Homebuilder Toll Brothers Narrows 2Q Loss

Horsham, PA, May 26, 2010--Luxury home builder Toll Brothers reported a second-quarter net loss of $40.4 million, or $0.24 per share, compared to a net loss of $83.2 million, or $0.52 per share a year ago.

The results included pre-tax write-downs totaling $42.3 million, compared to write-downs totaling $119.6 million last year.

Revenues and home building deliveries of $311.3 million and 543 units declined 22% in dollars and 16% in units, compared to a year ago.

Net signed contracts of $464.6 million and 820 units rose 56% in dollars and 41% in units over a year ago despite having 21% fewer communities.

New CEO Douglas C. Yearley, Jr., said, "We are seeing solid activity in many markets. The urban metro New York City market and most of the suburban corridor from metro Washington, DC to metro Boston are doing better. We have also seen notable improvement in parts of California and North Carolina."