D.R. HORTON, INC. REPORTS A 10 PERCENT INCREASE IN FIRST QUARTER E.P.S.
ARLINGTON, Texas, Jan. 18 /PRNewswire/ -- D.R. Horton, Inc. (NASDAQ: DRHI) Tuesday (Jan. 18, 1994) reported a 10 percent increase in earnings per share for the first fiscal quarter of 1994, over the same quarter in the prior year. Net income for the first quarter ended Dec. 31, 1993 was $3.6 million, or $0.23 per share, compared to $3.4 million, or $0.21 per share, for the same quarter of 1992. Revenues for the quarter totaled $78.9 million (481 homes closed), compared to $58.2 million (385 homes closed) for the same quarter of 1992. Previously, the company reported new sales orders and backlog for the quarter ended Dec. 31, 1993, which increased 83 percent and 90 percent, respectively, over the same period of 1992. New sales orders for the quarter were $81.2 million (474 homes), compared to $44.2 million (262 homes) for the same period of 1992. The company's backlog of homes under contract at Dec. 31, 1993 was $124.5 million (710 homes), compared to $65.5 million (363 homes) at Dec. 31, 1992. Donald R. Horton, chairman and president, said, "D.R. Horton, Inc. continued its history of revenue and earnings growth, despite delayed first quarter closings and increased lumber prices. New sales orders and backlog in each of our operating regions are up significantly, and we control a multi-year supply of lots to meet increasing demand. We are extremely pleased with the sales orders and backlog from our new operating divisions and expect revenue and earnings contributions from these divisions in subsequent quarters. In summary, we are postured for another record year of revenues and earnings in fiscal 1994." 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) Three months ended December 31, 1993 1992 (In millions, except net income per share) Revenues $ 78.9 $ 58.2 Cost of Sales 64.9 48.4 Gross Profit 14.0 9.8 Selling, general, administrative and other (net) 8.2 4.8 Provision for income taxes 2.2 1.6 Net income 3.6 3.4 Net income per share $ 0.23 $ 0.21 Average number of common shares 15.954 15.675 -0- 1/18/94 /CONTACT: Richard Beckwitt, EVP, or David J. Keller, EVP, both of D.R. Horton, Inc., 817-856-8200/ (DRHI) CO: D.R. Horton, Inc. ST: Texas IN: CST SU: ERN
LG -- NY030 -- 2611 01/18/94 09:41 EST
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|Date:||Jan 18, 1994|
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