DR Horton, Inc., America's Builder, Reports Fiscal 2008 First … - CNNMoney.com- Topic: Home Owner Warranty

The Company reported $558 million in net cash provided by operating activities in the quarter ended December 31, 2007. In financing activities, cash was used to reduce the balance on the homebuilding revolving credit facility from $150 million to $0, repay the $215 million senior notes which matured in December 2007 and reduce financial services debt by $282 million, for a total of $647 million of debt reductions during the quarter. We made an excellent start on this goal by generating over $550 million in cash flow from operations in our first quarter, primarily driven by $476 million in cash generated by reducing our inventories. Forward-looking statements in this release include our expectation for the housing environment to remain challenging; our continued focus on reducing inventory and preserving capital, generating cash flow from operations, controlling costs and reducing outstanding debt; adjusting inventories to appropriate levels relative to housing demand; and our goal to generate at least $1 billion in cash flow from operations in fiscal 2008. CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) Three Months Ended December 31, 2007 ——————- (In millions) Operating Activities Net loss $ (128. Intraday data provided by ComStock , an Interactive Data Company and subject to the Terms of Use . read more

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