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SCHULER HOMES INC. REPORTS SALES AND EARNINGS FOR SECOND FISCAL QUARTER, 1992

 SCHULER HOMES INC. REPORTS SALES AND EARNINGS
 FOR SECOND FISCAL QUARTER, 1992
 HONOLULU, July 23 /PRNewswire/ -- Schuler Homes Inc. (NASDAQ: SHLR) announced today that sales of residential real estate for the second quarter ended June 30, 1992, are $14,077,000, as compared to $18,982,000 for the same period in the prior year. Net income is $2,419,000 ($.12 per share) for the three months ended June 30, 1992, as compared to $4,125,000 ($.28 per share) for the second quarter last year. Weighted average common shares outstanding increased from 14,804,808 to 19,979,808 because of the sale of common stock through an initial public offering on March 20, 1992.
 The difference in revenues between the second quarter ended June 30, 1992, and the same period in 1991 is primarily attributable to the closing of fewer units (101) in the second quarter of 1992, as compared to unit closings (134) in the same period in 1991. The majority of unit closings in the second quarter of 1992 were in the Southpointe at Waiakoa (Maui) project where the company's lender participates in the project's profits. This profit participation component was primarily responsible for the decrease in gross and net profit margins in the second quarter ended June 30, 1992, as compared to the same period in the prior year. The company expects that projects other than Southpointe will comprise a greater percentage of anticipated closings in the third and fourth quarters of 1992, as compared to the second quarter of 1992. The company presently anticipates the closing of substantially all the homes in Phases 3 and 4 of its Waikele project (Oahu) during the third and fourth quarters of 1992.
 The company is pleased with its year-to-date financial performance in 1992. The 1992 year-to-date sales of residential real estate and net income are $28,074,000 and $5,675,000, respectively, as compared to 1991 year-to-date sales of residential real estate and net income of $20,013,000 and $4,253,000, respectively. This represents increases of 40.3 percent in sales and 33.3 percent in net income over the same period in the prior year.
 In May 1992, the company offered for sale 122 affordable single- family homes at its Puhi project on Kauai. On July 15, 1992, the company held a lottery and randomly selected 122 buyers from 450 applicants who satisfied applicable affordable housing requirements. The company anticipates initial closings in late 1992 to early 1993.
 Also in the second quarter of 1992, the company entered into an agreement, subject to the satisfaction of certain conditions, with C. Brewer Properties Inc., one of Hawaii's largest landowners, to develop approximately 480 affordable town homes on Maui. Subject to the conditions being met, the company anticipates the commencement of construction in late 1992 to early 1993.
 Schuler Homes Inc. is one of the leading developers of affordable-priced residential housing in Hawaii. The company's developments primarily consist of low-rise, multifamily homes, such as condominiums and town homes and, to a lesser extent, single-family homes and residential lots. The company's affordable homes are generally priced at levels that either: (1) are at or below ceilings established under applicable governmental land use policies, or (2) represent the low to moderate end of the market for a home in a particular locality and are generally below those existing in that locale for comparable homes built by others. The company has developed and closed the sale of more than 1,072 homes in Hawaii since 1988.
 SCHULER HOMES INC.
 Consolidated Statements of Income
 (In thousands except per share amounts)
 (Unaudited)
 Three months ended Six months ended
 June 30, June 30,
 1992 1991 1992 1991
 Sales of residential
 real estate $14,077 $18,982 $28,074 $20,013
 Cost of residential
 real estate sold 10,768 12,272 19,281 13,022
 Gross profit 3,309 6,710 8,793 6,991
 Equity in income of
 unconsolidated
 joint venture 333 25 370 46
 General and
 administrative expense (258) (94) (510) (190)
 Other income 350 13 333 14
 Income before provision
 for income taxes 3,734 6,654 8,986 6,861
 Provision for income
 taxes 1,315 --- 1,705 ---
 Net income $2,419 $6,654 $7,281 $6,861
 Net income per share $0.12 --- --- ---
 Weighted average
 number of shares 19,979,808 --- --- ---
 Pro forma
 information:
 Income before
 income taxes --- $6,654 $8,986 $6,861
 Provision for
 income taxes --- 2,529 3,311 2,608
 Pro forma
 net income --- $4,125 $5,675 $4,253
 Pro forma net
 income per share --- $0.28 $0.33 $0.29
 Pro forma weighted
 average number
 of shares --- 14,804,808 17,733,517 14,804,808
 -0- 7/23/92
 /CONTACT: James K. Schuler, president and CEO, or Pamela S. Jones, VP-finance and CFO, of Schuler Homes, 808-521-5661/
 (SHLR) CO: Schuler Homes Inc. ST: Hawaii IN: CST SU: ERN


LS-JL -- LA010 -- 2296 07/23/92 09:05 EDT
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Date:Jul 23, 1992
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