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Business Description
D.R. Horton, Inc. engages in the construction and sale of single-family homes in the United States. As of September 30, 2004, the company owned approximately 24,000 homes under construction, including approximately 1,600 model homes and 200 unsold homes. It markets and sells its homes through commissioned employees and independent real estate brokers, located in 21 states and 63 metropolitan markets of mid-Atlantic, midwest, southeast, southwest, and west regions of the United States. The company also provides financial services, including mortgage banking and title agency services to its customers. D.R. Horton was founded in 1978 and is based in Fort Worth, Texas.

Financial Information
For the fiscal year ended 9/30/04, revenues rose 24% to $10.84 billion. Net income rose 56% to $975.1 million. Revenues reflect an increase in prices. Higher income also reflects improved gross margins.