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| Toll Brothers' 1st-qtr profit down 67% Luxury US home builder Toll Brothers said that first-quarter net income was $54.3 million, or $0.33 a share, compared to $163.9 million, or $0.98 a share, a year earlier. Net income was reduced by pre-tax write-downs of $96.9 million, plus a pre-tax $9.0 million goodwill impairment charge related to the company's 1999 acquisition of the Silverman Companies in metro Detroit. FY 2007's first-quarter total revenues were $1.09 billion, a decline of 19% compared to the first-quarter record of $1.34 billion in revenues in FY 2006, Horsham, Pennsylvania-based Toll said in a statement. FY 2007's first-quarter-end backlog was $4.15 billion, a decline of 30% compared to the first-quarter record of $5.95 billion in FY 2006. Toll expects to deliver between 6,000 and 7,000 homes in FY 2007, compared to its previous guidance of 6,300 to 7,300 homes, and to produce total home building revenues of between $4.20 billion and $4.96 billion. It projects net income of between $240 million and $305 million, or $1.46 to $1.85 a share, assuming 164.8 million shares outstanding in FY 2007. This projection assumes future write-downs of $60 million in the final three quarters of FY 2007, although the final number could be significantly higher or lower. write your comments about the article :: © 2007 Construction News :: home page |