Toll Brothers, Inc. is the leading luxury home builder in the US. It has grown revenues and earnings at a compound annual growth rate of over 20% for the past 1, 3, 5, 7, and 10 years. While Q3 2002 earnings of $0.70 per share were down 9% from 2001 due to impacts from late 2001 and 9/11, nine month earnings of $1.99 per share were up 8% and revenues reached a record $1.62 billion, up 3% from 2001. Toll Brothers' backlog also reached a record high of $1.9 billion for any quarter end in the company's history, presaging strong results over the next nine months.
Toll Brothers reported record third quarter results for 2003, with earnings per share increasing 29% year-over-year to $0.90. Net income rose 27% to a record $68.2 million, while revenues increased 19% to a record $693.7 million. Contracts and backlog both reached all-time highs, with contracts up 35% to $952.7 million and backlog growing 31% to $2.49 billion. For the nine-month period, earnings per share increased 12% to a record $2.23, and net income rose 11% to a record $166.4 million. Toll Brothers expects continued strong growth in fiscal 2004 and beyond, supported by expanding land
Toll Brothers is the leading luxury home builder in the US. It has been publicly traded since 1986 and serves various home buyer demographics across 21 states. The document provides condensed financial statements for Toll Brothers, including revenues of $597.9 million and income before taxes of $78.97 million for the three months ended January 31, 2004, compared to $570.3 million and $71.92 million respectively for the same period in 2003. Toll Brothers operates its own subsidiaries for architecture, engineering, financing and other services related to home building.
The 2006 annual report summarizes the company's financial performance for the year. Total revenues increased significantly to $3.042 billion in 2006 from $1.733 billion in 2005. Net income also increased substantially to $41.536 million in 2006 from $4.049 million in 2005. Backlog reached a record high of $8.451 billion at the end of 2006, up from $7.898 billion in 2005. The company experienced growth in its building segment due to work on several large hospitality and gaming projects.
Toll Brothers had a very successful first quarter of 2002, with record earnings, revenues, and contracts. Net income increased 11% to $44.5 million, revenues grew 4% to $492.2 million, and signed contracts rose 8% to $485.2 million. The large backlog of $1.41 billion positions Toll Brothers for strong deliveries and growth. Demand remains healthy across their luxury home markets. Toll Brothers expects full year 2003 to be a record year with over $2.5 billion in revenues and $6 per share or more in earnings, driven by their expanding community count and favorable demographics of their customer base.
Toll Brothers had another record quarter, with earnings up 27% to $28.0 million. Revenues increased 14% to $390.5 million. Signed contracts reached a record $649.9 million, up 26%, and backlog set a new high of $1.39 billion, up 29%. For the first six months, earnings grew 27% to a record $50.3 million on a 19% revenue increase to $735.0 million, with signed contracts at a record $1.04 billion. Toll Brothers continues to expand geographically and through strategic investments in land and telecommunications ventures to capitalize on growth opportunities.
Toll Brothers, Inc. reported record financial results for the second quarter and first six months of fiscal year 2001, with significant increases in net income, revenues, contracts, and backlog compared to the same periods last year. The company noted continued strong demand for luxury homes driven by favorable demographics and limited housing supply. Toll Brothers expressed cautious optimism about achieving further record results in 2001 and 2002 based on current demand trends, its large backlog, and plans to increase its number of selling communities.
Hovnanian Enterprises had a record-breaking fiscal year in 2002, with revenues reaching $2.6 billion, net earnings of $138 million, and home deliveries of 9,514 homes. The company maintained a strong balance sheet with low debt levels and a large inventory of developable land. Strong housing demand and market concentration in desirable regions contributed to the company's growth. Hovnanian aims to continue growing through both acquisitions and internal expansion while improving operating efficiency across its markets.
Toll Brothers reported record results for the third quarter of 2001, with net income growing 60% over the prior year quarter to $59.4 million. Revenues increased 26% to $584.1 million, and contracts rose 2% to a record $542.8 million, marking the company's 42nd consecutive quarter of year-over-year growth in signed contracts. Backlog increased 8% to $1.58 billion. The company expects to continue its strong growth, opening more new communities and benefitting from demand among affluent buyers. Despite short-term delays in opening some new communities, Toll Brothers is well positioned for further growth with over 38,000 lots in its pipeline.
Toll Brothers reported record third quarter results for 2003, with earnings per share increasing 29% year-over-year to $0.90. Net income rose 27% to a record $68.2 million, while revenues increased 19% to a record $693.7 million. Contracts and backlog both reached all-time highs, with contracts up 35% to $952.7 million and backlog growing 31% to $2.49 billion. For the nine-month period, earnings per share increased 12% to a record $2.23, and net income rose 11% to a record $166.4 million. Toll Brothers expects continued strong growth in fiscal 2004 and beyond, supported by expanding land
Toll Brothers is the leading luxury home builder in the US. It has been publicly traded since 1986 and serves various home buyer demographics across 21 states. The document provides condensed financial statements for Toll Brothers, including revenues of $597.9 million and income before taxes of $78.97 million for the three months ended January 31, 2004, compared to $570.3 million and $71.92 million respectively for the same period in 2003. Toll Brothers operates its own subsidiaries for architecture, engineering, financing and other services related to home building.
The 2006 annual report summarizes the company's financial performance for the year. Total revenues increased significantly to $3.042 billion in 2006 from $1.733 billion in 2005. Net income also increased substantially to $41.536 million in 2006 from $4.049 million in 2005. Backlog reached a record high of $8.451 billion at the end of 2006, up from $7.898 billion in 2005. The company experienced growth in its building segment due to work on several large hospitality and gaming projects.
