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

Date of Report (Date of earliest event reported): August 5, 2008

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.)

301 Commerce Street, Suite 500, Fort Worth, Texas	76102
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (817) 390-8200

Not Applicable

(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))

Item 2.02. Results of Operations and Financial Condition.

On August 5, 2008, D.R. Horton, Inc. issued a press release announcing its results of operations and related information for the third quarter ended June 30, 2008 and declaring its quarterly dividend. 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.

(d) Exhibit

99.1 Press Release dated August 5, 2008 related to the Company’s results of operations and related information for the third quarter ended June 30, 2008.

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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.

	D. R. Horton, Inc.
Date: August 5, 2008	By:	/s/ Bill W. Wheat
		Bill W. Wheat Executive Vice President and Chief Financial Officer

3

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release dated August 5, 2008

EX-99.1

EXHIBIT 99.1

Stacey Dwyer, EVP                    

301 Commerce Street, Ste. 500, Fort Worth, Texas 76102

817-390-8200

August 5, 2008

D.R. HORTON, INC., AMERICA’S BUILDER, REPORTS FISCAL 2008 THIRD QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND

FORT WORTH, TEXAS — D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported a net loss for its third fiscal quarter ended June 30, 2008 of $399.3 million or $1.26 per diluted share. The quarterly results included $330.4 million in pre-tax charges to cost of sales for inventory impairments and write-offs of deposits and pre-acquisition costs related to land option contracts that the Company does not intend to pursue, and an after-tax valuation allowance primarily for deferred tax assets created during the quarter of $168.7 million. The net loss for the same quarter of fiscal 2007 was $823.8 million or $2.62 per diluted share. Homebuilding revenue for the third quarter of fiscal 2008 totaled $1.4 billion, compared to $2.5 billion in the same quarter of fiscal 2007. Homes closed in the current quarter totaled 6,167, compared to 9,643 homes closed in the year ago quarter.

For the nine months ended June 30, 2008, the Company reported a net loss totaling $1.8 billion, or $5.81 per diluted share. The nine-month results included pre-tax charges to cost of sales of $1.4 billion of inventory impairments and write-offs of deposits and pre-acquisition costs related to land option contracts that the Company does not intend to pursue, and an after-tax valuation allowance of $883.0 million to the deferred tax asset. The net loss for the nine months ended June 30, 2007 was $662.3 million or $2.11 per diluted share. Homebuilding revenue for the nine months ended June 30, 2008 totaled $4.8 billion, compared to $8.0 billion for the same period of fiscal 2007. Homes closed in the nine-month period totaled 19,435, compared to 29,637 homes closed in the same period of fiscal 2007.

The Company’s sales backlog of homes under contract at June 30, 2008 was 8,281 homes ($1.9 billion), compared to 15,801 homes ($4.4 billion) at June 30, 2007. Net sales orders for the third quarter ended June 30, 2008 totaled 5,501 homes ($1.2 billion), compared to 8,559 homes ($2.0 billion) for the same quarter of fiscal 2007. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) for the third quarter of fiscal 2008 was 39%. Net sales orders for the first nine months of fiscal 2008 were 17,274 homes ($3.8 billion), compared to 27,313 homes ($6.9 billion) for the same period of fiscal 2007.

Donald R. Horton, Chairman of the Board, said, “Although market conditions in the homebuilding industry remain challenging, we continue to focus on reducing our inventory and generating cash flow from operations. We generated approximately $390 million of cash flow from operations this quarter, bringing the year-to-date total to $1.4 billion and increasing our homebuilding cash balance to $819 million. We also maintained our focus on controlling our costs, reducing our homebuilding SG&A expenses by approximately $73 million in our quarter ended June 30, 2008, compared to the year ago quarter.”

The Company will host a conference call today (Tuesday, August 5^th) at 10:00 a.m. Eastern time. The dial-in number is 800-374-9096, and the call will also be webcast from www.drhorton.com on the “Investor Relations” page.

The Company has declared a quarterly cash dividend of seven and one-half cents ($0.075) per share. The dividend is payable on August 28, 2008 to stockholders of record on August 18, 2008.

