Luxury Homebuilder Toll Brothers Swings to 1Q 2008 Loss

HORSHAM, PA (AP) - February 27, 2008 - Luxury homebuilder Toll Brothers Inc. says it swung to a loss in the first quarter as declining sales and more than $245 million in write-downs hurt results.

Chairman and Chief Executive Robert I. Toll said the company has seen few “glimmers of hope.”

The Horsham, PA-based company said Wednesday it lost $96 million, or 61 cents per share, compared with profit of $54.3 million, or 33 cents per share, a year earlier.

Wall Street analysts expected a loss of 50 cents per share, according to a Thomson Financial poll.

Sales fell 23 percent to $842.9 million from $1.09 billion in the same period last year. Analysts expected sales of $818.2 million.