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

April 18, 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 April 18, 2006, D.R. Horton, Inc. issued a press release announcing its net income and related information for the second quarter ended March 31, 2006. 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 April 18, 2006 related to the Company’s net income and related information for the second quarter ended March 31, 2006.

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: April 18, 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 April 18, 2006 (filed with this report).

EX-99.1

Exhibit 99.1

	Stacey Dwyer, EVP
301 Commerce Street, Ste. 500, Fort Worth, Texas 76102
817-390-8200
April 18, 2006

D.R. HORTON, INC., AMERICA’S BUILDER, REPORTS A 21% INCREASE IN FISCAL YEAR 2006 SECOND QUARTER DILUTED EARNINGS PER SHARE

Quarter Highlights

• Diluted earnings per share increased 21% to $1.11 per share

• Net income increased 20% to $352.8 million

• Consolidated revenue increased 25% to $3.6 billion

• Homes closed increased 19% to 12,570

• Sales order backlog increased 15% to an all-time record $7.1 billion (24,017 homes)

• Net sales orders increased 10% to 15,771 homes

• Stockholders’ equity increased 33% to $5.9 billion

• S&P upgraded D.R. Horton’s senior debt to an investment grade rating of BBB-

• D.R. Horton jumped to No. 162 in the FORTUNE 500

          FORT WORTH, TEXAS — D.R. Horton, Inc., America’s Builder (NYSE:DHI), the largest homebuilder in the United States, Tuesday (April 18, 2006), reported that net income for the second fiscal quarter ended March 31, 2006 increased 20% to $352.8 million ($1.11 per diluted share), compared to $294.0 million ($0.92 per diluted share) for the quarter ended March 31, 2005. Second quarter consolidated revenue increased 25% to $3.6 billion from $2.9 billion in second quarter of fiscal year 2005. Homes closed increased 19% to 12,570 from 10,601 in the year ago quarter.

          For the six months ended March 31, 2006, net income increased 24% to $662.9 million ($2.09 per diluted share), compared to $535.0 million ($1.68 per diluted share) for the same period of fiscal year 2005. Consolidated revenue for the six months increased 20% to $6.5 billion from $5.4 billion for the same period of fiscal 2005. Homes closed in the six-month period increased 11% to 22,461 from 20,281 for the same period of fiscal 2005. The Company also reported a record March 31, 2006 sales order backlog of $7.1 billion (24,017 homes), an increase of 15% from $6.2 billion (21,205 homes) a year ago.

          As previously reported, net sales orders for the second quarter ended March 31, 2006 increased 10% to 15,771 homes ($4.4 billion), compared to 14,401 homes ($4.1 billion) for the same quarter last year. Net sales orders for the first six months of fiscal 2006 increased 12% to 27,234 homes ($7.5 billion), compared to 24,302 homes ($6.8 billion) for the same period 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 reiterating its diluted earnings per share guidance for fiscal year 2006 to be in the range of $5.25 to $5.35 (on approximately 318 million diluted shares).

          The Company will host a conference call on Tuesday, April 18, 2006 at 10:00 a.m. ET. 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 solid 21% earnings growth this quarter. The Company’s strong performance in the first half of fiscal 2006, double-digit sales momentum and record $7.1 billion sales order backlog provide a solid foundation for achieving our 29th consecutive year of record revenues and earnings. The Company’s consistently excellent financial performance, strong balance sheet and transparent financial statements have now been recognized with investment grade ratings from all three rating agencies after a recent upgrade by Standard and Poor’s.”

