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8-K - FORM 8-K - Toll Brothers, Inc. | c17915e8vk.htm |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
|
CONTACT: Frederick N. Cooper (215) 938-8312 | |
May 25, 2011
|
fcooper@tollbrothersinc.com | |
Joseph R. Sicree (215) 938-8045 | ||
jsicree@tollbrothersinc.com |
TOLL BROTHERS REPORTS FY 2011 2ND QTR AND 6 MONTH RESULTS
Horsham, PA, May 25, 2011 Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nations
leading builder of luxury homes, today announced results for earnings, revenues, contracts and
backlog for its second quarter ended April 30, 2011.
The Company reported a FY 2011 second-quarter net loss of $20.8 million, or $0.12 per share
compared to FY 2010s second-quarter net loss of $40.4 million, or $0.24 per share. FY 2011s
second quarter included a net tax benefit of $10.7 million compared to an $11.4 million net tax
benefit in FY 2010s second quarter.
FY 2011s second-quarter results included pre-tax write-downs and joint venture impairments
totaling $32.5 million compared to FY 2010s second quarter pre-tax write-downs totaling $42.3
million. Excluding write-downs and joint venture impairments, FY 2011s second-quarter pre-tax
income was $1.0 million compared to a pre-tax loss of $9.5 million in FY 2010s second quarter.
FY 2011s second-quarter revenues and home building deliveries of $319.7 million and 591 units rose
3% in dollars and 9% in units compared to FY 2010s second-quarter results.
FY 2011s second-quarter net signed contracts of $500.9 million and 879 units rose 8% in dollars
and 7% in units compared to FY 2010s second-quarter net signed contracts. The average price of
second-quarter net signed contracts was $570,000, an increase of 1% from FY 2010s second quarter.
On a per-community basis, FY 2011s second-quarter net signed contracts of 4.35 units per community
were approximately equal to FY 2010s second-quarter total of 4.32. They exceeded FY 2009s
second-quarter total of 2.33 units by 87% and FY 2008s second-quarter total of 2.95 units by 47%;
however, they were still well below the Companys historical second-quarter average, dating back to
1990, of 7.88 units per community.
The Companys contract cancellation rate (current-quarter cancellations divided by current-quarter
gross signed contracts) was 3.9% in the second quarter of FY 2011 compared to 5.3% in FY 2010s
second quarter. As a percentage of beginning-quarter backlog, the cancellation rate was 2.4%.
These rates were better than the Companys pre-downturn historical averages.
*more*
FY
2011s second-quarter-end backlog of $1.01 billion, or
1,760 units, increased 1% in both dollars
and units compared to FY 2010s second-quarter-end backlog.
For FY 2011s six-month period, the Company reported a net loss of $17.4 million, or $0.10 per
share compared to FY 2010s six-month period net loss of $81.2 million, or $0.49 per share. FY
2011s six-month period included pre-tax write-downs and joint venture impairments totaling $57.6
million compared to $75.7 million in FY 2010s comparable period. FY 2011s six-month period
included a net tax benefit of $31.2 million compared to a $27.4 million net tax benefit in FY
2010s six-month period. Excluding write-downs and joint venture impairments, FY 2011s six-month
pre-tax income was $9.1 million compared to FY 2010s six-month pre-tax loss, excluding
write-downs, of $32.8 million.
For FY 2011s first six months, home building revenues of $653.8 million and 1,161 units increased
2% in both dollars and units compared to FY 2010. FY 2011 net signed contracts of $808.1 million
and 1,427 units increased 7% in dollars and 6% in units compared to FY 2010.
Toll Brothers ended FY 2011s second quarter with 203 selling communities compared to 190 at FY
2010s second-quarter end. The Company expects to end FY 2011 with between 215 and 225 selling
communities. The Company ended FY 2011s second quarter with approximately 35,900 lots owned and
optioned compared to approximately 35,700 in the previous quarter and 33,600 one year ago.
