D.R. Horton, Inc., America’s Builder, Reports Fiscal 2012 Third Quarter Results and
During the third quarter, the Company issued $350 million principal amount of 4.75% senior notes due May 2017. The Company ended the quarter with $1.2 billion of homebuilding unrestricted cash and marketable securities and net homebuilding debt to total capital of 18.3%. Net homebuilding debt to total capital consists of homebuilding notes payable net of cash and marketable securities divided by total equity plus homebuilding notes payable net of cash and marketable securities.
The Company has declared a quarterly cash dividend of $0.0375 per share. The dividend is payable on August 24, 2012 to stockholders of record on August 13, 2012.
Donald R. Horton, Chairman of the Board, said, “Our homebuilding and financial services operations delivered another quarter of strong results highlighted by $72 million in pre-tax income. All of our homebuilding regions were profitable in the third quarter, and each region reported increases in sales, backlog, revenue and pre-tax income compared to last year. Our net sales orders improved 25%, while active selling communities decreased 5% from a year ago. Our lots controlled under option increased 41%, positioning us to grow our community count in fiscal 2013.
“With 7,311 homes in backlog at June 30th and continued year-over-year improvement in sales through the first part of July, we expect increased profitability in our fiscal fourth quarter. We will continue to utilize our strong balance sheet and liquidity to profitably grow our business into fiscal 2013.”
The Company will host a conference call today (Friday, July 27th) at 10:00 a.m. Eastern time