D.R. Horton, Inc., America’s Builder, Reports Fiscal 2013 First Quarter Earnings

WEBSITE ADDRESS: www.drhorton.com

D.R. HORTON, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
				December 31,					September 30,
				2012					2012
	ASSETS			(In millions)
	Homebuilding:
	Cash and cash equivalents			$	546.4				$	1,030.4
	Marketable securities, available-for-sale				96.7					298.0
	Restricted cash				54.8					49.3
	Inventories:
	Construction in progress and finished homes				1,909.5					1,682.7
	Residential land and lots - developed and under development				2,475.7					1,838.4
	Land held for development				629.9					644.1
					5,015.1					4,165.2
	Income taxes receivable				-					14.4
	Deferred income taxes, net of valuation allowance of $41.9 million at December 31, 2012 and September 30, 2012				683.5					709.5
	Property and equipment, net				81.9					72.6
	Other assets				454.2					456.8
	Goodwill				38.9					38.9
					6,971.5					6,835.1
	Financial Services:
	Cash and cash equivalents				20.5					17.3
	Mortgage loans held for sale				307.9					345.3
	Other assets				47.4					50.5
					375.8					413.1
				$	7,347.3				$	7,248.2
	LIABILITIES
	Homebuilding:
	Accounts payable			$	241.8				$	216.2
	Accrued expenses and other liabilities				856.6					893.8
	Notes payable				2,424.3					2,305.3
					3,522.7					3,415.3
	Financial Services:
	Accounts payable and other liabilities				42.1					50.4
	Mortgage repurchase facility				169.4					187.8
					211.5					238.2
					3,734.2					3,653.5
	EQUITY
	Common stock				3.3					3.3
	Additional paid-in capital				1,992.2					1,979.8
	Retained earnings				1,749.2					1,743.1
	Treasury stock, at cost				(134.3	)				(134.3	)
	Accumulated other comprehensive income				-					0.2
					3,610.4					3,592.1
	Noncontrolling interests				2.7					2.6
					3,613.1					3,594.7
				$	7,347.3				$	7,248.2

D.R. HORTON, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
						Three Months Ended
						December 31,
							2012					2011
					(In millions, except per share data)
Homebuilding:
	Revenues:
		Home sales				$	1,223.3				$	884.3
		Land/lot sales and other					9.9					1.3
							1,233.2					885.6
	Cost of sales:
		Home sales					992.8					735.6
		Land/lot sales and other					8.2					-
		Inventory impairments and land option cost write-offs					1.3					1.4
							1,002.3					737.0
	Gross profit:
		Home sales					230.5					148.7
		Land/lot sales and other					1.7					1.3
		Inventory impairments and land option cost write-offs					(1.3	)				(1.4	)
							230.9					148.6
	Selling, general and administrative expense						140.8					119.0
	Interest expense						3.2					6.9
	Gain on early retirement of debt, net						-					(0.1	)
	Other (income)						(3.3	)				(2.2	)
	Operating income from Homebuilding						90.2					25.0
Financial Services:
	Revenues, net of recourse and reinsurance expense						41.9					21.0
	General and administrative expense						25.7					18.9
	Interest expense						1.0					0.9
	Interest and other (income)						(2.5	)				(3.0	)
	Operating income from Financial Services						17.7					4.2
Income before income taxes							107.9					29.2
Income tax expense							41.6					1.5
Net income						$	66.3				$	27.7
Other comprehensive income (loss), net of income tax:
Unrealized (loss) gain related to available-for-sale securities							(0.1	)				0.1
Comprehensive income						$	66.2				$	27.8
Basic:
	Net income per share					$	0.21				$	0.09
	Weighted average number of common shares						321.1					316.3
Diluted:
	Net income per share					$	0.20				$	0.09
	Numerator for diluted income per share afterassumed conversions
						$	72.0				$	27.7
	Adjusted weighted average number of common shares						364.1					316.5
Other Consolidated Financial Data:
	Interest amortized to home and land/lot cost of sales					$	24.9				$	20.4
	Depreciation and amortization					$	4.8				$	5.0
	Interest incurred					$	38.1				$	28.8

D.R. HORTON, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
				Three Months Ended
				December 31, 2012
				(In millions)
	Operating Activities
	Net income			$	66.3
	Adjustments to reconcile net income to net cash used in operating activities:
	Depreciation and amortization				4.8
	Amortization of discounts and fees				10.4
	Stock based compensation expense				3.5
	Deferred income taxes				35.2
	Gain on sale of marketable securities				(0.2	)
	Inventory impairments and land option cost write-offs				1.3
	Changes in operating assets and liabilities:
	Increase in construction in progress and finished homes				(226.8	)
	Increase in residential land and lots — developed, under development, and held for development
					(612.8	)
	Decrease in other assets				22.8
	Decrease in income taxes receivable				14.4
	Decrease in mortgage loans held for sale				37.4
	Decrease in accounts payable, accrued expenses and other liabilities				(12.8	)
	Net cash used in operating activities				(656.5	)
	Investing Activities
	Purchases of property and equipment				(14.0	)
	Purchases of marketable securities				(26.8	)
	Proceeds from the sale or maturity of marketable securities				226.7
	Increase in restricted cash				(5.5	)
	Net principal increase of other mortgage loans and real estate owned
					(0.2	)
	Purchases of debt securities collateralized by residential real estate				(18.6	)
	Payment related to acquisition of a business				(9.4	)
	Net cash provided by investing activities				152.2
	Financing Activities
	Proceeds from notes payable				100.0
	Repayment of notes payable				(18.4	)
	Proceeds from stock associated with certain employee benefit plans				2.1
	Cash dividends paid				(60.2	)
	Net cash provided by financing activities				23.5
	Decrease in Cash and Cash Equivalents				(480.8	)
	Cash and cash equivalents at beginning of period				1,047.7
	Cash and cash equivalents at end of period			$	566.9

				D.R. HORTON, INC.
				($'s in millions)
				NET SALES ORDERS
				Three Months Ended December 31,
				2012					2011
				Homes		Value			Homes		Value
East				528		$	141.4		509		$	115.3
Midwest				275			89.9		213			59.1
Southeast				1,584			353.5		921			181.1
South Central				1,641			330.6		1,299			233.2
Southwest				247			53.2		249			46.9
West				984			345.5		603			187.6
				5,259		$	1,314.1		3,794		$	823.2
				HOMES CLOSED
				Three Months Ended December 31,
				2012					2011
				Homes		Value			Homes		Value
East				517		$	137.4		495		$	118.8
Midwest				287			89.4		213			57.7
Southeast				1,374			291.3		1,013			195.6
South Central				1,619			309.3		1,492			266.7
Southwest				383			76.0		279			54.0
West				1,002			319.9		626			191.5
				5,182		$	1,223.3		4,118		$	884.3
				SALES ORDER BACKLOG
				As of December 31,
				2012					2011
				Homes		Value			Homes		Value
East				674		$	174.6		620		$	144.1
Midwest				413			127.9		288			81.9
Southeast				2,419			527.1		1,193			232.4
South Central				2,254			454.8		1,517			276.0
Southwest				563			112.1		396			69.5
West				994			362.2		516			171.1
				7,317		$	1,758.7		4,530		$	975.0

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