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Toll Brothers revenue drops 51 percent

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Toll Brothers reported a first-quarter revenue of $409.3 million, a 51 percent drop year-over-year. The company’s net contracts for the first quarter were worth about $128 million, down 66 percent year-over-year. But the company said it has no debt maturities until 2011 and still has enough liquidity to make it through the down market. Toll Brothers this week slashed prices at its Northside Piers condo project in Williamsburg by as much as 37 percent.