Toll Brothers 4Q Home-Building Revenue Declines

By JOHN VOKET

Published: Nov 14, 2008 12:00 am

HORSHAM, PENN. (AP) â Luxury homebuilder Toll Brothers Inc reported November 11 that its home building revenue dropped 41 percent in its fiscal fourth quarter as the financial crisis exacerbated ongoing weakness in the housing market.

The company reported preliminary homebuilding revenue declined to $691 million in the three months ended October 31 from $1.17 billion, while backlog dropped 54 percent to $1.33 billion from $2.85 billion.

Net signed contracts for the quarter also slid 27 percent to $266.7 million from $365.3 million.

For the fiscal year, homebuilding revenue declined 32 percent to $3.15 billion, and net signed contracts declined 47 percent to $1.61 billion.

Toll ended the fiscal year with $1.63 billion in cash and believes this liquidity can help the company weather turmoil in the industry.

Its shares fell 37 cents, or two percent, to $18.58 in morning trading Tuesday. The company has traded in a 52-week range of $15.49 to $28.

Chief Executive Robert I. Toll said the preliminary signs of stability in the market discussed by the company in early September were reversed by the financial crisis. At that time, Mr Toll said there were signs of a stabilizing market, as his company had the lowest contract cancellation rate in more than two years, and more buyers were putting down deposits.

But on November 11, Mr Toll said accelerating fears of job losses and a large decline in consumer spending, among other factors, contributed to drive cancellations up to 233 units and drive home buyer confidence and the companyâs traffic and demand down to record lows.

Toll Brothers plans to release full results for the quarter on December 4.

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It seems a lot of the discussion around the flagpole focuses on vilifying drivers who pass on the right, but the real issue is being overlooked. If Chapter 248 Section 14-251 were enforced, we wouldn’t see this problem to begin with. That statute prohibits stopping in the middle of a roadway to yield to cross traffic—as so often happens with cars waiting to turn from Church Hill. When vehicles stop illegally in the travel lane, they effectively create a blockage. Other drivers then either sit through unnecessary delays or carefully pass around them on the right, which is fully permitted when the vehicle ahead is “illegally parked” in the roadway. Instead of punishing drivers reacting to the obstruction, enforcement should focus on the cause: vehicles unlawfully stopping and backing up traffic in the first place. If that behavior were addressed, the need to “go around” would largely disappear.

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John, you raise an important point — these situations are tragic, complicated, and often far less clear-cut than the headlines make them seem. In the Fredericksburg case, the full facts still aren’t publicly known, and like so many of these stories, there’s conflicting information. It was apparently the back door at 3 a.m. — was it justified to use deadly force? We don’t know yet. What we do know is that the homeowner has been charged, and as you rightly noted, that is very serious. But this is also where perspective matters. These cases are quickly sensationalized in the news and on social media, yet when the dust settles, the outcomes are rarely publicized. People forget that in our system, you are innocent until proven guilty. Try to find much coverage of the convication in the case of the Fairfield Realtor vehicle homicide, or updates on the woman who shot her husband a couple of Christmases ago, or even the pedestrian death in Sandy Hook a year or so back. The follow-through simply isn’t there, and public opinion is often shaped only by the first round of headlines. At the end of the day, these situations remind us how split-second decisions in the middle of the night can change lives forever — which is exactly why the right to protect one’s property, home and family is so fiercely debated, and lucky constitutionally protected.

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First the low hanging fruit. Dave; it was a joke, please get over it. You are the only person in Newtown that thought I really wanted to build a stadium on 6 Commence Rd. Now on to Alex. You might not appreciate my writing style or my selection of words, but let's not loose sight of the fact that by responding to my letter in the manner that you did, you have removed any doubt whatsoever that you have no idea of the quantifiable benefits you are dismissing not only for the town, but also for protesters. Either you stopped listening at the word "ordinance" or you never started.. Your constitutional rights to assemble were never in question and would actually be strengthened and there would be literally no impediments. We could even title it "The Alex Villamil Ordinance" if you want. It could be your legacy and actually show Newtown your willingness to work in a bipartisan way for the betterment of the town. Businesses would be protected. Traffic wouldn't be interrupted. The town would save hundreds of thousands of dollars in police overtime. And maybe most importantly, the town could prevent another tragedy while mitigating legal risk in the event something terrible happens at a protest. Nothing bad could never happen in Newtown right? All that could be accomplished by a simple, non-intrusive ordinance unless all the detriments to our town are intentional in order to bring more attention to your cause. Alex, this was not me throwing a temper tantrum. Believe me, you will know it if that happens. I am just putting Newtown first. From that perspective, if you think critically, the regulation is necessary. It makes sense logically, rationally, and is reasonable. There is absolutely no down side. None. I would be willing to sit down with you to see if we could come to some type of compromise if you want. Let me know. You would be amazed how much you can accomplish when there is dialogue amongst neighbors.

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A popular prank circulating on TikTok is “ding-dong-ditch” where a group of young people violently bang or kick someone’s door late at night and then “ditch” or run. On May 3 three high schoolers here in Fredericksburg Va. were participating in such a prank. One homeowner assumed, as in this case, an attempted break in and also took measures to defend his family and property. As the youths were running away he fired, striking an 18 year old graduating senior in the back killing him and seriously injuring a second youth. A wasted life, a family shattered, and the homeowner charged with murder.

You’re absolutely right — no one should ever feel unsafe in their own home. Being startled awake by violent banging at your door late at night is no joke, and it’s a stark reminder that danger can come without warning. That’s why I’m thankful for the right to protect ourselves, our families, and our property. In a moment like that, you don’t get a second chance to call for help before you act — you have to be prepared. Our homes should be a place of peace, not fear, and the ability to defend them is a right worth safeguarding.

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Toll Brothers 4Q Home-Building Revenue Declines

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