Toll Brothers Reports Loss in First Quarter

Horsham, PA, Feb 22, 2012 -- Luxury homebuilder Toll Brothers reported a first quarter net loss of $2.8 million, or $0.02 per share, compared to net income of $3.4 million, or $0.02 per share in the first quarter of 2011.

The quarter included a net tax benefit of $3.6 million, compared to a net tax benefit of $20.5 million the previous year.

Revenues and home building deliveries of $322.0 million and 564 units decreased 4% in dollars and 1% in units, compared to $334.1 million and 570 units the previous year.

Toll said its net signed contracts of $444.7 million and 652 units rose 45% in dollars and 19% in units, compared to 2011's first-quarter net signed contracts of $307.2 million and 548 units.

The average price of first-quarter net signed contracts was $682,000, compared to $561,000 the previous year.

The company ended the first quarter with a backlog of $1.12 billion and 1,784 units, an increase of 35% in dollars and 21% in units, compared to FY 2011's first-quarter-end backlog of $825.2 million and 1,472 units.

"Although historically our first quarter is the most challenging time to gauge sentiment among home buyers, in general the market feels healthier than it did one year ago," said CEO Douglas C. Yearley, Jr.