Toll Brothers had a very successful first quarter of 2002, with record earnings, revenues, and contracts. Net income increased 11% to $44.5 million, revenues grew 4% to $492.2 million, and signed contracts rose 8% to $485.2 million. The large backlog of $1.41 billion positions Toll Brothers for strong deliveries and growth. Demand remains healthy across their luxury home markets. Toll Brothers expects full year 2003 to be a record year with over $2.5 billion in revenues and $6 per share or more in earnings, driven by their expanding community count and favorable demographics of their customer base.
Toll Brothers had another record quarter, with earnings up 27% to $28.0 million. Revenues increased 14% to $390.5 million. Signed contracts reached a record $649.9 million, up 26%, and backlog set a new high of $1.39 billion, up 29%. For the first six months, earnings grew 27% to a record $50.3 million on a 19% revenue increase to $735.0 million, with signed contracts at a record $1.04 billion. Toll Brothers continues to expand geographically and through strategic investments in land and telecommunications ventures to capitalize on growth opportunities.
Toll Brothers, Inc. reported record financial results for the second quarter and first six months of fiscal year 2001, with significant increases in net income, revenues, contracts, and backlog compared to the same periods last year. The company noted continued strong demand for luxury homes driven by favorable demographics and limited housing supply. Toll Brothers expressed cautious optimism about achieving further record results in 2001 and 2002 based on current demand trends, its large backlog, and plans to increase its number of selling communities.
Hovnanian Enterprises had a record-breaking fiscal year in 2002, with revenues reaching $2.6 billion, net earnings of $138 million, and home deliveries of 9,514 homes. The company maintained a strong balance sheet with low debt levels and a large inventory of developable land. Strong housing demand and market concentration in desirable regions contributed to the company's growth. Hovnanian aims to continue growing through both acquisitions and internal expansion while improving operating efficiency across its markets.
Toll Brothers reported record results for the third quarter of 2001, with net income growing 60% over the prior year quarter to $59.4 million. Revenues increased 26% to $584.1 million, and contracts rose 2% to a record $542.8 million, marking the company's 42nd consecutive quarter of year-over-year growth in signed contracts. Backlog increased 8% to $1.58 billion. The company expects to continue its strong growth, opening more new communities and benefitting from demand among affluent buyers. Despite short-term delays in opening some new communities, Toll Brothers is well positioned for further growth with over 38,000 lots in its pipeline.
Toll Brothers reported record third quarter earnings and revenues. Earnings were up 24% over the previous year's third quarter and revenues were up 15%. The company has a backlog of $1.47 billion, which is 34% higher than the previous year. Toll Brothers operates over 140 communities across 20 states and is expanding further in New England.
CDW is a large technology solutions provider founded in 1984 that generates $8.1 billion in annual sales. It has over 450,000 active customers and 2,500 account managers. CDW provides comprehensive technology solutions through its large inventory, technical expertise across various technologies, and strong partnerships with leading vendors such as HP.
Hovnanian Enterprises had a record year in 2001 with revenues reaching $1.7 billion, a 53% increase over 2000. Net income nearly doubled to $63.7 million. The acquisition of Washington Homes contributed significantly to the improved performance. Going forward, Hovnanian plans to continue growing through increasing market share, expanding communities internally, broadening product offerings such as active adult communities, and pursuing strategic acquisitions.
Toll Brothers had a record first quarter in fiscal year 2000, with earnings of $22.4 million, up 28% from the previous year. Revenues were $344.6 million, a 26% increase, driven by delivering 799 homes generating $334.2 million in revenues. New contracts signed were $391.6 million, up 27% from the previous year, and backlog reached a record high of $1.122 billion, up 31% from the previous year. Toll Brothers attributes the strong results to favorable demographics of move-up buyers and empty nesters, price increases implemented in 1999, and strategic expansion into new markets and product lines such as active adult communities.
This document provides an overview of Constellation Brands, Inc., a leading producer and marketer of beverage alcohol. It discusses Constellation's financial highlights, major acquisitions, product portfolio breakdown, and growth strategies. Constellation has achieved strong growth through focus on higher-margin categories like imported beer, fine wine, and U.K. wholesale operations. The company aims to continue expanding in fast-growing segments and meet long-term sales and earnings targets through strategic acquisitions and execution of proven strategies.
Constellation Brands experienced strong growth in fiscal year 2004. Net sales increased 30% to $3.5 billion and net income grew 39% to $266 million. Operating profit margins improved by 80 basis points. The acquisition of BRL Hardy expanded Constellation's portfolio of wines, particularly Australian wines, and strengthened its global distribution network. Constellation reorganized its global wine operations into six regional companies to better leverage its broader portfolio and drive financial results.
This document summarizes Hormel Foods Corporation's strong financial performance in fiscal year 1999. Net earnings rose 17.3% to $163.4 million and earnings per share increased to $2.22. All core operating units contributed to sales growth of 3.0% to $3.357 billion. The company invested in expanding production capacities and new product lines that contributed to volume growth, including Always Tender pork products, fully cooked bacon, and Jennie-O turkey products. Hormel Foods adopted economic value added to further optimize performance and increase shareholder value.
This annual report summarizes Caterpillar's performance in 2002, a challenging year with declining markets and a stalled global economy. Despite weak industry conditions, Caterpillar achieved strong profits through cost cutting measures. The report highlights how Caterpillar has diversified its business beyond construction machinery through expanded offerings in engine, financing, and logistics services to make the company less vulnerable to economic cycles. It expresses confidence that Caterpillar is well-positioned for future growth when economies rebound given its focus on technology, quality products, and global dealer network.
Pre-Paid Legal Services, Inc. is a publicly traded company that has been providing legal services to over 1.5 million families for over 35 years. Founded in 1972 by Harland C. Stonecipher with a vision of equal justice for all, it has grown into a national network of quality attorneys. While most people do not seek legal help due to cost, intimidation, or not knowing who to call, Pre-Paid Legal offers affordable plans starting at $26 per month that give members access to attorneys. With over 80% of people needing pre-paid legal services but under 3% market penetration, there remains a $15-25 billion market opportunity for continued growth.