Toll Brothers ended FY 2011s second quarter with a net-debt-to-capital ratio(1) of
13.6% compared to 16.2% at FY 2010s second-quarter end. The Company ended FY 2011s second
quarter with $1.25 billion of cash and marketable securities compared to $1.10 billion at FY 2011s
first-quarter end and $1.55 billion at FY 2010s second-quarter end. The increase in cash between
FY 2011s first and second quarters reflected the Companys receipt of a tax refund of $154.3
million, offset, in part, by the Companys use of $37 million for the purchase of land. At FY
2011s second-quarter end, the Company also had $784 million available under its $885 million
12-bank credit facility, which matures in October 2014.
Douglas C. Yearley, Jr., Toll Brothers chief executive officer, stated: We continue to see
stability, and, in some cases, improvement, across our various luxury product lines. Our target
customers generally have remained employed during this downturn, and, with their solid credit
profiles, been able to secure mortgages at good rates. However, many have deferred their home
buying decisions because of concerns over the direction of the economy and media headlines
suggesting that home prices continue to decline. We believe that some of our clients, after
waiting so long, are starting to move off the fence and into the market, motivated by attractive
pricing, low interest rates and, most importantly, the desire to take the next step in their lives.
*more*
We believe we are gaining market share thanks, in part, to a flight to quality in the luxury
market and a reduction in competition in some markets. With our brand name reputation, strong
financial position and demonstrated reliability through this downturn, customers take comfort in
our proven ability to deliver quality homes in well-located communities.
Gibraltar Capital and Asset Management LLC, our wholly owned subsidiary, completed, in a joint
venture, its second portfolio purchase this past quarter. Since last June, Gibraltar, in joint
ventures, has acquired portfolios of development loans and real estate properties (primarily
related to residential communities) with unpaid principal balances and/or book values totaling
approximately $2 billion. Gibraltar continues to see a steady flow of portfolio acquisition and
other investment opportunities.
Martin P. Connor, Toll Brothers chief financial officer, stated: The average price of our
closings declined to $541,000 from $586,000 last quarter, primarily due to an expected shift in the
geographic and product mix of deliveries. Nonetheless, our pre-impairment, pre-interest margin
improved by 46 basis points sequentially and 272 basis points compared to last years second
quarter as we continued to see benefits from the implementation of purchasing initiatives, reduced
incentives and the close-out of lower margin communities.
Subject to the caveats in our Statement on Forward-Looking Information included in this release,
we offer the following limited guidance:
We ended FY 2011s second quarter with a relatively flat backlog compared to FY 2010s
second-quarter end. As such, we currently estimate that we will deliver between 2,300 and 2,800
homes in FY 2011. We believe the average delivered price for the next two quarters will be between
$540,000 and $560,000 per home.
Robert I. Toll, executive chairman, stated: Last years second quarter results across the industry
were catalyzed by a tax credit that pulled demand forward at the bottom rungs of the homeownership
ladder and may have energized activity in higher price points as well. This years second quarter
demand obviously was not accelerated by any tax incentives.
We question the recent media headlines announcing that home prices continue to fall. Many studies
quoted in the media combine distressed sales data, including foreclosures and short sales, with new
and/or non-distressed existing home sales data. We believe that averaging distressed and
non-distressed sales data provides a misleading picture to the public regarding home price
direction.
In contrast to these reports, we are experiencing flat to slightly increasing pricing in most
markets. As consumers better understand that prices are firming, we believe they will gain
confidence, which will help release some of the pent-up demand that must be building in the
market.
