FORT WORTH, TX -- D.R. Horton, Inc. (DHI), America's Builder, reported that net income for its first fiscal quarter ended December 31, 2015 increased 11% to $157.7 million, from $142.5 million, in the same quarter of fiscal 2015. Homebuilding revenue for the first quarter of fiscal 2016 increased 5% to $2.4 billion from $2.3 billion in the same quarter of fiscal 2015. Homes closed in the quarter increased 1% to 8,061 homes, compared to 7,973 homes in the prior year quarter.
Net sales orders for the first quarter ended December 31, 2015 increased 9% to 8,064 homes and 12% in value to $2.4 billion, compared to 7,370 homes and $2.1 billion in the prior year quarter. The Company's cancellation rate (cancelled sales orders divided by gross sales orders) for the first quarter of fiscal 2016 was 23%. The Company's sales order backlog of homes under contract at December 31, 2015 increased 15% to 10,665 homes and 16% in value to $3.2 billion, compared to 9,285 homes and $2.7 billion at December 31, 2014.
Donald R. Horton, Chairman of the Board, said, "The D.R. Horton team started the year with a strong first quarter, highlighted by $241.3 million of pre-tax income on $2.4 billion of revenues. Our pre-tax profit margin improved 40 basis points from the prior year quarter to 10.0%. The value of our net sales orders increased by 12%, our home sales revenue increased by 4% and the value of our sales order backlog increased by 16%.
"Solid performance in our three core brands is enabling us to capitalize on market opportunities and expand our industry-leading market share. With a sales backlog of 10,665 homes at the end of December, positive sales trends in January and a robust lot supply and inventory of homes available for sale, we are well-positioned for the spring selling season and fiscal 2016. We remain focused on growing our revenues and pre-tax profits at a double-digit annual pace, while generating positive cash flows and improved returns."