This document is Toll Brothers' quarterly report filed with the SEC for the quarter ending January 31, 2007. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also provides notes to the financial statements and discussions of the company's financial condition, results of operations, market risk exposure, controls and procedures, legal proceedings, and other regulatory matters.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement indicating that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and that no additional confirmation or updating of the information is being provided in this Form 10-Q filing.
This document is a Form 10-Q quarterly report filed by Toll Brothers, Inc. with the United States Securities and Exchange Commission for the quarter ended July 31, 2007. The report includes condensed consolidated financial statements, management's discussion and analysis of financial condition and results of operations, quantitative and qualitative disclosures about market risk, and controls and procedures. It provides shareholders and the public with financial information about Toll Brothers' performance and operations for the fiscal quarter.
This document is a quarterly report filed by Toll Brothers, Inc. with the SEC for the quarter ended April 30, 2008. It includes:
- Condensed consolidated financial statements including balance sheets, statements of operations, and statements of cash flows for the periods ended April 30, 2008 and 2007.
- Notes to the condensed consolidated financial statements.
- Management's discussion and analysis of the company's financial condition and results of operations.
- Disclosure of the company's controls and procedures for financial reporting.
The report provides key financial data and analysis of Toll Brothers' performance for the quarter, including revenues, expenses, assets, liabilities, and cash flows. It gives investors information on
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ended January 31, 2009. It includes condensed consolidated financial statements for the company, including balance sheets, income statements, and cash flow statements. It also includes notes to the financial statements and sections for management's discussion of financial condition, market risk exposure, controls and procedures, legal proceedings, risks, and other information required by the SEC.
This document is Toll Brothers' quarterly report filed with the SEC for the quarter ended April 30, 2007. It includes:
- Condensed consolidated financial statements including balance sheets, income statements, and cash flow statements for the periods ended April 30, 2007 and 2006.
- Notes to the financial statements providing additional information about the company's accounting policies, details of items in the financial statements, and other required disclosures.
- Management's discussion and analysis of the company's financial condition and results of operations for the periods presented, including discussions of revenue, expenses, liquidity, capital resources, and other key business metrics.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending January 31, 2006. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. The balance sheet shows total assets of $6.56 billion, including $5.53 billion in inventory. Total liabilities are $3.61 billion, including $1.14 billion in senior notes and $350 million in senior subordinated notes. The report provides Toll Brothers' financial position and performance for the quarter and is intended to meet SEC regulatory filing requirements.
This document is a Form 10-Q quarterly report filed by Realogy Corporation with the SEC for the quarter ended March 31, 2008. It includes a forward-looking statement noting that actual results could differ from projections due to various risk factors. The report provides financial statements for the quarter, including statements of operations, balance sheets, and cash flows. It also includes notes to the financial statements and sections on management's discussion of financial results, market risk factors, and controls and procedures.
This document is Motorola's Form 10-Q filing for the second quarter of 2008:
- It provides unaudited financial statements including the condensed consolidated statement of operations, balance sheet, and statement of cash flows for the quarter.
- Motorola reported a net loss of $190 million for the first six months of 2008 compared to a net loss of $209 million in the same period of 2007.
- Cash used by operating activities from continuing operations was $139 million, driven by changes in working capital accounts.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement indicating that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and that no additional confirmation or updating of the information is being provided in this Form 10-Q filing.
This document is a Form 10-Q quarterly report filed by Toll Brothers, Inc. with the United States Securities and Exchange Commission for the quarter ended July 31, 2007. The report includes condensed consolidated financial statements, management's discussion and analysis of financial condition and results of operations, quantitative and qualitative disclosures about market risk, and controls and procedures. It provides shareholders and the public with financial information about Toll Brothers' performance and operations for the fiscal quarter.
This document is a quarterly report filed by Toll Brothers, Inc. with the SEC for the quarter ended April 30, 2008. It includes:
- Condensed consolidated financial statements including balance sheets, statements of operations, and statements of cash flows for the periods ended April 30, 2008 and 2007.
- Notes to the condensed consolidated financial statements.
- Management's discussion and analysis of the company's financial condition and results of operations.
- Disclosure of the company's controls and procedures for financial reporting.
The report provides key financial data and analysis of Toll Brothers' performance for the quarter, including revenues, expenses, assets, liabilities, and cash flows. It gives investors information on
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ended January 31, 2009. It includes condensed consolidated financial statements for the company, including balance sheets, income statements, and cash flow statements. It also includes notes to the financial statements and sections for management's discussion of financial condition, market risk exposure, controls and procedures, legal proceedings, risks, and other information required by the SEC.
This document is Toll Brothers' quarterly report filed with the SEC for the quarter ended April 30, 2007. It includes:
- Condensed consolidated financial statements including balance sheets, income statements, and cash flow statements for the periods ended April 30, 2007 and 2006.
- Notes to the financial statements providing additional information about the company's accounting policies, details of items in the financial statements, and other required disclosures.
- Management's discussion and analysis of the company's financial condition and results of operations for the periods presented, including discussions of revenue, expenses, liquidity, capital resources, and other key business metrics.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending January 31, 2006. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. The balance sheet shows total assets of $6.56 billion, including $5.53 billion in inventory. Total liabilities are $3.61 billion, including $1.14 billion in senior notes and $350 million in senior subordinated notes. The report provides Toll Brothers' financial position and performance for the quarter and is intended to meet SEC regulatory filing requirements.
This document is a Form 10-Q quarterly report filed by Realogy Corporation with the SEC for the quarter ended March 31, 2008. It includes a forward-looking statement noting that actual results could differ from projections due to various risk factors. The report provides financial statements for the quarter, including statements of operations, balance sheets, and cash flows. It also includes notes to the financial statements and sections on management's discussion of financial results, market risk factors, and controls and procedures.
This document is Motorola's Form 10-Q filing for the second quarter of 2008:
- It provides unaudited financial statements including the condensed consolidated statement of operations, balance sheet, and statement of cash flows for the quarter.
- Motorola reported a net loss of $190 million for the first six months of 2008 compared to a net loss of $209 million in the same period of 2007.
- Cash used by operating activities from continuing operations was $139 million, driven by changes in working capital accounts.
This document is Visteon Corporation's quarterly report filed with the SEC for the quarter ended September 30, 2006. It includes an index of contents, unaudited consolidated financial statements including statements of operations, balance sheets, and cash flows for the periods ended September 30, 2006 and 2005. It also includes notes to the financial statements and sections covering management's discussion of financial conditions, market risk disclosures, controls and procedures, legal proceedings, and newly required risk factors disclosures.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending April 30, 2006. It includes the company's condensed consolidated financial statements, management's discussion and analysis of financial condition and results, and certifications of controls and procedures. Toll Brothers reports revenues, costs, assets, liabilities, cash flows, and other financial details for the quarter. It also discusses the company's performance, business outlook, risks, and other disclosures required by the SEC for public companies.
This document is Toll Brothers' Form 10-Q quarterly report filed with the SEC for the quarter ended July 31, 2005. The summary includes:
1) Toll Brothers reported revenues of $3.8 billion for the nine months ended July 31, 2005, with net income of $495.8 million.
