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Rottlund Sees Higher Profit Despite Sales Dip

ROSEVILLE, MN-The multifamily and-single-family home developer says it built 1,344 units in its fiscal 2001, about 10% fewer than the previous year. However, the firm believes increased profits resulted from exiting three markets.

By Jim McCartney | Updated on June 12, 2001

ROSEVILLE, MN-Rottlund, a developer of single-family and multifamily housing projects, says its net income for the fiscal year ended March 31 was up 42.5 %, increasing to $7.79 million, or $1.33 per share. That’s up from $5.46, or $0.94 per share in fiscal 2000.

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.

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