Business briefs

Advertiser Staff and News Services

Schuler reports higher earnings

Schuler Homes Inc. reported higher fiscal second-quarter revenue and earnings yesterday from selling more homes at higher prices in Hawai'i and on the West Coast.

Net income during the quarter ended Sept. 30 was up 33 percent to $19.2 million, or 46 cents per share, over $14.4 million, or 35 cents per share, during the same quarter a year ago.

Revenue during the quarter was $383.6 million, a 50 percent increase over same-quarter revenue last year.

Schuler, which announced earlier this week it would be acquired by Texas-based D.R. Horton to form the nation's second biggest homebuilder, sold 1,308 homes during the quarter, a 24 percent increase over 1,058 homes sold during the year-ago quarter. The average sales price rose to $285,000 from $255,000 for the same period.

Cyanotech's net loss $509,000

Cyanotech Corp., a Big Island-based producer of microalgae products, said yesterday its net loss grew more than 10 fold in the latest quarter because of a drop in sales to its largest customer, Spirulina International.

Cyanotech reported a net loss of $509,000 in the three months to Sept. 30, up from a loss of $40,000 in the same period a year earlier. Net sales were $1.95 million, down from $2.36 million a year earlier.

Sales to Spirulina dropped to 8 percent of total sales from 41 percent a year ago, the company said.