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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.