Schuler Homes net
Star-Bulletin staff
gets mainland lift
Benefiting from a boom in mainland home sales, Honolulu-based Schuler Homes Inc. had a 139.4 percent increase in its first-quarter profit.
Schuler yesterday reported a net of $4.8 million, or 24 cents a share, for the three months through March 31, compared with $2 million, or 10 cents a share, in the 1998 quarter. First-quarter revenues were up 72.7 percent at $95.9 million vs. $55.5 million a year earlier.
The growth in revenues and profits came from the strength in the Colorado, Northern California, Oregon and Washington markets, said James K. Schuler, president, chief executive and board chairman.
"In addition, while we continue to be concerned with the lack of economic growth in Hawaii, its residential market shows signs of stability and sales in the Hawaii division have improved slightly," Schuler said in a statement.
The company sold 65 homes in Hawaii in the latest quarter, up 10.2 percent from 59 in the year-earlier quarter.
As of March 31, Schuler had a backlog of 88 homes on order in Hawaii, worth a total of $24.3 million, compared with 85 homes worth a total of $25 million a year earlier.
On the mainland, Schuler sold 415 homes in the 1999 quarter, up 55.4 percent from 267 in the year-earlier quarter.
Its mainland backlog at the end of March was 766 homes, at a total value of $277.5 million. A year earlier, Schuler had a mainland backlog of 383 homes worth a total of $60.4 million.
Part of the mainland sales increase came from Schuler's move in January to increase its ownership in Stafford Homes in the Washington state to 89 percent from the 49 percent it acquired in July 1997.
