Schuler sees rise in income

Advertiser Staff

Schuler Homes Inc. said its net income rose 37.4 percent in the latest quarter as climbing home sales in California made up for a decline in closings and new orders in Hawai'i and other states.

Schuler, co-founded by Hawai'i businessman James K. Schuler, said net income for the three months to June 30 was $16.9 million, or 40 cents per diluted share, compared with $12.3 million or 30 cents per share in the same period a year ago.

The company's top executives said they expect the growth to continue.

"We are comfortable that fiscal 2002 net income from operations will surpass the results for the fiscal year ended March 31, by approximately 15 percent, the high end of our previously reported anticipated growth range," said James Schuler, the president and chief executive officer, and Eugene Rosenfeld, co-chairman of the board, in a statement.

On April 3, a merger between Schuler Homes and California-based Western Pacific Housing was completed, with the new company retaining the name Schuler Homes. The earnings reflect the combined earnings of the companies.

Schuler is among the top 15 builders in the country with operations in California, Colorado, Hawai'i, Washington, Oregon and Arizona.

New home orders fell to 92 in Hawai'i in the quarter, compared with 105 a year ago.

The company closed on 88 homes in Hawai'i in the quarter, compared to 93 closings a year ago. California orders and closing rose to 1,414 in the quarter.

California accounted for more than half of all Schuler closings and orders in the period.

For the year, the company expects the average sales price for homes closed will be approximately $280,000.