8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

January 19, 2006
(Date of Report—Date of Earliest Event Reported)

D.R. Horton, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware	1-14122	75-2386963
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

D.R. Horton Tower, 301 Commerce Street, Suite 500,

Fort Worth, Texas 76102

(Address of Principal Executive Offices)

(817) 390-8200
(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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))

TABLE OF CONTENTS

Press Release

Item 2.02. Results of Operations and Financial Condition.

     On January 19, 2006, D.R. Horton, Inc. issued a press release announcing its net income and related information for the first quarter ended December 31, 2005. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference in its entirety into this Item 2.02.

     The information furnished in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits:

99.1 Press Release dated January 19, 2006 related to the Company’s net income and related information for the first quarter ended December 31, 2005.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 19, 2006

D. R. Horton, Inc.
By:	/s/ Bill W. Wheat
	Bill W. Wheat
	Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit
Number	Exhibit
99.1	Press Release dated January 19, 2006 (filed with this report).

EX-99.1

Exhibit 99.1

Bill Wheat, CFO

301 Commerce Street, Ste. 500, Fort Worth, Texas 76102
817-390-8200
January 19, 2006

D.R. HORTON, INC., AMERICA’S BUILDER, REPORTS A 29% INCREASE IN FISCAL YEAR 2006 FIRST QUARTER NET INCOME AND A 30% INCREASE IN SALES ORDER BACKLOG

First Quarter Highlights

• Net income increased 29% to $310.1 million

• Diluted earnings per share increased 29% to $0.98 per share

• Sales order backlog increased 30% to $6.2 billion (20,816 homes)

• Net sales orders (dollars) increased 19% to $3.2 billion

• Net sales orders (homes) increased 16% to 11,463 homes

• Consolidated revenue increased 15% to $2.9 billion

• Homebuilding operating margin improved 180 basis points to 16.9%

• Stockholders’ equity increased 34% to $5.6 billion

• Homebuilding debt to total capitalization (net of cash) improved 110 basis points to 42.3%

• Quarterly cash dividend payment increased by 50% to $.09 per share

     FORT WORTH, TEXAS – D.R. Horton, Inc., America’s Builder (NYSE:DHI), the largest homebuilder in the United States, Thursday (January 19, 2006), reported that net income for its first fiscal quarter ended December 31, 2005 increased 29% to $310.1 million ($0.98 per diluted share), compared to $241.0 million ($0.76 per diluted share) for the quarter ended December 31, 2004. First quarter homebuilding revenue increased 15% to $2.8 billion (9,891 homes closed) from $2.5 billion (9,680 homes closed) in the year ago quarter.

     The Company’s sales order backlog at December 31, 2005 was a first quarter record $6.2 billion (20,816 homes), an increase of 30% from $4.8 billion (17,405 homes) a year ago. As previously reported, net sales orders for the quarter increased 19% to $3.2 billion (11,463 homes) from $2.7 billion (9,901 homes) for the same quarter last year.

     For fiscal year 2006, the Company continues to expect to close approximately 58,000 homes and generate consolidated revenues in excess of $15.5 billion. The Company is raising its diluted earnings per share guidance for fiscal year 2006 to be in the range of $5.25 to $5.35 (based on approximately 320 million diluted shares). The Company expects diluted earnings per share for the quarter ending March 31, 2006 to be in the range of $1.05 to $1.10 (based on approximately 319 million diluted shares).

     The Company will host a conference call on Thursday, January 19, 2006 at 10:00 a.m. EST. The dial-in number is 800-374-9096, and the call will also be webcast from www.DRHORTON.com on the “Investor Relations” page.

     Donald R. Horton, Chairman of the Board, said, “We are very pleased with the Company’s first quarter performance, where again we grew our net income at a faster pace than our revenues. The Company’s continued double-digit sales momentum and our first quarter record $6.2 billion backlog provide a solid foundation for achieving our 29^th consecutive year of record revenues and earnings in fiscal year 2006.”

     D.R. Horton, Inc., America’s Builder, is the largest homebuilder in the United States, delivering more than 51,000 homes in its fiscal year ended September 30, 2005. Founded in 1978 in Fort Worth, Texas, D.R. Horton has expanded its presence to include 77 markets in 26 states in the Mid-Atlantic, Midwest, Southeast, Southwest and Western regions of the United States. The Company is engaged in the construction and sale of high quality homes with sales prices ranging from $90,000 to over $900,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.