2) As of July 31, 2005, Toll Brothers had $5.9 billion in total assets, $3.4 billion in total liabilities, and $2.5 billion in total stockholders' equity.
3) For the three months ended July 31, 2005, Toll Brothers reported revenues of $1.6 billion and net income of $215.5 million.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2005 filed with the Securities and Exchange Commission. It provides an overview of Tenet's business operations, financial performance, properties, legal proceedings, executive compensation and other information. Specifically, it discloses that Tenet operates 73 general hospitals across 13 states, primarily focused on urban and rural communities in California, Georgia, Florida, Louisiana, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee and Texas. It also notes that several of Tenet's hospitals in New Orleans suffered damage from Hurricane Katrina in late August 2005.
This document is Realogy Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2007 filed with the SEC. It provides information on Realogy's business operations, legal proceedings, financial statements, executive compensation and other required disclosures. Specifically, it summarizes the acquisition of Realogy by Domus Holdings Corp. in a $8.75 billion leveraged buyout in April 2007, financed through debt and equity contributions. It also contains forward-looking statements and risk factors that may affect Realogy's future financial performance.
This document is Tenet Healthcare Corporation's Form 10-Q filing for the quarterly period ended March 31, 2007. It provides financial statements and notes for the company, including the condensed consolidated balance sheet, statement of operations, and statement of cash flows. Key details include that Tenet operates 62 general hospitals with over 15,000 beds across 12 states, and had net operating revenues of $2.279 billion for the quarter and net income of $75 million.
This document is a quarterly report filed with the SEC by Health Net, Inc. for the quarter ended March 31, 2006. It includes financial statements such as the consolidated statements of operations and balance sheets, as well as notes to the financial statements. Some key details include:
- Revenues for the quarter were $3.2 billion, up from $2.9 billion in the same quarter the previous year.
- Net income for the quarter was $76.6 million, up from $21.3 million in the same quarter the previous year.
- As of March 31, 2006, Health Net had $870.2 million in cash and cash equivalents and $1.4 billion in investments.
This document is a quarterly report filed by Health Net, Inc. with the SEC for the quarter ended March 31, 2007. It includes Health Net's unaudited consolidated financial statements for the first quarter of 2007, showing revenues of $3.4 billion, net income of $88.6 million, and basic earnings per share of $0.79. The report also provides information on Health Net's business segments, expenses, cash flows, and accounting policies.
This document is a Form 10-Q quarterly report filed by Tenet Healthcare Corporation with the SEC for the quarter ended March 31, 2008. It includes condensed consolidated financial statements and notes. The financial statements show that for the quarter ended March 31, 2008, Tenet had net operating revenues of $2.37 billion, an operating loss of $9 million, and a net loss of $31 million. Cash flows used in operating activities were $133 million for the quarter.
This document is DaVita Inc.'s quarterly report filed with the SEC for the quarterly period ended September 30, 2007. It includes DaVita's consolidated statements of income, balance sheets, cash flows, and shareholders' equity. Some key details are:
- For the quarter, DaVita reported net income of $94.5 million on revenue of $1.3 billion.
- As of September 30, 2007, DaVita had $391.3 million in cash and cash equivalents and total assets of $6.8 billion.
- For the nine months ended September 30, 2007, DaVita's net income was $296.1 million on revenue of $3.
The document is FMC Technologies' 2003 Annual Report. Some key points:
- Revenues grew 11% to $2.3 billion in 2003, driven by a 17% increase in Energy Systems revenues. Earnings per share grew 18% to $1.13.
- Order backlog reached a record high of $1.26 billion, up 9% from 2002, driven by strong subsea orders. The subsea business saw 20% revenue growth.
- The company continued reducing debt, paying down $10 million in 2003 to end with net debt of $193 million.
- Investments were made in technology development and acquisitions to strengthen positions in subsea and other energy areas.
This document is Toll Brothers' Form 10-Q quarterly report filed with the SEC for the quarter ended April 30, 2001. It summarizes Toll Brothers' financial position, including revenues of $989.8 million, total assets of $2.3 billion, and total liabilities of $1.5 billion. It also reports net income of $85.7 million and earnings per share of $2.36 for the six months ended April 30, 2001. Toll Brothers' inventory increased to $2.1 billion as of April 30, 2001.
1) Toll Brothers filed an annual report on Form 10-K with the SEC for the fiscal year ended October 31, 2002.
2) Toll Brothers is a national homebuilder that designs, builds, markets and arranges financing for single-family homes across 22 states. They focus on middle-income and high-income homebuyers.
3) As of October 31, 2002 Toll Brothers had a backlog of $1.87 billion (3,366 homes) and operated in 243 communities containing over 21,800 home sites.
This investor presentation summarizes JBT Corporation's business following its spin-off from FMC Technologies. It provides an overview of JBT's two business segments - JBT FoodTech, which supplies food processing solutions, and JBT AeroTech, which supplies airport equipment. Both segments have leading positions in their markets. The presentation highlights JBT's track record of profitable growth, experienced management team, global footprint, and opportunities for further growth through innovation, international expansion, and acquisitions. Financial projections indicate continued revenue growth and stable margins going forward.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending April 30, 2005. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also includes notes to the financial statements and sections for management's discussion of financial conditions, market risk disclosures, and controls and procedures. The financial statements show an increase in revenues and net income for the periods compared to the prior year.
This document is a Form 10-Q quarterly report filed by Toll Brothers, Inc. with the SEC for the quarter ended January 31, 2003. It includes:
1) Condensed consolidated balance sheets comparing assets/liabilities as of January 31, 2003 and October 31, 2002, showing increased cash/inventory and decreased debt.
2) Condensed consolidated statements of income for the quarters ended January 31, 2003 and 2002, though no financial figures are provided.
3) Notes to the condensed consolidated financial statements and standard sections including management's discussion of financial results, market risk, controls and procedures, and certifications. The document provides required regulatory financial disclosures for Toll Brothers' first fiscal
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and press release, and is not being reconfirmed or updated in this filing.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement that the information contained in this report is the same that was previously released in a press release and conference call on February 27, 2008 regarding the company's results for the quarter ending January 31, 2008, and is not being reconfirmed or updated.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and press release, and is not being reconfirmed or updated in this filing.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- Condensed consolidated statements of operations and cash flows for the quarters ending January 31, 2008 and 2007.
- Notes to the condensed consolidated financial statements.
- Management's discussion and analysis of the company's financial condition and results of operations for the quarter.
So in summary, this document provides Toll Brothers
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ended July 31, 2007. It includes:
- Condensed consolidated balance sheets showing the company's assets (including $5.96 billion in inventory), liabilities (including $3.83 billion in total liabilities), and stockholders' equity as of July 31, 2007 and October 31, 2006.
- Notes to the condensed consolidated financial statements providing additional information about the company's accounting policies, commitments and contingencies, stock-based compensation, and earnings per share calculations.