This document discusses different coins used in Malta including 1c, 2c, 5c, 10c and 20c coins. It asks questions about how many cents each coin or grouping of coins is worth altogether to help teach counting and coin values.
The document provides information about calculating the areas of different shapes. It defines area as the amount of space inside a shape. It provides examples of finding the areas of rectangles by multiplying length by width. For compound shapes, the total area is found by splitting it into individual rectangles and adding their areas.
This document discusses various applications of integration, including:
1) Velocity and distance problems involving motion along a line
2) Calculating the area of different regions bounded by curves
3) Finding volumes of solids obtained by rotating areas about axes
4) Determining arc lengths and lengths of curves
5) Calculating velocity and acceleration vectors of objects moving along planar curves
6) Applying integrals to problems involving work, average values, forces, and other rates of change.
1. Two-dimensional motion involves calculating the horizontal and vertical components of motion independently. Gravity only affects the vertical component.
2. To solve two-dimensional motion problems, the initial velocity is broken into horizontal and vertical components, then the time of flight is calculated using the vertical displacement. This time is used to find the horizontal displacement.
3. Maximum height, final velocity, and sometimes range can then be determined using equations of motion.
1. Optimization problems involve finding the maximum or minimum value of a function subject to certain constraints.
2. To solve maximum/minimum problems: draw a figure, write the primary equation relating quantities, reduce to one variable if needed, take the derivative(s) to find critical points, and check solutions in the domain.
3. Examples show applying this process to find the dimensions that maximize volume of an open box, minimize cost of laying pipe between points, maximize area of two corrals with a fixed fence length, and find the largest volume cylinder that can fit in a cone.
This document outlines the 10 step process taken to create a campaign poster for Crossroads Foundation. Key points include:
1) The poster uses a limited color scheme of maroon (#7b3c3c), darker maroon (#8b5454), and white (#ffffff) to reflect the Crossroads brand identity.
2) The name "Crossroads Foundation" is repeatedly typed in a lighter maroon shade and tilted text to fill half the poster.
3) The text is then rasterized and overlaid with white to stand out from the background.
4) Additional information is added at the bottom about the food drive details and Crossroads website in two complementary fonts.
This document describes an experiment using proton NMR spectroscopy to study the aquation kinetics of trans-dichlorotetraamminecobalt(III) chloride. The reaction involves one chloride ligand being replaced by a water molecule. Kinetic analysis of NMR peak heights and integrals over time indicates the reaction is first-order. Arrhenius and Eyring parameters are determined and used to calculate the rate constant at 25°C, which agrees with literature values. The positive entropy of activation suggests an associative mechanism for this substitution reaction.
El documento argumenta que el socialismo es una bacteria dañina que debe ser eliminada con la "vacuna" del liberalismo capitalista. Señala que el socialismo ha causado cientos de millones de muertes y esclavizado a la gente bajo regímenes socialistas. Afirma que partidos políticos peruanos como el PPC y el Apra carecen de las ideologías efectivas para combatir al socialismo marxista, y que solo el liberalismo capitalista puede acabar con esta bacteria ideológica de una vez.
Toll Brothers reported record third quarter earnings and revenues. Earnings were up 24% over the previous year's third quarter and revenues were up 15%. The company has a backlog of $1.47 billion, which is 34% higher than the previous year. Toll Brothers operates over 140 communities across 20 states and is expanding further in New England.
CDW is a large technology solutions provider founded in 1984 that generates $8.1 billion in annual sales. It has over 450,000 active customers and 2,500 account managers. CDW provides comprehensive technology solutions through its large inventory, technical expertise across various technologies, and strong partnerships with leading vendors such as HP.
Hovnanian Enterprises had a record year in 2001 with revenues reaching $1.7 billion, a 53% increase over 2000. Net income nearly doubled to $63.7 million. The acquisition of Washington Homes contributed significantly to the improved performance. Going forward, Hovnanian plans to continue growing through increasing market share, expanding communities internally, broadening product offerings such as active adult communities, and pursuing strategic acquisitions.
Toll Brothers had a record first quarter in fiscal year 2000, with earnings of $22.4 million, up 28% from the previous year. Revenues were $344.6 million, a 26% increase, driven by delivering 799 homes generating $334.2 million in revenues. New contracts signed were $391.6 million, up 27% from the previous year, and backlog reached a record high of $1.122 billion, up 31% from the previous year. Toll Brothers attributes the strong results to favorable demographics of move-up buyers and empty nesters, price increases implemented in 1999, and strategic expansion into new markets and product lines such as active adult communities.
This document provides an overview of Constellation Brands, Inc., a leading producer and marketer of beverage alcohol. It discusses Constellation's financial highlights, major acquisitions, product portfolio breakdown, and growth strategies. Constellation has achieved strong growth through focus on higher-margin categories like imported beer, fine wine, and U.K. wholesale operations. The company aims to continue expanding in fast-growing segments and meet long-term sales and earnings targets through strategic acquisitions and execution of proven strategies.
Constellation Brands experienced strong growth in fiscal year 2004. Net sales increased 30% to $3.5 billion and net income grew 39% to $266 million. Operating profit margins improved by 80 basis points. The acquisition of BRL Hardy expanded Constellation's portfolio of wines, particularly Australian wines, and strengthened its global distribution network. Constellation reorganized its global wine operations into six regional companies to better leverage its broader portfolio and drive financial results.
This document summarizes Hormel Foods Corporation's strong financial performance in fiscal year 1999. Net earnings rose 17.3% to $163.4 million and earnings per share increased to $2.22. All core operating units contributed to sales growth of 3.0% to $3.357 billion. The company invested in expanding production capacities and new product lines that contributed to volume growth, including Always Tender pork products, fully cooked bacon, and Jennie-O turkey products. Hormel Foods adopted economic value added to further optimize performance and increase shareholder value.
