 million (8,856 homes closed) for the same
 period of fiscal 2000.
     As previously reported, net sales orders for the second quarter
 established an all-time quarterly record of $1,355.9 million (6,712 homes), an
 increase of 36% compared to $995.0 million (5,434 homes) for fiscal 2000.  Net
 sales orders for the first six months of fiscal 2001 increased 31% to
 $2.3 billion (10,941 homes), compared to $1.7 billion (9,285 homes) for the
 same period of fiscal 2000.  The Company's backlog of homes under contract at
 March 31, 2001 established another all-time record, totaling $2.1 billion
 (9,709 homes), up 38% from $1.5 billion (7,738 homes) at March 31, 2000.
     D.R. Horton, Chairman of the Board, said, "We are extremely pleased with
 the continued strong financial performance of the Company, as our net income
 once again grew at a faster pace than our revenues.  The Company continues to
 experience strong sales demand as evidenced by the second quarter's
 36% increase in same store sales, which contributed to a backlog in excess of
 $2 billion.  Our strong earnings for the first half of the fiscal year,
 combined with our record backlog, position us to make fiscal 2001 our 24th
 consecutive year of growth and profitability."
     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.  The Company currently builds and sells homes under the D.R.
 Horton, Arappco, Cambridge, Continental, Dobson, Mareli, Milburn, Regency, SGS
 Communities, Torrey and Trimark names in 23 states and 39 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 subsidiaries CH
 Mortgage, DRH Title Company, Travis County Title Company, Metro Title Company,
 Century Title Company and Custom Title Company.
     Portions of this document may constitute "forward-looking statements" as
 defined by the Private Securities Litigation Reform Act of 1995.  Although the
 Company believes any such statements are based on reasonable assumptions,
 there is no assurance that actual outcomes will not be materially different.
 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 and business conditions; changes
 in interest rates and the availability of mortgage financing; governmental and
 environmental matters; the Company's substantial leverage; general competitive
 conditions; the availability of capital; the ability to successfully effect
 growth strategies and the success of the Company's diversification efforts.
 Additional information about issues that could lead to material changes in
 performance is contained in the Company'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.
 
 
                               D.R. HORTON, INC.
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (UNAUDITED)
 
                               Three months ended      Six months ended
                                    March 31,              March 31,
                                 2000       2001        2000       2001
                               (In millions, except per share amounts)
     Homebuilding:
       Revenues
         Home sales            $  780.1   $  853.6   $ 1,562.5   $ 1,709.7
         Land/lot sales             8.0       38.8        23.2        56.3
                                  788.1      892.4     1,585.7     1,766.0
       Cost of sales
         Home sales               636.9      682.8     1,272.8     1,372.7
         Land/lot sales             7.4       30.6        18.2        44.1
                                  644.3      713.4     1,291.0     1,416.8
       Gross profit
         Home sales               143.2      170.8       289.7       337.0
         Land/lot sales             0.6        8.2         5.0        12.2
                                  143.8      179.0       294.7       349.2
 
       Selling, general and
        administrative expense     82.1       94.1       164.8       186.0
       Interest expense             1.6        1.6         4.8         4.5
       Other expense (income)      (0.6)       5.7        (0.7)        9.0
       Operating income
        from homebuilding          60.7       77.6       125.8       149.7
 
     Financial services:
       Revenues                    10.8       14.4        22.1        28.5
       Selling, general and
        administrative expense      8.0        9.8        16.0        19.9
       Interest expense             1.2        0.9         2.7         2.0
       Other (income)              (1.3)      (1.2)       (3.0)       (2.6)
       Operating income from
        financial services          2.9        4.9         6.4         9.2
 
     Income before income taxes    63.6       82.5       132.2       158.9
     Provision for income taxes    24.2       30.9        50.2        59.6
     Income before cumulative
      effect of change in
      accounting principle     $   39.4   $   51.6   $    82.0   $    99.3
     Cumulative effect
      of change in accounting
      principle, net of income
      taxes                         ---        ---         ---         2.1
     Net income                $   39.4   $   51.6   $    82.0   $   101.4
     Amounts per share - basic:
       Income before cumulative
        effect of change in
        accounting principle   $   0.53   $   0.68   $    1.09   $   01.32
       Cumulative effect
        of change in accounting
        principle, net of
        income taxes                ---        ---         ---        0.03
       Net income              $   0.53   $   0.68   $    1.09   $    1.35
     Amounts per share
      - diluted:
       Income before cumulative
        effect of change in
        accounting principle   $   0.52   $   0.67   $    1.08   $    1.30
       Cumulative effect
        of change in accounting
        principle, net of
        income taxes                ---        ---         ---        0.03
       Net income per share    $   0.52   $   0.67   $    1.08   $    1.33
     Weighted average number
      of shares:
       Basic                       74.8       75.4        75.3        75.2
       Diluted                     75.3       76.7        75.9        76.4
 
