Toll Brothers Reports 3rd Qtr FY 2006 Earnings Results

Fort Washington, PA


HORSHAM, Pa., Aug. 22, 2006 (PRIMEZONE) -- Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, today reported FY 2006 third-quarter and nine-month results for earnings, revenues, backlog and contracts for the period ended July 31, 2006.

FY 2006's third-quarter net income was $174.6 million, or $1.07 per share diluted, compared to FY 2005's third-quarter record of $215.5 million, or $1.27 per share diluted. In FY 2006, third-quarter net income included pre-tax write-downs of $23.9 million, or $0.09 per share after tax: $21.1 million of the write-downs were related to lots under option while $2.8 million was related to an existing community in metro Detroit. In FY 2005, third-quarter pre-tax write-downs totaled $1.2 million. FY 2006 third-quarter earnings per share declined 16%, including write-downs, versus FY 2005; excluding write-downs, earnings per share declined 9%.

Nine-month net income was a record $513.4 million, or $3.10 per share diluted, compared to FY 2005's previous nine-month record of $495.9 million, or $2.94 per share diluted. Nine-month net income included pre-tax write-downs of $37.0 million, or $0.14 per share after tax. In FY 2005, nine-month pre-tax write-downs were $3.7 million, or $0.01 per share after tax. FY 2006 nine-month earnings per share rose 5%, including write-downs, versus FY 2005; excluding write-downs, earnings per share increased 10%.

FY 2006's third-quarter total revenues were $1.53 billion compared to the third-quarter record of $1.55 billion in FY 2005; third-quarter-end backlog was $5.59 billion compared to the third-quarter record of $6.43 billion in FY 2005; and signed contracts were $1.05 billion compared to the third-quarter record of $1.92 billion in FY 2005.

For the nine-month period, record total revenues were $4.31 billion compared to the previous nine-month record of $3.77 billion in FY 2005, and signed contracts were $3.75 billion compared to the nine-month record of $5.56 billion in FY 2005.

In FY 2006's fourth quarter, the Company expects to deliver between 2,500 and 2,800 homes at an average price of $695,000 to $705,000 per home, which translates into deliveries of between 8,600 and 8,900 homes at an average price of $685,000 to $690,000 for the full fiscal year ending October 31, 2006. Based on those revenues, the Company expects to produce fourth-quarter net income of between $218 million and $250 million, or $1.33 to $1.53 per share. The Company projects net income for FY 2006 of between $727 million and $763 million, or $4.41 to $4.63 per share, which would yield a return on FY 2006 beginning shareholders' equity of 26% to 28%.

Based on its third quarter backlog and the state of current demand, the Company projects delivering between 7,000 and 8,000 homes in FY 2007 at an average price of $635,000 to $645,000. The decline in average delivered home price in FY 2007 compared to FY 2006 is primarily due to an expected increase in the proportion of deliveries of lower priced homes, primarily in multi-family, active-adult and smaller-sized single-family communities. This does not represent a shift away from Toll Brothers' focus on luxury housing; rather, it is simply a function of when communities gain their final approvals and are open for sale. The Company also projects revenues of between $450 and $550 million in FY 2007 from buildings accounted for under the percentage of completion method.

In FY 2007's first quarter, the Company projects delivering between 1,500 and 1,800 homes at an average price of $640,000 to $650,000 with revenues of $75 million to $100 million from buildings accounted for under the percentage of completion method.

The Company notes the difficulty of giving guidance in this rapidly changing housing environment and expects to update its guidance in early November 2006 when it announces preliminary fourth quarter and FY 2006 results for revenues, contracts and backlog.

Robert I. Toll, chairman and chief executive officer, stated: "The continuing malaise in the housing market, we believe, is the result of an oversupply of inventory and a decline in confidence: The speculative buyers of 2004 and 2005 are now sellers; builders that built speculative homes are trying to move them by offering large incentives and discounts; and some anxious buyers are canceling contracts for homes already being built. This overhang in supply and the aggressive discounting of many builders is undermining consumer confidence and keeping buyers on the sidelines as they continue to worry about the direction of home prices.

"With mortgage interest rates still relatively low, the economy basically sound and household formations still increasing, we continue to believe that once the current oversupply of homes is absorbed and buyers become confident that home prices have stabilized, the market will return to firm footing.

