The company experienced record fourth-quarter and full-year net earnings and home sales. Ryland’s consolidated net earnings for the fourth quarter of 1999 were $20.8 million, up 18.7% from the fourth quarter of 1998, and their net earnings for 1999 were $66.7 million, representing a 65.6% increase from 1998. For the fourth quarter and the year 1999, the company also reported the highest home sales in their history, with 2,237 and 10, 408 homes, respectively.
As soon as July, The Ryland Group, Inc. will move its corporate headquarters from Columbia, Maryland to the Conejo Valley of Southern California. According to Ryland Chairman, President and CEO R. Chad Dryer, the difficult decision to move after over 30 years on the East coast is in response to the changing face of the industry and the rise of California as a key housing market. Of the 115 employees at the Maryland office, about 15 are expected to maintain positions on the corporate staff.
The company has also announced that Gordon A. Milne has been named senior vice president and chief financial officer of the company. Milne has over 20 years of finance experience in various industries including energy, chemical, and homebuilding, and was most recently senior vice president and CFO of Agrium Inc. of Calgary, Alberta.