The financial highlights for the second quarter and six months ended April 30, 2011 (unaudited):
*more*
| FY 2011s
second-quarter net loss was $20.8 million, or $0.12 per share, compared to FY 2010s
second-quarter net loss of $40.4 million, or $0.24 per share. FY 2011s second-quarter net loss
included pre-tax write-downs of $32.5 million: $10.7 million of the write-downs was attributable
to operating communities, $2.2 million to land controlled for future communities and $19.6
million attributable to joint ventures. In FY 2010, second-quarter pre-tax write-downs totaled
$42.3 million. |
|
| FY 2011s second-quarter pre-tax loss was $31.5 million compared to FY 2010s
second-quarter pre-tax loss of $51.8 million. |
|
| Excluding write-downs, FY 2011s second-quarter pre-tax income was $1.0 million compared to
FY 2010s second-quarter pre-tax loss of $9.5 million. |
|
| FY 2011s six-month net loss was $17.4 million, or $0.10 per share compared to FY 2010s
six-month net loss of $81.2 million, or $0.49 per share. |
|
| FY 2011s six-month net loss included pre-tax write-downs of $57.6 million: $16.2 million
of the write-downs was attributable to operating communities, $3.1 million to land controlled
for future communities, $(1.3 million) of recovery of previous costs related to land
controlled for future development, and $39.6 million attributable to joint ventures. In FY
2010, six-month pre-tax write-downs totaled $75.7 million. |
|
| FY 2011s six-month pre-tax loss was $48.5 million compared to a FY 2010s six-month
pre-tax loss of $108.5 million. |
|
| Excluding write-downs, FY 2011s six-month pre-tax income was $9.1 million compared to a
pre-tax loss of $32.8 million for FY 2010s six-month period, excluding write-downs. |
|
| The Company recorded FY 2011 second-quarter and six-month tax benefits of $10.7 million and
$31.2 million, respectively, compared to an $11.4 million tax benefit in FY 2010s second
quarter and a $27.4 million tax benefit in FY 2010s six-month period. |
|
| FY 2011s second-quarter total revenues of $319.7 million and 591 units increased 3% in
dollars and 9% in units from FY 2010s second-quarter total revenues of $311.3 million and 543
units. |
|
| FY 2011s second-quarter gross margin, excluding interest and write-downs, improved to
23.0% from 20.3% in FY 2010s second quarter. |
|
| Interest included in cost of sale was flat sequentially and increased from 4.9% of revenues
in FY 2010s second quarter to 5.4% of revenues in FY 2011s second quarter as more inventory
was held for longer periods. |
|
| FY 2011s six-month total revenues of $653.8 million and 1,161 units rose 2% in both
dollars and units compared to FY 2010s same period totals of $638.0 million and 1,139 units. |
*more*
| In FY 2011s second quarter, unconsolidated entities in which the Company had an interest
delivered $52.3 million of homes compared to $17.7 million in the second quarter of FY 2010. In
FY 2011s first six months, unconsolidated entities in which the Company had an interest
delivered $131.3 million of homes compared to $33.7 million in the six-month period of FY 2010.
The Company recorded its share of the results from these entities operations in (Loss) Income
from Unconsolidated Entities on the Companys Statement of Operations. |
|
| The Company signed gross contracts of $521.1 million and 915 units in FY 2011s second
quarter, an increase of 6% in dollars and 6% in units, compared to $489.4 million and 866 gross
contracts signed in FY 2010s second quarter. The Company signed 1,496 gross contracts
totaling $847.0 million in FY 2011s first six months, an increase of 5% and 6%, respectively,
in units and dollars, compared to the 1,430 gross contracts totaling $802.5 million signed in
FY 2010s six-month period. |
|
| The average price per unit of gross contracts signed in FY 2011s second quarter was
approximately $570,000 compared to approximately $561,000 in FY 2011s first quarter and
$565,000 in FY 2010s second quarter. |
|
| The Companys FY 2011 second-quarter net contracts of $500.9 million and 879 units rose by
8% and 7%, respectively, compared to FY 2010s second-quarter net contracts of $464.6 million
and 820 units. The Companys FY 2011 six-month net contracts of $808.1 million and 1,427 units
increased by 7% and 6%, respectively, compared to net contracts of $756.6 million and 1,346
units in FY 2010s six-month period. |
|
| In FY 2011s second quarter, unconsolidated entities in which the Company had an interest
signed agreements for $75.5 million of homes compared to $53.8 million in the second quarter
of FY 2010. In FY 2011s first six months, unconsolidated entities in which the Company had an
interest signed agreements for $99.7 million of homes compared to $95.5 million in the
six-month period of FY 2010. |
