Schuler posts
157.5% profit

Mainland operations,
isle cost control boost
Schuler's net

By Russ Lynch
Star-Bulletin

Schuler Homes Inc. today announced a 157.5 percent boost in first-quarter profits, crediting the improvement to a strong performance of its mainland operations and tight cost controls in Hawaii.

Honolulu-based Schuler reported a profit of $2 million, or 10 cents a share, for the three months ended March 31, up from $777,000, or 4 cents a share, in the year-earlier period.

Schuler reported quarterly residential sales of $55.5 million this year, up 11 percent from $50 million in the 1997 quarter.

James Schuler, president, chief executive and board chairman, said growth in each of the company's four mainland divisions -- Colorado, Northern California, Oregon and Washington -- contributed to the growth in revenues and an even larger growth in net income.

"In addition, while Hawaii's new-home market remains soft, the company's aggressive cost control measures and cash-flow management have improved the Hawaii division's bottom line," Schuler said.

In Hawaii, Schuler sold 62 homes in the latest quarter, down 15 percent from 73 in the first three months of last year.

In its mainland operations, Schuler sold 387 homes in the latest period, compared with 167 in the year-earlier quarter. Among the increased sales this year were 61 Washington State homes developed through a joint venture and 25 in Northern California and Oregon, where Schuler had no sales in the 1997 period.