           Operating Data (Unaudited)
     EBITDA Computation - Homebuilding
       Homebuilding income
        before income taxes   $    60.7  $    77.6  $    125.8  $    153.1
       Interest in home and
        land cost of sales         14.7       18.5        28.6        36.7
       Interest expense             1.6        1.6         4.8         4.5
       Depreciation
        and amortization            5.0        5.7         9.6        11.4
     Total EBITDA             $    82.0  $   103.4  $    168.8  $    205.7
     Interest Incurred        $    25.0  $    31.2  $     47.1  $     60.7
 
 
                                 D.R. HORTON, INC.
                             CONSOLIDATED BALANCE SHEET
                                    (UNAUDITED)
 
                                                      March 31, 2001
                                                       (In millions)
 
                    ASSETS
     Homebuilding:
     Cash and cash equivalents                         $      118.3
     Inventories                                            2,533.0
     Property and equipment (net)                              40.8
     Other assets                                             174.5
     Excess of cost over net assets acquired (net)            113.3
                                                            2,979.9
 
     Financial services:
     Cash and cash equivalents                                  7.9
     Mortgage loans held for sale                             129.1
     Other assets                                              10.1
                                                              147.1
                                                       $    3,127.0
 
                  LIABILITIES
     Homebuilding:
     Accounts payable and other liabilities            $      350.3
     Notes payable                                          1,588.9
                                                            1,939.2
 
     Financial services:
     Accounts payable and other liabilities                     4.5
     Notes payable                                            102.8
                                                              107.3
                                                            2,046.5
     Minority interests                                         8.3
 
              STOCKHOLDERS' EQUITY
     Common stock                                               0.7
     Additional capital                                       674.8
     Retained earnings                                        396.7
                                                            1,072.2
                                                       $    3,127.0
 
 
                                 D.R. HORTON, INC.
                                 ($'s in millions)
 
                                NET SALES CONTRACTS
 
                  Three Months Ended March 31,     Six Months Ended March 31,
                    2000            2001             2000             2001
                 Units   $'s   Units     $'s    Units    $'s     Units    $'s
 
     Mid-Atlantic 761  $153.2    860   $184.3   1,330   $275.3   1,410   $312.7
     Midwest      476   110.0    595    155.6     841    208.0     921    235.6
     Southeast    824   142.5    850    154.0   1,442    243.3   1,398    252.0
     Southwest  2,360   363.2  2,795    453.4   3,994    616.4   4,474    731.1
     West       1,013   226.1  1,612    408.6   1,678    374.4   2,738    724.7
                5,434  $995.0  6,712 $1,355.9   9,285 $1,717.4  10,941 $2,256.1
 
 
                                  HOMES DELIVERED
 
                Three Months Ended March 31,      Six Months Ended March 31,
                     2000            2001           2000              2001
                 Units   $'s   Units     $'s    Units    $'s     Units     $'s
 
     Mid-Atlantic 680  $133.7    630   $139.5   1,327   $257.6   1,225    273.5
     Midwest      443    95.8    386     89.7     954    200.9     874    208.4
     Southeast    656   109.4    593    104.5   1,248    207.5   1,158    204.7
     Southwest  1,825   270.1  1,886    314.3   3,715    545.2   3,678    602.8
     West         760   171.1    835    205.6   1,612    351.3   1,685    420.3
                4,364  $780.1  4,330   $853.6   8,856 $1,562.5   8,620 $1,709.7
 
 
                               SALES CONTRACT BACKLOG
 
                                          As of March 31,
                                2000                         2001
                         Units           $'s           Homes          $'s
     Mid-Atlantic        1,094         $260.5         1,008         $246.8
     Midwest             1,021          254.3           947          252.7
     Southeast           1,030          176.4         1,227          225.0
     Southwest           3,360          544.1         3,985          679.8
     West                1,233          276.1         2,542          679.0
                         7,738       $1,511.4         9,709       $2,083.3
 
 

