The Company will host a conference call today (Monday, April 23rd) at 10:00 a.m. Eastern time. The dial-in number is 877-407-8033, and the call will also be webcast from the Company’s website at www.drhorton.com on the “Investors” page.
D.R. Horton, Inc., America’s Builder, is the largest homebuilder in the United States, based on its 17,900 homes closed in the twelve-month period ended March 31, 2012. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 73 markets in 25 states in the East, Midwest, Southeast, South Central, Southwest and West regions of the United States. The Company is engaged in the construction and sale of high quality homes with sales prices ranging from $90,000 to over $600,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.
Portions of this document may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to D.R. Horton on the date this release was issued. D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements in this release include that the Company expects stronger closings and profitability in the second half of the fiscal year, consistent with traditional seasonal trends; its current expectation for home sales gross margin is that it will remain in the mid-16% to mid-17% range; homebuilding SG&A expense is expected to increase in the third and fourth fiscal quarters due to variable components; however, homebuilding SG&A as a percentage of homebuilding revenues should improve as the Company closes more homes and continues to leverage its fixed cost structure; if the Company’s current business trends continue, it expects to be out of its three-year cumulative loss position before the end of the fiscal year; and it may be able to significantly reduce its valuation allowance for its deferred tax asset at some point in the next few quarters if its business, the homebuilding industry and economic conditions remain stable. The forward-looking statements also include that we are using our strong operating position to profitably grow our business in the current housing environment.