Posted at 10:41 a.m., Friday, January 11, 2002

Schuler Homes posts higher quarterly earnings

Advertiser Staff

Schuler Homes, Inc., which is planning to merge with D.R. Horton Inc. later this year, said today its earnings from homebuilding operations rose 23 percent in the last quarter of 2001 from the same period a year ago.

Schuler, which has headquarters in Honolulu and El Segundo, Calif., said it sold 1,495 new homes in the period, a 25.8 percent increase from a year earlier. Sales in Hawai'i fell to 90 homes in the quarter from 95 a year ago.

Schuler said revenue from homebuilding totaled $426.6 million in the last quarter, up from $346.9 million a year ago.

Schuler's merger with D.R. Horton, which will create the nation's second largest homebuilder, is expected to be completed by March 31, Schuler said.