|
| The average price per unit of net contracts signed in FY 2011s second quarter was
approximately $570,000 compared to approximately $561,000 in FY 2011s first quarter and
$567,000 in FY 2010s second quarter. |
|
| The average price per unit of cancellations in FY 2011s second quarter was approximately
$562,000 compared to approximately $566,000 in FY 2011s first quarter and $539,000 in FY
2010s second quarter. |
|
| In FY 2011, second-quarter cancellations totaled 36. This compared to 33 in FY 2011s first
quarter, and 54, 46, 46, and 38, respectively, in FY 2010s fourth, third, second and first
quarters. |
*more*
| FY 2011s second-quarter cancellation rate (current-quarter cancellations divided by
current-quarter signed contracts) was 3.9%. This compared to 5.7% in FY 2011s first quarter,
and 8.8%, 6.2%, 5.3%, and 6.7%, respectively, in FY 2010s fourth, third, second and first
quarters. As a percentage of beginning-quarter backlog, FY 2011s second-quarter cancellation
rate was 2.4%. This compared to 2.3% in FY 2011s first quarter, and 3.3%, 2.6%, 3.1% and 2.5%,
respectively, in FY 2010s fourth, third, second and first quarters. |
|
| In FY 2011, second-quarter-end backlog of $1.0 billion and 1,760 units both increased 1%
from FY 2010s second-quarter-end backlog of $993.5 million and 1,738 units. |
|
| The Company ended its FY 2011 second quarter with $1.25 billion in cash and marketable
securities compared to $1.10 billion at 2011s first-quarter end and $1.55 billion at FY
2010s second-quarter end. During FY 2011s second quarter, the Company received a tax refund
of $154.3 million and used approximately $37 million of cash to purchase land. At FY 2011s
second-quarter end, it had $783.8 million available under its $885 million 12-bank credit
facility, which matures in October 2014. |
|
| The Companys
Stockholders Equity at FY 2011s second-quarter end was $2.55 billion compared to $2.57 billion at FY 2011s first-quarter end. |
|
| The Company ended FY 2011s second quarter with a net-debt-to-capital ratio(1)
of 13.6% compared to 17.6% at FY 2011s first-quarter end and 16.2% at FY 2010s
second-quarter end. |
|
| The Company ended FY 2011s second quarter with approximately 35,900 lots owned and
optioned compared to 35,700 one quarter earlier, 33,600 one year earlier and 91,200 at its
peak at FY 2006s second-quarter end. At 2011s second-quarter end, approximately 30,500 of
these lots were owned, of which approximately 10,900 lots, including those in backlog, were
substantially improved. |
|
| The Company ended FY 2011s second quarter with 203 selling communities, compared to 200 at
FY 2011s first-quarter end and 190 at FY 2010s second-quarter end. The Company expects to
end FY 2011 with between 215 to 225 selling communities compared to its peak of 325
communities at FY 2007s second-quarter end. |
|
| Based on FY 2011s second-quarter-end backlog and the pace of activity at its communities,
the Company currently estimates it will deliver between 2,300 and 2,800 homes in FY 2011. It
believes the average delivered price for FY 2011s final two quarters will be between $540,000
and $560,000 per home. |
(1) | Net debt-to-capital is calculated as total debt minus mortgage warehouse loans minus cash and
marketable securities, divided by total debt minus mortgage warehouse loans minus cash and
marketable securities plus stockholders equity. |
*more*
Toll Brothers will be broadcasting live via the Investor Relations section of its website,
www.tollbrothers.com, a conference call hosted by CEO Douglas C. Yearley, Jr. at 2:00 p.m. (EDT)
today, May 25, 2011, to discuss these results and its outlook for the remainder of FY 2011. To
access the call, enter the Toll Brothers website, then click on the Investor Relations page, and
select Conference Calls. Participants are encouraged to log on at least fifteen minutes prior to
the start of the presentation to register and download any necessary software.
The call can be heard live with an on-line replay which will follow and continue through July 31,
2011. Podcast (iTunes required) and MP3 format replays will be available approximately 48 hours
after the conference call via the Conference Calls section of the Investor Relations portion of
the Toll Brothers website.
Toll Brothers, Inc. is the nations leading builder of luxury homes. The Company began business in
1967 and became a public company in 1986. Its common stock is listed on the New York Stock
Exchange under the symbol TOL. The Company serves move-up, empty-nester, active-adult and
second-home home buyers and operates in 19 states: Arizona, California, Colorado, Connecticut,
Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New
York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia.
Toll Brothers builds luxury single-family detached and attached home communities, master planned
luxury residential resort-style golf communities and urban low-, mid- and high-rise communities,
principally on land it develops and improves. The Company operates its own architectural,
engineering, mortgage, title, land development and land sale, golf course development and
management, home security and landscape subsidiaries. The Company also operates its own lumber
distribution, and house component assembly and manufacturing operations.
Toll Brothers is honored to have won the three most coveted awards in the homebuilding industry:
Americas Best Builder from the National Association of Home Builders, the National Housing Quality
Award, and Builder of the Year. Toll Brothers proudly supports the communities in which it builds;
among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera
International Radio Network, bringing opera to neighborhoods throughout the world. For more
information, visit tollbrothers.com.
*more*
Certain information included in this release is forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not limited to, information related to:
anticipated operating results; financial resources and condition; selling communities; home
deliveries; average home prices; consumer demand and confidence; contract pricing; business and
investment opportunities; and market and industry trends.
Such forward-looking information involves important risks and uncertainties that could
significantly affect actual results and cause them to differ materially from expectations expressed
herein and in other Company reports, SEC filings, statements and presentations. These risks and
uncertainties include, among others: local, regional, national and international economic
conditions; fluctuating consumer demand and confidence; interest and unemployment rates; changes in
sales conditions, including home prices, in the markets where we build homes; the competitive
environment in which we operate; the availability and cost of land for future growth; conditions
that could result in inventory write-downs or write-downs associated with investments in
unconsolidated entities; the ability to recover our deferred tax assets; the availability of
capital; uncertainties in the capital and securities markets; liquidity in the credit markets;
changes in tax laws and their interpretation; effects of governmental legislation and regulation;
the outcome of various legal proceedings; the availability of adequate insurance at reasonable
cost; the impact of construction defect, product liability and home warranty claims, including the
adequacy of self-insurance accruals, the applicability and sufficiency of our insurance coverage;
the ability of customers to obtain financing for the purchase of homes; the ability of home buyers
to sell their existing homes; the ability of the participants in various joint ventures to honor
their commitments; the availability and cost of labor and building and construction materials; the
cost of raw materials; construction delays; domestic and international political events; and
weather conditions.
Any or all of the forward-looking statements included in this release are not guarantees of future
performance and may turn out to be inaccurate. Forward-looking statements speak only as of the date
they are made. The Company undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or otherwise.
*more*
TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
April 30, | October 31, | |||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ | 949,896 | $ | 1,039,060 | ||||
Marketable securities |
297,846 | 197,867 | ||||||
