Delaware | 1-14122 | 75-2386963 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press Release dated July 28, 2011 related to the Companys results and related information for the third quarter ended June 30, 2011 and declaring its quarterly dividend. |
2
D. R. Horton, Inc. |
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Date: July 28, 2011 | By: | /s/ Bill W. Wheat | ||
Bill W. Wheat | ||||
Executive Vice President and Chief Financial Officer |
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3
Exhibit | ||
Number | Description | |
99.1
|
Press Release dated July 28, 2011 |
June 30, | September 30, | |||||||
2011 | 2010 | |||||||
(In millions) | ||||||||
ASSETS |
||||||||
Homebuilding: |
||||||||
Cash and cash equivalents |
$ | 824.2 | $ | 1,282.6 | ||||
Marketable securities, available-for-sale |
297.1 | 297.7 | ||||||
Restricted cash |
50.4 | 53.7 | ||||||
Inventories: |
||||||||
Construction in progress and finished homes |
1,427.6 | 1,286.0 | ||||||
Residential land and lots developed and under development |
1,336.3 | 1,406.1 | ||||||
Land held for development |
736.9 | 749.3 | ||||||
Land inventory not owned |
| 7.6 | ||||||
3,500.8 | 3,449.0 | |||||||
Income taxes receivable |
14.0 | 16.0 | ||||||
Deferred
income taxes, net of valuation allowance of
$849.0 million and $902.6 million at June 30, 2011 and September 30, 2010, respectively |
| | ||||||
Property and equipment, net |
58.9 | 60.5 | ||||||
Other assets |
391.2 | 434.8 | ||||||
Goodwill |
15.9 | 15.9 | ||||||
5,152.5 | 5,610.2 | |||||||
Financial Services: |
||||||||
Cash and cash equivalents |
16.8 | 26.7 | ||||||
Mortgage loans held for sale |
286.2 | 253.8 | ||||||
Other assets |
49.3 | 47.9 | ||||||
352.3 | 328.4 | |||||||
$ | 5,504.8 | $ | 5,938.6 | |||||
LIABILITIES |
||||||||
Homebuilding: |
||||||||
Accounts payable |
$ | 181.7 | $ | 135.1 | ||||
Accrued expenses and other liabilities |
812.4 | 957.2 | ||||||
Notes payable |
1,764.1 | 2,085.3 | ||||||
2,758.2 | 3,177.6 | |||||||
Financial Services: |
||||||||
Accounts payable and other liabilities |
36.7 | 51.6 | ||||||
Mortgage repurchase facility |
116.3 | 86.5 | ||||||
153.0 | 138.1 | |||||||
2,911.2 | 3,315.7 | |||||||
EQUITY |
||||||||
Common stock |
3.2 | 3.2 | ||||||
Additional paid-in capital |
1,911.6 | 1,894.8 | ||||||
Retained earnings |
810.7 | 810.6 | ||||||
Treasury stock, at cost |
(134.3 | ) | (95.7 | ) | ||||
Accumulated other comprehensive income |
0.3 | 0.3 | ||||||
2,591.5 | 2,613.2 | |||||||
Noncontrolling interests |
2.1 | 9.7 | ||||||
2,593.6 | 2,622.9 | |||||||
$ | 5,504.8 | $ | 5,938.6 | |||||
Three months ended | Nine months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(In millions, except per share data) | ||||||||||||||||
Homebuilding: |
||||||||||||||||
Revenues: |
||||||||||||||||
Home sales |
$ | 974.5 | $ | 1,378.2 | $ | 2,468.6 | $ | 3,381.1 | ||||||||
Land/lot sales |
0.9 | 0.1 | 6.9 | 2.9 | ||||||||||||
975.4 | 1,378.3 | 2,475.5 | 3,384.0 | |||||||||||||
Cost of sales: |
||||||||||||||||
Home sales |
813.5 | 1,141.1 | 2,069.9 | 2,793.5 | ||||||||||||
Land/lot sales |
0.7 | 0.1 | 6.7 | 2.2 | ||||||||||||
