Home Builder D.R. Horton Profits Rise

Arlington, TX, July 21– D.R. Horton, Inc., the number one U.S. home builder, reported that net income for the quarter ended June 30, 2004 increased 62% to $251.3 million or $1.06 per diluted share.

Third quarter consolidated revenue increased 26% to $2.8 billion, from $2.2 billion in the third quarter of fiscal year 2003. Homes closed increased 23% to 11,050 homes from 9,005 in the year ago quarter.

The company’s backlog of homes under contract at June 30, 2004 totaled a record $5.2 billion (19,531 homes), up 28% from $4.0 billion (16,901 homes) at June 30, 2003.

The company is increasing its earnings per share guidance for the fiscal year ended Sept. 30, 2004 to approximately $3.75 to $3.85 based on 237.1 million diluted shares outstanding. This represents a 37% to 41% increase over the $2.73 per diluted share reported in fiscal year 2003. The earnings guidance is based on approximately 43,000 to 44,000 homes closed and $10.5 to $10.7 billion in consolidated revenue.