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By João-Pierre RuthWhile those numbers were bleak, Robert Toll, chief executive, offered a touch of encouraging news, including new interest in the company’s Hoboken properties.
Toll Brothers reported the net loss of $472.3 million on revenue of $461.4 million for the quarter ended July 31. The results included non-cash deferred tax asset valuation allowances of $439.4 million and write-downs totaling $115 million.
That compares with a net loss of $29.3 million on revenue of $796.7 million for the prior-year period.
The company said it coped with numerous cancellations at its Maxwell Place condominiums in Hoboken during the crisis on Wall Street, but during Thursday’s earnings call, Toll said that market still pulsed with some life.
“In the past several weeks, we’ve been seeing interest in $1 million units in Hoboken,” he said.
Increasing home prices for other metros were also cited as steps, albeit tiny ones, in the direction of recovery. “We believe that customers are recognizing now is the time to get into the market at record affordability,” he said.
However, Toll was not ready to celebrate, as the company is still digesting the market’s pain along with the rest of the industry. “While we’re optimistic, we’re unwilling to make bets on the future being a lot different,” he said.
E-mail João-Pierre Ruth at jpruth@njbiz.com
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