- Management's discussion and analysis of the company's financial condition and results of operations for the quarter, including information on revenues, operating
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending January 31, 2006. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. The balance sheet shows total assets of $6.56 billion including $5.53 billion in inventory. Total liabilities are $3.61 billion including $1.14 billion in senior notes and $350 million in senior subordinated notes. Stockholders' equity is $2.95 billion. The report provides Toll Brothers' financial position and operating results for the quarter.
This document is Visteon Corporation's quarterly report filed with the SEC for the quarter ended September 30, 2006. It includes an index of contents, unaudited consolidated financial statements including statements of operations, balance sheets, and cash flows for the periods ended September 30, 2006 and 2005. It also includes notes to the financial statements and sections covering management's discussion of financial conditions, market risk disclosures, controls and procedures, legal proceedings, and newly required risk factors disclosures.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending April 30, 2006. It includes the company's condensed consolidated financial statements, management's discussion and analysis of financial condition and results, and certifications of controls and procedures. Toll Brothers reports revenues, costs, assets, liabilities, cash flows, and other financial details for the quarter. It also discusses the company's performance, business outlook, risks, and other disclosures required by the SEC for public companies.
This document is Toll Brothers' Form 10-Q quarterly report filed with the SEC for the quarter ended July 31, 2005. The summary includes:
1) Toll Brothers reported revenues of $3.8 billion for the nine months ended July 31, 2005, with net income of $495.8 million.
2) As of July 31, 2005, Toll Brothers had $5.9 billion in total assets, $3.4 billion in total liabilities, and $2.5 billion in total stockholders' equity.
3) For the three months ended July 31, 2005, Toll Brothers reported revenues of $1.6 billion and net income of $215.5 million.
This document is Tenet Healthcare Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2005 filed with the Securities and Exchange Commission. It provides an overview of Tenet's business operations, financial performance, properties, legal proceedings, executive compensation and other information. Specifically, it discloses that Tenet operates 73 general hospitals across 13 states, primarily focused on urban and rural communities in California, Georgia, Florida, Louisiana, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee and Texas. It also notes that several of Tenet's hospitals in New Orleans suffered damage from Hurricane Katrina in late August 2005.
This document is Realogy Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2007 filed with the SEC. It provides information on Realogy's business operations, legal proceedings, financial statements, executive compensation and other required disclosures. Specifically, it summarizes the acquisition of Realogy by Domus Holdings Corp. in a $8.75 billion leveraged buyout in April 2007, financed through debt and equity contributions. It also contains forward-looking statements and risk factors that may affect Realogy's future financial performance.
This document is Tenet Healthcare Corporation's Form 10-Q filing for the quarterly period ended March 31, 2007. It provides financial statements and notes for the company, including the condensed consolidated balance sheet, statement of operations, and statement of cash flows. Key details include that Tenet operates 62 general hospitals with over 15,000 beds across 12 states, and had net operating revenues of $2.279 billion for the quarter and net income of $75 million.
This document is a quarterly report filed with the SEC by Health Net, Inc. for the quarter ended March 31, 2006. It includes financial statements such as the consolidated statements of operations and balance sheets, as well as notes to the financial statements. Some key details include:
- Revenues for the quarter were $3.2 billion, up from $2.9 billion in the same quarter the previous year.
- Net income for the quarter was $76.6 million, up from $21.3 million in the same quarter the previous year.
- As of March 31, 2006, Health Net had $870.2 million in cash and cash equivalents and $1.4 billion in investments.
This document is a quarterly report filed by Health Net, Inc. with the SEC for the quarter ended March 31, 2007. It includes Health Net's unaudited consolidated financial statements for the first quarter of 2007, showing revenues of $3.4 billion, net income of $88.6 million, and basic earnings per share of $0.79. The report also provides information on Health Net's business segments, expenses, cash flows, and accounting policies.
This document is a Form 10-Q quarterly report filed by Tenet Healthcare Corporation with the SEC for the quarter ended March 31, 2008. It includes condensed consolidated financial statements and notes. The financial statements show that for the quarter ended March 31, 2008, Tenet had net operating revenues of $2.37 billion, an operating loss of $9 million, and a net loss of $31 million. Cash flows used in operating activities were $133 million for the quarter.
This document is DaVita Inc.'s quarterly report filed with the SEC for the quarterly period ended September 30, 2007. It includes DaVita's consolidated statements of income, balance sheets, cash flows, and shareholders' equity. Some key details are:
- For the quarter, DaVita reported net income of $94.5 million on revenue of $1.3 billion.
- As of September 30, 2007, DaVita had $391.3 million in cash and cash equivalents and total assets of $6.8 billion.
- For the nine months ended September 30, 2007, DaVita's net income was $296.1 million on revenue of $3.
The document is FMC Technologies' 2003 Annual Report. Some key points:
- Revenues grew 11% to $2.3 billion in 2003, driven by a 17% increase in Energy Systems revenues. Earnings per share grew 18% to $1.13.
- Order backlog reached a record high of $1.26 billion, up 9% from 2002, driven by strong subsea orders. The subsea business saw 20% revenue growth.
- The company continued reducing debt, paying down $10 million in 2003 to end with net debt of $193 million.
- Investments were made in technology development and acquisitions to strengthen positions in subsea and other energy areas.
This document is Toll Brothers' Form 10-Q quarterly report filed with the SEC for the quarter ended April 30, 2001. It summarizes Toll Brothers' financial position, including revenues of $989.8 million, total assets of $2.3 billion, and total liabilities of $1.5 billion. It also reports net income of $85.7 million and earnings per share of $2.36 for the six months ended April 30, 2001. Toll Brothers' inventory increased to $2.1 billion as of April 30, 2001.
1) Toll Brothers filed an annual report on Form 10-K with the SEC for the fiscal year ended October 31, 2002.
2) Toll Brothers is a national homebuilder that designs, builds, markets and arranges financing for single-family homes across 22 states. They focus on middle-income and high-income homebuyers.
3) As of October 31, 2002 Toll Brothers had a backlog of $1.87 billion (3,366 homes) and operated in 243 communities containing over 21,800 home sites.
This investor presentation summarizes JBT Corporation's business following its spin-off from FMC Technologies. It provides an overview of JBT's two business segments - JBT FoodTech, which supplies food processing solutions, and JBT AeroTech, which supplies airport equipment. Both segments have leading positions in their markets. The presentation highlights JBT's track record of profitable growth, experienced management team, global footprint, and opportunities for further growth through innovation, international expansion, and acquisitions. Financial projections indicate continued revenue growth and stable margins going forward.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending April 30, 2005. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also includes notes to the financial statements and sections for management's discussion of financial conditions, market risk disclosures, and controls and procedures. The financial statements show an increase in revenues and net income for the periods compared to the prior year.
This document is a Form 10-Q quarterly report filed by Toll Brothers, Inc. with the SEC for the quarter ended January 31, 2003. It includes:
1) Condensed consolidated balance sheets comparing assets/liabilities as of January 31, 2003 and October 31, 2002, showing increased cash/inventory and decreased debt.