Inventory impairments and land option cost write-offs |
9.9 | 30.3 | 32.6 | 33.9 | ||||||||||||
824.1 | 1,171.5 | 2,109.2 | 2,829.6 | |||||||||||||
Gross profit: |
||||||||||||||||
Home sales |
161.0 | 237.1 | 398.7 | 587.6 | ||||||||||||
Land/lot sales |
0.2 | | 0.2 | 0.7 | ||||||||||||
Inventory impairments and land option cost write-offs |
(9.9 | ) | (30.3 | ) | (32.6 | ) | (33.9 | ) | ||||||||
151.3 | 206.8 | 366.3 | 554.4 | |||||||||||||
Selling, general and administrative expense |
113.7 | 143.5 | 355.8 | 401.2 | ||||||||||||
Interest expense |
10.1 | 19.6 | 41.0 | 69.3 | ||||||||||||
Loss on early retirement of debt, net |
6.5 | 8.3 | 10.7 | 6.7 | ||||||||||||
Other (income) |
(1.2 | ) | (2.0 | ) | (6.8 | ) | (7.4 | ) | ||||||||
Operating income (loss) from Homebuilding |
22.2 | 37.4 | (34.4 | ) | 84.6 | |||||||||||
Financial Services: |
||||||||||||||||
Revenues, net of recourse and reinsurance expense |
23.8 | 27.8 | 63.0 | 67.7 | ||||||||||||
General and administrative expense |
19.3 | 21.2 | 56.4 | 57.2 | ||||||||||||
Interest expense |
0.3 | 0.7 | 0.7 | 1.4 | ||||||||||||
Interest and other (income) |
(2.5 | ) | (3.0 | ) | (6.7 | ) | (7.5 | ) | ||||||||
Operating income from Financial Services |
6.7 | 8.9 | 12.6 | 16.6 | ||||||||||||
Income (loss) before income taxes |
28.9 | 46.3 | (21.8 | ) | 101.2 | |||||||||||
Provision for (benefit from) income taxes |
0.2 | (4.2 | ) | (57.8 | ) | (152.7 | ) | |||||||||
Net income |
$ | 28.7 | $ | 50.5 | $ | 36.0 | $ | 253.9 | ||||||||
Basic: |
||||||||||||||||
Net income per share |
$ | 0.09 | $ | 0.16 | $ | 0.11 | $ | 0.80 | ||||||||
Weighted average number of common shares |
318.7 | 318.2 | 319.0 | 318.0 | ||||||||||||
Diluted: |
||||||||||||||||
Net income per share |
$ | 0.09 | $ | 0.16 | $ | 0.11 | $ | 0.78 | ||||||||
Numerator for diluted income per share after
assumed conversions |
$ | 28.7 | $ | 50.5 | $ | 36.0 | $ | 277.0 | ||||||||
Adjusted weighted average number of common shares |
319.0 | 319.1 | 319.3 | 356.9 | ||||||||||||
Other Consolidated Financial Data: |
||||||||||||||||
Interest amortized to home and land/lot cost of sales |
$ | 25.3 | $ | 38.3 | $ | 65.7 | $ | 95.6 | ||||||||
Depreciation |
$ | 5.0 | $ | 4.3 | $ | 14.9 | $ | 13.6 | ||||||||
Interest incurred |
$ | 31.7 | $ | 42.0 | $ | 101.3 | $ | 138.3 | ||||||||
Nine Months Ended | ||||
June 30, 2011 | ||||
(In millions) | ||||
Operating Activities |
||||
Net income |
$ | 36.0 | ||
Adjustments to reconcile net income to net cash used in
operating activities: |
||||
Depreciation |
14.9 | |||
Amortization of discounts and fees |
27.6 | |||
Stock based compensation expense |
9.9 | |||
Loss on early retirement of debt, net |
10.7 | |||
Gain on sale of marketable securities |
(0.1 | ) | ||
Inventory impairments and land option cost write-offs |
32.6 | |||
Changes in operating assets and liabilities: |
||||
Increase in construction in progress and finished homes |
(148.2 | ) | ||
Decrease in residential land and lots developed,
under development, and held for development |
34.7 | |||
Decrease in other assets |
39.3 | |||
Decrease in income taxes receivable |
2.0 | |||
