Toll Brothers Swings to Third Quarter Profit

Horsham, PA, Aug. 25, 2010--Luxury home builder Toll Brothers reported third quarter net income of $27.3 million, or $0.16 per share, compared to a net loss of $472.3 million, or $2.93 per share a year ago.

Third-quarter revenues and home building deliveries of $454.2 million and 803 units declined 2% in dollars but rose 1% in units, compared to last year.

Toll said its third-quarter net signed contracts of $400.1 million and 701 units declined 11% in dollars and 16% in units.

For the first three quarters, Toll reported a net loss of $53.9 million, or $0.33 per share.

"The acceleration we saw in deposits and traffic through the first few weeks of May was not sustained during the remainder of the quarter," said Chairman Robert Toll.

"Although the unemployment rate among our buyer profile remains at half the national unemployment rate, recent economic and political news continues to dampen our customers' confidence."