2) Condensed consolidated statements of income for the quarters ended January 31, 2003 and 2002, though no financial figures are provided.
3) Notes to the condensed consolidated financial statements and standard sections including management's discussion of financial results, market risk, controls and procedures, and certifications. The document provides required regulatory financial disclosures for Toll Brothers' first fiscal
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and press release, and is not being reconfirmed or updated in this filing.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement that the information contained in this report is the same that was previously released in a press release and conference call on February 27, 2008 regarding the company's results for the quarter ending January 31, 2008, and is not being reconfirmed or updated.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- A statement that the information contained in this report is the same as that presented on a February 27, 2008 earnings call and press release, and is not being reconfirmed or updated in this filing.
This document is a quarterly report filed with the SEC by Toll Brothers, Inc. for the quarter ending January 31, 2008. It includes:
- Condensed consolidated balance sheets showing the company's assets (including cash, inventory, and investments) and liabilities (including loans, notes, and accounts payable) as of January 31, 2008 and October 31, 2007.
- Condensed consolidated statements of operations and cash flows for the quarters ending January 31, 2008 and 2007.
- Notes to the condensed consolidated financial statements.
- Management's discussion and analysis of the company's financial condition and results of operations for the quarter.
So in summary, this document provides Toll Brothers
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ended July 31, 2007. It includes:
- Condensed consolidated balance sheets showing the company's assets (including $5.96 billion in inventory), liabilities (including $3.83 billion in total liabilities), and stockholders' equity as of July 31, 2007 and October 31, 2006.
- Notes to the condensed consolidated financial statements providing additional information about the company's accounting policies, commitments and contingencies, stock-based compensation, and earnings per share calculations.
- Management's discussion and analysis of the company's financial condition and results of operations for the quarter, including information on revenues, operating
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending January 31, 2006. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. The balance sheet shows total assets of $6.56 billion including $5.53 billion in inventory. Total liabilities are $3.61 billion including $1.14 billion in senior notes and $350 million in senior subordinated notes. Stockholders' equity is $2.95 billion. The report provides Toll Brothers' financial position and operating results for the quarter.
This document is Realogy Corporation's quarterly report on Form 10-Q for the quarter ended March 31, 2008 filed with the SEC. It includes Realogy's condensed consolidated financial statements for the first quarter of 2008, compared to the same period in 2007. It also includes management's discussion and analysis of the financial results and condition of the company. Realogy discloses that it has significant debt from its leveraged buyout in 2007, and that a continued downturn in the housing market could negatively impact its business and financial results. The report was filed to comply with SEC reporting requirements for public companies.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ending April 30, 2006. It includes the company's condensed consolidated financial statements, management's discussion and analysis of financial condition and results, and certifications of controls and procedures. Toll Brothers reports increased revenues and net income compared to the prior year quarter. It also notes various risk factors that could impact future results.
This document is Realogy Corporation's quarterly report filed with the SEC for the quarter ended September 30, 2008. It includes a summary of key financial information for Realogy, including condensed consolidated statements of operations and balance sheets for the relevant periods. It also includes notes to the financial statements and sections on management's discussion of financial condition, market risk, controls and procedures, legal proceedings, risk factors, and exhibits. The report provides required financial disclosures and an overview of Realogy's performance, risks, and corporate governance matters for the period.
This document is Realogy Corporation's Form 10-Q quarterly report filed with the SEC. It summarizes Realogy's financial performance for the third quarter of 2008, including revenue, expenses, profits, and cash flows. Realogy reported declines in homesale transactions and revenue compared to the prior year. However, cost-cutting measures helped maintain operating income despite challenging market conditions. Realogy remains highly leveraged following its 2007 acquisition and faces ongoing risks from debt obligations and the downturn in housing.
This document is Realogy Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2007 filed with the SEC. It provides information on Realogy's business operations, legal proceedings, risk factors, financial statements and other disclosures. Specifically, it summarizes Realogy's acquisition by Apollo Management in a $8.75 billion leveraged buyout in April 2007 and the resulting changes to Realogy's ownership and capital structure. It also indicates that no market exists for Realogy's common stock and that it has not registered any securities under Section 12 of the Exchange Act.
This document is Realogy Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2008 filed with the SEC. It includes information such as an overview of the company's business and operations, audited financial statements, discussion of legal proceedings, risk factors, and other required disclosures. Specifically, it discusses Realogy's substantial leverage from its acquisition by Apollo Management, constraints on its liquidity, and various risks related to adverse conditions in the housing market that could negatively impact its financial condition and results of operations.
This document is Realogy Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2008 filed with the SEC. It includes information such as an overview of the company's business and operations, legal proceedings, risk factors, financial statements, and other disclosures. Specifically, it discusses Realogy's substantial leverage from its acquisition by Apollo Management, constraints on its liquidity, and various risks related to adverse conditions in the housing market that could negatively impact its financial condition and results of operations.
This document is Realogy Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes condensed consolidated financial statements for the second quarter of 2008, the first quarter of 2008, and comparative periods in 2007. It also includes notes to the financial statements and sections for management's discussion of financial results, market risk disclosures, and certifications of internal controls. Realogy is a large residential real estate services company that was spun off from Cendant Corporation and acquired by Apollo Management in a leveraged buyout transaction. It operates real estate brokerages and franchises real estate brokerage brands.
This document is Realogy Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes condensed consolidated financial statements for the second quarter of 2008, the first quarter of 2008, and comparative periods in 2007. It also includes notes to the financial statements and sections for management's discussion of financial results, market risk disclosures, and certifications of internal controls. Realogy is a large residential real estate services company that was spun off from Cendant Corporation and acquired by Apollo Management in a leveraged buyout transaction. It operates real estate brokerages and franchises real estate brokerage brands.
This document is Group 1 Automotive's annual report on Form 10-K for the fiscal year ending December 31, 2006. It provides an overview of the company's business, including that it owns and operates 143 franchises across 105 dealership locations in 14 states. It discusses the company's business strategy of leveraging its talented employees through an expanding dealership network. The report also covers risk factors, financial information, corporate leadership, and other regulatory disclosures.
This document is Group 1 Automotive's annual report on Form 10-K for the fiscal year ending December 31, 2006. It provides an overview of the company's business, including that it owns and operates 143 franchises across 105 dealership locations in 14 states. It discusses the company's business strategy of leveraging its talented employees through an expanding dealership network. The report also covers risk factors, financial information, controls and procedures, and incorporates other required SEC disclosures.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2002 filed with the SEC. It provides an overview of EchoStar's business including its DISH Network direct broadcast satellite television service and EchoStar Technologies equipment manufacturing business. It discusses EchoStar's programming packages, sales and marketing strategies, satellite fleet, technology, competition, regulation, legal proceedings, and financial results.
1) Masco Corporation manufactures and distributes home improvement and building products in North America and other regions.
2) The company operates in five segments and is among the largest manufacturers of products like faucets, cabinets, and architectural coatings.
3) Approximately 80% of the company's 2007 sales were from North American operations, with the remainder from international operations mostly in Europe and China.
