8-KOther Events

HORTON D R INC /DE/ 8-K Report (Apr 18, 2001)

Filed April 18, 2001For Securities:DHI

Summary

D.R. Horton, Inc. (DHI) filed an 8-K on April 18, 2001, reporting its financial results for the second quarter ended March 31, 2001. The company demonstrated strong year-over-year growth, with net income increasing by 31% to $51.6 million, or $0.67 per diluted share, compared to $39.4 million, or $0.52 per diluted share, in the prior year's second quarter. Total revenue also saw a significant rise of 14%, reaching $906.8 million from $798.9 million in the comparable period. These positive results were further supported by a substantial increase in net sales orders, which grew by 36% to $1,355.9 million, indicating robust future demand. The company's backlog of homes under contract also expanded significantly, up 38% to $2.1 billion. These metrics suggest a healthy operational performance and positive outlook for D.R. Horton.

Key Highlights

  • 1Net income for Q2 2001 increased 31% to $51.6 million ($0.67/share) compared to $39.4 million ($0.52/share) in Q2 2000.
  • 2Revenue for Q2 2001 grew 14% to $906.8 million compared to $798.9 million in Q2 2000.
  • 3Homebuilding revenue for Q2 2001 was $892.4 million (4,330 homes closed), a slight decrease in homes closed from Q2 2000 (4,364 homes).
  • 4Net sales orders for Q2 2001 surged 36% to $1,355.9 million (6,712 homes) compared to $995.0 million (5,434 homes) in Q2 2000.
  • 5The company's backlog of homes under contract as of March 31, 2001, increased 38% to $2.1 billion (9,709 homes) compared to $1.5 billion (7,738 homes) a year prior.
  • 6Six-month net income increased 24% to $101.4 million ($1.33/share) year-over-year.
  • 7Adopted SFAS #133 effective October 1, 2000, resulting in a $2.1 million after-tax increase in income for the first fiscal quarter of 2001.

Frequently Asked Questions

For the second quarter ended March 31, 2001, D.R. Horton reported a 31% increase in net income to $51.6 million ($0.67 per diluted share) and a 14% increase in revenue to $906.8 million compared to the same period in fiscal 2000.

The company experienced strong growth in future demand, with net sales orders increasing by 36% to $1,355.9 million. The backlog of homes under contract also saw a significant rise of 38%, reaching $2.1 billion as of March 31, 2001.

D.R. Horton adopted SFAS #133, 'Accounting for Derivative Instruments and Hedging Activities,' on October 1, 2000. This accounting change resulted in a positive after-tax impact of $2.1 million ($0.03 per diluted share) for the first fiscal quarter of 2001, as reported in the six-month results.

Homebuilding revenue for the second quarter of fiscal 2001 was $892.4 million, representing 4,330 homes closed. This is compared to $788.1 million for 4,364 homes closed in the same quarter of fiscal 2000.