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Toll Brothers Reports FY 2013 1st Qtr Results

HORSHAM, Pa., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) ( ), the nation's leading builder of luxury homes, today announced results for its first quarter ended January 31, 2013.
Front Entrance EPR

First Quarter Financial Highlights:
  • FY 2013's first quarter net income was $4.4 million, or $0.03 per share, compared to a net loss of $2.8 million, or $0.02 per share, in FY 2012's first quarter.
  • Net income included pre-tax inventory write-downs of $0.7 million, compared to pre-tax inventory write-downs of $8.1 million in FY 2012's first quarter.
  • Pre-tax income was $8.3 million, compared to a pre-tax loss of $6.4 million in FY 2012's first quarter.
  • Revenues of $424.6 million and homebuilding deliveries of 746 units rose 32% in both dollars and units, compared to FY 2012's first quarter.
  • The average price of homes delivered was $569,000, compared to $582,000 in FY 2012's fourth quarter and $571,000 in FY 2012's first quarter. The decline was due primarily to the mix of deliveries.
  • Backlog of $1.86 billion and 2,796 units rose 66% in dollars and 57% in units, compared to FY 2012's first-quarter-end backlog. The average price of homes in backlog was $665,000 compared to $626,000 at FY 2012's first- quarter end.
  • Net signed contracts of $614.4 million and 973 units rose 38% in dollars and 49% in units, compared to FY 2012's first quarter. On a per-community basis, FY 2013's first-quarter net signed contracts rose 52% to 4.34 units per community, the highest for any first quarter since FY 2006.
  • The average price of net signed contracts was $631,000, compared to $682,000 in FY 2012's first quarter. The average price of FY 2012's first-quarter net contracts was positively impacted by The Touraine on Manhattan's Upper East Side, where the value of the 16 contracts signed was $65.5 million - an average of approximately $4.1 million per unit.
  • Gross margin, excluding interest and write-downs, was 23.4%, compared to 23.2% in FY 2012's first quarter.
  • SG&A as a percentage of revenue improved to 18.4%, compared to 21.6% in FY 2012's first quarter, due primarily to increased revenue volume.
  • The Company ended its first quarter with 225 selling communities, compared to 224 at FYE 2012, and 228 at FY 2012's first-quarter end.
  • At FY 2013's first-quarter end, the Company had approximately 43,700 lots owned and optioned, compared to approximately 40,400 at FYE 2012 and approximately 39,700 one year ago.

Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "Demand has increased. With our first quarter contracts up 49%, and contracts for the first three weeks of our second quarter up 40% versus comparable periods in FY 2012, it appears that momentum is building.

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