Rottlund Says Sales, Earnings Hold Steady

MINNEAPOLIS-The Rottlund Co. says its net income was$3.07 million, or $0.52 per share for its fiscal quarter ending Sept. 30, almost identical to what it earned in the same quarter a year ago. The Minneapolis-based developer of townhouses and single-family homes says its second quarter revenue was up about 3% to $78 million, which include $12.6million in land sales related to the previously announced sale of the substantially all of the assets of Rottlund Homes of New Jersey.

The sale of the assets and closure of the office has resulted in a charge to net income in the quarter of $360,000 or about $0.06 per share.

For the six-month period ended Sept. 30, Rottlund reported net income of $4.63 million, or $0.79 per share, up 40% from the same period last year.

Included in the prior year results is an extraordinary loss of $612,000 that resulted from the early debt retirement in the amount. Revenues for thesix months increased 1.1% to $126.7 million. The firm had a backlog at Sept. 30 of 602 homes with a sales value of $112 million compared to a backlog of 580 homes with a sales value of about $120 million the year earlier. New orders for 395 homes were received for the second quarter compared to 356 homes for the same period in 2000.

Rottlund has operations in the metropolitan areas of Minneapolis-St. Paul, Des Moines, IA and Tampa.