Toll Brothers reports year-end loss of $755.8 million

Horsham, Pa.-based homebuilder Toll Brothers reported a fourth quarter net loss of $111.4 million for the quarter ended Oct. 31, compared with a loss of $78.8 million for the same quarter in 2008. Sales were $486.6 million, down 29.6% from $691.1 million as reported for the same period last year.

For the full year, the company reported a net loss of $755.8 million, compared with a loss of $297.8 million in 2008. Sales were $1.75 billion, down 44.2% from $3.14 billion as reported in 2008.

For the year, the company reported net-signed contracts of 2,450 units, down 16% from 2008 and $1.30 billion, down 19% from last year.

"We are entering the fifth year of this severe housing recession,” said Robert Toll, chairman and CEO. “Last year at this time, Lehman Brothers had recently collapsed, paralyzing the financial markets. Now, one year later, after massive government intervention, the debate about the economy and the housing industry seems no longer to be focused on whether we have seen the bottom, but rather, when and how quickly the economy and the housing market will recover.”