September 2 – Land Partners, LLC (later named National Land Partners, LLC) was formed to be sole members to many LLCs that would be formed as single members in the future.

September 9 – HSP Management, Inc. was formed (previously named American Land Partners, Inc.) with Harry Patten as Sole Director to be a Managing Member of entities in the future.

November 1 – Harry S Patten resigned from Patten Corporation.

November 18 – Pacific Western Capital Corporation was formed to provide financing to Red Creek Ranch, Inc.’s purchases of additional projects. 25% each contributed – Harry S. Patten, James Lambert, Anthony Cersosimo, J. Stanley Walker.

While many of Patten’s competitors closed up shop, Patten Corporation took a back-to-basics stance “right-sized” its business and showed modest profits in five consecutive quarters. That marked the Company’s survival through the most depressed real estate economy in its history. The Company’s profitability is evident that despite the recession and accompanying depressed real estate markets Patten remained a viable business, one that can be profitable despite lowered sales volume.

In Fiscal ’92, four new sales offices opened in the more profitable West, Southwest, and Southeast regions of the country. (Colorado Springs, Gulf Atlantic in Florida, Wimberley, Texas)

Despite a depressed real estate market in much of the country, Patten Cor-poration fared well with $101.2 million in volume. The underlying demand for our product appears to be strong – if not stronger – than ever. During Fiscal ’90, the company received a total of 78,000 inquiries. Only four months into Fiscal ’91, the company received 50,916 inquiries – a 70% increase from the first four months of fiscal ’90.

The first customer service newsletter, THE COUNTRY LAND MESSENGER, is distributed to our customers. “Patten Corporation’s pledge to our customers is more than just words on paper – it is our way of life,” stated Mr. Patten in the November ’90 edition of LANDMARKS! GOOD NEWS ABOUT PATTEN PEOPLE, a monthly newsletter for employees.

WALL STREET JOURNAL, front-page article (“AMERICAN DREAM”) Patten Corporation eclipsing $100 Million in Sales.

Results of Operations

Sales of real estate increased by $30.6 million or 40%, from$76.9 million to $107.5 million. Rising costs of the subdivision and approval process and compliance with environmental regulations increased the retail value of the Company’s value.

Net income increased $5.7 million, or 61%, from $9.4 million to $15.1 million.

New offices opened in Georgia, Iowa, Washington State, and Ontario, Canada. By year-end, PATTEN CORPORATION had offices in 22 States and one Canadian province. (ME, NH, VT, MA, CT, NY, VA, WV, MD, GA, FL, TX, MI, IL, NC, MT, WA, IA, WS, OH, PA, TN, Province of Ontario)

All Patten offices began incorporating a FULL-DISCLOSURE form into each sales agreement. The document, signed by the salesperson and customer, provides property usage restrictions, approved septic designs and approximate costs, availability of water, electricity, and other utilities, approximate hook-up costs, property taxes, assessments, other annual fees, road access and road maintenance, and other topics. Record 4th quarter of Fiscal ’88 completes best year ever. Chairman and Chief Executive Officer, Harry Patten said, “The Company’s strong fourth quarter performance completes the most successful year in the Company’s 23-year history.”

May – Patten Corporation was listed in INC. FASTEST GROWING SMALL PUBLIC COMPANIES Magazine as #83.

PATTEN CORPORATION grew to include seven sales subsidiaries, plus New England Advertising and Patten Receivables.

Patten increased sales 12-fold, and net income increased 21 times.

June 26 – Patten shareholders gather for FIRST ANNUAL MEETING

Announcement of PATTEN ENVIRONMENTAL TRUST – a non-profit organization established by Patten Corporation to preserve and protect natural and historic sites by means of deeds or easements.

December 8 – BUSINESS WEEK MAGAZINE article “LANDING A BARGAIN WITH PATTEN”.

“Nobody has really retailed raw land the way Patten has. It puts very little cash up front for the land, goes through the planning and zoning stages speedily, and disposes of the properties in 8 to 12 weeks at minimum risk.”

1960’s thru mid 1980’s Harry Patten recognized that urban and suburban people wanted to own land. He could also see that the realities of jobs and families required many people to live in areas where demand and population density drove real estate prices out of reach. He formed Patten Realty Corp, a Company that purchased large parcels of land, divided it into smaller parcels, and offered it, with financing, for resale in parcels averaging 10 to 20 acres in size.

The Company’s philosophy of providing country land to the small investor at a price he could afford proved to be more successful than the Company’s most optimistic expectations. Harry believed the potential for the Company’s success was virtually limitless.