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Published on Friday, September 05, 2008
By LA Daily News Staff Writer
Toll Brothers Inc. said Thursday it swung to a loss in its fiscal third quarter as weak demand for new homes forced the luxury builder to mark down the value of its land and unsold homes.
But Chief Executive Robert Toll said he is seeing signs the market is stabilizing - the company had the lowest contract cancellation rate in more than two years, and more buyers are putting down deposits.
"We believe that there is pent-up demand," Toll said in a statement, but noted the housing market won't begin to recover until the trove of foreclosed homes on the market are sold.
"Unfortunately, we can't predict when that will occur," he said.
The Horsham, Pa.-based builder lost $29.3 million, or 18 cents a share, in the three months that ended July 31. That's a reversal from a profit of $26.5 million, or 16 cents a share, in the year-ago quarter.
Toll absorbed $84.3 million in after-tax write-downs in the quarter
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