Homebuilder D.R. Horton Narrows Loss

Fort Worth, TX, May 5, 2009--Homebuilder D.R. Horton Inc. reported it lost $108.6 million, or 34 cents a share in the second quarter, narrowing from a loss of $1.31 billion, or $4.14 a share in the same quarter last year.

Revenue declined to $775.3 million from $1.62 billion. Analysts had forecast, on average, a loss of 31 cents a share on revenue of $812.9 million. The quarterly results included $48.1 million in pre-tax charges.

"We saw a seasonal increase in sales activity in the March quarter, with our net sales increasing 50% from our December quarter," said Donald Horton, chairman of the board.

"However, market conditions in the homebuilding industry are still challenging, characterized by rising foreclosures, high inventory levels of both new and existing homes, increasing unemployment, tight credit for homebuyers and eroding consumer confidence,"