Toll Brothers, one of the nation’s largest home builders with a specialty in luxury homes, reported a fourth-quarter net loss of $78.8 million, compared to a net loss of $81.8 million in the year-ago period. The company’s full fiscal year, which ended Oct. 31, 2008, saw a net loss of $297.8 million, compared to net income of $35.7 million for 2007's full-year.
“Obviously there are enormous challenges in our industry. But we believe the financial strength of our organization will put us in a good position to take advantage of opportunities … that we expect will arise from the industry's current distress,” said Robert I. Toll, chairman and CEO.
“We are beginning to see some deals that are appealing in terms of quality but not price: We believe our strong capital position will give us an advantage in competing for them at the appropriate time,” he added.
In addition, fourth-quarter revenues were $698.9 million, down 40 percent from revenues of $1.17 billion in the same period last year. Twelve-month revenues were $3.16 billion, down 32 percent from 2007’s twelve-month revenues of $4.65 billion.