Printer Friendly

TOLL BROTHERS ANNOUNCES REDEMPTION OF SUBORDINATED NOTES, OUTLOOK FOR FISCAL 1993 AND ACQUISITION OF RTC ASSET POOL

 HUNTINGDON VALLEY, Pa., June 15 /PRNewswire/ -- Toll Brothers, Inc. (NYSE: TOL), a builder of luxury homes in the Northeast and Mid-Atlantic regions, today announced that on Sept. 15, 1993, it will redeem all of its 12.95 percent Subordinated Notes due 1996 at 102 percent of principal amount plus accrued interest.
 The redemption will result in an extraordinary charge of $.02 per share. The company said it anticipates that, even after this extraordinary charge and the impact of certain delay and cost factors arising during the current fiscal year, earnings for the fiscal year ended Oct. 31, 1993, will significantly exceed fiscal 1992 results and will slightly exceed the previous record of $24.1 million established in fiscal 1988.
 During its normal triannual review process that was just completed, the company determined that unanticipated delays, both in production at existing communities and start-up of new communities, and increased costs will have an impact on 1993 results. The delays were caused by adverse weather conditions in the first half of the company's fiscal year and difficulties encountered in the permitting and approval processes for new communities. The increased costs are attributable to increases in material costs and project overheads related to the delayed production and opening of new communities.
 Robert I. Toll, chairman of the board and chief executive officer noted, "The good news is that the problems that we encountered, for the most part, have only delayed deliveries into fiscal 1994." He also noted that the backlog of homes under contract continues to grow due to increasing sales.
 The company also announced that it entered into a contract with Resolution Trust Corporation to acquire, at a substantial discount from face amount, a pool of loan assets with a face value in excess of $60 million. The pool assets are secured by liens on development properties which are located in central and northern New Jersey, including prime sites in Mercer and Somerset Counties.
 Toll Brothers, Inc. designs, builds, markets and arranges financing for luxury single family homes, townhomes and condominiums in the Northeast and Mid-Atlantic regions.
 /delval/
 -0- 6/15/93
 /CONTACT: Joseph R. Sicree, director of investor relations of Toll Brothers, 215-938-8045/
 (TOL)


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

CC -- PH022 -- 2299 06/15/93 16:19 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 15, 1993
Words:381
Previous Article:GTE NORTH INCORPORATED RATINGS UPGRADED BY DUFF & PHELPS CREDIT RATING CO.
Next Article:NUPRO INDUSTRIES ANNOUNCES ACQUISITION OF UNITED LUBRICANTS CORPORATION
Topics:


Related Articles
TOLL BROTHERS, INC. REPORTS RECORD REVENUES AND HIGHER NET INCOME FOR 3RD QUARTER AND NINE MONTHS ENDED JULY 31; BACKLOG AT HIGHEST LEVEL EVER
TOLL BROTHERS ANNOUNCES A PLAN TO REPURCHASE COMMON STOCK AND DEBT SECURITIES
TOLL BROTHERS, INC. REPORTS RECORD NET INCOME FOR YEAR AND FOURTH QUARTER
Toll Brothers Announces Redemption of 10.5% Senior Subordinated Notes
Toll Brothers' Record 1st Quarter Earnings Up 71%
Toll Brothers Announces Redemption of 4-3/4% Convertible Senior Subordinated Notes
Toll Brothers, Inc. Offers $170 Million of Senior Subordinated Notes.
Toll Brothers Announces Redemption of 9-1/2% Senior Subordinated Notes.
S&P Affirms Ratings on Toll Brothers Inc., Toll Corp.
Toll Brothers Announces Redemption of 8-3/4% Senior Subordinated Notes Due 2006.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters