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Toll Brothers Reports Preliminary 4Th Quarter And Fy 2015 Results

The following excerpt is from the company's SEC filing.

for Contracts, Backlog and Home Building Revenues

Horsham, PA,

November 9, 2015

– In anticipation of its webcast presentation and related investor meetings on November 11, 2015 at the UBS Building and Building Products Annual CEO Conference in New York City, Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation’s leading builder of luxury homes, today announced preliminary results for contracts, backlog and home building revenues for its fourth quarter and fiscal year ended October 31, 2015. These results are preliminary and unaudited. The Company will announce final totals when i t releases fourth quarter and fiscal year earnings results on December 8, 2015, followed by an 11:00 A.M. (EST) conference call that will be broadcast live on its website.

Fourth Quarter and Fiscal Year 2015 Financial Highlights (preliminary and unaudited):

FY 2015’s fourth-quarter total revenues of $1.44 billion and 1,820 units increased 6% in dollars and 1% in units, compared to FY 2014’s fourth-quarter results of $1.35 billion and 1,807 units. The average price of homes delivered was $790,000, compared to $724,000 in FY 2015’s third quarter and $747,000 in FY 2014’s fourth quarter.

FY 2015’s fourth-quarter net signed contracts of $1.25 billion and 1,437 units rose 29% in dollars and 12% in units, compared to FY 2014’s fourth-quarter net signed contracts of $970.8 million and 1,282 units. The average price of net contracts signed in FY 2015’s fourth quarter was $872,000, compared to $834,000 in FY 2015’s third quarter and $757,000 in FY 2014’s fourth quarter.

The Company ended FY 2015 with a backlog of approximately $3.50 billion and 4,064 units, an increase of 29% in dollars and 10% in units, compared to FY 2014’s year-end backlog of $2.72 billion and 3,679 units. The average price of homes in FY 2015’s fourth-quarter-end backlog was $862,000 compared to $829,000 at FY 2015’s third-quarter end and $739,000 at FY 2014’s fourth-quarter end.

FY 2015’s home building revenues of $4.17 billion and 5,525 units increased 7% in dollars and 2% in units, compared to FY 2014’s results of $3.91 billion and 5,397 units.

FY 2015’s net signed contracts of $4.96 billion and 5,910 units increased 27% in dollars and 12% in units, compared to net signed contracts of $3.90 billion and 5,271 units in FY 2014.

Douglas C. Yearley, Jr., Toll Brothers’ chief executive officer, stated: “This is the fifth consecutive quarter of year-over-year growth in contract dollars and units. Based on our strong backlog and pace of demand, we believe we will have significant growth and increased profitability in FY 2016.”

Toll Brothers, Inc., A FORTUNE 1000 Company, is the nation's 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 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, Texas, Virginia, and Washington, as well as in the District of Columbia.

Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and...


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