HORSHAM, Pa., Feb. 23, 2011 (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 first quarter ended January 31, 2011.
The Company reported FY 2011 first quarter net income of $3.4 million, or $0.02 per share diluted, compared to a FY 2010 first quarter net loss of $40.8 million, or $0.25 per share diluted. FY 2011's first quarter included a net tax benefit of $20.4 million, compared to a $16.0 million net tax benefit in FY 2010's first quarter.
On a pre-tax basis, the Company reported a FY 2011 first quarter loss of $17.0 million, compared to a FY 2010 first quarter loss of $56.8 million. FY 2011's first quarter included pre-tax inventory and joint venture write-downs totaling $25.1 million compared to $33.4 million of inventory write-downs in FY 2010's first quarter. Excluding inventory and joint venture write-downs, FY 2011's first quarter pre-tax income was $8.1 million compared to a pre-tax loss of $23.4 million in FY 2010's first quarter.FY 2011's first quarter revenues and home building deliveries of $334.1 million and 570 units rose 2% in dollars and declined 4% in units compared to FY 2010's first quarter results. FY 2011's first quarter average delivery price of $586,000 was 7% higher than FY 2010's same period average price. During FY 2011's first quarter, the Company signed net contracts of $307.2 million and 548 units, an increase of 5% in dollars and 4% in units, compared to FY 2010's first quarter. The average price of $560,000 increased 1% from FY 2010's first quarter.