Restricted cash |
32,125 | 60,906 | ||||||
Inventory |
3,384,720 | 3,241,725 | ||||||
Property, construction and office
equipment, net |
99,450 | 79,916 | ||||||
Receivables, prepaid expenses and
other assets |
87,745 | 97,039 | ||||||
Mortgage loans receivable |
28,996 | 93,644 | ||||||
Customer deposits held in escrow |
17,859 | 21,366 | ||||||
Investments
in and advances to unconsolidated entities and non-
performing loan portfolio |
185,259 | 198,442 | ||||||
Income tax refund recoverable |
141,590 | |||||||
Total Assets |
$ | 5,083,896 | $ | 5,171,555 | ||||
LIABILITIES AND EQUITY |
||||||||
Liabilities: |
||||||||
Loans payable |
$ | 105,256 | $ | 94,491 | ||||
Senior notes |
1,545,067 | 1,544,110 | ||||||
Mortgage company warehouse loan |
24,906 | 72,367 | ||||||
Customer deposits |
91,203 | 77,156 | ||||||
Accounts payable |
92,464 | 91,738 | ||||||
Accrued expenses |
525,823 | 570,321 | ||||||
Income taxes payable |
144,051 | 162,359 | ||||||
Total liabilities |
2,528,770 | 2,612,542 | ||||||
Equity: |
||||||||
Stockholders Equity |
||||||||
Preferred stock |
| | ||||||
Common stock |
1,669 | 1,664 | ||||||
Additional paid-in capital |
370,361 | 360,006 | ||||||
Retained earnings |
2,177,100 | 2,194,456 | ||||||
Treasury stock, at cost |
(96 | ) | ||||||
Accumulated other
comprehensive loss |
(225 | ) | (577 | ) | ||||
Total stockholders equity |
2,548,905 | 2,555,453 | ||||||
Noncontrolling interest |
6,221 | 3,560 | ||||||
Total equity |
2,555,126 | 2,559,013 | ||||||
$ | 5,083,896 | $ | 5,171,555 | |||||
*more*
TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in thousands, except per share data)
(unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in thousands, except per share data)
(unaudited)
Six Months Ended | Three Months Ended | |||||||||||||||
April 30, | April 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues |
$ | 653,791 | $ | 637,969 | $ | 319,675 | $ | 311,271 | ||||||||
Cost of revenues |
558,319 | 623,070 | 276,354 | 305,583 | ||||||||||||
Selling, general and
administrative expenses |
128,301 | 126,822 | 67,050 | 59,549 | ||||||||||||
Interest expense |
1,504 | 13,464 | 392 | 6,207 | ||||||||||||
688,124 | 763,356 | 343,796 | 371,339 | |||||||||||||
Loss from operations |
(34,333 | ) | (125,387 | ) | (24,121 | ) | (60,068 | ) | ||||||||
Other: |
||||||||||||||||
(Loss) income from
unconsolidated entities |
(21,872 | ) | 1,646 | (10,870 | ) | 1,280 | ||||||||||
Interest and other |
7,674 | 15,232 | 3,507 | 6,999 | ||||||||||||
Expenses related to early
retirement of debt |
(34 | ) | ||||||||||||||
Loss before income taxes |
(48,531 | ) | (108,543 | ) | (31,484 | ) | (51,789 | ) | ||||||||
Income tax benefit |
(31,175 | ) | (27,388 | ) | (10,711 | ) | (11,388 | ) | ||||||||
Net loss |
$ | (17,356 | ) | $ | (81,155 | ) | $ | (20,773 | ) | $ | (40,401 | ) | ||||
Loss per share: |
||||||||||||||||
Basic |
$ | (0.10 | ) | $ | (0.49 | ) | $ | (0.12 | ) | $ | (0.24 | ) | ||||
Diluted |
$ | (0.10 | ) | $ | (0.49 | ) | $ | (0.12 | ) | $ | (0.24 | ) | ||||
Weighted-average number of shares: |
||||||||||||||||
Basic |
166,794 | 165,322 | 166,910 | 165,407 | ||||||||||||
Diluted |
166,794 | 165,322 | 166,910 | 165,407 | ||||||||||||
*more*
TOLL BROTHERS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA
(Amount in thousands)
(unaudited)
SUPPLEMENTAL DATA
(Amount in thousands)
(unaudited)
Six Months Ended | Three Months Ended | |||||||||||||||
April 30, | April 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Impairment charges recognized: |
||||||||||||||||
Cost of sales |
$ | 18,048 | $ | 75,712 | $ | 12,922 | $ | 42,331 | ||||||||
Loss from unconsolidated entities |
