Mr. Schuler: Schuler Homes was started in Hawaii in 1973. It basically focused on resort condominiums and entry-level housing. Then in March 1992, we took the company public with an 80 million IPO. Hawaii was a very strong economy in the late 1980s and early 1990s. The economy started to falter, and so in 1996, we made the decision to geographically expand the company. Prior to that, we were a one-market builder and we needed to be a multi-market builder. So we did a start-up in northern California in June 1996. In September 1996, we did a start- up in Portland, Oregon. Then in January 1997, we acquired the second- largest homebuilder in Denver, Colorado, a company by the name of Melody Homes, a homebuilder that had been in business there in excess of 40 years. In September 1997, we acquired a homebuilder in Seattle, Washington, by the name of Stafford Homes, a company that had been in business about 30 years. Then in 1998 and 1999, we did two small acquisitions, one in Portland, Oregon and one in southern California. The southern California acquisition also gave us an entry into the Phoenix, Arizona, market. They had put together a sizeable land position all under option with very few dollars and it gave us an opportunity to enter that market with very low capital and a low land-risk condition. Then, just recently, on April 3rd of this year, we completed the merger with Western Pacific Housing, the sixth-largest builder in California. That kind of brings you up to date. Basically, we're the top-five builder in all of our major markets, with the exception of Arizona. Our major markets are California, Colorado, Washington, Oregon, Hawaii, and a growing division in Phoenix, Arizona. we are also one of the top 15 homebuilders in the United States. And, as I mentioned, we're the top- five homebuilder in our major markets. We basically focus on entry-level and first-time move-up buyer product. Our last fiscal revenues were in excess of 1.3 billion.
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