1st_Qtr_Report_2008

This document is a letter to stockholders from Toll Brothers, a luxury home builder, addressing the company's performance in the first quarter of fiscal year 2008. It summarizes that housing market conditions remained weak with declining sales. The company reported a net loss for the quarter due to write-downs, though earnings excluding write-downs were positive. Backlog and gross contracts signed declined significantly year-over-year as the company continued adjusting to soft market conditions.