Toll Brothers Reports 4th Qtr And FYE 2010 Results

HORSHAM, Pa., Dec. 2, 2010 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) ( www.tollbrothers.com), the nation's leading builder of luxury homes, today announced results for earnings, revenues, contracts and backlog for its fourth quarter and fiscal year ended October 31, 2010.

The Company reported FY 2010 fourth quarter net income of $50.5 million, or $0.30 per share diluted, compared to a FY 2009 fourth quarter net loss of $111.4 million, or $0.68 per share diluted. FY 2010's fourth quarter included a net tax benefit of $59.9 million, compared to a $4.7 million net tax expense in FY 2009's fourth quarter. On a pre-tax basis, the Company reported a FY 2010 fourth quarter loss of $9.5 million, compared to a FY 2009 fourth quarter loss of $106.7 million. FY 2010's fourth quarter included inventory write-downs totaling $27.0 million compared to $85.5 million in FY 2009, and charges related to early retirement of debt totaling $0.5 million in FY 2010 compared to $11.6 million in FY 2009. Excluding inventory write-downs and charges on early debt retirement, FY 2010's fourth quarter pre-tax income was $18.1 million compared to a pre-tax loss of $9.6 million in FY 2009's fourth quarter. On a pre-tax basis, FY 2010's fourth quarter income benefited from an $11 million reversal of accruals no longer needed related to joint ventures.

FY 2010's fourth quarter revenues and home building deliveries of $402.6 million and 700 units declined 17% in dollars and 19% in units compared to FY 2009's fourth quarter results.