     Portions of this document may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to D.R. Horton on the date this release was issued. D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements in this release relate to (i) the Company’s expectation of 58,000 homes closed and total revenues in excess of $15.5 billion in fiscal year 2006, (ii) the Company’s expectation of fiscal year 2006 diluted earnings per share in the range of $5.25 to $5.35, (iii) the Company’s expectation of diluted

earnings per share for the quarter ending March 31, 2006 to be in the range of $1.05 to $1.10 and (iv) the Company’s expectation that its continued double-digit sales momentum and first quarter record $6.2 billion backlog provide a solid foundation for achieving its 29^th consecutive year of record revenues and earnings in fiscal year 2006. Factors that may cause the actual results to be materially different from the future results expressed by the forward-looking statements include, but are not limited to: changes in general economic, real estate or other conditions; changes in interest rates, the availability of mortgage financing or increases in the costs of owning a home; governmental regulations and environmental matters; the Company's substantial debt; competitive conditions within the industry; the availability of capital to the Company on favorable terms; the Company’s ability to successfully effect its growth strategies; and warranty and product liability claims. Additional information about issues that could lead to material changes in performance is contained in D.R. Horton’s annual report on Form 10-K, which is filed with the Securities and Exchange Commission.

WEBSITE ADDRESS: www.DRHORTON.com

D.R. HORTON, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

	Three months ended
	December 31,
	2004			2005
	(In millions, except per share amounts)
Homebuilding:
Revenues:
Home sales	$	2,449.1		$	2,789.1
Land/lot sales		25.0			52.7
		2,474.1			2,841.8
Cost of sales:
Home sales		1,831.5			2,017.1
Land/lot sales		15.6			19.3
		1,847.1			2,036.4
Gross profit:
Home sales		617.6			772.0
Land/lot sales		9.4			33.4
		627.0			805.4
Selling, general and administrative expense		257.7			325.7
Interest expense		—			4.5
Other (income)		(4.9	)		(4.9	)
Operating income from Homebuilding		374.2			480.1
Financial Services:
Revenues		46.0			61.3
General and administrative expense		32.7			47.3
Interest expense		2.4			8.2
Other (income)		(6.7	)		(14.2	)
Operating income from Financial Services		17.6			20.0
Income before income taxes		391.8			500.1
Provision for income taxes		150.8			190.0
Net income	$	241.0		$	310.1
Basic:
Net income per share	$	0.77		$	0.99
Weighted average number of common shares*		311.3			312.9
Diluted:
Net income per share	$	0.76		$	0.98
Weighted average number of common shares*		317.0			317.6
Other Consolidated Financial Data:
Interest amortized to home and land/lot cost of sales	$	42.9		$	43.8
Depreciation and amortization	$	14.0		$	12.7
Interest incurred	$	60.9		$	81.8

* reflects the four-for-three stock split of March 2005

D.R. HORTON, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)

	As of
	December 31, 2005
	(In millions)
ASSETS
Homebuilding:
Cash and cash equivalents	$	182.5
Inventories:
Construction in progress and finished homes		3,564.8
Residential land and lots — developed and under development		6,274.5
Land held for development		60.9
Consolidated land inventory not owned		173.9
		10,074.1
Property and equipment (net)		112.9
Earnest money deposits and other assets		812.1
Goodwill		578.9
		11,760.5
Financial Services:
Cash and cash equivalents		42.7
Mortgage loans held for sale		907.1
Other assets		103.0
		1,052.8
	$	12,813.3
LIABILITIES
Homebuilding:
Accounts payable	$	765.5
Accrued expenses and other liabilities		1,123.9
Notes payable		4,300.0
		6,189.4
Financial Services:
Accounts payable and other liabilities		20.3
Notes payable		814.7
		835.0
		7,024.4
Minority interests		176.0
STOCKHOLDERS’ EQUITY
Common stock		3.2
Additional capital		1,632.2
Retained earnings		4,073.2
Treasury stock (at cost)		(95.7	)
		5,612.9
	$	12,813.3

D.R. HORTON, INC.
($’s in millions)

NET SALES ORDERS

	Three Months Ended December 31,
	2004				2005
	Homes		$’s		Homes		$’s
Mid-Atlantic		1,037	$	276.9		1,111	$	289.5
Midwest		429		124.8		558		156.4
Southeast		1,759		410.6		1,820		479.5
Southwest		3,938		738.8		4,783		1,014.3
West		2,738		1,104.6		3,191		1,227.1
		9,901	$	2,655.7		11,463	$	3,166.8

HOMES CLOSED

	Three Months Ended December 31,
	2004				2005
	Homes		$’s		Homes		$’s
Mid-Atlantic		833	$	208.6		958	$	260.7
Midwest		419		111.5		509		136.7
Southeast		1,394		306.2		1,581		392.2
Southwest		4,104		705.0		3,689		745.5
West		2,930		1,117.8		3,154		1,254.0
		9,680	$	2,449.1		9,891	$	2,789.1

SALES ORDER BACKLOG

	As of December 31,
	2004				2005
	Homes		$’s		Homes		$’s
Mid-Atlantic		1,944	$	560.5		2,669	$	776.6
Midwest		871		283.1		1,410		422.0
Southeast		3,352		802.9		3,375		995.7
Southwest		6,466		1,229.1		8,367		1,933.7
West		4,772		1,899.6		4,995		2,085.0
		17,405	$	4,775.2		20,816	$	6,213.0