Schuler Homes Schuler Homes Inc. posted a 37.7 percent increase in its profits for the three months through June 30, the first quarter of its new fiscal year.
builds on profits
Earnings are up 10 cents a share
for the Hawaii-based firmBy Russ Lynch
rlynch@starbulletin.com
Honolulu-headquartered Schuler reported a net of $16.9 million, or 40 cents a share, for the quarter, up from $12.3 million, or 30 cents a share a year earlier.
Revenues of $315.2 million were up 29.1 percent from $244.2 million in the equivalent quarter of last year.
The figures were adjusted to reflect Schuler's April 3 merger with California-based Western Pacific Housing, showing the year-earlier period as if the merger had already taken place.
Schuler said its increase in business came from selling 1,164 new homes during the quarter, up 10.1 percent from 1,057 in the quarter ended June 2000. The average sales price was $274,000 in the latest quarter, up 14.2 percent from $240,000 in the previous quarter.
The company said it expects its operating income for the fiscal year through March 31, 2002, to be up about 15 percent compared to the previous year.
Per-share earnings for the year will be enhanced by the redemption of convertible debentures, to take place in the current quarter, said a statement by James K. Schuler, president, chief executive officer and co-chairman, and Eugene Rosenfeld, co-chairman.
Earnings will also increase because of an accounting change that will add about 9 cents a share to the annual profit, they said.
The first-quarter increase came from Schuler's mainland business. In Hawaii, sales were down, with 88 closings in the quarter, a drop of 5.4 percent from 93 in the year-earlier period.
However, the company has a backlog of 149 homes in Hawaii ordered but not yet delivered, at a total value of $44.6 million. At the end of June last year, Schuler's Hawaii backlog was 99 homes at a total value of $24.9 million.
Schuler stock rose 51 cents today to close at $15.46 on the Nasdaq Stock Market.