Homebuilder D.R. Horton Sees Revenues Plummet

Fort Worth, TX, Nov. 25, 2008--D.R. Horton, Inc. said that fourth quarter revenue was cut in half from 2007.

The nation's largest homebuilder reported sales of $1.5 billion on 6,961 homes closed, compared to $3.0 billion on 11,733 homes closed in the same quarter of fiscal 2007.

Land and lot sales revenue in the fourth quarter totaled $209.2 million, compared to $154.8 million in the same quarter of fiscal 2007.

For the fiscal year ended Sept. 30, the company reported home sales revenue of $6.2 billion on 26,396 homes closed, compared to $10.7 billion in fiscal 2007 on 41,370 homes closed.

Horton's sales backlog of homes under contract at the end of the quarter was 5,297 homes ($1.2 billion), compared to 10,442 homes ($2.7 billion) a year ago.

For the fiscal year, the company reported an operating net loss of $2.6 billion, compared to a loss of $712 million a year ago.

Donald R. Horton, Chairman of the Board, said, “Market conditions in the homebuilding industry deteriorated during our fourth fiscal quarter and October, characterized by rising foreclosures, high inventory levels of both new and existing homes, increasing unemployment and eroding consumer confidence."