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MINNEAPOLIS-The Rottlund Co., the home builder whose product includes townhomes here as well as Tampa, FL and Des Moines, IA, posted first-quarter net income of $1.56 million, or $0.27 per diluted share. The earnings are about six times higher than the previous first-quarter net income of $253,000, or $0.04 per share, which had included a loss from early retirement of debt of $612,000.

First-quarter revenue declined about 2.4% to $48.4 million, down slightly for the year earlier period. Company officials says the decline is primarily due to the fact it pulled out of several markets over the last year.

Backlog at June 30, the end of the quarter, was comprised of 648 homes with a sales value of $135.5 million, 9.9% higher than the sales value of $123.3 million representing a backlog of 616 homes.

New orders for 321 homes with a sales value of $61.5 million were received for the first quarter down from the same period last year when it had 350 homes with a sales value of $63.4 million.

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