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April 12
1738 - Fr. Francisco Garcés born in Spain; came through SCV in 1776, found Tataviam fighting with Coastal Chumash, observed Santa Clara River flowing by night and dry by day despite the season being spring [story]
Garces statue


Fiscal 2015 First Quarter Highlights – as compared to the prior year quarter

* Net sales orders increased 40% in value to $2.1 billion and 35% in homes to 7,370

* Homes closed increased 37% in value to $2.2 billion and 29% in homes to 7,973

* Sales order backlog increased 29% in value to $2.7 billion and 21% in homes to 9,285

* Pre-tax income increased 16% to $220.7 million

* Net income increased 16% to $142.5 million, or $0.39 per diluted share

 

drhortonFort Worth, Texas – Homebuilder D.R. Horton, which is currently marketing the new home communities of Highgate, Belmont and Monument in Valencia-West Hills, reported that net income for its first fiscal quarter ended Dec. 31, 2014 increased 16 percent to $142.5 million, or $0.39 per diluted share, from $123.2 million, or $0.36 per diluted share in the same quarter of fiscal 2014. Homebuilding revenue for the first quarter of fiscal 2015 increased 38% to $2.3 billion from $1.6 billion in the same quarter of fiscal 2014. Homes closed in the quarter increased 29% to 7,973, compared to 6,188 homes in the prior year quarter.

Net sales orders for the first quarter ended December 31, 2014 increased 35% to 7,370 homes and 40% in value to $2.1 billion, compared to 5,454 homes and $1.5 billion in the prior year quarter. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) for the first quarter of fiscal 2015 was 24%. The Company’s sales order backlog of homes under contract at December 31, 2014 increased 21% to 9,285 homes and 29% in value to $2.7 billion, compared to 7,684 homes and $2.1 billion at December 31, 2013.

The Company ended the quarter with $517.7 million of homebuilding unrestricted cash and net homebuilding debt to total capital of 35.4%. Net homebuilding debt to total capital consists of homebuilding notes payable net of cash divided by total equity plus homebuilding notes payable net of cash.

The Company has declared a quarterly cash dividend of $0.0625 per common share. The dividend is payable on February 17, 2015 to stockholders of record on February 6, 2015.

Donald R. Horton, Chairman of the Board, said, “Our fiscal 2015 is off to a great start, highlighted by $220.7 million of pre-tax income, on $2.3 billion of revenues. Our position as the largest and most geographically diverse homebuilder provides a strong platform for us to compete for new home sales, evidenced by year-over-year increases in the value of our net sales orders, home sales revenue and sales order backlog of 40%, 37% and 29%, respectively.

“Our weekly sales pace has accelerated in January, and we are well-positioned to capture demand in the spring selling season with our solid balance sheet and robust community count, finished lot supply and inventory of homes available for sale. We also continue to be pleased with the progress and performance of the rollouts of our Express Homes and Emerald Homes brands.

“We remain intently focused on growing revenues and profits at a double-digit pace, while generating improved returns and cash flows.”

D.R. Horton, Inc., America’s Builder, has been the largest homebuilder by volume in the United States for thirteen consecutive years. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 79 markets in 27 states across the United States and closed 30,455 homes in the twelve-month period ended December 31, 2014. The Company is engaged in the construction and sale of high-quality homes through its diverse brand portfolio that includes D.R. Horton, Express Homes and Emerald Homes with sales prices ranging from $100,000 to over $1,000,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.

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