This document is Best Buy's quarterly report filed with the SEC for the quarter ended August 30, 2008. It includes Best Buy's condensed consolidated balance sheet, statement of earnings, statement of cash flows and notes to the financial statements. The balance sheet shows Best Buy's assets, liabilities and shareholders' equity. As of August 30, 2008 Best Buy had total assets of $16 billion including $5.4 billion of current assets and $4.1 billion in property and equipment. Total liabilities were $10.6 billion and shareholders' equity was $5.4 billion.
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.
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 for 2009 is uncertain due to rapid demand fall in Q4 and high industry inventory levels.
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.
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.
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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tollbrothers 10-Q-jan_2007
1. UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
¥ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 31, 2007
or
n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-9186
TOLL BROTHERS, INC.
(Exact name of registrant as specified in its charter)
Delaware 23-2416878
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
250 Gibraltar Road,
Horsham, Pennsylvania 19044
(Address of principal executive offices) (Zip Code)
(215) 938-8000
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d)
of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes ¥ No n
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-
accelerated filer. See definition of “an accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange
Act. (Check one):
Large accelerated filer ¥ Accelerated filer n Non-accelerated filer n
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Yes n No ¥
Act)
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest
practicable date:
At March 2, 2007, there were approximately 154,652,000 shares of Common Stock, $.01 par value,
outstanding.
3. STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information included herein and in our other reports, SEC filings, verbal or written statements and
presentations is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, information related to our anticipated operating results, financial resources, changes in
revenues, changes in profitability, changes in margins, changes in accounting treatment, interest expense, land
related write-downs, effects of home buyer cancellations, growth and expansion, anticipated income to be realized
from our investments in unconsolidated entities, the ability to acquire land, the ability to gain governmental
approvals and to open new communities, the ability to sell homes and properties, the ability to deliver homes from
backlog, the expected average delivered prices of homes, the ability to secure materials and subcontractors, the
ability to produce the liquidity and capital necessary to expand and take advantage of future opportunities, and stock
market valuations. In some cases you can identify those so called forward-looking statements by words such as
“may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project,”
“intend,” “can,” “appear,” “could,” “might,” or “continue” or the negative of those words or other comparable
words. Such forward-looking information involves important risks and uncertainties that could significantly affect
actual results and cause them to differ materially from expectations expressed herein and in our other reports, SEC
filings, verbal or written statements and presentations. These risks and uncertainties include local, regional and
national economic conditions, the demand for homes, domestic and international political events, uncertainties
created by terrorist attacks, the effects of governmental regulation, the competitive environment in which we
operate, fluctuations in interest rates, changes in home prices, the availability and cost of land for future growth,
adverse market conditions that could result in substantial inventory write-downs, the availability of capital,
uncertainties and fluctuations in capital and securities markets, changes in tax laws and their interpretation, legal
proceedings, the availability of adequate insurance at reasonable cost, the ability of customers to finance the
purchase of homes, the availability and cost of labor and materials, and weather conditions. Additional information
concerning potential factors that we believe could cause our actual results to differ materially from expected and
historical results is included in Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended
October 31, 2006. Moreover, the financial guidance contained herein related to our expected results of operations
for fiscal 2007 reflects our expectations as of February 22, 2007 and is not being reconfirmed or updated by this
Quarterly Report on Form 10-Q.
If one or more of the assumptions underlying our forward-looking statements proves incorrect, then our actual
results, performance or achievements could differ materially from those expressed in, or implied by the forward-
looking statements contained in this report. Therefore, we caution you not to place undue reliance on our forward-
looking statements. This statement is provided as permitted by the Private Securities Litigation Reform Act of 1995.
When this report uses the words “we,” “us,” and “our,” they refer to Toll Brothers, Inc. and its subsidiaries,
unless the context otherwise requires. Reference herein to “fiscal 2007,” “fiscal 2006,” and “fiscal 2005,” refer to
our fiscal year ending October 31, 2007, and our fiscal years ended October 31, 2006 and October 31, 2005,
respectively.
7. TOLL BROTHERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of Toll
Brothers, Inc. (the “Company”), a Delaware corporation, and its majority-owned subsidiaries. All significant
intercompany accounts and transactions have been eliminated. Investments in 50% or less owned partnerships and
affiliates are accounted for using the equity method unless it is determined that the Company has effective control of
the entity, in which case the entity would be consolidated.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance
with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial
information. The October 31, 2006 balance sheet amounts and disclosures included herein have been derived
from our October 31, 2006 audited financial statements. Since the accompanying condensed consolidated financial
statements do not include all the information and footnotes required by U.S. generally accepted accounting
principles for complete financial statements, the Company suggests that they be read in conjunction with the
consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the fiscal year
ended October 31, 2006. In the opinion of management, the accompanying unaudited condensed consolidated
financial statements include all adjustments, which are of a normal recurring nature, necessary to present fairly the
Company’s financial position as of January 31, 2007, and the results of its operations and cash flows for the three
months ended January 31, 2007 and 2006. The results of operations for such interim periods are not necessarily
indicative of the results to be expected for the full year.
Recent Accounting Pronouncements
In June 2006, the Financial Accounting Standards Board (the “FASB”) issued FASB Interpretation No. 48,
“Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 clarifies the accounting for uncertainty in
income taxes recognized in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 109,
“Accounting for Income Taxes”, and prescribes a recognition threshold and measurement attribute for the financial
statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48 will be
effective for the Company’s fiscal year beginning November 1, 2007. The Company is currently reviewing the
effect FIN 48 will have on its financial statements.
In September 2006, the FASB issued SFAS No. 158, “Employers’ Accounting for Defined Benefit Pension and
Other Postretirement Plans, an amendment of FASB Statements No. 87, 88, 106, and 132(R)” (“SFAS 158”).
SFAS 158 requires the Company to (a) recognize in its statement of financial position the overfunded or
underfunded status of a defined benefit postretirement plan measured as the difference between the fair value
of plan assets and the benefit obligation, (b) recognize as a component of other comprehensive income, net of tax,
the actuarial gains and losses and the prior service costs and credits that arise during the period, (c) measure defined
benefit plan assets and defined benefit plan obligations as of the date of the Company’s statement of financial
position, and (d) disclose additional information about certain effects on net periodic benefit costs in the upcoming
fiscal year that arise from the delayed recognition of the actuarial gains and losses and the prior service costs and
credits. SFAS 158 is effective for the Company’s fiscal year beginning November 1, 2007. The Company does not
expect that adoption of SFAS 158 will have a material effect on its financial statements.
