HORSHAM, Pa., March 4, 2009 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL - News) (http://www.tollbrothers.com), the nation's leading builder of luxury homes, today reported a FY 2009 first quarter net loss of $88.9 million, or $0.55 per share diluted, which included pre-tax write-downs totaling $156.6 million. This compared to FY 2008's first quarter net loss of $96.0 million, or $0.61 per share diluted, which included pre-tax write-downs totaling $245.5 million.
Robert I. Toll, chairman and chief executive officer, stated: ``Faced with a plunging stock market, weak consumer confidence, growing job losses, challenging credit markets and a hobbled economy, we continue to focus on maintaining a strong balance sheet and significant liquidity. With this capital, we hope to take advantage of opportunities we believe will arise from the current downturn. We are beginning to see some properties come to market at reasonable prices. We have not bought any yet, but we are getting closer.
``Ironically, now is a very good time to buy a home. With the decline in home prices and historically low mortgage rates, home price affordability is at an all-time high, according to the National Association of Realtors. As a result, in many markets, inventory is starting to be absorbed by bargain hunters. MORE...
*I don't have a job, but it would be a great time to buy a house. What a world. Personally, I never liked Toll Brothers. They are just one step away from their poor white trash relatives, KHovnanian. Both have built an abundance of inferior homes, townhouse communities, condos and the like. So, losses couldn't have happened to a nicer guy!
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