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D.R. HORTON, INC. REPORTS SECOND QUARTER EARNINGS INCREASE OF 33 PERCENT

 ARLINGTON, Texas, July 20 /PRNewswire/ -- D.R. Horton, Inc. (NASDAQ: DRHI) today reported a 33 percent increase in earnings for the quarter ended June 30, 1993, over the same period of 1992. Previously, the company reported record new sales orders and backlog for the quarter ended June 30, 1993, which increased 94 percent and 79 percent, respectively, over the same period of 1992.
 For the quarter ended June 30, 1993, revenues totaled $64.5 million (422 homes closed), compared to $46.0 million (330 homes closed) for the same quarter of 1992. Net income for the second quarter of 1993 was $3.2 million, or $.21 per share, compared to net income of $2.4 million, or $.20 per share, for the same quarter of 1992. Earnings on a per share basis increased 5 percent during the second quarter of 1993 despite a 25 percent increase in average outstanding shares resulting from the company's initial public offering in June 1992.
 For the six months ended June 30, 1993, revenues totaled $109.6 million (711 homes closed) compared to $78.7 million (537 homes closed) for the comparable period in 1992. Net income for the six months ended June 30, 1993, totaled $4.9 million or $.33 per share compared to $3.8 million or $.33 per share during the comparable period in 1992. Although net income increased 29 percent, earnings on a per-share basis were constant due to a 31 percent increase in average outstanding shares for the six months ended June 30, 1993, over the same period of 1992.
 The company's backlog of homes under contract at June 30, 1993, was $126.0 million (717 homes), compared to $70.5 million (454 homes) at June 30, 1992. New sales orders for the second quarter of 1993 were $88.1 million (541 homes), compared to $45.3 million (286 homes) for the same period of 1992. New sales orders for the first six months of 1993 were $169.4 million (1,066 homes) compared to $104.1 million (726 homes) for the comparable period in 1992.
 Donald R. Horton, chairman and president, said, "D.R. Horton, Inc. continues its history of rapid earnings growth, which was achieved during a period of geographic expansion. Despite lumber price increases, we realized a small increase in gross margin for the six months ended June 30, 1993, over the same period of 1992. We are encouraged by our gross margin improvement and by recent reductions in lumber prices. Our backlog at June 30, 1993, reached an all time high and the new operating divisions opened in 1993 are starting to contribute. New sales orders continue to be strong. The future looks bright for the company and our stockholders."
 D.R. Horton, Inc. is engaged in the construction and sale of high- quality, single-family homes with custom features designed principally for the entry-level and move-up markets in the mid-Atlantic, Midwest, Southeast, Southwest, and Western regions of the United States.
 D.R. HORTON INC.
 (Unaudited; in millions, except net income per share)
 Periods ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Revenues $64.5 $46.0 $109.6 $78.7
 Cost of sales 53.1 37.6 89.7 64.5
 Gross profit 11.4 8.2 19.9 14.2
 Selling, general,
 administrative
 and other, net 6.6 4.4 12.4 8.1
 Provision for income
 taxes 1.6 1.4 2.6 2.3
 Net income 3.2 2.4 4.9 3.8
 Net income per share $0.21 $0.20 $0.33 $0.33
 Average number of
 common shares 15,097 12,108 15,063 11,530
 -0- 7/20/93
 /CONTACT: Richard Beckwitt, executive VP, or David J. Keller, executive VP, both of D.R. Horton, Inc., 817-856-8200/
 (DRHI)


CO: D.R. Horton, Inc. ST: Texas IN: CST SU: ERN

CK -- NY032 -- 6702 07/20/93 10:38 EDT
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Date:Jul 20, 1993
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