Toll Brothers (TOL) had another bad quarter. No one will be surprised.
In the2007’s fiscal fourth quarter, the TOL generated a net loss of $81.8 million, or $0.52 per share diluted, compared to the 2006’s fourth-quarter net income of $173.8 million, or $1.07 per share diluted. The 2007’s fourth-quarter net loss included $314.9 million of pre-tax write-downs ($200.0 million, or $1.22 per share diluted, after-tax). The quarter ended on October 31.
TOL ended its 2007 fourth quarter with $900 million in cash and more than $1.2 billion available under its bank credit facility, which matures in 2011. Its net debt-to-capital ratio at October 31, 2007 stood at 26.8%, its lowest level ever, compared to 31.8% one year ago.
Douglas A. McIntyre
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