This annual report summarizes Caterpillar's performance in 2002, a challenging year with declining markets and a stalled global economy. Despite weak industry conditions, Caterpillar achieved strong profits through cost cutting measures. The report highlights how Caterpillar has diversified its business beyond construction machinery through expanded offerings in engine, financing, and logistics services to make the company less vulnerable to economic cycles. It expresses confidence that Caterpillar is well-positioned for future growth when economies rebound given its focus on technology, quality products, and global dealer network.
Pre-Paid Legal Services, Inc. is a publicly traded company that has been providing legal services to over 1.5 million families for over 35 years. Founded in 1972 by Harland C. Stonecipher with a vision of equal justice for all, it has grown into a national network of quality attorneys. While most people do not seek legal help due to cost, intimidation, or not knowing who to call, Pre-Paid Legal offers affordable plans starting at $26 per month that give members access to attorneys. With over 80% of people needing pre-paid legal services but under 3% market penetration, there remains a $15-25 billion market opportunity for continued growth.
This document discusses different coins used in Malta including 1c, 2c, 5c, 10c and 20c coins. It asks questions about how many cents each coin or grouping of coins is worth altogether to help teach counting and coin values.
The document provides information about calculating the areas of different shapes. It defines area as the amount of space inside a shape. It provides examples of finding the areas of rectangles by multiplying length by width. For compound shapes, the total area is found by splitting it into individual rectangles and adding their areas.
This document discusses various applications of integration, including:
1) Velocity and distance problems involving motion along a line
2) Calculating the area of different regions bounded by curves
3) Finding volumes of solids obtained by rotating areas about axes
4) Determining arc lengths and lengths of curves
5) Calculating velocity and acceleration vectors of objects moving along planar curves
6) Applying integrals to problems involving work, average values, forces, and other rates of change.
1. Two-dimensional motion involves calculating the horizontal and vertical components of motion independently. Gravity only affects the vertical component.
2. To solve two-dimensional motion problems, the initial velocity is broken into horizontal and vertical components, then the time of flight is calculated using the vertical displacement. This time is used to find the horizontal displacement.
3. Maximum height, final velocity, and sometimes range can then be determined using equations of motion.
1. Optimization problems involve finding the maximum or minimum value of a function subject to certain constraints.
2. To solve maximum/minimum problems: draw a figure, write the primary equation relating quantities, reduce to one variable if needed, take the derivative(s) to find critical points, and check solutions in the domain.
3. Examples show applying this process to find the dimensions that maximize volume of an open box, minimize cost of laying pipe between points, maximize area of two corrals with a fixed fence length, and find the largest volume cylinder that can fit in a cone.
This document outlines the 10 step process taken to create a campaign poster for Crossroads Foundation. Key points include:
1) The poster uses a limited color scheme of maroon (#7b3c3c), darker maroon (#8b5454), and white (#ffffff) to reflect the Crossroads brand identity.
2) The name "Crossroads Foundation" is repeatedly typed in a lighter maroon shade and tilted text to fill half the poster.
3) The text is then rasterized and overlaid with white to stand out from the background.
4) Additional information is added at the bottom about the food drive details and Crossroads website in two complementary fonts.
This document describes an experiment using proton NMR spectroscopy to study the aquation kinetics of trans-dichlorotetraamminecobalt(III) chloride. The reaction involves one chloride ligand being replaced by a water molecule. Kinetic analysis of NMR peak heights and integrals over time indicates the reaction is first-order. Arrhenius and Eyring parameters are determined and used to calculate the rate constant at 25°C, which agrees with literature values. The positive entropy of activation suggests an associative mechanism for this substitution reaction.
El documento argumenta que el socialismo es una bacteria dañina que debe ser eliminada con la "vacuna" del liberalismo capitalista. Señala que el socialismo ha causado cientos de millones de muertes y esclavizado a la gente bajo regímenes socialistas. Afirma que partidos políticos peruanos como el PPC y el Apra carecen de las ideologías efectivas para combatir al socialismo marxista, y que solo el liberalismo capitalista puede acabar con esta bacteria ideológica de una vez.
This autobiography summarizes the life of Jerry C. Reyes from childhood to graduating high school. He had a difficult upbringing as the youngest of six siblings after losing his mother to cancer at a young age. In high school, he realized he was attracted to his best friend Jomeil Felix D. Alvarez and confessed his feelings, which Jomeil accepted. They began a relationship, though Jerry still felt jealous of Jomeil's interactions with their classmate Harriette Icarangal. After graduating as the top student, Jerry's father passed away, but he remained determined to persevere through challenges in life.
O documento apresenta a escala de ministros para janeiro de 2012 de uma igreja. A escala lista os nomes dos ministros que irão atuar nas missas e serviços durante cada dia do mês, bem como os horários das celebrações. Há missas programadas para a maioria dos dias, com exceção da semana de 23 a 28, quando haverá adoração em horários a serem definidos. No último dia do mês, haverá uma missa especial para todos os ministros às 10h.
The Cold War began in 1945 after World War 2 as tensions grew between the Western allies (US, Britain, France) and the Soviet Union. Key events that exacerbated these tensions included disagreements over post-war settlements in Europe at Yalta and Potsdam, the Soviet takeover of Eastern Europe, and the development of nuclear weapons by both sides. The US responded with policies like the Truman Doctrine and Marshall Plan to contain the spread of Soviet communism and rebuild Western Europe. The Berlin Blockade and Korean War further escalated tensions between the US and USSR in their ongoing struggle for global influence.
Gestion de la Reputacion Empresarial por Guillermo VidalonJose Luis Tapia
El documento discute los desafíos actuales de la gestión de la reputación empresarial y las relaciones públicas. Explica que en la actualidad hay muchas más fuentes de información disponibles para el público a través de plataformas como redes sociales, lo que representa tanto riesgos como oportunidades para las empresas. También destaca la importancia de comunicarse de manera efectiva tanto con los medios de comunicación masiva como con las "tribus" en línea para gestionar la reputación de una organización.
