Toll Brothers' Loss Widens, But Sales Contracts Up

Horsham, PA, Dec. 3, 2009--Luxury home builder Toll Brothers Inc. said its loss widened in its fiscal fourth quarter, as it continued to write down the value of its land holdings and reduce staff.

The builder said Thursday it lost $111.4 million, or 68 cents a share, in the quarter ended in October. That compares with a loss of $78.8 million, or 49 cents a share, a year earlier.

However, the number of signed sales contracts rose 42 percent and the cancellation rate declined to just 7 percent, signs of a housing turnaround.

Revenue fell 30 percent to $486.6 million.

CEO Robert I. Toll said the choppiness in demand that began after Labor Day has continued.