FORT WORTH, TX -- D.R. Horton, Inc. reported that net income for its second fiscal quarter ended March 31, 2013 increased 173% to $111.0 million. Net income for the same quarter of fiscal 2012 was $40.6 million. Homebuilding revenue for the second quarter of fiscal 2013 increased 49% to $1.4 billion from $0.9 billion in the same quarter of 2012. Homes closed in the quarter increased 33% to 5,643, compared to 4,240 homes in the year-ago quarter.
Net sales orders for the second quarter ended March 31, 2013 increased 34% to 7,879 homes from 5,899 homes in the year-ago quarter and the value of net sales orders increased 52% to $2.0 billion from $1.3 billion. The Company's cancellation rate (cancelled sales orders divided by gross sales orders) for the second quarter of fiscal 2013 was 19%.
The Company's sales order backlog of homes under contract at March 31, 2013 increased 54% to 9,553 homes from 6,189 homes at March 31, 2012. The value of the backlog increased 76% to $2.4 billion at March 31, 2013 from $1.4 billion a year ago.
Donald R. Horton, Chairman of the Board, said, "The spring selling season is off to a strong start at D.R. Horton, with robust demand driving higher sales volumes and favorable pricing, which is reflected in the 14% increase in our average selling price. We are in an excellent position to continue to meet increased sales demand and aggregate market share with 15,800 homes in inventory and 175,000 lots owned or controlled under option contracts, of which 58,000 lots are fully developed.
"The improvement in many of our operating metrics accelerated this quarter, expanding our pre-tax income margin to 9.9% and increasing our pre-tax income 236% to $142.1 million. Our homes sold, closed and in backlog all increased by greater than 30% compared to the year-ago quarter, while the dollar values increased 52%, 47% and 76%, respectively. With $250 million in pre-tax income through the first six months of the year, we have already exceeded our pre-tax profits for all of fiscal 2012."