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TOLL BROTHERS, INC. REPORTS RECORD REVENUES AND HIGHER NET INCOME FOR 3RD QUARTER AND NINE MONTHS ENDED JULY 31; BACKLOG AT HIGHEST LEVEL EVER

 HUNTINGDON VALLEY, Pa., Aug. 25 /PRNewswire/ -- Toll Brothers, Inc. (NYSE: TOL), builder of luxury homes in the Northeast and Mid-Atlantic regions, today reported record revenues and higher net income for the third quarter and nine months ended July 31, 1993.
 The company reported that new sales contracts signed in its third fiscal quarter were the highest for any third quarter in the company's history, and that the aggregate sales value of the company's backlog of homes under contract at July 31, 1993, had reached the highest level ever.
 Net income for the three months ended July 31, 1993, was $6.3 million, or $.19 per share, on revenues of $102.9 million; this compares to net income of $5.0 million, or $.15 per share, on revenues of $81.3 million for the third quarter of fiscal 1992. Net income for the nine months ended July 31, 1993 was $14.9 million, or $.45 per share, on revenues of $253.6 million, as compared to net income of $9.3 million, or $.28 per share, on revenues of $184.2 million for the nine months ended July 31, 1992.
 The aggregate sales value of new contracts signed in this year's third quarter was $105.5 million, consisting of 345 homes, as compared to $83.5 million (287 homes) signed in the third quarter of 1992. This was the 10th consecutive period in which a quarter-to-quarter sales record was set. Total signed contracts for the nine months of fiscal 1993 amounted to $345.2 million (1,137 homes), compared to $247.1 million (869 homes) for the same period of fiscal 1992.
 The sales value of the company's backlog amounted to $282.5 million (912 homes) at July 31, 1993, as compared to a backlog of $190.9 million (633 homes) at July 31, 1992. The previous all-time high of $278.2 million (909 homes) was established at April 30, 1993.
 Robert I. Toll, the company's chairman and chief executive officer, stated, "While revenues and earnings are in line with our previously announced outlook for fiscal 1993, we have seen a softening of the rate of new deposits taken during July and August. Although traffic has been very strong, we believe that many potential homebuyers are hesitant about making a commitment until the economic outlook improves, the impact of the federal government's budget, healthcare and tax policies can be determined and consumer confidence returns." Toll added, "There is an additional factor that is affecting the market, which is, oddly enough, decreasing interest rates. Once rates begin to move up, we believe those people who have been sitting on the fence will move off and commit." He further stated that with the improved affordability of housing, the company's strong cash position and a backlog in excess of $280 million, Toll Brothers is well positioned for 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)
 Quarter Nine Months
 Ended July 31 Ended July 31
 1993 1992 1993 1992
 Revenues $102,782 $81,298 $253,565 $184,199
 Net Income $ 6,320 $ 5,044 $ 14,916 $ 9,339
 Income Per Share $ .19 $ .15 $ .45 $ .28
 Weighted Average
 Shares Outstanding 33,463 33,240 33,460 33,226
 /delval/
 -0- 8/25/93
 /CONTACT: Joseph R. Sicree, chief accounting officer of Toll Brothers, 215-938-8045/
 (TOL)


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

MK -- PH017 -- 0417 08/25/93 14:43 EDT
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Date:Aug 25, 1993
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