Toll Brothers Q1 Revenue Cut in Half

Horsham, PA, Feb. 11, 2009 -- Luxury home builder Toll Brothers, Inc. said preliminary first quarter results show that revenues were approximately $409.3 million (665 units), backlog was approximately $1.04 billion (1,647 units), and net (after cancellations) signed contracts were approximately $128.1 million (266 units).

The totals represented declines of 51%, 56%, and 66%, respectively, in dollars, and 45%, 51% and 59%, respectively, in units, compared to a year ago.

Toll said it continues to focus on maintaining liquidity as it positions itself for opportunities that it believes should arise from this downturn.

"The past five months have been among the most difficult in U.S. economic history, said CEO Robert Toll.

"Many potential buyers are now concerned about their job security and the economy's financial stability, in addition to their ability to sell their current homes.

"We believe many potential buyers still lack the confidence to commit and are waiting for a sign, whether from the government or the market, that home prices have stabilized."