The Real Deal New York

Toll Bros.’ revenues fall by a third

By Adam Pincus | August 14, 2008 12:29PM

Revenues fell by 34 percent for Toll Brothers in the quarter ending July 31, while building backlog and net signed contracts dropped sharply, the luxury home builder said yesterday in a preliminary financial report.

The company, based in Horsham, Penn., said revenues fell to $796.5 million from $1.21 billion in the year-ago period. Building backlog declined 52 percent to $1.75 billion and contracts fell 35 percent to $469.7 million.

Despite the poor results, Chairman and CEO Robert Toll said he saw a silver lining.

“We believe there is growing pent-up demand from those who have postponed buying during the past three years,” he said in a statement.

In the company’s north region, which includes New York, revenues fell to $227.2 million from 293.4 million in last year’s second quarter.

Final results will be released September 4, the company said.

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