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D.R. HORTON, INC. REPORTS A 92 PCT INCREASE IN THIRD QUARTER EARNINGS PER SHARE

 ARLINGTON, Texas, Nov. 9 /PRNewswire/ -- D.R. Horton, Inc. (NASDAQ: DRHI) Tuesday reported a 92 percent increase in earnings per share for the third quarter ended Sept. 30, 1993 over the same period of 1992, and the highest quarterly earnings in the Company's history. Net income for the third quarter of 1993 was $3.9 million, or $0.25 per share, compared to $2.1 million, or $0.13 per share, for the same quarter of 1992. Revenues for the quarter increased 76 percent to $80.5 million (476 homes closed) from $45.7 million (309 homes closed) for the same quarter of 1992.
 For the nine months ended Sept. 30, 1993, revenues totaled $190.1 million (1,187 homes closed), compared to $124.4 million (846 homes closed) for the comparable period of 1992. Net income for the nine months ended September 30, 1993 increased 51 percent to $8.9 million, or $0.56 per share, from $5.9 million, or $0.44 per share, for the comparable period of 1992. Earnings on a per share basis increased 27 percent in 1993, despite a 19 percent increase in average outstanding shares associated with the Company's initial public offering in June 1992.
 As previously reported, the Company changed its fiscal year end from Dec. 31 to Sept. 30, so the 1993 fiscal year represents only nine months of operations. Net sales contracts signed during the nine months ended Sept. 30, 1993 increased 55 percent to $246.4 million (1,542 homes) from $158.8 million (1,066 homes) for the same period of 1992. The Company's backlog of homes under contract at Sept. 30, 1993 increased 54 percent to $122.2 million (717 homes) from $79.3 million (485 homes) at Sept. 30, 1992.
 Donald R. Horton, Chairman of the Board and President, said, "D.R. Horton, Inc. continues to outperform the industry. The Company achieved record earnings in both the quarter and nine months ended Sept. 30, 1993, and begins its new fiscal year with $122 million in sales backlog, up 54 percent from Sept. 30, 1992. New sales orders continue to be strong, and we look forward to a significant financial contribution in the next several quarters from our investment in the four new operating divisions the Company opened in the first half of 1993."
 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.
 Financial Highlights
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1993 1992 1993
 (In thousands, except net income per share)
 Revenues $ 45,707 $ 80,451 $124,430 $190,071
 Cost of Sales 37,760 65,844 102,257 155,567
 Gross Profit 7,947 14,607 22,173 34,504
 Selling, general, administrative
 and other (net) 4,822 8,157 12,992 20,587
 Provision for income taxes 1,055 2,508 3,322 5,065
 Net income 2,070 3,942 5,859 8,852
 Net income per share 0.13 0.25 0.44 0.56
 Average number of common
 shares 15,697 15,887 13,303 15,840
 -0- 11/9/93
 /CONTACT: Richard Beckwitt, EVP, or David J. Keller, EVP, both of D.R. Horton, 817-856-8200/
 (DRHI)


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

LG -- NY029 -- 2129 11/09/93 09:29 EST
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Publication:PR Newswire
Date:Nov 9, 1993
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