FORT WORTH, TX -- D.R. Horton, Inc last week reported a net loss for its fourth fiscal quarter ended September 30, 2010 of $8.9 million. A year ago, the company reported a net loss of $234.9 million for the same period. The homebuilder said revenue for the fourth quarter of fiscal 2010 totaled $925.7 million, compared to $1.0 billion in the same quarter of fiscal 2009.
Donald R. Horton, Chairman of the Board, said, "As we expected, market conditions in the homebuilding industry have been even more challenging after the expiration of the tax credit at the end of April. We will continue to focus on providing affordable homes, controlling our costs and contracting for new communities with attractively priced finished lots.
Net sales orders for the fourth quarter ended September 30, 2010 totaled 3,979 homes, compared to 5,008 homes in the same quarter of fiscal 2009. The Company's cancellation rate (cancelled sales orders divided by gross sales orders) for the fourth quarter of fiscal 2010 was 31%.
D.R. Horton, Inc., America's Builder, is the largest homebuilder in the United States, based on its 20,875 homes closed in the twelve-month period ended September 30, 2010. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 72 markets in 26 states in the East, Midwest, Southeast, South Central, Southwest 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 $700,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.