Stephen East Quotations

I think their operating margin could be down a half-percentage point through calendar 2007.

They're serving a need much more than a want than say a Toll or a higher-end builder.

It's a hope. I don't think they're doing anything that is unique to promise a second-half pickup. They're basically at the mercy of what the demand will be in the market.

That helps offset the slowing housing market. They have diversification that a lot of other builders don't have. But I do think their earnings growth will slow. There's no doubt about that.