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Industry News

Home Builders Bash Records

July 10, 2002

D.R. Horton, M.D.C. Holdings Report Double-Digit Order Increases Over Last Year

Inman News Features

Both D.R. Horton Inc. (NYSE: DHI) and M.D.C. Holdings Inc. (NYSE/PCX: MDC) today reported record-breaking quarters and double-digit order increases over last year's numbers.

D.R. Horton reported the highest quarterly net sales orders in its history with its third quarter orders up 68 percent to $2 billion, or 9,065 homes, compared with $1.2 billion, or 6,014 homes for the same quarter last year.

The company also reported net sales orders for the first nine months of its fiscal year 2002 increased 41 percent to $4.9 billion, or 22,826 homes, compared with $3.5 billion, or 16,955 homes, for the same time period last year.

"Our people continue to deliver record-setting sales performances," said company Chairman Donald R. Horton. "We are especially proud that even though D. R. Horton has been a leading consolidator in the homebuilding industry, our 'same store' sales grew this quarter at a 22 percent pace, reflecting continued strong growth in our core divisions."

M.D.C. Holdings announced the highest second quarter home orders, home closings and quarter-end backlog in the company's history.

The company received orders for 2,753 homes and 5,529 homes, respectively, during its second quarter and the first six months of this year, compared with orders for 1,973 homes and 4,700 homes, respectively, for the same periods last year.

Home orders for this year included 956 orders received in June, representing a 50 percent increase from the 638 home orders received in June of last year.

MDC closed 1,956 homes during its second quarter, compared with closing 1,924 homes for the same period last year. The company ended its second quarter with a record quarter-end backlog of 4,935 homes with an estimated sales value of $1.3 billion, 13 percent and 17 percent higher, respectively, than the backlog of 4,372 homes with an estimated sales value of $1.11 billion by the end of June last year.

"We are pleased to report our fourth consecutive month of record home orders," said MDC's Chairman and CEO Larry A. Mizel. "These increases in home orders, which are expected to contribute home closings primarily early next year, should further our previously disclosed goal to close more than 10,000 homes and produce record revenues and earnings in 2003."

Copyright: Inman News Service

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