SOURCE D.R. Horton, Inc.
    ARLINGTON, Texas, April 18 /PRNewswire/ -- D.R. Horton, Inc. (NYSE:   DHI)
 Wednesday (April 18, 2001), reported its 94th consecutive quarter of year-
 over-year growth in revenues and net income.  Second quarter net income
 increased 31% to $51.6 million ($0.67 per share), from $39.4 million
 ($0.52 per share) in fiscal 2000.  Second quarter revenue increased 14% to
 $906.8 million from $798.9 million in fiscal 2000.  Homebuilding revenue was
 $892.4 million (4,330 homes closed), compared to $788.1 million (4,364 homes
 closed) for the same period of fiscal 2000.
     For the six months ended March 31, 2001, net income increased 24% to
 $101.4 million ($1.33 per share), compared to $82.0 million ($1.08 per share)
 for the same period of fiscal 2000.  Income before the cumulative effect of a
 change in accounting principle for the six months was $99.3 million ($1.30 per
 share).  The cumulative after-tax effect of the October 1, 2000 adoption of
 SFAS #133, "Accounting for Derivative Instruments and Hedging Activities,"
 amounted to an increase in income of $2.1 million ($0.03 per share) in the
 first fiscal quarter of 2001.  Revenue for the six months increased 12% to
 $1.8 billion from $1.6 billion for the same period of fiscal 2000.
 Homebuilding revenue for the six months increased 11% to $1,766 million
 (8,620 homes closed), from $1,586 million (8,856 homes closed) for the same
 period of fiscal 2000.
     As previously reported, net sales orders for the second quarter
 established an all-time quarterly record of $1,355.9 million (6,712 homes), an
 increase of 36% compared to $995.0 million (5,434 homes) for fiscal 2000.  Net
 sales orders for the first six months of fiscal 2001 increased 31% to
 $2.3 billion (10,941 homes), compared to $1.7 billion (9,285 homes) for the
 same period of fiscal 2000.  The Company's backlog of homes under contract at
 March 31, 2001 established another all-time record, totaling $2.1 billion
 (9,709 homes), up 38% from $1.5 billion (7,738 homes) at March 31, 2000.
     D.R. Horton, Chairman of the Board, said, "We are extremely pleased with
 the continued strong financial performance of the Company, as our net income
 once again grew at a faster pace than our revenues.  The Company continues to
 experience strong sales demand as evidenced by the second quarter's
 36% increase in same store sales, which contributed to a backlog in excess of
 $2 billion.  Our strong earnings for the first half of the fiscal year,
 combined with our record backlog, position us to make fiscal 2001 our 24th
 consecutive year of growth and profitability."
     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.  The Company currently builds and sells homes under the D.R.
 Horton, Arappco, Cambridge, Continental, Dobson, Mareli, Milburn, Regency, SGS
 Communities, Torrey and Trimark names in 23 states and 39 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 subsidiaries CH
 Mortgage, DRH Title Company, Travis County Title Company, Metro Title Company,
 Century Title Company and Custom Title Company.
     Portions of this document may constitute "forward-looking statements" as
 defined by the Private Securities Litigation Reform Act of 1995.  Although the
 Company believes any such statements are based on reasonable assumptions,
 there is no assurance that actual outcomes will not be materially different.
 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 and business conditions; changes
 in interest rates and the availability of mortgage financing; governmental and
 environmental matters; the Company's substantial leverage; general competitive
 conditions; the availability of capital; the ability to successfully effect
 growth strategies and the success of the Company's diversification efforts.
 Additional information about issues that could lead to material changes in
 performance is contained in the Company'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.
 
 
                               D.R. HORTON, INC.
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (UNAUDITED)
 
                               Three months ended      Six months ended
                                    March 31,              March 31,
                                 2000       2001        2000       2001
                               (In millions, except per share amounts)
     Homebuilding:
       Revenues
         Home sales            $  780.1   $  853.6   $ 1,562.5   $ 1,709.7
         Land/lot sales             8.0       38.8        23.2        56.3
                                  788.1      892.4     1,585.7     1,766.0
       Cost of sales
         Home sales               636.9      682.8     1,272.8     1,372.7
         Land/lot sales             7.4       30.6        18.2        44.1
                                  644.3      713.4     1,291.0     1,416.8
       Gross profit
         Home sales               143.2      170.8       289.7       337.0
         Land/lot sales             0.6        8.2         5.0        12.2
                                  143.8      179.0       294.7       349.2
 
       Selling, general and
        administrative expense     82.1       94.1       164.8       186.0
       Interest expense             1.6        1.6         4.8         4.5
       Other expense (income)      (0.6)       5.7        (0.7)        9.0
       Operating income
        from homebuilding          60.7       77.6       125.8       149.7
 
     Financial services:
       Revenues                    10.8       14.4        22.1        28.5
       Selling, general and
        administrative expense      8.0        9.8        16.0        19.9
       Interest expense             1.2        0.9         2.7         2.0
       Other (income)              (1.3)      (1.2)       (3.0)       (2.6)
       Operating income from
        financial services          2.9        4.9         6.4         9.2
 
