8-KEarnings & ResultsLeadership ChangesExhibits & Filings

HORTON D R INC /DE/ 8-K Report, Financial Results (Nov 20, 2007)

Filed November 20, 2007For Securities:DHI

Summary

D.R. Horton, Inc. (DHI) filed an 8-K on November 20, 2007, primarily to report on its financial results for the fourth quarter and full fiscal year ended September 30, 2007, through an accompanying press release (Exhibit 99.1). This filing is crucial for investors to assess the company's performance in the challenging housing market environment of late 2007. While the 8-K itself does not detail the financial figures, it signifies the release of this information, which would have been closely watched by the market. Additionally, the report announced a significant change in corporate governance with the appointment of Bob G. Scott to the Board of Directors, effective November 16, 2007 (Exhibit 99.2). Mr. Scott, a former CFO and COO, brings extensive financial and operational experience and enhances the independence of the Board, with independent directors now outnumbering management directors. This move is intended to strengthen oversight and governance.

Key Highlights

  • 1D.R. Horton announced its Q4 and full fiscal year 2007 financial results via press release on November 20, 2007.
  • 2The company appointed Bob G. Scott to its Board of Directors, effective November 16, 2007.
  • 3Mr. Scott has been appointed to serve on the Audit Committee, Compensation Committee, and Nominating and Governance Committee.
  • 4The Board determined Mr. Scott to be independent under NYSE and company standards.
  • 5Mr. Scott's addition increases the number of independent directors on the Board to five, outnumbering the three management directors.
  • 6Mr. Scott's background includes extensive experience as a CFO, COO, controller, treasurer, and auditor.
  • 7The filing includes press releases as exhibits detailing the financial results and the director appointment.

Frequently Asked Questions

The main purpose of this 8-K filing is to report on D.R. Horton's financial results for the fourth quarter and fiscal year ended September 30, 2007, through an attached press release. It also announces the appointment of a new independent director, Bob G. Scott, to the company's Board of Directors.

Bob G. Scott's appointment strengthens the Board of Directors by increasing the number of independent members to five, which now outnumbers the three management members. He also brings significant financial and operational expertise, having previously served as CFO and COO of Summit Bancshares, Inc.

The detailed financial results are expected to be found in the press release dated November 20, 2007, which is attached as Exhibit 99.1 to this 8-K filing. Investors should refer to that press release for specific figures and commentary on the company's performance.

As a non-management director, Mr. Scott will receive compensation according to the company's policy. This includes a per-meeting fee for Board attendance and annual fees for serving on committees, with an additional fee for committee chairpersons. Specific amounts are outlined in the filing, such as $10,000 per Board meeting and $5,000 per committee served.