Toll Brothers reported record third quarter results for 2003, with earnings per share increasing 29% year-over-year. Revenues grew 19% to a record $693.7 million. Contracts and backlog also reached all-time highs, with contracts increasing 35% to $952.7 million and backlog growing 31% to $2.49 billion. Toll Brothers expects continued strong growth in 2004 by expanding its land supply and number of communities. It raised additional capital through an equity offering and bond issuance to fund further expansion opportunities. Toll Brothers believes demand will remain robust given an improving economy and strength in the luxury housing market.
Toll Brothers reported record first quarter results for net income, revenues, contracts, and backlog. Revenues increased to $597.9 million, up 5% from the prior year. Net income grew to $50.1 million, up 10% compared to the previous year. Contracts signed increased 54% to $904.4 million and backlog reached a record high of $2.95 billion, up over 20% in each of Toll Brothers' six regions. Traffic and reservations also increased over 50% and 35% respectively, indicating strong future demand. Toll Brothers expects continued growth over the next two fiscal years due to its large land position and diversity across luxury housing niches.
Toll Brothers is the leading luxury home builder in the US, with record earnings of $102 million on $1.46 billion in revenues in fiscal 1999. It operates 145 communities across 19 states, building single-family homes and attached homes on developed land. In addition to residential construction, Toll Brothers operates businesses including mortgage, title, land sales, and home product manufacturing. The document provides condensed financial statements for the quarter ended January 31, 2000, showing revenues of $344.5 million, income before taxes of $35.3 million, and net income of $22.4 million.
Toll Brothers reported record results for the third quarter of 2001, with net income growing 60% over the prior year quarter to $59.4 million. Revenues increased 26% to $584.1 million. Contracts rose 2% to a record $542.8 million, extending their streak of year-over-year quarterly records to 42 quarters. Backlog increased 8% to $1.58 billion. The company entered its 21st state of Colorado this quarter. Despite delays opening some new communities, Toll Brothers expects to have approximately 160 communities open by the end of fiscal year 2002, up from 142 currently. With over 38,000 lots in its pipeline, Toll Brothers is well positioned to benefit from ongoing demand
Toll Brothers is the leading luxury home builder in the US, generating $2.2 billion in revenues and $214 million in earnings in fiscal 2001. It operates in 21 states, building single-family homes, attached homes, and master-planned golf course communities. Toll Brothers also has various subsidiary operations related to construction services. For the quarter ending January 31, 2002, Toll Brothers reported revenues of $492.2 million, income before taxes of $69.9 million, and net income of $44.4 million. Total assets as of January 31, 2002 were $2.72 billion, with total liabilities of $1.745 billion.
Households earning over $100,000 annually have grown much faster than total U.S. households over the past 20 years. There were 15.1 million high-income households in 2001, up from 10.9 million in 1996 and 4.6 million in 1981. The number of wealthy households has nearly tripled in the past 20 years and increased by over 40% in the past 5 years.
Households earning over $100,000 annually have grown much faster than total U.S. households over the past 20 years. There were 15.1 million high-income households in 2001, up from 10.9 million in 1996 and 4.6 million in 1981. The number of wealthy households has nearly tripled in the past 20 years and increased by over 40% in the past 5 years.
Toll Brothers reported record third quarter earnings and revenues. Earnings were up 24% over the previous year's third quarter and revenues were up 15%. The company has continued raising home prices as demand remains strong. Toll Brothers expanded into New Hampshire, its 20th state, and sees continued growth opportunities in master planned communities with amenities like golf courses. The strong housing market and Toll Brothers' $1.47 billion backlog position the company for another record year in fiscal 2001.
Toll Brothers had another record quarter, with earnings up 27% to $28.0 million. Revenues increased 14% to $390.5 million. Signed contracts reached a record $649.9 million, up 26%, and backlog set a new high of $1.39 billion, up 29%. For the first six months, earnings grew 27% to a record $50.3 million on a 19% revenue increase to $735.0 million, with signed contracts at a record $1.04 billion. Toll Brothers continues to expand geographically and through strategic investments in land and telecommunications ventures to capitalize on growth opportunities.
Toll Brothers, Inc. reported record financial results for the second quarter of fiscal year 2001, with net income up 64% to $45.8 million, revenues increasing 32% to $514.5 million, and new home contracts and backlog reaching their highest levels. The company noted continued strong demand for luxury homes driven by favorable demographics, and outlined plans to capitalize on growth opportunities through land acquisitions and expanding its operations.
- Amerada Hess Corporation reported record net income of $1.2 billion in 2005, up from $970 million in 2004.
- Exploration and Production had significant progress in major field developments and grew proved reserves to 1.1 billion barrels of oil equivalent.
- Marketing and Refining benefited from strong refining margins and retail marketing experienced solid growth, with average gasoline volumes per station increasing 7% and convenience store revenue rising 4%.
CDW was founded in 1984 and went public in 1993 before being acquired privately in 2007. It generates $8.1 billion in annual sales and services over 450,000 active customers. CDW provides a full range of IT products and services through their account managers, field representatives, and over 800 technical experts. Their large distribution centers allow them to maintain a broad physical inventory and fulfill orders with high accuracy and efficiency.
We sold our power generation subsidiary, Texas Genco, for $3.65 billion and received approval from the Public Utility Commission of Texas to recover a portion of our stranded costs. This allowed us to significantly reduce our debt and interest costs. Our core electric, gas, and pipeline businesses also reported higher operating incomes in 2004 from growth in customers and improved operational efficiencies. We are committed to providing shareholders a well-managed company focused on paying dividends and increasing shareholder value.
The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with strong growth in building and management services revenues. Income from construction operations rose 65% to $50.3 million.
