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| D.R. Horton reports fiscal 2011 2Q results D.R. Horton, Inc., America's Builder, reported net income for its second fiscal quarter ended March 31, 2011 of $27.8 million, or $0.09 per diluted share, which included a non-cash tax benefit of $59.2 million. The quarterly results also included $14.3 million in pre-tax charges to cost of sales for inventory impairments and land option cost write-offs. Net income for the same quarter of fiscal 2010 was $11.4 million, or $0.04 per diluted share. Homebuilding revenue for the second quarter of fiscal 2011 totaled $733.1 million, compared to $896.8 million in the same quarter of fiscal 2010. Homes closed in the quarter totaled 3, 516 homes, compared to 4,260 homes in the same quarter of fiscal 2010. For the six months ended March 31, 2011, the Company reported net income of $7.4 million, or $0.02 per diluted share. The six-month results included $22.7 million in pre-tax charges to cost of sales for inventory impairments and land option cost write-offs. Net income for the same period of fiscal 2010 was $203.4 million, or $0.61 per diluted share, which included a tax benefit of $148.6 million. Homebuilding revenue for the six months ended March 31, 2011 totaled $1.5 billion, compared to $2.0 billion in the same period of fiscal 2010. Homes closed in the six-month period totaled 7, 153 homes, compared to 9, 789 homes in the same period of fiscal 2010. Net sales orders for the second quarter ended March 31, 2011 totaled 4,943 homes ($1.0 billion), compared to 6, 438 homes ($1.3 billion) in the same quarter of fiscal 2010. The Company's cancellation rate (cancelled sales orders divided by gross sales orders) for the second quarter of fiscal 2011 was 25%. Net sales orders for the first six months of fiscal 2011 totaled 8, 306 homes ($1.7 billion), compared to 10, 475 homes ($2.2 billion) in the same period of fiscal 2010. The Company's sales order backlog of homes under contract at March 31, 2011 was 5, 281 homes ($1.1 billion), compared to 6, 314 homes ($1.3 billion) at March 31, 2010. The Company's homebuilding cash and marketable securities at March 31, 2011 totaled $1.4 billion and homebuilding notes payable totaled $2.0 billion. In the second quarter, the Company repurchased a total of $64.7 million principal amount of its outstanding senior notes for a total purchase price of $67.2 million, plus accrued interest. Subsequent to quarter end, the Company repaid at maturity the remaining $70.1 million principal amount of its 6% senior notes. As previously announced, the Company redeemed the remaining $112.3 million principal amount of its 5.375% senior notes due 2012, which will result in a loss on early retirement of debt of $6.3 million in its third fiscal quarter. The Company has declared a quarterly cash dividend of $0.0375 per share. The dividend is payable on May 24, 2011 to stockholders of record on May 12, 2011. write your comments about the article :: © 2011 Construction News :: home page |