The gross profit margin on home sales increased to 17.5% during fiscal 2001 compared to 15.1% in fiscal 2000. The increased gross profit margin on home sales was primarily due to strength in the overall homebuilding industry, which combined with higher average selling prices and decreased direct costs, led to the improvement.
The company built 866 multifamily or townhome units last year generating $142.9 million in revenue; they sold for an average of $165,000 per unit. The company also built 478 single-family homes generating $108.1 million in revenue; they sold for an average of $226,000 per unit.
Net sales were $260 million during fiscal 2001, just $1 million shy of its market in fiscal 2000. The decrease in the number of homes sold is directly related to the company's exiting the Orlando, Fort Myers, FL and Indianapolis markets, according to Rottlundofficials.
Rottlund owned or controlled through options more than 3,900 home sites in communities under development, and land for the development of over 2,200 additionalplanned home sites in proposed communities. The company had a backlog of homes under contract but not closed of 546 homes worth an estimated value of $122million as of March 31. The company had option contracts for approximately 1,500 lots aggregating $56.5 million.
Rottlund says it is the ninth-largest "attached" homebuilder in the US, as well as the market leader in its headquarters area of the Twin Cities. The company designs, builds and markets attached and detached townhomes and condominiums, and detachedsingle-family homes in the metropolitan areas of the Twin Cities, Des Moines, IA; southern New Jersey and Tampa, FL.
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