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Fiscal Second Quarter Toll Brothers Results Suggest Sales Are Down 30 Percent
Published: May 13, 2008
Horsham, Pa.--Luxury builder Toll Brothers Inc. said Tuesday that its preliminary fiscal second quarter results indicated homebuilding sales had fallen 30 percent, the Philadelphia Inquirer reports.
"The just-completed spring selling season was quite weak in most markets as buyers remained on the sidelines," chairman and chief executive officer Robert I. Toll said.
The Horsham, Pa.-based homebuilder announced preliminary revenues of $817.9 million, a $1.17 billion reduction from a year ago.
Land sale revenue for the quarter was $800,000; last year, it was $2 million.
In the last six months, sales plummeted 27 percent to $1.66 billion. Toll Brothers' cancellation rate was 24.9 percent. In the fourth quarter, the company's cancellation rate was 28.4 percent.
Toll Brothers said the lower average home prices were the result of higher sales in less-expensive communities and reduced sales in pricey areas such as Manhattan.
The company's full second-quarter filing is scheduled for June 3.