D.R. Horton, Inc., America’s Builder, is the largest homebuilder in the United States, delivering more than 41,000 homes in its fiscal year ended September 30, 2007. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 80 markets in 27 states in the Northeast, Midwest, Southeast, South Central, Southwest, California and West 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 include our continued focus on reducing inventory, generating cash flow from operations, maintaining our focus on controlling costs and paying the declared dividend. 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: further deterioration in industry conditions; the reduction of liquidity in the financial markets; limitations on our strategies in responding to adverse conditions in the industry; changes in general economic, real estate, construction and other business conditions; changes in interest rates, the availability of mortgage financing or other costs of owning a home; the effects of governmental regulations and environmental matters; our substantial debt; failure to comply with certain financial tests or meet ratios contained in our revolving credit facility; competitive conditions within our industry; the availability of capital; our ability to effect any future growth strategies successfully; our ability to realize our deferred income tax asset; and the uncertainties inherent in home warranty and construction defect claims matters. 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 and most recent quarterly report on Form 10-Q, which are filed with the Securities and Exchange Commission.

WEBSITE ADDRESS: www.drhorton.com

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

	Three months ended						Nine months ended
	June 30,						June 30,
	2008			2007			2008			2007
	(In millions, except per share data)
Homebuilding:
Revenues:
Home sales	$	1,415.0		$	2,470.5		$	4,619.8		$	7,753.1
Land/lot sales		18.3			77.6			145.1			212.7
		1,433.3			2,548.1			4,764.9			7,965.8
Cost of sales:
Home sales		1,271.7			2,058.8			4,097.1			6,380.2
Land/lot sales		14.2			65.6			118.0			187.6
Inventory impairments and land option cost write-offs		330.4			852.0			1,410.0			1,010.8
		1,616.3			2,976.4			5,625.1			7,578.6
Gross profit (loss):
Home sales		143.3			411.7			522.7			1,372.9
Land/lot sales		4.1			12.0			27.1			25.1
Inventory impairments and land option cost write-offs		(330.4	)		(852.0	)		(1,410.0	)		(1,010.8	)
		(183.0	)		(428.3	)		(860.2	)		387.2
Selling, general and administrative expense		194.7			267.5			616.1			858.9
Goodwill impairment		—			425.6			—			425.6
Interest expense		11.7			—			22.9			—
Loss on early retirement of debt		2.6			12.1			2.6			12.1
Other income		(3.5	)		(3.9	)		(7.0	)		(5.7	)
Operating loss from Homebuilding		(388.5	)		(1,129.6	)		(1,494.8	)		(903.7	)
Financial Services:
Revenues		30.9			50.0			98.8			158.3
General and administrative expense		23.1			36.0			76.4			119.3
Interest expense		0.6			4.1			2.7			20.5
Interest and other income		(2.2	)		(8.3	)		(8.5	)		(34.2	)
Operating income from Financial Services		9.4			18.2			28.2			52.7
Loss before income taxes		(379.1	)		(1,111.4	)		(1,466.6	)		(851.0	)
Provision for (benefit from) income taxes		20.2			(287.6	)		367.2			(188.7	)
Net loss	$	(399.3	)	$	(823.8	)	$	(1,833.8	)	$	(662.3	)
Basic and Diluted:
Net loss per share	$	(1.26	)	$	(2.62	)	$	(5.81	)	$	(2.11	)
Weighted average number of common shares		316.0			314.3			315.5			313.9
Other Consolidated Financial Data:
Interest amortized to home and land/lot cost of sales	$	44.9		$	60.8		$	178.1		$	171.5
Depreciation and amortization	$	13.0		$	16.4		$	42.1		$	48.3
Interest incurred	$	59.1		$	80.1		$	180.6		$	253.0

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

	June 30,			September 30,
	2008			2007
	(In millions)
ASSETS
Homebuilding:
Cash and cash equivalents	$	819.4		$	228.3
Inventories:
Construction in progress and finished homes		2,064.1			3,346.8
Residential land and lots — developed and under development		3,505.3			5,334.7
Land held for development		735.4			540.1
Land inventory not owned		91.9			121.9
		6,396.7			9,343.5
Property and equipment, net		78.9			110.2
Deferred income taxes, net		518.7			863.8
Earnest money deposits and other assets		230.8			291.2
Goodwill		95.3			95.3
		8,139.8			10,932.3
Financial Services:
Cash and cash equivalents		31.8			41.3
Mortgage loans held for sale		246.4			523.5
Other assets		46.5			59.2
		324.7			624.0
	$	8,464.5		$	11,556.3
LIABILITIES
Homebuilding:
Accounts payable	$	285.2		$	566.2
Accrued expenses and other liabilities		803.7			933.3
Notes payable		3,581.6			3,989.0
		4,670.5			5,488.5
Financial Services:
Accounts payable and other liabilities		17.2			24.7
Notes payable		86.5			387.8
		103.7			412.5
		4,774.2			5,901.0
Minority interests		32.5			68.4
STOCKHOLDERS’ EQUITY
Common stock		3.2			3.2
Additional capital		1,716.2			1,693.3
Retained earnings		2,034.1			3,986.1
Treasury stock, at cost		(95.7	)		(95.7	)
		3,657.8			5,586.9
	$	8,464.5		$	11,556.3

