Builder Toll Brothers Sees Revenues Surge

Horsham, PA, Dec. 11, 2013 -- Luxury home builder Toll Brothers reported fourth quarter net income of $94.9 million, or $0.54 per share, compared to $411.4 million, or $2.35 per share a year ago.

Included in this years net income was a deferred tax asset valuation allowance reversal of $4.6 million, compared to a deferred tax asset valuation allowance reversal of $394.7 million a year ago.

Revenues of $1.04 billion and homebuilding deliveries of 1,485 units rose 65% in dollars and 36% in units, compared to last year.

The average price of homes delivered was $703,000, compared to $651,000 a year ago.

Robert I. Toll, executive chairman, said: "We believe that Toll Brothers, as well as the other public home building companies, still have significant room for growth. The economy, while still improving slowly, is far from fully recovered. National housing starts, although projected to be up in 2013 compared to 2012, will still be well below the average of the last 40 years despite an increased population."