FORT WORTH, TX -- D.R. Horton, Inc. reported a net loss for its third fiscal quarter ended June 30, 2008 of $399.3 million, which includes write offs of approximately $330 million. Revenue for the quarter totaled $1.4 billion, compared to $2.5 billion a year earlier.
The company closed 6,167 homes during the quarter, compared to 9,643 homes a year earlier.
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."
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