In September 2006, the Emerging Issues Task Force (the “EITF”) of the FASB issued EITF Issue No. 06-8,
“Applicability of the Assessment of a Buyer’s Continuing Investment under SFAS No. 66 for the Sale of
Condominiums” (“EITF 06-8”). EITF 06-8 states that in assessing the collectibility of the sales price pursuant
to paragraph 37(d) of SFAS 66, an entity should evaluate the adequacy of the buyer’s initial and continuing
investment to conclude that the sales price is collectible. If an entity is unable to meet the criteria of paragraph 37,
including an assessment of collectibility using the initial and continuing investment tests described in
5
8. TOLL BROTHERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
paragraphs 8-12 of SFAS 66, then the entity should apply the deposit method as described in paragraphs 65-67 of
SFAS 66. EITF 06-8 is effective for the Company’s fiscal year beginning November 1, 2007. In November 2006, the
FASB ratified the EITF’s recommendation. The application of the continuing investment criteria in evaluating the
collectibility of the sales price will limit the Company’s ability to recognize revenues and costs using the percentage
of completion accounting method in the future. The Company does not expect that EITF 06-08 will affect any
revenues or costs it has reported under percentage of completion accounting in fiscal 2006. The Company does not
expect that the application of EITF 06-08 will have a material effect on its financial statements.
In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements” (“SFAS 157”). SFAS 157
provides guidance for using fair value to measure assets and liabilities. The standard also responds to investors’
request for expanded information about the extent to which a company measures assets and liabilities at fair value,
the information used to measure fair value, and the effect of fair value measurements on earnings. SFAS 157 will be
effective for the Company’s fiscal year beginning November 1, 2008. The Company is currently reviewing the
effect SFAS 157 will have on its financial statements.
Reclassification
The presentation of certain prior year amounts have been reclassified to conform to the fiscal 2007
presentation.
2. Inventory
Inventory consisted of the following (amounts in thousands):
January 31, October 31,
2007 2006
Land and land development costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,122,103 $2,193,850
Construction in progress — completed contract . . . . . . . . . . . . . . . . . . . . 3,363,726 3,174,483
Construction in progress — percentage of completion . . . . . . . . . . . . . . . 115,365 153,452
Sample homes and sales offices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269,258 244,097
Land deposits and costs of future development . . . . . . . . . . . . . . . . . . . . 295,978 315,041
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,849 14,779
$6,182,279 $6,095,702
Construction in progress includes the cost of homes under construction, land and land development costs and
the carrying costs of lots that have been substantially improved.
The Company capitalizes certain interest costs to inventory during the development and construction period.
Capitalized interest is charged to cost of revenues when the related inventory is delivered for traditional home sales
or when the related inventory is charged to cost of revenues under percentage of completion accounting. Interest
incurred, capitalized and expensed for the three-month periods ended January 31, 2007 and 2006 is summarized as
follows (amounts in thousands):
2007 2006
Interest capitalized, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . $181,465 $162,672
Interest incurred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,151 32,436
Capitalized interest in inventory acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,679
Interest expensed to cost of revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,643) (28,754)
Write-off to other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (40) (171)
Interest capitalized, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $192,933 $172,862
6
9. TOLL BROTHERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Interest included in cost of revenues for the three-month periods ended January 31, 2007 and 2006 was as
follows (amounts in thousands):
2007 2006
Traditional home sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,737 $26,830
Percentage of completion revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 905 1,417
Land sales revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 507
$22,643 $28,754
Inventory write-downs and the expensing of costs that the Company believed not to be recoverable for the
three-month periods ended January 31, 2007 and 2006 were as follows (amounts in thousands):
2007 2006
Land controlled for future communities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,939 $1,130
Operating communities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,962
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $96,901 $1,130
The Company has evaluated its land purchase contracts to determine if the selling entity is a variable interest
entity (“VIE”) and, if it is, whether the Company is the primary beneficiary of the entity. The Company does not
possess legal title to the land, and its risk is generally limited to deposits paid to the seller. The creditors of the seller
generally have no recourse against the Company. At January 31, 2007, the Company had determined that it was the
primary beneficiary of one VIE related to its land purchase contracts and had recorded $76.1 million as inventory,
$68.6 million as a loan payable and $5.5 million as accrued liabilities.
3. Investments in and Advances to Unconsolidated Entities
The Company has investments in and advances to several joint ventures with unrelated parties to develop land.
Some of these joint ventures develop land for the sole use of the venture partners, including the Company, and others
develop land for sale to the venture partners and to unrelated builders. The Company recognizes its share of earnings
from the sale of home sites to other builders. The Company does not recognize earnings from home sites it
purchases from the joint ventures, but instead reduces its cost basis in these home sites by its share of the earnings on
the home sites. At January 31, 2007, the Company had approximately $163.3 million invested in or advanced to
these joint ventures and was committed to contributing additional capital in an aggregate amount of approximately
$228.2 million (net of the Company’s $141.0 million of loan guarantees related to two of the joint ventures’ loans) if
required by the joint ventures. At January 31, 2007, three of the joint ventures had an aggregate of $1.41 billion of
loan commitments, and had approximately $1.15 billion borrowed against the commitments, of which the
Company’s guarantee of its pro-rata share of the borrowings was $112.7 million.
In October 2004, the Company entered into a joint venture in which it has a 50% interest with an unrelated
party to convert a 525-unit apartment complex, The Hudson Tea Buildings, located in Hoboken, New Jersey, into
luxury condominium units. At January 31, 2007, the Company had investments in and advances to the joint venture
of $52.8 million, and was committed to making up to $1.5 million of additional investments in and advances to the
joint venture.
The Company has investments in and advances to two joint ventures with unrelated parties to develop luxury
condominium projects, including for-sale residential units and commercial space. At January 31, 2007, the
Company had investments in and advances to the joint ventures of $19.4 million, was committed to making up to
$115.5 million of additional investments in and advances to the joint ventures if required by the joint ventures, and
guaranteed $13.0 million of joint venture loans. At January 31, 2007, these joint ventures had an aggregate of
$292.6 million of loan commitments and had approximately $119.8 million borrowed against the commitments.
7
10. TOLL BROTHERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
In fiscal 2005, the Company, together with the Pennsylvania State Employees Retirement System (“PASERS”),
formed Toll Brothers Realty Trust Group II (“Trust II”) to be in a position to take advantage of commercial real estate
opportunities. Trust II is owned 50% by the Company and 50% by PASERS. At January 31, 2007, the Company had an
investment of $8.9 million in Trust II. In addition, the Company and PASERS each entered into subscription
agreements that expire in September 2007, whereby each agreed to invest additional capital in an amount not to exceed
$11.1 million if required by Trust II. Prior to the formation of Trust II, the Company used Toll Brothers Realty
Trust Group (the “Trust”) to invest in commercial real estate opportunities.
To take advantage of commercial real estate opportunities, the Company formed the Trust in 1998. The Trust is
effectively owned one-third by the Company; one-third by Robert I. Toll, Bruce E. Toll (and members of his family),
Zvi Barzilay (and members of his family), Joel H. Rassman and other members of the Company’s current and
former senior management; and one-third by PASERS (collectively, the “Shareholders”). The Shareholders entered
into subscription agreements whereby each group has agreed to invest additional capital in an amount not to exceed
$1.9 million if required by the Trust. The subscription agreements expire in August 2008. At January 31, 2007, the
Company had an investment of $6.6 million in the Trust. The Company provides development, finance and
management services to the Trust and received fees under the terms of various agreements in the amounts of
$498,000 and $647,000 in the three-month periods ended January 31, 2007 and 2006, respectively. The Company
believes that the transactions between itself and the Trust were on terms no less favorable than it would have agreed
to with unrelated parties.
