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D.R. Horton, Inc., America’s Builder, Reports Fiscal 2012 Second Quarter Results And Declares Quarterly Dividend

D.R. Horton, Inc. (NYSE: DHI), America’s Builder, today reported that net income for its second fiscal quarter ended March 31, 2012 increased 46% to $40.6 million, or $0.13 per diluted share, from $27.8 million, or $0.09 per diluted share in the same quarter of fiscal 2011. Homebuilding revenue for the second quarter of fiscal 2012 increased 28% to $935.6 million from $733.1 million in the same quarter of 2011. Homes closed in the quarter increased 21% to 4,240, compared to 3,516 homes in the year ago quarter.

For the six months ended March 31, 2012, net income increased to $68.3 million, or $0.21 per diluted share, from $7.4 million, or $0.02 per diluted share, in the same period of fiscal 2011. Homebuilding revenue for the six months ended March 31, 2012 increased 21% to $1.8 billion from $1.5 billion in the first six months of fiscal 2011. Homes closed in the six-month period increased 17% to 8,358 homes, compared to 7,153 homes in the same period of fiscal 2011.

Net sales orders for the second quarter ended March 31, 2012 increased 19% to 5,899 homes from 4,943 homes in the year ago quarter and the value of net sales orders increased 28% to $1.3 billion from $1.0 billion. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) for the second quarter of fiscal 2012 was 22%. Net sales orders for the first six months of fiscal 2012 increased 17% to 9,693 homes from 8,306 homes in the first six months of fiscal 2011, and the value of net sales orders increased 23% to $2.1 billion from $1.7 billion.

The Company’s sales order backlog of homes under contract at March 31, 2012 increased 17% to 6,189 homes from 5,281 homes at March 31, 2011. The value of the backlog increased 25% to $1.4 billion at March 31, 2012 from $1.1 billion a year ago.

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