- Perini was named one of Forbes' Best Managed Companies in America and ranked #1 in the construction sector. It also acquired Cherry Hill Construction to expand its civil construction business.
- Perini's management services division continued work on critical overseas projects in Iraq and Afghanistan, including completing the first new power plant in Iraq since 1976.
- Looking ahead, Perini expects continued growth from its core building
The annual report summarizes Perini Corporation's financial performance and operations in 2004. Some key points:
- Revenues increased 34% to $1.84 billion, with growth in building, management services, and lower revenues in civil works.
- Pretax income rose 45% to $44.9 million and net income was $36 million.
- The company had a strong balance sheet with $136 million in cash and only $9 million in debt.
- Perini completed several large projects on time including a casino resort and power plant in Iraq.
- The company aims to leverage its expertise in management services, building, and newly acquired civil contractor.
This document provides an annual summary report for Apache Corporation for 2004. Some key details:
- Apache had a record year in 2004, with earnings of $1.7 billion, up nearly 50% from 2003. Assets grew to $15.5 billion.
- Apache increased its worldwide proved reserves 17% to 1.94 billion barrels of oil equivalent, marking its 19th consecutive year of reserve growth. Average daily production grew 7.4% to 448,000 barrels of oil equivalent.
- Apache's acquisition of assets from ExxonMobil added production and exploration opportunities in regions like the Permian Basin and Gulf of Mexico, strengthening its portfolio.
This document provides an annual summary report for Apache Corporation for 2004. Some key details:
- Apache had a record year in 2004, with earnings of $1.7 billion, up nearly 50% from 2003. Assets grew to $15.5 billion.
- Apache increased its worldwide proved reserves 17% to 1.94 billion barrels of oil equivalent, marking its 19th consecutive year of reserve growth. Average daily production grew 7.4% to 448,000 barrels of oil equivalent.
- Apache's acquisition of assets from ExxonMobil added production and exploration opportunities in regions like the Permian Basin and Gulf of Mexico, strengthening its portfolio.
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Caterpillar's 2003 annual report outlines steps to building a great company. It discusses (1) inventing revolutionary products like tracked machines that became Caterpillar tractors; (2) choosing distribution partners wisely, like the network of over 200 independent and family-owned dealers worldwide; and (3) continually innovating and anticipating customer needs through new technologies like ACERT engines and e-business solutions for dealers.
Toll Brothers reported record results for the second quarter of fiscal year 2005, with net income rising 135% over the second quarter of 2004. Revenues rose 52% to $1.25 billion, contracts rose 38% to $2.20 billion, and backlog rose 57% to a record $5.87 billion. The company expects net income to grow approximately 70% in fiscal year 2005 over 2004 and approximately 20% in fiscal year 2006 over 2005. Toll Brothers is increasing its land holdings and home sites to support continued growth.
The interim report summarizes the company's financial performance in the first half of 2008. Key points include record profitability with an operating margin of 16.6% and net margin of 12.1%. Vehicle and service sales grew 15% and 30% respectively. Earnings per share increased 36% to SEK 12.52. The outlook predicts earnings in 2008 will be higher than 2007 due to continued strong demand outside of Europe.
1) Scania reported record earnings in the first half of 2008, with operating margin reaching 16.6% and net margin at 12.1%.
2) Scania is pursuing profitable growth through increasing vehicle and service sales. Revenue grew 15% while EBIT grew 30% in the first half of 2008.
3) Scania's vision is to reach annual production of 150,000 vehicles while maintaining a flexible cost structure and focus on customer productivity and uptime.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Revenue and profitability increased due to higher vehicle and service volumes, price increases, and favorable product mix. However, order bookings for trucks have declined 51% in Western Europe and 34% in Central and Eastern Europe. While flexible production has helped, earnings forecasts for 2009 are not provided due to economic uncertainty. The service business continues growing with increased traffic and workshop utilization.
HQ Bank has experienced volume driven growth in its credit portfolio over the past 9 months of 2008. While the portfolio increased 8% in local currencies, bad debt provisions increased in several markets. The bank has a well balanced portfolio that is diversified across exposure levels, geographic areas, and products. It maintains a conservative refinancing policy and manages risks through matched funding and credit risk management.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook remains uncertain given rapid demand fall in Q4 2008 and high industry inventory levels.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Vehicle deliveries increased 4% while service revenue grew due to the large installed base of vehicles. The outlook acknowledges earnings will be higher in 2008 than 2007 but provides no forecast for 2009 due to uncertainty.
- Scania's operating margin and net margin increased in the first nine months of 2008 compared to the same period in 2007. Net sales rose 11% while order bookings declined 29% due to lower demand in Europe.
- Earnings per share increased and the forecast for higher full-year 2008 earnings remains unchanged. However, due to lower order bookings and higher inventories, Scania will adjust production rates.
- Service revenue continued to show strong growth of 8%, while trucks deliveries increased 4% and various restructuring efforts are expected to generate annual cost savings of SEK 300 million from 2009.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
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This document is Scania's annual report for 2008. It discusses Scania's vision to be a leading company in its industry by creating value for customers, employees, shareholders, and society. The report outlines Scania's mission to supply high-quality vehicles and services for transporting goods and passengers in a sustainable way. It provides an overview of Scania's operations in trucks, buses, coaches, engines, and financial services. The financial reports indicate that Scania delivered 66,516 trucks, 7,277 buses and coaches, and 6,671 engines in 2008.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards or note any violations. On June 6, 2007, our Chief Executive Officer submitted this unqualified certification, indicating the company was in full compliance with NYSE standards as of that date.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards, though he may qualify the certification if needed. On June 6, 2007, our Chief Executive Officer submitted the certification with no qualification, indicating full compliance with NYSE standards as of that date.
The document outlines the corporate governance guidelines of Perini Corporation. It discusses (1) the composition and responsibilities of the Board of Directors, including director qualifications and independence, (2) the roles and responsibilities of Board committees, and (3) policies regarding Board performance evaluation, director orientation, management succession planning, and the company's code of business conduct. The guidelines are intended to assist the Board in exercising its duties to stakeholders.