     Income before income taxes    63.6       82.5       132.2       158.9
     Provision for income taxes    24.2       30.9        50.2        59.6
     Income before cumulative
      effect of change in
      accounting principle     $   39.4   $   51.6   $    82.0   $    99.3
     Cumulative effect
      of change in accounting
      principle, net of income
      taxes                         ---        ---         ---         2.1
     Net income                $   39.4   $   51.6   $    82.0   $   101.4
     Amounts per share - basic:
       Income before cumulative
        effect of change in
        accounting principle   $   0.53   $   0.68   $    1.09   $   01.32
       Cumulative effect
        of change in accounting
        principle, net of
        income taxes                ---        ---         ---        0.03
       Net income              $   0.53   $   0.68   $    1.09   $    1.35
     Amounts per share
      - diluted:
       Income before cumulative
        effect of change in
        accounting principle   $   0.52   $   0.67   $    1.08   $    1.30
       Cumulative effect
        of change in accounting
        principle, net of
        income taxes                ---        ---         ---        0.03
       Net income per share    $   0.52   $   0.67   $    1.08   $    1.33
     Weighted average number
      of shares:
       Basic                       74.8       75.4        75.3        75.2
       Diluted                     75.3       76.7        75.9        76.4
 
           Operating Data (Unaudited)
     EBITDA Computation - Homebuilding
       Homebuilding income
        before income taxes   $    60.7  $    77.6  $    125.8  $    153.1
       Interest in home and
        land cost of sales         14.7       18.5        28.6        36.7
       Interest expense             1.6        1.6         4.8         4.5
       Depreciation
        and amortization            5.0        5.7         9.6        11.4
     Total EBITDA             $    82.0  $   103.4  $    168.8  $    205.7
     Interest Incurred        $    25.0  $    31.2  $     47.1  $     60.7
 
 
                                 D.R. HORTON, INC.
                             CONSOLIDATED BALANCE SHEET
                                    (UNAUDITED)
 
                                                      March 31, 2001
                                                       (In millions)
 
                    ASSETS
     Homebuilding:
     Cash and cash equivalents                         $      118.3
     Inventories                                            2,533.0
     Property and equipment (net)                              40.8
     Other assets                                             174.5
     Excess of cost over net assets acquired (net)            113.3
                                                            2,979.9
 
     Financial services:
     Cash and cash equivalents                                  7.9
     Mortgage loans held for sale                             129.1
     Other assets                                              10.1
                                                              147.1
                                                       $    3,127.0
 
                  LIABILITIES
     Homebuilding:
     Accounts payable and other liabilities            $      350.3
     Notes payable                                          1,588.9
                                                            1,939.2
 
     Financial services:
     Accounts payable and other liabilities                     4.5
     Notes payable                                            102.8
                                                              107.3
                                                            2,046.5
     Minority interests                                         8.3
 
              STOCKHOLDERS' EQUITY
     Common stock                                               0.7
     Additional capital                                       674.8
     Retained earnings                                        396.7
                                                            1,072.2
                                                       $    3,127.0
 
 
                                 D.R. HORTON, INC.
                                 ($'s in millions)
 
                                NET SALES CONTRACTS
 
                  Three Months Ended March 31,     Six Months Ended March 31,
                    2000            2001             2000             2001
                 Units   $'s   Units     $'s    Units    $'s     Units    $'s
 
     Mid-Atlantic 761  $153.2    860   $184.3   1,330   $275.3   1,410   $312.7
     Midwest      476   110.0    595    155.6     841    208.0     921    235.6
     Southeast    824   142.5    850    154.0   1,442    243.3   1,398    252.0
     Southwest  2,360   363.2  2,795    453.4   3,994    616.4   4,474    731.1
     West       1,013   226.1  1,612    408.6   1,678    374.4   2,738    724.7
                5,434  $995.0  6,712 $1,355.9   9,285 $1,717.4  10,941 $2,256.1
 
 
                                  HOMES DELIVERED
 
                Three Months Ended March 31,      Six Months Ended March 31,
                     2000            2001           2000              2001
                 Units   $'s   Units     $'s    Units    $'s     Units     $'s
 
     Mid-Atlantic 680  $133.7    630   $139.5   1,327   $257.6   1,225    273.5
     Midwest      443    95.8    386     89.7     954    200.9     874    208.4
     Southeast    656   109.4    593    104.5   1,248    207.5   1,158    204.7
     Southwest  1,825   270.1  1,886    314.3   3,715    545.2   3,678    602.8
     West         760   171.1    835    205.6   1,612    351.3   1,685    420.3
                4,364  $780.1  4,330   $853.6   8,856 $1,562.5   8,620 $1,709.7
 
 
                               SALES CONTRACT BACKLOG
 
                                          As of March 31,
                                2000                         2001
                         Units           $'s           Homes          $'s
     Mid-Atlantic        1,094         $260.5         1,008         $246.8
     Midwest             1,021          254.3           947          252.7
     Southeast           1,030          176.4         1,227          225.0
     Southwest           3,360          544.1         3,985          679.8
     West                1,233          276.1         2,542          679.0
                         7,738       $1,511.4         9,709       $2,083.3
 
 SOURCE  D.R. Horton, Inc.