Posted on: Saturday, January 12, 2002

Schuler Homes' earnings up 23 percent

Advertiser Staff and News Services

Schuler Homes Inc., which is planning to merge with D.R. Horton Inc. later this year, said yesterday its earnings from home-building 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 home building 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 home builder, is expected to be completed by March 31.