8-KOther Events

HORTON D R INC /DE/ 8-K Report (Apr 17, 2003)

Filed April 17, 2003For Securities:DHI

Summary

D.R. Horton, Inc. (DHI) reported strong financial results for the fiscal quarter and six months ended March 31, 2003. The company saw significant year-over-year increases in both consolidated revenues and homebuilding revenues, driven by a substantial rise in homes closed. Net income also experienced robust growth, indicating improved profitability. Furthermore, net sales orders and backlog showed impressive gains, suggesting continued demand for DHI's homes and a positive outlook for future revenue. In addition to its operational performance, DHI announced the successful offering of $200 million in 6.875% Senior Notes due 2013. This debt offering, detailed through filed exhibits including the underwriting agreement and supplemental indenture, indicates the company's strategic use of capital markets to fund its growth and operations. The company also provided its earnings release as required by Regulation FD, offering transparency to investors.

Key Highlights

  • 1Consolidated revenues for the fiscal quarter ended March 31, 2003, increased by 19.3% to $1,908.5 million compared to the prior year.
  • 2Net income for the fiscal quarter ended March 31, 2003, grew by 43.7% to $127.8 million, demonstrating strong profitability.
  • 3Homebuilding revenues for the quarter rose 18.6% to $1,868.8 million, with 7,888 homes closed, up from 6,639 homes in the same period last year.
  • 4Net sales orders for the quarter increased by 33.1% to $2,439.5 million (10,548 homes), indicating robust demand.
  • 5The company's backlog of home sales contracts stood at $3,518.9 million (15,095 homes) as of March 31, 2003, a 32.1% increase year-over-year.
  • 6D.R. Horton announced the offering of $200 million in 6.875% Senior Notes due 2013, filed via a prospectus supplement and related exhibits.
  • 7Total stockholders' equity increased by 21.0% to $2,466.0 million as of March 31, 2003, reflecting a strengthening balance sheet.

Frequently Asked Questions

For the quarter ended March 31, 2003, D.R. Horton reported consolidated revenues of $1,908.5 million, a 19.3% increase from the prior year. Net income surged by 43.7% to $127.8 million. The company closed 7,888 homes, contributing to a homebuilding revenue increase of 18.6% to $1,868.8 million. Net sales orders also showed significant strength, rising 33.1% to $2,439.5 million.

D.R. Horton experienced substantial growth in both sales orders and backlog. Net sales orders for the fiscal quarter increased by 33.1% to $2,439.5 million (10,548 homes). The backlog of home sales contracts as of March 31, 2003, was $3,518.9 million (15,095 homes), representing a 32.1% increase compared to the previous year, indicating strong future revenue potential.

D.R. Horton filed a prospectus supplement for the offering of $200 million in 6.875% Senior Notes due 2013. This indicates the company is actively managing its capital structure and likely using these funds for ongoing operations, potential acquisitions, or to refinance existing debt, supporting its growth initiatives.

As of March 31, 2003, D.R. Horton's total assets were $6,398.9 million, with homebuilding inventories at $4,736.2 million. Total stockholders' equity increased by 21.0% year-over-year to $2,466.0 million, reflecting a healthier equity position and increased shareholder value.