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