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TOLL BROTHERS, INC. REPORTS RECORD NET INCOME AND REVENUES FOR YEAR END AND FOURTH QUARTER

 HUNTINGDON VALLEY, Pa., Dec. 14 /PRNewswire/ -- Toll Brothers, Inc. (NYSE: TOL), a builder of luxury homes in the Northeast and Mid-Atlantic regions, today announced record net income and revenues for both its fiscal year and fourth quarter ended Oct. 31, 1993.
 Net income for fiscal 1993 rose to $28,058,000, or $0.84 per share, a 69.7 percent increase over net income for fiscal 1992 of $16,538,000, or $0.50 per share. The 1993 net income exceeded by 16.5 percent the company's previous all-time high, achieved at the peak of the last housing boom in fiscal 1988, of $24,074,000, or $0.80 per share. Fiscal 1993 revenues of $397,037,000 were a 39.3 percent increase over 1992's revenues of $284,941,000, the previous all-time high.
 Fiscal 1993 net income included an extraordinary loss of $668,000, or $0.02 per share, taken in the fourth quarter, resulting from the redemption of the company's 12.95 percent Subordinated Notes, and a gain of $1,307,000, or $0.04 per share, from the adoption of Financial Accounting Standards Board Statement No. 109, "Accounting for Income Taxes", ("FASB 109"). The company adopted FASB 109 effective November 1, 1992 which resulted in the restatement of first quarter 1993 earnings. Fiscal 1992 net income included an extraordinary loss of $816,000, or $0.02 per share, taken in the fourth quarter, also from the redemption of subordinated debt.
 Net income for 1993's fourth quarter of $11,835,000, or $0.35 per share, surpassed by 64.4 percent 1992's fourth quarter net income of $7,199,000, or $0.22 per share, and broke the company's previous all- time single quarter high of $7,270,000, or $0.24 per share, set in the third quarter of fiscal 1988. Fourth quarter 1993 revenues of $143,472,000 were 42.4 percent greater than the $100,742,000 for the same quarter of 1992, the previous all-time record.
 In fiscal 1993, the company also achieved all-time records for new sales contracts and backlog. The value of new sales contracts signed totaled $490,883,000 (1,595 homes), an increase of 43.2 percent over the fiscal 1992 record of $342,811,000 (1,202 homes). The value of the company's backlog of homes under contract at Oct. 31, 1993 reached an all-time high of $285,441,000 (892 homes), a 52.5 percent increase over the 1992 year-end backlog value of $187,118,000 (621 homes). This surpassed the previous record of $282,549,000 achieved at July 31, 1993.
 The company signed a fourth quarter record $145,723,000 of new sales contracts (458 homes), exceeding the previous high of $95,758,000 (333 homes) set in the fourth quarter of fiscal 1992.
 TOLL BROTHERS, INC. AND SUBSIDIARIES
 SUMMARY OF OPERATIONS
 (In 000's except per share)
 Period Ended 10/31
 4th Quarter 12 Months
 FY93 FY92 FY93 FY92
 Revenues $143,472 $100,742 $397,037 $284,941
 Income before
 accounting change
 and extraordinary loss 12,503 8,015 27,419 17,354
 Net income 11,835 7,199 28,058 16,538
 Income per share:
 Before accounting change
 and extraordinary loss $ .37 $ .24 $ .82 $ .52
 Net income $ .35 $ .22 $ .84 $ .50
 Weighted average shares 33,491 33,255 33,467 33,234
 /delval/
 -0- 12/14/93
 /CONTACT: Joseph R. Sicree, director of investor relations of Toll Brothers, 215-938-8145/
 (TOL)


CO: Toll Brothers, Inc. ST: Pennsylvania IN: CST SU: ERN

JM -- PH011 -- 3624 12/14/93 11:43 EST
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Publication:PR Newswire
Date:Dec 14, 1993
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