Increase in mortgage loans held for sale |
(32.4 | ) | ||
Decrease in accounts payable, accrued expenses and other liabilities |
(102.3 | ) | ||
Net cash used in operating activities |
(75.3 | ) | ||
Investing Activities |
||||
Purchases of property and equipment |
(12.8 | ) | ||
Purchases of marketable securities |
(259.7 | ) | ||
Proceeds from the sale or maturity of marketable securities |
254.7 | |||
Decrease in restricted cash |
3.3 | |||
Net cash used in investing activities |
(14.5 | ) | ||
Financing Activities |
||||
Proceeds from notes payable |
29.8 | |||
Repayment of notes payable |
(336.5 | ) | ||
Proceeds from stock associated with certain employee benefit plans |
2.7 | |||
Cash dividends paid |
(35.9 | ) | ||
Purchase of treasury stock |
(38.6 | ) | ||
Net cash used in financing activities |
(378.5 | ) | ||
Decrease in Cash and Cash Equivalents |
(468.3 | ) | ||
Cash and cash equivalents at beginning of period |
1,309.3 | |||
Cash and cash equivalents at end of period |
$ | 841.0 | ||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||
Homes | Value | Homes | Value | Homes | Value | Homes | Value | |||||||||||||||||||||||||
East |
554 | $ | 133.0 | 512 | $ | 114.5 | 1,557 | $ | 356.4 | 1,582 | $ | 367.5 | ||||||||||||||||||||
Midwest |
303 | 83.0 | 250 | 71.5 | 758 | 202.2 | 821 | 233.4 | ||||||||||||||||||||||||
Southeast |
1,109 | 215.9 | 1,044 | 196.6 | 3,021 | 580.9 | 3,159 | 589.6 | ||||||||||||||||||||||||
South Central |
1,666 | 298.8 | 1,778 | 310.4 | 4,671 | 821.7 | 5,829 | 1,011.7 | ||||||||||||||||||||||||
Southwest |
328 | 61.7 | 402 | 69.9 | 932 | 173.5 | 1,387 | 242.7 | ||||||||||||||||||||||||
West |
914 | 275.0 | 935 | 262.8 | 2,241 | 665.3 | 2,618 | 748.6 | ||||||||||||||||||||||||
4,874 | $ | 1,067.4 | 4,921 | $ | 1,025.7 | 13,180 | $ | 2,800.0 | 15,396 | $ | 3,193.5 | |||||||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||
Homes | Value | Homes | Value | Homes | Value | Homes | Value | |||||||||||||||||||||||||
East |
508 | $ | 114.7 | 652 | $ | 150.6 | 1,375 | $ | 308.9 | 1,630 | $ | 381.7 | ||||||||||||||||||||
Midwest |
276 | 74.0 | 350 | 99.3 | 700 | 186.7 | 940 | 259.1 | ||||||||||||||||||||||||
Southeast |
996 | 194.2 | 1,337 | 247.8 | 2,457 | 479.8 | 3,148 | 573.6 | ||||||||||||||||||||||||
South Central |
1,662 | 294.5 | 2,704 | 462.8 | 4,288 | 751.5 | 6,512 | 1,111.4 | ||||||||||||||||||||||||
Southwest |
311 | 56.0 | 659 | 112.5 | 897 | 164.1 | 1,556 | 271.6 | ||||||||||||||||||||||||
West |
802 | 241.1 | 1,103 | 305.2 | 1,991 | 577.6 | 2,808 | 783.7 | ||||||||||||||||||||||||
4,555 | $ | 974.5 | 6,805 | $ | 1,378.2 | 11,708 | $ | 2,468.6 | 16,594 | $ | 3,381.1 | |||||||||||||||||||||
As of June 30, | ||||||||||||||||
2011 | 2010 | |||||||||||||||
Homes | Value | Homes | Value | |||||||||||||
East |
654 | $ | 150.9 | 511 | $ | 112.4 | ||||||||||
Midwest |
305 | 85.7 | 270 | 79.3 | ||||||||||||
Southeast |
1,376 | 263.6 | 980 | 195.0 | ||||||||||||
South Central |
2,074 | 367.5 | 1,679 | 302.8 | ||||||||||||
Southwest |
440 | 81.2 | 323 | 57.5 | ||||||||||||
West |
751 | 233.3 | 667 | 207.4 | ||||||||||||
5,600 | $ | 1,182.2 | 4,430 | $ | 954.4 | |||||||||||