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DR Horton Inc. Message Board

  • bluecheese4u bluecheese4u Nov 20, 2009 8:09 AM Flag

    D.R. Horton, Inc., America's Builder, Reports Fourth Quarter and Fiscal 2009 Results and

    D.R. Horton, Inc., America's Builder, Reports Fourth Quarter and Fiscal 2009 Results and Declares Quarterly Dividend
    FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 20, 2009-- D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported a net loss for its fourth fiscal quarter ended September 30, 2009 of $231.9 million, or $0.73 per diluted share. The quarterly results included $192.6 million in pre-tax charges to cost of sales for inventory impairments and write-offs of deposits and pre-acquisition costs related to land option contracts that the Company does not intend to pursue. The net loss for the same quarter of fiscal 2008 was $799.9 million, or $2.53 per diluted share, which included $1.1 billion in pre-tax charges to cost of sales for impairments of owned inventory and land and lots that were sold during the quarter and for write-offs of deposits and pre-acquisition costs related to land option contracts.

    Homebuilding revenue for the fourth quarter of fiscal 2009 totaled $1.0 billion, compared to $1.8 billion in the same quarter of fiscal 2008. Homes closed totaled 4,810, compared to 6,961 homes closed in the same quarter of fiscal 2008.

    For the fiscal year ended September 30, 2009, the Company reported a net loss of $545.3 million, or $1.72 per diluted share. The fiscal year results included pre-tax charges to cost of sales of $407.7 million for inventory impairments and write-offs of deposits and pre-acquisition costs related to land option contracts that the Company does not intend to pursue. The net loss for fiscal 2008 was $2.6 billion, or $8.34 per diluted share, which included $2.5 billion in pre-tax charges to cost of sales for impairments of owned inventory and land and lots that were sold during the year and for write-offs of deposits and pre-acquisition costs related to land option contracts.

    Homebuilding revenue for fiscal 2009 totaled $3.6 billion, compared to $6.5 billion for fiscal 2008. Homes closed in fiscal 2009 totaled 16,703 homes, compared to 26,396 homes closed in fiscal 2008.

    The Company’s sales backlog of homes under contract at September 30, 2009 was 5,628 homes ($1.1 billion), compared to 5,297 homes ($1.2 billion) at September 30, 2008. Net sales orders for the fourth quarter ended September 30, 2009 totaled 5,008 homes ($1.0 billion), compared to 3,977 homes ($852.3 million) for the same quarter of fiscal 2008. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) for the fourth quarter of fiscal 2009 was 27%. Net sales orders for fiscal 2009 were 17,034 homes ($3.5 billion), compared to 21,251 homes ($4.7 billion) for fiscal 2008.



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