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

 SCHULER HOMES INC. REPORTS SALES AND EARNINGS
 FOR FIRST FISCAL QUARTER, 1992
 HONOLULU, May 6 /PRNewswire/ -- Schuler Homes Inc. (NASDAQ: SHLR) announced today that sales of residential real estate for the first quarter ended March 31, 1992 were $13,997,000, as compared to $1,031,000 for the first quarter last fiscal year. Gross profit as a percentage of sales increased from 27.3 percent in the first quarter of 1991 to 39.2 percent in the first quarter of 1992. Net income was $3,256,000 for the three months ended March 31, 1992, as compared to $128,000 for the first quarter last year. Net income per share increased from $0.01 to $0.21. Weighted average common shares outstanding increased from 14,804,808 to 15,487,226 due to the sale of common stock through an initial public offering on March 20, 1992.
 The growth in sales is primarily attributable to the closing of 81 home sales and 19 residential lot sales in the first quarter of 1992, compared to the closing of only eight home sales in the first quarter of 1991. The growth in sales is also attributable to an increase in average sales prices. The average revenue per home closing increased from $129,000 in the first quarter of 1991 to $142,000 in the first quarter of 1992.
 The increase in gross profit margins in the first quarter of 1992 is primarily the result of the closing of home sales in phase 6 of Kihei Villages, a multiphase market rate project where sales prices have increased since the first quarter of 1991, while the Company's land costs are fixed. There are only six units remaining to be sold in this project at March 31, 1992. For this and certain other reasons, the Company does not expect that its profit margins in future periods will be at the level achieved during the first quarter ended March 31, 1992.
 While the Company is pleased with its financial performance during the first quarter ended March 31, 1992, it has observed some softness in the rate at which residential lots are being closed at its Lawai Gardens and Waiakoa Kai Estates projects on the islands of Kauai and Maui, respectively. In response, the Company has, together with its joint venture partner, implemented sales programs in an effort to increase sales at these projects. Primarily as a result of the softness being observed in the rate of residential lot sales, the Company believes that its sales and net profits for the second quarter of 1992 will be below the levels achieved during the first quarter.
 Since Dec. 31, 1991, the Company has entered into contracts to purchase additional land for the development of approximately 224 multifamily and approximately 118 single-family homes in phases 7 and 8 at the Waikele project on Oahu, and approximately 49 single-family lots in Hilo, Hawaii. The Company plans to use a portion of the net proceeds from its recently completed initial public offering to consummate the purchase of these parcels of land.
 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 (a) are at or below ceilings established under applicable governmental land use policies, or (b) 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 980 homes in Hawaii since 1988.
 SCHULER HOMES INC.
 Consolidated Statements of Income
 Three Months Ended
 March 31,
 1992 1991
 (Unaudited) (Unaudited)
 Sales of residential
 real estate $13,997,000 $1,031,000
 Cost of residential
 real estate sold 8,513,000 750,000
 Gross profit 5,484,000 281,000
 Equity in income of
 unconsolidated joint venture 37,000 21,000
 General and administrative
 expense (252,000) (96,000)
 Other income (expense) (17,000) 1,000
 Income before provision before
 income taxes 5,252,000 207,000
 Provision for income taxes 390,000 ---
 Net income $4,862,000 $207,000
 Unaudited pro forma information:
 Income before income taxes $5,252,000 $207,000
 Provision for income taxes 1,996,000 79,000
 Net income $3,256,000 $128,000
 Net income per share $0.21 $0.01
 Weighted average number
 of shares $15,487,226 $14,804,808
 -0- 5/6/92
 /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


DM-EH -- LA012 -- 6921 05/06/92 09:05 EDT
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Date:May 6, 1992
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