TOL Toll brothers reports preliminary 4th qtr and fy 2009 results for contracts, backlog and home building revenues 17:31:50 Today
Co announced its 2009's Q4 net signed contracts of ~765 units and $430.8 million rose 42% in units and 62% in dollars compared to FY 2008's Q4 totals. FY 2009's fourth-quarter totals also exceeded FY 2007's Q4 net signed contracts by 17% in units and 18% in dollars. These increases were achieved despite having fewer selling communities: During FY 2009's Q4, the co averaged 215 selling communities, down 26% from 290 in FY 2008's Q4 and down 32% from 315, its Q4 peak, in FY 2007. The Company's contract cancellation rate, (current-quarter cancellations divided by current-quarter signed contracts) was at 6.9% in the fourth quarter of FY 2009, which was in line with its pre-downturn historical averages... co's FY 2009 Q4 home building deliveries and revenues of approximately 860 units and $486.6 million declined 20% in units and 30% in dollars, and its fourth-quarter-end backlog of approximately 1,531 units and $874.8 mln declined 25% in units and 34% in dollars, compared to FY 2008's fourth-quarter results. Co says, "While we have not yet finalized our impairment analysis, we estimate that pre-tax write-downs related to operating communities, land and land options, and joint ventures in FY 2009's fourth quarter will be between $50 million and $125 million. This compares to impairments of $115.0 mln in FY 2009's Q3, $119.6 mln and $156.6 million, respectively, in FY 2009's second and first quarters, and $172.7 million in FY 2008's fourth quarter." As a percentage of beginning-quarter backlog, FY 2009's fourth-quarter cancellation rate was 3.5%, the lowest in over three years. This compared to 4.9%, 9.8% and 7.7%, respectively, in FY 2009's third, second and first quarters; 9.0%, 6.4%, 9.2% and 6.5%, respectively, in FY 2008's fourth, third, second and first quarters; 8.3%, 6.0%, 6.5% and 6.7%, respectively in FY 2007's fourth, third, second and first quarters; and 7.3% and 3.6% respectively, in the fourth and third quarters of FY 2006. In FY 2009, fourth-quarter-end backlog of ~$874.8 million (1,531 units) decreased 34% from FY 2008's fourth-quarter-end backlog of $1.33 billion (2,046 units). In addition, at October 31, 2009, unconsolidated entities in which the Company had an interest had a backlog of approximately $36.7 million. ??? FY 2009's fourth-quarter home building deliveries and revenues of approximately 860 units and $486.6 million decreased 20% and 30% from FY 2008's fourth-quarter home building deliveries and revenues of 1,079 units and $691.1 million. TOL will announce final fourth-quarter and FYE 2009 results, including earnings, on December 3, 2009.
AI
