ARLINGTON, Texas (Hanley-Wood News Service) - On Tuesday, D.R. Horton Inc. (NYSE: DHI) reported its 97th consecutive quarter of year-over-year growth in profitability, which increased shareholders' equity to a record $1.3 billion. Net income for the quarter ended December 31, 2001 increased 47% to $73.4 million ($0.94 per share), compared to $49.9 million ($0.66 per share) for the same quarter of fiscal year 2001. For the quarter ended December 31, 2001, income before the cumulative effect of a change in accounting principle increased 54% to $73.4 million from $47.8 million. Home building revenues for the quarter increased 30% to $1,135.0 million (5,691 homes closed) from $873.6 million (4,290 homes closed) for the same quarter of fiscal year 2001. The company previously reported record first quarter net new sales contracts. Net new sales contracts for the first quarter of fiscal 2002 increased 22% to 5,144 homes ($1,021.4 million) from 4,229 homes ($900.3 million) for the same period last year. Sales contract backlog at December 31, 2001 increased 19% to 8,716 homes ($1.8 billion) from 7,327 homes ($1.6 billion) last year.
Donald R. Horton, chairman of the board, said, ''We are extremely pleased with the company's first quarter performance, where we once again grew our net income at a faster pace than our revenues. The excellent results of our first quarter, combined with our record backlog for December 31, provide a solid foundation for achieving our 25th consecutive year of growth and profitability.
''This is an especially exciting time for our company as we look forward to welcoming Jim Schuler and the Schuler companies into the D.R. Horton family of companies. Both D.R. Horton and Schuler have scheduled shareholder meetings to vote on the merger on February 21, 2002. Shareholders as of January 14, 2002 are invited to attend and vote in person or by proxy. We anticipate closing the merger upon shareholder approval.''
Founded in 1978, D.R. Horton Inc. is engaged in the construction and sale of high quality homes designed principally for the entry-level and first time move-up markets. The company currently builds and sells homes under the D.R. Horton, Arappco, Cambridge, Continental, Dietz-Crane, Dobson, Emerald, Mareli, Milburn, Regency, SGS Communities, Torrey and Trimark names in 20 states and 38 markets, with a geographic presence in the Midwest, Mid-Atlantic, Southeast, Southwest and Western regions of the United States. The company also provides mortgage financing and title services for homebuyers through its subsidiaries CH Mortgage, DRH Title Company, Principal Title, Travis Title Company, Metro Title Company, Century Title Company, and Custom Title Company.