          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 82 markets in 27 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 and (iii) the Company’s expectation that its continued double-digit sales momentum and second quarter record $7.1 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						Six months ended
	March 31,						March 31,
	2005			2006			2005			2006
	($’s in millions, except per share amounts)
Homebuilding:
Revenues:
Home sales	$	2,706.8		$	3,472.3		$	5,155.8		$	6,261.4
Land/lot sales		120.1			54.2			145.2			106.9
		2,826.9			3,526.5			5,301.0			6,368.3
Cost of sales:
Home sales		2,034.7			2,594.8			3,866.1			4,612.0
Land/lot sales		72.7			20.1			88.4			39.4
		2,107.4			2,614.9			3,954.5			4,651.4
Gross profit:
Home sales		672.1			877.5			1,289.7			1,649.4
Land/lot sales		47.4			34.1			56.8			67.5
		719.5			911.6			1,346.5			1,716.9
Selling, general and administrative expense		267.0			364.9			524.7			690.5
Interest expense		—			10.6			—			15.0
Other (income)		(5.9	)		(5.6	)		(10.9	)		(10.5	)
Operating income from Homebuilding		458.4			541.7			832.7			1,021.9
Financial Services:
Revenues		49.8			71.1			95.8			132.4
General and administrative expense		33.9			49.4			66.6			96.8
Interest expense		2.6			7.8			5.0			15.9
Other (income)		(6.3	)		(13.4	)		(13.0	)		(27.6	)
Operating income from Financial Services		19.6			27.3			37.2			47.3
Income before income taxes		478.0			569.0			869.9			1,069.2
Provision for income taxes		184.0			216.2			334.9			406.3
Net income	$	294.0		$	352.8		$	535.0		$	662.9
Basic:
Net income per share	$	0.94		$	1.13		$	1.72		$	2.12
Weighted average number of common shares		312.0			312.4			311.8			312.7
Diluted:
Net income per share	$	0.92		$	1.11		$	1.68		$	2.09
Weighted average number of common shares		318.0			316.7			317.6			317.1
Other Consolidated Financial Data:
Interest amortized to home and land/lot cost of sales	$	56.0		$	60.6		$	98.9		$	104.4
Depreciation and amortization	$	12.9		$	13.7		$	26.8		$	26.4
Interest incurred	$	80.0		$	99.7		$	140.9		$	181.5

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

	As of
	March 31, 2006
	(In millions)
ASSETS
Homebuilding:
Cash and cash equivalents	$	206.3
Inventories:
Construction in progress and finished homes		4,422.0
Residential land and lots — developed and under development		6,123.9
Land held for development		130.7
Consolidated land inventory not owned		175.8
		10,852.4
Property and equipment (net)		115.2
Earnest money deposits and other assets		847.3
Goodwill		578.9
		12,600.1
Financial Services:
Cash and cash equivalents		71.9
Mortgage loans held for sale		717.2
Other assets		121.8
		910.9
	$	13,511.0
LIABILITIES
Homebuilding:
Accounts payable	$	818.1
Accrued expenses and other liabilities		1,025.4
Notes payable		4,848.7
		6,692.2
Financial Services:
Accounts payable and other liabilities		21.8
Notes payable		675.0
		696.8
		7,389.0
Minority interests		178.0
STOCKHOLDERS’ EQUITY
Common stock		3.2
Additional capital		1,641.7
Retained earnings		4,394.8
Treasury stock (at cost)		(95.7	)
		5,944.0
	$	13,511.0

D.R. HORTON, INC.
($’s in millions)

NET SALES ORDERS

	Three Months Ended March 31,								Six Months Ended March 31,
	2005				2006				2005				2006
	Homes		$’s		Homes		$’s		Homes		$’s		Homes		$’s
Mid-Atlantic		1,263	$	346.2		1,373	$	336.9		2,300	$	623.1		2,484	$	626.4
Midwest		877		224.4		593		169.0		1,306		349.2		1,151		325.4
Southeast		1,974		498.0		2,449		585.9		3,733		908.6		4,269		1,065.4
Southwest		5,638		1,109.8		6,358		1,280.8		9,576		1,848.6		11,141		2,295.1
West		4,649		1,920.2		4,998		1,990.6		7,387		3,024.9		8,189		3,217.7
		14,401	$	4,098.6		15,771	$	4,363.2		24,302	$	6,754.4		27,234	$	7,530.0

HOMES CLOSED

	Three Months Ended March 31,								Six Months Ended March 31,
	2005				2006				2005				2006
	Homes		$’s		Homes		$’s		Homes		$’s		Homes		$’s
Mid-Atlantic		870	$	209.9		1,164	$	297.9		1,703	$	418.5		2,122	$	558.6
Midwest		436		113.0		758		213.4		855		224.5		1,267		350.1
Southeast		1,703		383.3		2,114		541.8		3,097		689.4		3,695		934.0
Southwest		4,549		807.7		4,681		911.3		8,653		1,512.7		8,370		1,656.8
West		3,043		1,192.9		3,853		1,507.9		5,973		2,310.7		7,007		2,761.9
		10,601	$	2,706.8		12,570	$	3,472.3		20,281	$	5,155.8		22,461	$	6,261.4

SALES ORDER BACKLOG

	As of March 31,
	2005				2006
	Homes		$’s		Homes		$’s
Mid-Atlantic		2,337	$	696.8		2,878	$	815.6
Midwest		1,312		394.4		1,245		377.6
Southeast		3,623		917.7		3,710		1,039.8
Southwest		7,555		1,531.2		10,044		2,303.2
West		6,378		2,626.9		6,140		2,567.7
		21,205	$	6,167.0		24,017	$	7,103.9