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Toll Brothers Reports FY 2014 2nd Qtr And 6 Month Results

HORSHAM, Pa., May 28, 2014 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) ( www.tollbrothers.com), the nation's leading builder of luxury homes, today announced results for its second quarter and six months ended April 30, 2014.

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Second Quarter Financial Highlights:

  • FY 2014's second quarter net income was $65.2 million, or $0.35 per share diluted, compared to net income of $24.7 million, or $0.14 per share diluted, in FY 2013's second quarter.
  • Pre-tax income was $93.5 million, compared to pre-tax income of $41.0 million in FY 2013's second quarter.
  • Revenues of $860.4 million and homebuilding deliveries of 1,218 units rose 67% in dollars and 36% in units, compared to FY 2013's second quarter totals of $516.0 million and 894 units. The average price of homes delivered was $706,000, compared to $577,000 in FY 2013's second quarter.
  • Net signed contracts of $1.27 billion and 1,749 units rose 7% in dollars and were flat in units, compared to FY 2013's second quarter totals of $1.19 billion and 1,753 units. The average price of net signed contracts was $729,000, compared to $678,000 in FY 2013's second quarter. On a per-community basis, FY 2014's second-quarter net signed contracts were 7.14 units compared to 7.79 units in FY 2013's second quarter. In conjunction with the closing of the $1.6 billion Shapell Homes acquisition on February 4, 2014, the Company purchased 126 units under existing contracts. These units were not included in the net signed contract total for FY 2014's second quarter.
  • Backlog of $3.21 billion and 4,324 units rose 27% in dollars and 18% in units, compared to FY 2013's second-quarter-end backlog totals of $2.53 billion and 3,655 units. At second-quarter end, the average price of homes in backlog was $742,000, compared to $693,000 at FY 2013's second-quarter end.
  • Gross margin, excluding interest and write-downs, was 23.6%, compared to 23.3% in FY 2013's second quarter. This increase in margin was achieved despite the negative impact of purchase accounting from 119 second quarter FY 2014 Shapell Homes deliveries.
  • SG&A as a percentage of revenue, excluding $5.1 million of Shapell acquisition costs, improved to 11.5%, compared to 15.4% in FY 2013's second quarter.
  • Operating margin improved to 7.9% from 3.2% in FY 2013's second quarter.
  • The Company ended its second quarter with 252 selling communities, compared to 238 at FY 2014's first-quarter end, and 225 at FY 2013's second-quarter end.
  • The Company ended FY 2014's second quarter with a net debt-to-capital ratio (1) of 45.1%, compared to approximately 47.0% immediately after the closing of the acquisition of Shapell Homes on February 4, 2014, and 34.1% at FY 2014's first-quarter end.
  • In addition to approximately $364.8 million of cash and marketable securities, the Company ended the quarter with $1.35 billion available under its various credit facilities.

Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "Two weeks ago, Toll Brothers was honored by BUILDER Magazine with the national Builder of the Year award. We are proud to receive this award not only for our quality homes and luxury brand, but also for the strategic initiatives we implemented during the past year. This honor is the second significant industry-wide award we have won in the past two years.

"As the nation's leading builder of luxury homes, we are pursuing a program of prudent expansion supported by our strong liquidity. In the affluent Boston-to-Washington D.C. corridor we are expanding our suburban footprint and continuing the successful growth of our City Living brand, which develops for-sale condominium projects in New York City, the Northern New Jersey Gold Coast, Washington, D.C. and Philadelphia.

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