The Company’s investments in these entities are accounted for using the equity method.
4. Goodwill Impairment
During the three-month period ended January 31, 2007, due to the continued decline of the Detroit market, the
Company re-evaluated the carrying value of goodwill that resulted from a 1999 acquisition in accordance with
FASB 142, “Goodwill and Other Intangible Assets”. The Company estimated the fair value of its assets in this
market including goodwill. Fair value was determined based on the discounted future cash flow expected to be
generated in this market. Based upon this evaluation and the Company’s expectation that this market will not
recover for a number of years, the Company has determined that the related goodwill has been impaired. The
Company recognized a $9.0 million impairment charge in the three-month period ended January 31, 2007. After
recognizing this charge, the Company does not have any goodwill remaining from this acquisition.
5. Accrued Expenses
Accrued expenses at January 31, 2007 and October 31, 2006 consisted of the following (amounts in
thousands):
January 31, October 31,
2007 2006
Land, land development and construction costs . . . . . . . . . . . . . . . . . . . . . $320,834 $376,114
Compensation and employee benefit costs . . . . . . . . . . . . . . . . . . . . . . . . . 110,671 127,433
Insurance and litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,912 130,244
Warranty costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,835 57,414
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,737 43,629
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,197 90,454
$759,186 $825,288
The Company accrues for the expected warranty costs at the time each home is closed and title and possession
have been transferred to the home buyer. Costs are accrued based upon historical experience. Changes in the
8
11. TOLL BROTHERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
warranty accrual for the three-month periods ended January 31, 2007 and 2006 were as follows (amounts in
thousands):
2007 2006
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,414 $54,722
Additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,534 8,531
Charges incurred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,113) (8,604)
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,835 $54,649
6. Employee Retirement Plan
In October 2004, the Company established a defined benefit retirement plan effective as of September 1, 2004,
which covers four current or former senior executives and a director of the Company. Effective as of February 1,
2006, the Company adopted an additional defined benefit retirement plan for nine other executives. The retirement
plans are unfunded and vest when the participant has completed 20 years of service with the Company and reaches
normal retirement age (age 62). Unrecognized prior service costs are being amortized over the period from the
effective date of the plans until the participants are fully vested. The Company used a 5.68% and 5.65% discount
rate in its calculation of the present value of its projected benefit obligations for fiscal 2007 and 2006, respectively,
which represented the approximate long-term investment rate at October 31 of the preceding fiscal year for which
the present value was calculated.
For the three-month periods ended January 31, 2007 and 2006, the Company recognized the following costs
related to these plans (amounts in thousands):
2007 2006
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 83 $ 67
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253 205
Amortization of initial benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 449
Total cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $778 $721
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 91 —
7. Stock Based Benefit Plans
The fair value of each option award is estimated on the date of grant using a lattice-based option valuation
model that uses assumptions noted in the following table. The lattice-based option valuation models incorporate
ranges of assumptions for inputs; those ranges are disclosed in the table below. Expected volatilities are based on
implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock and
other factors. The expected life of options granted is derived from the historical exercise patterns and anticipated
future patterns and represents the period of time that options granted are expected to be outstanding; the range given
below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within
the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.
9
12. TOLL BROTHERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The weighted-average assumptions and the fair value used for stock option grants for the three-month periods
ended January 31, 2007 and 2006 are as follows:
2007 2006
Expected volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.32% - 38.22% 36.33% - 38.28%
Weighted-average volatility . . . . . . . . . . . . . . . . . . . . . . . . . 37.16% 37.55%
Risk-free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.57% - 4.61% 4.38% - 4.51%
Expected life (years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.69 - 8.12 4.11 - 9.07
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . none none
Weighted-average grant date fair value per share of options
granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11.17 $15.30
In the three-month period ended January 31, 2007, the Company recognized $12.8 million of stock com-
pensation expense and $4.8 million of income tax benefit related to stock options awards. In the three-month period
ended January 31, 2006, the Company recognized $11.0 million of stock compensation expense and $4.0 million of
income tax benefit related to stock options awards.
The Company expects to recognize approximately $26.7 million of expense and $9.8 million of income tax
benefit for the full fiscal 2007 year related to stock option awards. The Company recognized approximately
$26.8 million of expense and $9.1 million of income tax benefit for the full fiscal 2006 year related to stock option
awards.
The Company’s stock option plans for employees, officers and directors provide for the granting of incentive
stock options and non-qualified options with a term of up to ten years at a price not less than the market price of the
stock at the date of grant. Options granted generally vest over a four-year period for employees, although for certain
grants vesting is over five years, and grants to non-employee directors which vest over a two-year period. Shares
issued upon the exercise of a stock option are either from shares held in treasury or newly issued shares.
Pursuant to the provisions of the Company’s stock option plans, participants are permitted to use the value of the
Company’s common stock that they own to pay for the exercise of options. The Company received 4,172 shares with
an average fair market value per share of $35.43 for the exercise of stock options in the three months ended January 31,
2006. No shares were received for the exercise of stock options in the three months ended January 31, 2007.
Stock option activity for the three months ended January 31, 2007 and 2006 was as follows:
2007 2006
Weighted- Weighted-
Average Average
Shares Exercise Price Shares Exercise Price
(in 000’s) (per share) (in 000’s) (per share)
Outstanding, beginning of period . . . . . . . . . . . 25,178 $12.70 26,155 $11.04
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,803 $31.82 1,433 $35.97
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (460) $ 6.67 (894) $ 6.59
Cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39) $31.27 (11) $22.10
Outstanding, end of period . . . . . . . . . . . . . . . . 26,482 $14.08 26,683 $12.52
At January 31, 2007, the exercise price of approximately 5.7 million options was higher than the average
closing price of the Company’s common stock on the New York Stock Exchange (the “NYSE”) for the three-month
period ended January 31, 2007.
The Company realized a tax benefit from the exercise of non-qualified stock options and the exercise and
disqualifying disposition of incentive stock options of approximately $3.5 million and $8.4 million in the three
months ended January 31, 2007 and 2006, respectively.
10
13. TOLL BROTHERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The intrinsic value of options outstanding and exercisable is the difference between the fair market value of the
Company’s common stock on the applicable date (“Measurement Value”) and the exercise price of those options
that had an exercise price that was less than the Measurement Value. The intrinsic value of options exercised is the
difference between the fair market value of the Company’s common stock on the date of exercise and the exercise
price.
