Duxford Financial, Inc. and Duxford Interiors
We are very pleased that our combined subsidiaries contributed significantly
to our success in 2000, generating combined pre-tax income from operations
of over $3.1 million. We hold a common set of objectives in both our mortgage
company and our design center business, including customer satisfaction,
profitability and the ability to control the quality and delivery of our
homes.
During 2000, Duxford Financial, Inc. closed 1,856 loans for a total loan
volume of $400 million, representing a 69% increase in loan closings and
an 86% increase in loan volume over the prior year's results. We also increased
our capture rate of loans on homes sold by the Company by more than 10%
and believe we can further improve in this area in 2001.
In 2000, Duxford Interiors provided upgraded interior finishes to 1,033
homes, for a total volume of $10.4 million. We are very pleased with Duxford
Interiors' contributions not only to the bottom line, but also in their
facilitation of the delivery of our new homes.
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Duxford Financial, Inc. Staff; Mendocino at Otay
Ranch, Plan 5, in Chula Vista, CA.
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Dear
Lyon Stockholder