39,600 | 19,600 | ||||||||||||||
$ | 57,648 | $ | 75,712 | $ | 32,522 | $ | 42,331 | |||||||||
Depreciation and amortization |
$ | 7,403 | $ | 9,540 | $ | 3,659 | $ | 4,292 | ||||||||
Interest incurred |
$ | 58,434 | $ | 58,861 | $ | 28,718 | $ | 29,172 | ||||||||
Interest expense: |
||||||||||||||||
Charged to cost of sales |
$ | 35,381 | $ | 32,378 | $ | 17,300 | $ | 15,125 | ||||||||
Charged to selling, general
and administrative expense |
1,504 | 13,464 | 392 | 6,207 | ||||||||||||
Charged to interest income
and other |
318 | 809 | 248 | 704 | ||||||||||||
$ | 37,203 | $ | 46,651 | $ | 17,940 | $ | 22,036 | |||||||||
Home sites controlled: |
||||||||||||||||
Owned |
30,541 | 28,346 | ||||||||||||||
Optioned |
5,394 | 5,298 | ||||||||||||||
35,935 | 33,644 | |||||||||||||||
*more*
Toll Brothers operates in four geographic segments: | ||
North:
|
Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York | |
Mid-Atlantic:
|
Delaware, Maryland, Pennsylvania, Virginia and West Virginia | |
South:
|
Florida, Georgia, North Carolina, South Carolina and Texas | |
West:
|
Arizona, California, Colorado and Nevada |
Three Months Ended | Three Months Ended | |||||||||||||||
April 30, | April 30, | |||||||||||||||
Units | $ (Millions) | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
HOME BUILDING REVENUES |
||||||||||||||||
North |
167 | 160 | $ | 84.6 | $ | 83.1 | ||||||||||
Mid-Atlantic |
184 | 184 | 99.6 | 103.0 | ||||||||||||
South |
124 | 114 | 66.5 | 63.7 | ||||||||||||
West |
116 | 85 | 69.0 | 61.5 | ||||||||||||
Total consolidated |
591 | 543 | $ | 319.7 | $ | 311.3 | ||||||||||
CONTRACTS |
||||||||||||||||
North |
224 | 206 | $ | 125.3 | $ | 105.2 | ||||||||||
Mid-Atlantic |
281 | 278 | 154.6 | 150.3 | ||||||||||||
South |
219 | 179 | 128.4 | 99.1 | ||||||||||||
West |
155 | 157 | 92.6 | 110.0 | ||||||||||||
Total consolidated |
879 | 820 | $ | 500.9 | $ | 464.6 | ||||||||||
Backlog |
||||||||||||||||
North |
561 | 565 | $ | 291.3 | $ | 287.2 | ||||||||||
Mid-Atlantic |
583 | 556 | 344.3 | 329.5 | ||||||||||||
South |
402 | 351 | 228.9 | 184.7 | ||||||||||||
West |
214 | 266 | 141.9 | 192.1 | ||||||||||||
Total consolidated |
1,760 | 1,738 | $ | 1,006.4 | $ | 993.5 | ||||||||||
*more*
Six Months Ended | Six Months Ended | |||||||||||||||
April 30, | April 30, | |||||||||||||||
Units | $ (Millions) | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
HOME BUILDING REVENUES |
||||||||||||||||
North |
316 | 327 | $ | 167.1 | $ | 174.5 | ||||||||||
Mid-Atlantic |
363 | 376 | 203.4 | 204.0 | ||||||||||||
South |
239 | 227 | 128.4 | 119.0 | ||||||||||||
West |
243 | 209 | 154.9 | 140.5 | ||||||||||||
Total consolidated |
1,161 | 1,139 | $ | 653.8 | $ | 638.0 | ||||||||||
CONTRACTS |
||||||||||||||||
North |
356 | 342 | $ | 199.1 | $ | 178.1 | ||||||||||
Mid-Atlantic |
471 | 439 | 263.3 | 239.9 | ||||||||||||
South |
345 | 296 | 197.6 | 155.7 | ||||||||||||
West |
255 | 269 | 148.1 | 182.9 | ||||||||||||
Total consolidated |
1,427 | 1,346 | $ | 808.1 | $ | 756.6 | ||||||||||
Unconsolidated entities:
Information related to revenues and contracts of entities in which we have
an interest for the three-month and six-months periods ended April 30, 2011
and 2010 is as follows:
2011 | 2010 | 2011 | 2010 | |||||||||||||
Units | Units | $(Mill) | $(Mill) | |||||||||||||
Three months ended April 30, |
||||||||||||||||
Revenues |
63 | 23 | $ | 52.3 | $ | 17.7 | ||||||||||
Contracts |
83 | 69 | $ | 75.5 | $ | 53.8 | ||||||||||
Six months ended April 30, |
||||||||||||||||
Revenues |
171 | 47 | $ | 131.3 | $ | 33.7 | ||||||||||
Contracts |
111 | 118 | $ | 99.7 | $ | 95.5 | ||||||||||
Backlog at April 30, |
66 | 128 | $ | 59.6 | $ | 98.4 |
###