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Toll Brothers Inc. Message Board

  • bluecheese4u bluecheese4u May 23, 2012 8:24 AM Flag

    Toll Brothers Reports FY 2012 2nd Qtr and 6 Month Results

    Toll Brothers Reports FY 2012 2nd Qtr and 6 Month Results

    HORSHAM, Pa., May 23, 2012 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, today announced results for earnings, revenues, contracts and backlog for its second quarter and first six months ended April 30, 2012.

    The Company reported FY 2012 second-quarter net income of $16.9 million, or $0.10 per share, compared to a FY 2011 second-quarter net loss of $20.8 million, or $0.12 per share. FY 2012's second quarter included a net tax benefit of $1.2 million, compared to a net tax benefit of $10.7 million in FY 2011's second quarter.

    FY 2012's second-quarter results included $2.0 million of pre-tax inventory write-downs and a $1.6 million recovery of prior joint venture impairments, compared to FY 2011's second quarter pre-tax write-downs and joint venture impairments totaling $32.5 million. Excluding write-downs and joint venture impairments and recoveries, FY 2012's second-quarter pre-tax income was $16.1 million, compared to pre-tax income of $1.0 million in FY 2011's second quarter.

    FY 2012's second-quarter revenues and home building deliveries of $373.7 million and 671 units rose 17% in dollars and 14% in units, compared to FY 2011's second-quarter revenues of $319.7 million and 591 units.

    FY 2012's second-quarter net signed contracts of $754.7 million and 1,290 units rose 51% in dollars and 47% in units, compared to FY 2011's second-quarter net signed contracts of $500.9 million and 879 units. The average price of FY 2012's second-quarter net signed contracts was $585,000. On a per-community basis, FY 2012's second-quarter net signed contracts of 5.61 units per community were the highest for any second quarter since FY 2006.

    FY 2012's second-quarter-end backlog of $1.50 billion, or 2,403 units, increased 49% in dollars and 37% in units, compared to FY 2011's second-quarter-end backlog of $1.01 billion and 1,760 units. The average price of units in FY 2012's second-quarter-end backlog was $624,000: The number was outsized due to 20 condo units in backlog averaging $3.8 million from the Touraine, which is under construction on Manhattan's Upper East Side.

    For FY 2012's six-month period, the Company reported net income of $14.1 million, or $0.08 per share, compared to FY 2011's six-month period net loss of $17.4 million, or $0.10 per share. FY 2012's six-month period included $10.1 million of pre-tax inventory write-downs and a $1.6 million recovery of prior joint venture impairments, compared to $57.6 million of inventory write-downs and joint venture impairments in FY 2011's comparable period. FY 2012's six-month period included a net tax benefit of $4.8 million, compared to a net tax benefit of $31.2 million in FY 2011's six-month period. Excluding write-downs and joint venture recoveries, FY 2012's six-month pre-tax income was $17.8 million, compared to FY 2011's six-month pre-tax income, excluding write-downs and impairments, of $9.1 million.

    For FY 2012's first six months, home building revenues of $695.6 million and 1,235 units increased 6% in both dollars and units, compared to FY 2011's same-period results of $653.8 million and 1,161 units. FY 2012 six-month net signed contracts of $1.2 billion and 1,942 units increased 48% in dollars and 36% in units, compared to FY 2011's same-period results of $808.1 million and 1,427 units.

    Toll Brothers ended FY 2012's second quarter with 230 selling communities, compared to 203 at FY 2011's second-quarter end. The

    http://www.globenewswire.com/newsroom/news.html?ref=rss&d=257002

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