D.R. Horton, Inc., America’s Builder, Reports Fourth Quarter And Fiscal 2011 Results And Declares Quarterly Dividend

D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported net income for its fourth fiscal quarter ended September 30, 2011 of $35.7 million, or $0.11 per diluted share. The quarterly results included $12.8 million in pre-tax charges to cost of sales for inventory impairments and land option cost write-offs. In the same quarter of fiscal 2010, the net loss was $8.9 million, or $0.03 per diluted share, which included $30.8 million in pre-tax charges for inventory impairments and land option cost write-offs. Homebuilding revenue for the fourth quarter of fiscal 2011 totaled $1.1 billion, compared to $925.7 million in the same quarter of fiscal 2010. Homes closed in the quarter totaled 4,987, compared to 4,281 homes in the same quarter of fiscal 2010.

For the fiscal year ended September 30, 2011, the Company reported net income of $71.8 million, or $0.23 per diluted share. The fiscal year results included $45.4 million in pre-tax charges to cost of sales for inventory impairments and land option cost write-offs and a tax benefit of $59.7 million. For fiscal 2010, net income was $245.1 million, or $0.77 per diluted share, which included $64.7 million in pre-tax charges for inventory impairments and land option cost write-offs and a tax benefit of $145.6 million. Homebuilding revenue for fiscal 2011 totaled $3.5 billion, compared to $4.3 billion for fiscal 2010. Homes closed in fiscal 2011 totaled 16,695 homes, compared to 20,875 homes in fiscal 2010.

Net sales orders for the fourth quarter ended September 30, 2011 totaled 4,241 homes ($927.6 million), compared to 3,979 homes ($817.5 million) in the same quarter of fiscal 2010. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) for the fourth quarter of fiscal 2011 was 29%. Net sales orders for fiscal 2011 were 17,421 homes ($3.7 billion), compared to 19,375 homes ($4.0 billion) for fiscal 2010. The Company’s sales order backlog of homes under contract at September 30, 2011 was 4,854 homes ($1.0 billion), compared to 4,128 homes ($850.8 million) at September 30, 2010.

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