Corporate Staff
While each of our Divisions manages its own day-to-day operations, our staff
at the Corporate office provides critical support in the areas of Finance
and Accounting, Human Resources, Legal Counsel and Tax Management. Recognizing
that each of our Divisions operates in a unique market, the Corporate staff
provides guidance in Company policy and procedure matters, public company
reporting services, and liaison with the Company's lenders - thus enabling
our Divisions to concentrate on land acquisition, construction, sales and
marketing, and customer service. We have found this blend of centralized
administration and decentralized operations to be very effective.
In 2000, we continued to develop new and enhance existing relationships
with our joint venture partners and other providers of capital. We refinanced
our previous working capital line, which provides us with additional commitments
at an overall lower cost of funds.
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Reston at Ladera Ranch, Plan 2, in Orange County,
CA; Corporate Staff and Duxford Interiors Staff.
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Sycamore Ranch, Plan 3, in Fallbrook, CA; Loma
Real at Rancho Dorado, Plan 2, in San Marcos, CA.
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Dear
Lyon Stockholder
