Homebuilder Toll Brothers Posts 22 Percent Decline in Fiscal First Quarter Revenue

Horsham, Penn.–Toll Brothers Inc., headquartered in Horsham, Penn., said Wednesday that–compared to a year ago–its fiscal first quarter revenue dropped 22 percent to $842.7 million, The Wall Street Journal reports.The homebuilder said it expects to see more problems from the ongoing housing decline and, although it is still finalizing exact figures, expects pretax writedowns of between $150 million and $300 million.”The housing market remains very weak in most areas,” said chairman and CEO Robert Toll. “Based on current traffic and deposits, we are not yet seeing much light at the end of the tunnel.”Toll Brothers’ backlog declined to $2.4 billion–down 42 percent from the fiscal first quarter of 2007. The company’s gross number of signed home contracts dropped 46 percent from last year. The average price of homes Toll sold declined; the average price of homes customers cancelled increased, according to the company. Toll will report its complete first quarter results on Feb. 27.