The intrinsic value of options outstanding and exercisable at January 31, 2007 and 2006 were as follows
(amounts in thousands):
2007 2006
Intrinsic value of options
Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $526,002 $575,948
Exercisable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $513,633 $568,008
The intrinsic value of options exercised and the fair value of options which became vested in the three-month
periods ended January 31, 2007 and 2006 were as follows (amounts in thousands):
2007 2006
Intrinsic value of options exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,234 $26,869
Fair value of options vested. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,642 $23,551
Stock options outstanding and exercisable at January 31, 2007 were as follows:
Options Outstanding Options Exercisable
Weighted- Weighted-
Average Weighted- Average Weighted-
Remaining Average Remaining Average
Number Contractual Exercise Number Contractual Exercise
Outstanding Life Price Exercisable Life Price
Range of Exercise Prices ($) (in 000’s) (in years) ($) (in 000’s) (in years) ($)
4.38 - 6.86 . . . . . . . . . . . . . . . 10,052 2.1 5.34 10,052 2.1 5.34
6.87 - 9.66 . . . . . . . . . . . . . . . 3,251 3.1 9.03 3,251 3.1 9.03
9.67 - 10.88 . . . . . . . . . . . . . . . 5,235 5.3 10.75 5,235 5.3 10.75
10.89 - 20.14 . . . . . . . . . . . . . . . 2,286 6.9 20.14 1,751 6.9 20.14
20.15 - 35.97 . . . . . . . . . . . . . . . 5,659 8.8 33.14 1,754 8.1 33.27
26,483 4.7 14.08 22,043 3.9 10.56
7. Earnings per Share Information
Information pertaining to the calculation of earnings per share for the three-month periods ended January 31,
2007 and 2006 are as follows (amounts in thousands):
2007 2006
Basic weighted-average shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,212 155,076
Common stock equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,836 11,951
Diluted weighted-average shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164,048 167,027
9. Stock Repurchase Program
In March 2003, the Company’s Board of Directors authorized the repurchase of up to 20 million shares of its
Common Stock, par value $.01, from time to time, in open market transactions or otherwise, for the purpose of
11
14. TOLL BROTHERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
providing shares for its various employee benefit plans. At January 31, 2007, the Company was authorized to
repurchase approximately 12.1 million shares.
10. Commitments and Contingencies
At January 31, 2007, the aggregate purchase price of land parcels under option and purchase agreements,
excluding parcels that the Company does not expect to acquire, was approximately $2.68 billion (including
$1.22 billion of land to be acquired from joint ventures which the Company has investments in, made advances to or
made loan guarantees on behalf of, in the amount of $162.7 million), of which it had paid or deposited
approximately $161.3 million. The Company’s option agreements to acquire the home sites do not require the
Company to buy the home sites, although the Company may, in some cases, forfeit any deposit balance outstanding
if and when it terminates an option contract. Of the $161.3 million the Company had paid or deposited on these
purchase agreements, $124.0 million was non-refundable at January 31, 2007. Any deposit in the form of a standby
letter of credit is recorded as a liability at the time the standby letter of credit is issued. Included in accrued liabilities
is $76.8 million representing the Company’s outstanding standby letters of credit issued in connection with options
to purchase home sites.
At January 31, 2007, the Company had outstanding surety bonds amounting to approximately $742.5 million,
related primarily to its obligations to various governmental entities to construct improvements in the Company’s
various communities. The Company estimates that approximately $271.2 million of work remains on these
improvements. The Company has an additional $132.9 million of surety bonds outstanding that guarantee other
obligations of the Company. The Company does not believe it is likely that any outstanding bonds will be drawn
upon.
At January 31, 2007, the Company had agreements of sale outstanding to deliver 5,949 homes with an
aggregate sales value of approximately $4.15 billion, of which the Company has recognized $166.9 million of
revenues using the percentage of completion accounting method.
At January 31, 2007, the Company was committed to providing approximately $942.4 million of mortgage
loans to its home buyers and to others. All loans with committed interest rates are covered by take-out commitments
from third-party lenders, which minimize the Company’s interest rate risk.
The Company has a $1.8 billion credit facility consisting of a $1.5 billion unsecured revolving credit facility
and a $300 million term loan facility (collectively, the “Credit Facility”) with 33 banks, which extends to March 17,
2011. At January 31, 2007, interest was payable on borrowings under the revolving credit facility at 0.475% (subject
to adjustment based upon the Company’s debt rating and leverage ratios) above the Eurodollar rate or at other
specified variable rates as selected by the Company from time to time. At January 31, 2007, the Company had no
outstanding borrowings against the revolving credit facility but had letters of credit of approximately $398.5 million
outstanding under it, of which the Company had recorded $76.8 million as liabilities under land purchase
agreements. Under the term loan facility, interest is payable at 0.50% (subject to adjustment based upon the
Company’s debt rating and leverage ratios) above the Eurodollar rate or at other specified variable rates as selected
by the Company from time to time. At January 31, 2007, interest was payable on the $300 million term loan at
5.87%. Under the terms of the Credit Facility, the Company is not permitted to allow its maximum leverage ratio (as
defined in the agreement) to exceed 2.00 to 1.00 and was required to maintain a minimum tangible net worth (as
defined in the agreement) of approximately $2.36 billion at January 31, 2007. At January 31, 2007, the Company’s
leverage ratio was approximately 0.56 to 1.00 and its tangible net worth was approximately $3.47 billion. Based
upon the minimum tangible net worth requirement, the Company’s ability to pay dividends and repurchase its
common stock was limited to an aggregate amount of approximately $1.11 billion at January 31, 2007.
The Company is involved in various claims and litigation arising in the ordinary course of business. The
Company believes that the disposition of these matters will not have a material effect on the business or on the
financial condition of the Company.
12
15. TOLL BROTHERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
In January 2006, the Company received a request for information pursuant to Section 308 of the Clean Water
Act from Region 3 of the Environmental Protection Agency (the “EPA”) requesting information about storm water
discharge practices in connection with our homebuilding projects in the states that comprise EPA Region 3. To the
extent the EPA’s review were to lead the EPA to assert violations of state and/or federal regulatory requirements and
request injunctive relief and/or civil penalties, the Company would defend and attempt to resolve any such asserted
violations. At this time the Company cannot predict the outcome of the EPA’s review.
11. Business Segments
During the fourth quarter of fiscal 2006, the Company reassessed the aggregation of its operating segments,
and as a result, restated its disclosure to include four separate reportable segments. The restatement had no impact
on the Company’s financial position, results of operations or cash flows for the three-month period ended
January 31, 2006.
Revenue and income before income taxes for each of the Company’s geographic segments for the three months
ended January 31, 2007 and 2006 were as follows (amounts in thousands):
2007 2006
Revenues:
North . . . . . . . . . . . . . . ................................... $ 211,147 $ 311,328
Mid-Atlantic . . . . . . . . ................................... 331,322 393,954
South . . . . . . . . . . . . . . ................................... 247,766 275,830
West . . . . . . . . . . . . . . ................................... 300,376 359,844
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,090,611 $1,340,956
Income before income taxes:
North . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 755 $ 71,861
Mid-Atlantic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,604 118,059
South . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,019 34,462
West . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,866 84,340
Corporate and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,044) (43,075)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 87,200 $ 265,647
Corporate and other is comprised principally of general corporate expenses such as the Offices of the Chief
Executive Officer and President, and the corporate finance, accounting, audit, tax, human resources, risk man-
agement, marketing and legal groups, offset in part by interest income and income from our ancillary businesses.
13