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Toll Brothers Reports Preliminary 4th Qtr And FYE 2013 Results For Revenues, Contracts And Backlog

Stocks in this article: TOL

  • Fourth quarter revenues increased 65% in dollars and 36% in units
  • Fourth quarter contracts rose 23% in dollars and 6% in units
  • Fourth quarter backlog increased 57% in dollars and 43% in units

HORSHAM, Pa., Nov. 6, 2013 (GLOBE NEWSWIRE) -- In anticipation of its previously announced webcast conference call scheduled for 8:30 a.m. tomorrow, Toll Brothers, Inc. (NYSE:TOL) ( www.tollbrothers.com), the nation's leading builder of luxury homes, today announced preliminary results for revenues, contracts and backlog for its fourth quarter and fiscal year ended October 31, 2013. These results are preliminary and unaudited. The Company will announce final totals when it releases fourth quarter and fiscal year earnings results in early December.

La Morra EPR

Fourth Quarter Preliminary Financial Highlights:

  • FY 2013 fourth quarter revenues and home building deliveries of approximately $1.04 billion and 1,485 units rose 65% in dollars and 36% in units, compared to FY 2012's fourth quarter results of $632.8 million and 1,088 units. FY 2012 results were up 48% and 44%, respectively, compared to FY 2011's fourth quarter totals of $427.8 million and 757 units.  
  • The average price of homes delivered in FY 2013's fourth quarter grew to approximately $703,000, compared to $651,000 in FY 2013's third quarter and $582,000 in FY 2012's fourth quarter.  
  • Net signed contracts of approximately $839.0 million and 1,163 units rose 23% in dollars and 6% in units, compared to FY 2012's fourth quarter results of $684.1 million and 1,098 units. FY 2012's fourth quarter contracts were up 75% and 70%, respectively, compared to FY 2011's fourth quarter totals of $390.0 million and 644 units.  
  • On a per-community basis, FY 2013's fourth-quarter net signed contracts of 5.17 units per community were the highest for any fourth quarter since FY 2005: They were slightly above FY 2012's fourth quarter and up 70% compared to FY 2011's same quarter.  
  • The average price of net signed contracts was approximately $721,000, compared to $706,000 in FY 2013's third quarter and $623,000 in FY 2012's fourth quarter.  
  • FYE 2013's backlog of approximately $2.63 billion and 3,679 units rose 57% in dollars and 43% in units, compared to FYE 2012's backlog of $1.67 billion and 2,569 units, which rose 70% and 54%, respectively, compared to FYE 2011's results of $981.1 million and 1,667 units.  
  • The average price of FYE 2013's homes in backlog was approximately $715,000, compared to $709,000 in FY 2013's third quarter and $650,000 at FYE 2012.  
  • The Company's cancellation rate (current-quarter cancellations divided by current-quarter signed contracts) was approximately 5.5%, compared to 4.6% in FY 2012's fourth quarter. As a percentage of beginning-quarter backlog, FY 2013's fourth-quarter cancellation rate was 1.7%, compared to 2.1% in FY 2012's fourth quarter. These results remained at historical averages.  
  • The Company ended FY 2013 with 232 selling communities, compared to 225 at FY 2013's third-quarter end and 224 at FYE 2012. At FYE 2013 the Company had approximately 48,500 lots owned and optioned, compared to approximately 47,200 at FY 2013's third-quarter end and approximately 40,400 one year ago. The recently announced Shapell Homes acquisition, upon closing, will increase the Company's lots owned and controlled by approximately 5,200.  
  • The Company ended the fourth quarter of FY 2013 with approximately $823.7 million of cash and marketable securities. At FYE 2013, the Company also had $960.0 million available under its $1.035 billion 15-bank credit facility, which matures in August 2018. During FY 2013's fourth quarter, the Company retired $104.8 million of maturing debt using cash.

FY 2013 Preliminary Financial Highlights:

  • FY 2013 revenues and home building deliveries of approximately $2.67 billion and 4,184 units rose 42% in dollars and 27% in units, compared to FY 2012's results of $1.88 billion and 3,286 units. FY 2012's results were up 28% and 26%, respectively, compared to FY 2011's results of $1.48 billion and 2,611 units.  
  • The average price of homes delivered was approximately $639,000, compared to $573,000 in FY 2012 and $565,000 in FY 2011.  
  • Net signed contracts of approximately $3.63 billion and 5,294 units rose 42% in dollars and 27% in units, compared to FY 2012's results of $2.56 billion and 4,159 units. FY 2012's contracts were up 59% and 49%, respectively, compared to FY 2011's results of $1.60 billion and 2,784 units.   
  • On a per-community basis, FY 2013's net signed contracts of 23.5 units per community were the highest for any fiscal year since FY 2005.  
  • The average price of net signed contracts was approximately $686,000, compared to $615,000 in FY 2012 and $576,000 in FY 2011.

Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "2013 was a very good year for Toll Brothers. Our strong results this quarter stem from our continuing focus on increasing production to meet the surge in our backlog. The price increases we have been instituting in many communities over the past year, combined with the acceleration in sales paces per community, are driving our revenue growth." 

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