HORSHAM, Pa., Aug. 22, 2012 (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 third quarter ended July 31, 2012.
2012 Third Quarter Highlights:
- In FY 2012's third quarter, net income was $61.6 million, or $0.36 per share, compared to $42.1 million, or $0.25 per share in FY 2011's third quarter.
- Net income included pre-tax inventory write-downs of $3.1 million and a net tax benefit of $18.7 million, compared to pre-tax inventory write-downs of $16.8 million, a $3.4 million pre-tax loss from early repurchase of debt and a net tax benefit of $38.2 million in FY 2011's third quarter.
- Pre-tax income was $43.0 million, compared to $3.9 million in FY 2011's third quarter.
- Total revenues of $554.3 million and homebuilding deliveries of 963 units rose 41% in dollars and 39% in units, compared to FY 2011's third quarter.
- Net signed contracts of $674.4 million and 1,119 units rose 66% in dollars and 57% in units, compared to FY 2011's third quarter.
- Backlog of $1.62 billion and 2,559 units rose 59% in dollars and 44% in units, compared to FY 2011's third-quarter-end backlog.
- The average price of homes delivered was $576,000, compared to $557,000 in FY 2012's second quarter and $569,000 in FY 2011's third quarter.
- Gross margin, excluding interest and write-downs, was 24.4%, compared to 23.4% in FY 2011's third quarter.
- SG&A as a percentage of revenue improved to 13.5%, compared to 16.4% in FY 2011's third quarter.
- The Company ended FY 2012's third quarter with $877.4 million of cash and marketable securities and $819.2 million available under its bank credit facility. Its net-debt-to-capital ratio (1) was 27.5%.
Douglas C. Yearley, chief executive officer, stated: "We are enjoying the most sustained demand we've experienced in over five years. In the past three quarters, the values of our signed contracts were up 45%, 51% and now 66% compared to FY 2011. Three weeks into our fourth quarter, our non-binding reservation deposits (a precursor to future contracts) are up 59% compared to the same period in FY 2011.