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The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The document outlines the Corporate Governance and Nominating Committee Charter for Perini Corporation. The purpose of the committee is to identify and evaluate potential board candidates and lead corporate governance efforts. The committee must consist of at least two independent directors appointed by the board. It has authority to retain outside advisors and meet at least twice per year. Regarding nominations, the committee evaluates candidates, recommends nominees, and assesses board independence. For corporate governance, the committee develops guidelines, reviews committee performance, and recommends criteria for director tenure.
The document is the Compensation Committee Charter for Perini Corporation. It outlines the committee's purpose of ensuring compensation programs attract and retain employees while representing fair value for shareholders. It details the committee's composition, duties, and responsibilities which include annually reviewing executive compensation programs, recommending director and CEO compensation, overseeing incentive plans, and preparing required compensation disclosures.
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1. CONSOLIDATED CONDENSED
CORPORATE PROFILE
FIVE-YEAR PERFORMANCE OVERVIEW
STATEMENTS OF INCOME
Toll Brothers, Inc. is the nation’s leading builder of Arizona, California, Colorado, Connecticut, Delaware,
(Amounts in thousands, except per share data)
luxury homes. The Company has produced over Florida, Illinois, Massachusetts, Maryland, Michigan,
20% compound average annual growth in revenues Nevada, New Hampshire, New Jersey, New York,
$584
$.77 $581 (Unaudited) Nine Months Three Months
and earnings for the last one, three, five, seven and ten North Carolina, Ohio, Pennsylvania, Rhode Island,
$.70 Ended July 31 Ended July 31
year periods. South Carolina, Tennessee, Texas, and Virginia.
2002 2001 2002 2001
$465 Revenues:
Toll Brothers began business in 1967 and became a Toll Brothers is the only publicly traded national home Housing sales $1,587,168 $1,529,394 $ 565,355 $ 573,479
$406
public company in 1986. Its common stock is listed builder to have won all three of the industry’s highest
$.50 Land sales 26,519 25,166 12,478 2,749
on the New York Stock Exchange and the Pacific honors: America’s Best Builder from the National
$342
Equity earnings from
Exchange under the symbol “TOL”. The Company Association of Home Builders, the National Housing
$.40
unconsolidated joint ventures 1,743 7,575 246 2,314
$.34 serves luxury move-up, empty-nester, active-adult, Quality Award and Builder of the Year. For more Interest and other 7,952 11,718 2,628 5,526
and second-home buyers and operates in 22 states: information visit www.tollbrothers.com. 1,623,382 1,573,853 580,707 584,068
Costs and Expenses:
Housing sales 1,149,720 1,131,136 409,657 417,756
CONSOLIDATED CONDENSED
Land sales 18,125 19,611 8,947 2,073
BALANCE SHEETS Selling, general and administrative 172,866 152,894 61,874 54,555
July 31, 2002 Oct. 31, 2001
(Amounts in thousands) Interest 45,258 40,506 15,626 15,524
1998 1999 2000 2001 2002 1998 1999 2000 2001 2002
(Unaudited) 1,385,969 1,344,147 496,104 489,908
Earnings Per Share (Diluted) Total Revenues (in millions) ASSETS
Three Months Ended July 31 Three Months Ended July 31 Cash and cash equivalents $ 50,744 $ 182,840
Income before income taxes 237,413 229,706 84,603 94,160
Inventories 2,525,660 2,183,541
Income taxes 86,909 84,559 31,103 34,716
Property, construction and office equipment, net 36,917 33,095
$704 $1,905 Net income $ 150,504 $ 145,147 $ 53,500 $ 59,444
Receivables, prepaid expenses and other assets 82,287 74,481
Mortgage loans receivable 31,585 26,758 Earnings per share
$1,579
Customer deposits held in escrow 25,048 17,303 Basic $ 2.13 $ 2.01 $ .76 $ .83
$1,468
$543
$532
Investments in unconsolidated entities 17,692 14,182 Diluted $ 1.99 $ 1.85 $ .70 $ .77
$2,769,933 $2,532,200 Weighted average number of shares
$1,093
$399
Basic 70,562 72,287 70,835 71,677
LIABILITIES AND STOCKHOLDERS’ EQUITY
$333 Diluted 75,722 78,269 76,685 77,413
Liabilities:
$844
Loans payable $ 254,601 $ 362,712 Nine Months Three Months
Subordinated notes 819,643 669,581 Ended July 31 Ended July 31
Housing Data
Mortgage company warehouse loans 26,434 24,754 2002 2001 2002 2001
Customer deposits on sales contracts 137,411 101,778 Number of homes closed 3,158 3,079 1,093 1,129
Accounts payable 130,241 132,970
Sales value of homes closed (in 000’s) $1,587,168 $1,529,394 $ 565,355 $ 573,479
Accrued expenses 253,832 229,671
Number of homes contracted* 3,908 3,396 1,274 1,085
1998 1999 2000 2001 2002 1998 1999 2000 2001 2002
Income taxes payable 88,581 98,151
Contracts (in millions) Backlog (in millions) Sales value of homes contracted* (in 000’s) $2,091,593 $1,685,197 $ 704,170 $ 542,792
Total liabilities 1,710,743 1,619,617
Three Months Ended July 31 At July 31 Number of homes in backlog* 3,441 3,055 3,441 3,055
Stockholders’ Equity: Sales value of homes in backlog* (in 000’s) $1,904,539 $1,579,110 $1,904,539 $1,579,110
Common stock 740 369
*Contracts for the three-month and nine-month periods ended July 31, 2002 included $4.2 million (12 homes) and $8.9 mil-
Additional paid-in capital 101,811 107,014
lion (26 homes), respectively, from an unconsolidated 50% owned joint venture. Contracts for the three-month and nine-
Retained earnings 1,032,416 882,281 month periods ended July 31, 2001 included $1.9 million (6 homes) and $11.6 million (41 homes), respectively, from this
Treasury stock (75,777) (77,081) joint venture. Backlog as of July 31, 2002 and 2001 included $5.4 million (15 homes) and $9.1 million (30 homes), respec-
Total stockholders’ equity 1,059,190 912,583 tively, from this joint venture.
