Toll Brothers, Inc. (TOL) reported a fourth-quarter net loss of $111.4 million or $0.68 per share, compared to a net loss of $78.8 million or $0.49 per share in the year ago quarter.
The latest quarter results included a $85.5 million of non-cash pre-tax inventory write-downs, a pre-tax charge of $11.6 million due to early retirement of debt and a $14.6 million non-cash expense for deferred tax asset valuation allowances. The prior year results included a $175.9 million of non-cash pre-tax inventory and other write-downs and an $11.1 million non-cash expense for deferred tax asset valuation allowances.
Excluding write-downs and charges for early retirement of debt, pre-tax loss for the latest quarter was $9.6 million. Pre-tax earnings, excluding inventory and other write-downs, were $69.9 million for the prior year quarter.
Revenues for the quarter were $486.59 million, compared to $691.13 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.46 per share on revenues of $450.10 million for the quarter. Analysts' estimates typically exclude special items.
The Company's fiscal 2009 fourth-quarter home building deliveries and revenues of 860 units and $486.6 million declined 20% in units and 30% in dollars, and its fourth-quarter-end backlog of 1,531 units and $874.8 million declined 25% in units and 34% in dollars, compared to fiscal 2008's fourth-quarter.
The company currently estimate that it will deliver between 2,000 and 2,750 homes in fiscal 2010 at an average price of between $540,000 and $560,000 per home.
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