D.R. HORTON, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)

	Nine Months Ended
	June 30, 2008
	(In millions)
Operating Activities
Net loss	$	(1,833.8	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		42.1
Amortization of debt discounts and fees		5.3
Stock option compensation expense		9.6
Income tax benefit from stock option exercises		(2.7	)
Deferred income taxes		345.1
Loss on early retirement of debt		2.6
Inventory impairments and land option cost write-offs		1,410.0
Changes in operating assets and liabilities:
Decrease in construction in progress and finished homes		991.2
Decrease in residential land and lots — developed, under development, and held for development		518.8
Decrease in earnest money deposits and other assets		58.6
Decrease in mortgage loans held for sale		277.1
Decrease in accounts payable, accrued expenses and other liabilities		(423.5	)
Net cash provided by operating activities		1,400.4
Investing Activities
Purchases of property and equipment		(9.1	)
Net cash used in investing activities		(9.1	)
Financing Activities
Proceeds from notes payable		204.4
Repayment of notes payable		(907.8	)
Proceeds from stock associated with certain employee benefit plans		9.2
Income tax benefit from stock option exercises		2.7
Cash dividends paid		(118.2	)
Net cash used in financing activities		(809.7	)
Increase in Cash and Cash Equivalents		581.6
Cash and cash equivalents at beginning of period		269.6
Cash and cash equivalents at end of period	$	851.2

D.R. HORTON, INC.
($’s in millions)

NET SALES ORDERS

	Three Months Ended June 30,								Nine Months Ended June 30,
	2008				2007				2008				2007
	Homes		Value		Homes		Value		Homes		Value		Homes		Value
Northeast		372	$	95.4		717	$	191.7		1,225	$	315.8		2,527	$	669.1
Midwest		406		121.1		711		213.8		1,145		331.5		2,584		745.8
Southeast		841		172.3		1,500		323.7		2,586		508.4		4,301		961.1
South Central		1,904		344.5		2,541		443.5		5,896		1,048.2		7,198		1,282.2
Southwest		864		164.7		1,614		312.0		2,962		557.5		5,120		1,010.7
California		636		194.3		804		307.1		2,127		655.3		3,247		1,413.2
West		478		144.5		672		237.0		1,333		408.3		2,336		838.9
		5,501	$	1,236.8		8,559	$	2,028.8		17,274	$	3,825.0		27,313	$	6,921.0

HOMES CLOSED

	Three Months Ended June 30,								Nine Months Ended June 30,
	2008				2007				2008				2007
	Homes		Value		Homes		Value		Homes		Value		Homes		Value
Northeast		540	$	134.7		919	$	247.1		1,737	$	445.8		2,949	$	771.3
Midwest		357		107.8		774		235.7		1,302		391.8		2,519		745.0
Southeast		890		186.2		1,575		367.6		2,775		600.5		4,497		1,076.3
South Central		1,894		344.5		2,746		490.7		5,857		1,051.9		7,936		1,418.7
Southwest		1,322		259.9		2,009		450.0		4,146		861.6		5,951		1,349.1
California		711		237.3		913		425.1		2,207		806.8		3,534		1,597.4
West		453		144.6		707		254.3		1,411		461.4		2,251		795.3
		6,167	$	1,415.0		9,643	$	2,470.5		19,435	$	4,619.8		29,637	$	7,753.1

SALES ORDER BACKLOG

	As of June 30,
	2008				2007
	Homes		Value		Homes		Value
Northeast		682	$	176.6		1,806	$	485.0
Midwest		443		131.8		1,102		343.0
Southeast		1,009		217.5		1,952		518.6
South Central		2,732		492.5		3,475		641.3
Southwest		2,014		402.4		4,560		1,079.2
California		861		279.4		1,801		857.6
West		540		199.4		1,105		428.3
		8,281	$	1,899.6		15,801	$	4,353.0