$2,769,933 $2,532,200
Statement on Forward-looking Information
Certain information included herein and in other Company reports, SEC filings, statements and presentations is forward-looking within the
3103 Philmont Avenue • Huntingdon Valley • PA 19006
meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning anticipated operating
215-938-8000 • www.tollbrothers.com • NYSE – “TOL”
results, financial resources, changes in revenues, changes in profitability, interest expense, growth and expansion, the ability to acquire land,
the ability to open new communities, the ability to sell homes and properties, the ability to deliver homes from backlog, the ability to secure
Investor Relations materials and subcontractors, and stock market valuations. Such forward-looking information involves important risks and uncertainties that
Frederick N. Cooper, Vice President - Finance – 215-938-8312 could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other Company reports,
fcooper@tollbrothersinc.com SEC filings, statements and presentations. These risks and uncertainties include local, regional and national economic conditions, the demand
for homes, domestic and international political events, the effects of governmental regulation, the competitive environment in which the
Joseph R. Sicree, Vice President - Chief Accounting Officer – 215-938-8045 Company operates, fluctuations in interest rates, changes in home prices, the availability and cost of land for future growth, the availability of
jsicree@tollbrothersinc.com capital, uncertainties and fluctuations in capital and securities markets, the availability and cost of labor and materials, and weather conditions.
mkt-573
2. Huntingdon Valley, PA 19006-4298
A LETTER TO OUR SHAREHOLDERS:
T H I R D Q U A RT E R R E P O RT
FOR THE THREE MONTHS
E N D E D J U LY 3 1 , 2 0 0 2
3rd Quarter Report
3103 Philmont Avenue
With demand for new luxury homes outstripping communities by October 31st, our fiscal year-end
supply, we are enjoying strong sales activity at our – an increase of 10% versus FYE 2001 – and
move-up, empty-nester and active-adult commu- approximately 185 by FYE 2003. Based on this
nities. Since February, the start of our second community growth and the strength of current
quarter, our deposits, traffic and contracts have demand, we foresee record deliveries of
substantially exceeded last year’s record results. approximately 5,000 homes in 2003 and
approximately 6,000 homes in 2004. And with
Record third quarter contracts of $704.2 million
nearly 42,000 home sites under control in affluent
grew 30% and record nine month contracts of
markets nationwide, we are well-positioned for
$2.09 billion increased 24% versus 2001. The
further growth in this decade.
Company’s record third quarter backlog of $1.90
billion rose 21% and was the highest backlog for After pursuing approvals for the last ten years, we
any quarter-end in Toll Brothers’ history. recently received a favorable ruling from the New
Jersey Supreme Court allowing us to proceed with
The combination of increasing numbers of affluent
development of 1,165 for-sale homes and rental
households, the maturing of the baby boomers and
units in Princeton Junction. Our decade-long
a shortage of new home sites are fueling this strong
struggle, although extraordinary in time and
demand. We believe the impact of attractive
expense, highlights the difficulty in bringing new
mortgage rates and the appeal of a home as a stable
lots to market in many parts of the United States.
investment in this period of financial uncertainty
Generally, only the large builders, such as Toll
are also contributing to healthy demand.
Brothers, with the expertise, capital and resources
to persevere, can bring projects of this scale to
Because of the lead time from the signing of a
fruition. Increasing regulation and anti-growth
contract to the delivery of a home, our third
politics continue to constrict the pipeline of
quarter revenues and earnings were impacted by
approved home sites. The result is an undersupply
the slowdown in demand in late Summer 2001
of new homes, despite growing demand; this is a
and the further decline in contracts in the
primary reason for rising home prices.
aftermath of the tragedies of September 11th.
Third quarter earnings of $0.70 per share diluted
In its June, 2002 issue, Professional Builder
were down 9% versus 2001 as net income of $53.5
magazine rated Toll Brothers among the top places
million declined 10%. Record nine month
to work in the residential construction industry.
earnings of $1.99 per share diluted rose 8% as
Even though we have grown extremely rapidly in
record nine month net income of $150.5 million
the past decade, we’ve sought to preserve our
rose 4%. Third quarter revenues of $580.7 million
“small company” atmosphere; this is a constant
were 1% below last year’s third quarter record
challenge now that we have over 3,000 employees
while record nine month revenues of $1.62 billion
in 22 states, but it is one we believe is well worth
increased 3% versus 2001.
The Hampton at Brier Creek Country Club, Raleigh, NC
maintaining – the result is greater value created for
our shareholders, our home buyers and our
Third quarter 2002 earnings were also impacted
associates. We wish to thank them all for their
by declines of $2.1 million in joint venture income
continued support.
and $2.9 million in other income versus 2001. In
addition, while the Company’s selling and
administrative costs increased, due primarily to
continued growth in new selling communities,
revenues for the quarter did not rise comparably Robert I. Toll Bruce E. Toll
due to the late Summer 2001 and September 11th Chairman of the Board Vice Chairman
effects on third quarter home deliveries. Even with and Chief Executive Officer of the Board
the Company’s continuing expansion plans, the
relationship between SG&A and revenue growth
should become more balanced as these new
communities start to deliver more homes.
Permit No. 1726
PAID
First-Class Mail
Zvi Barzilay
Brooklyn, NY
U.S. Postage
President and Chief Operating Officer
Our record backlog of 3,441 homes presages
strong results for at least the next nine months. We
August 27, 2002
expect to have open approximately 170 selling