Toll Bros. Inc. this morning released a preliminary report on its first-quarter revenues, contracts and backlog.
And chairman and CEO Robert I. Toll summed it up this way:
The housing market remains very weak in most areas. Based on current traffic and deposits, we are not yet seeing much light at the end of the tunnel.
Home-building revenues were $842.7 million, down 22 percent from the first quarter of 2007. Backlog for the Horsham builder of luxury homes was $2.4 billion, down 42 percent.
The company reported gross signed contracts of $573.2 million and 904 homes, down 46 percent and 38 percent respectively.
