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TOLL BROTHERS REPORTS HIGHER NET INCOME, REVENUES FOR SECOND QUARTER FISCAL 1993; NEW CONTRACT LEVELS, FIRST HALF BACKLOG AT RECORD LEVELS

 HUNTINGDON VALLEY, Pa., May 27 /PRNewswire/ -- Toll Brothers, Inc. (NYSE: TOL), a builder of luxury homes in the Northeast and Mid-Atlantic regions, today reported higher net income and revenues for the second quarter and six months ended April 30, 1993, as compared to the same periods of 1992.
 The company stated that the revenues in fiscal 1993, as compared to the same period of 1992, increased by 46 percent for the quarter and 47 percent for the six months and net income rose 83 percent and 100 percent, respectively. The company also stated that the level of new sales contracts signed in the second quarter was the highest for any second quarter in the company's history and that the backlog of homes under contract on April 30, 1993, both in aggregate sales value and number of homes, was also a record.
 Net income for the quarter ended April 30, 1993 was $3.7 million, or $.11 per share, on revenues of $74.4 million, as compared to net income of $2.0 million, or $.06 per share, on revenues of $51.1 million for the second quarter of fiscal 1992. For the six months ended April 30, 1993, net income was $8.6 million, or $.26 per share, on revenues of $150.8 million, as compared to $4.3 million, or $.13 per share, on revenues of $102.9 million for 1992.
 For the three months and six months ended April 30, 1993, the aggregate value of new sales contracts signed was $151.5 million (502 homes) and $239.7 million (792 homes), respectively. New contracts signed for the comparable periods of fiscal 1992 were $106.7 million (384 homes) and $163.6 million (582 homes), respectively. The contract backlog on April 30, 1993 had a sales value of $278.2 million and consisted of 909 homes, compared to the April 30, 1992 backlog of $187.4 million and 648 homes.
 Robert I. Toll, chairman of the board and chief executive officer, stated, "The record second quarter revenues and improved earnings are satisfying considering the poor weather during the first part of fiscal 1993. More significant, however, is the record backlog because it is an indication of what we will deliver over the next six to eight months." In that regard, he noted that the company anticipates that revenues and earnings will continue to improve for the remainder of fiscal 1993 and into 1994.
 Toll Brothers, Inc. designs, builds, markets and arranges financing for luxury single family homes, townhomes and condominiums in the Northeast and Mid-Atlantic regions.
 TOLL BROTHERS, INC. AND SUBSIDIARIES
 Summary of Operations
 (Unaudited; in thousands except per share)
 Periods ended Quarter Six Months
 April 30 1993 1992 1993 1992
 Revenues $74,405 $51,099 $150,783 $102,901
 Net Income $ 3,705 $ 2,024 $ 8,596 $ 4,295
 Income Per Share $ .11 $ .06 $ .26 $ .13
 Weighted
 average shares
 outstanding 33,508 33,314 33,469 33,233
 /delval/
 -0- 5/27/93
 /CONTACT: Joseph R. Sicree, chief accounting officer of Toll Brothers, 215-938-8045/
 (TOL)


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

CC -- PH018 -- 2894 05/27/93 11:14 EDT
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Publication:PR Newswire
Date:May 27, 1993
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