"In the current environment, we have reduced our land position. In total, we now own or control approximately 82,900 lots, compared to approximately 91,200 at second-quarter-end. We continue to reevaluate the lots in our approval pipeline and to renegotiate or drop those options that we believe are no longer attractive.

"After thirteen consecutive years of record earnings, we believe we are well-prepared to weather this downturn. Our Company is run by seasoned leadership: Our senior management team averages over twenty years with the Company and has been through challenging markets before. And we have a brand name that is known nationwide. With a projected increase in housing demand during the next ten years, according to Harvard University's Joint Center for Housing Studies, and the continued growth in affluent households, we look forward to growth and prosperity in the future."

Toll Brothers' financial highlights for the three-month and nine-month periods ended July 31, 2006 (unaudited):



 -- FY 2006's third-quarter net income of $174.6 million declined 19%
    versus FY 2005's third-quarter record net income of $215.5 million.
    FY 2006's third-quarter earnings of $1.07 per share diluted
    declined 16% versus FY 2005's record third-quarter earnings of
    $1.27 per share diluted. FY 2006 three-month net income included
    pre-tax write-downs of $23.9 million, or $0.09 per share after
    tax, compared to $1.2 million of pre-tax write-downs in the same
    period in FY 2005: $21.1 million of FY 2006's third-quarter
    write-downs were related to lots under option, predominantly in
    California and Florida, while $2.8 million of the write-downs were
    attributable to an existing community in metro Detroit.

 -- FY 2006's record nine-month net income of $513.4 million grew 4%
    versus FY 2005's nine-month net income of $495.9 million, the
    previous record. FY 2006's nine-month earnings of $3.10 per share
    diluted grew 5% versus FY 2005's nine-month earnings of $2.94 per
    share diluted, the previous nine-month record.  FY 2006's
    nine-month net income included pre-tax write-downs of $37.0
    million, $0.14 per share after tax, compared to pre-tax write-downs
    of $3.7 million, or $0.01 per share after tax, in the same period
    in FY 2005.

 -- The Company's FY 2006 third-quarter contracts of $1.05 billion
    declined by 45% over FY 2005's third-quarter record contracts of
    $1.92 billion. In addition, in FY 2006's third quarter,
    unconsolidated entities in which the Company had an interest signed
    contracts of $19.2 million.

 -- FY 2006's nine-month contracts of $3.75 billion declined by 33%
    over FY 2005's nine-month total of $5.56 billion, the nine-month
    record. In addition, in FY 2006's nine-month period, unconsolidated
    entities in which the Company had an interest signed contracts of
    $51.9 million.

 -- In FY 2006, third-quarter-end backlog of $5.59 billion declined 13%
    over FY 2005's third-quarter-end backlog of $6.43 billion, the
    third-quarter record. In addition, at July 31, 2006, unconsolidated
    entities in which the Company had an interest had a backlog of
    $12.6 million.

 -- FY 2006's third-quarter total revenues of $1.53 billion decreased
    1% over FY 2005's third-quarter revenues of $1.55 billion, the
    third-quarter record. FY 2006's third-quarter home building
    revenues of $1.53 billion decreased just under 1% over FY 2005's
    third-quarter home building revenues of $1.54 billion, the
    third-quarter record. Revenues from land sales totaled $1.1 million
    for FY 2006's third quarter, compared to $10.6 million in FY 2005's
    third quarter.

 -- FY 2006's nine-month total revenues of $4.31 billion increased 14%
    over FY 2005's nine-month revenues of $3.77 billion, the previous
    nine-month record. FY 2006's nine-month home building revenues of
    $4.31 billion increased 15% over FY 2005's nine-month home building
    revenues of $3.75 billion, the previous nine-month record. FY
    2006's revenues from land sales for the nine-month period totaled
    $7.9 million, compared to $21.6 million in the same period in FY
    2005.

 -- In addition, in the Company's fiscal 2006 third-quarter and
    nine-month periods, unconsolidated entities in which the Company
    had an interest, had revenues of $14.2 million and $95.3 million,
    respectively, compared to $25.7 million and $90.5 million,
    respectively, in the same periods of FY 2005. The Company's share
    of the profits from the delivery of these homes is included in
    'Equity Earnings in Unconsolidated Entities' on the Company's
    Income Statement.

 -- During the third quarter of FY 2006, the Company bought back
    approximately 1.68 million shares of its stock at an average price
    of approximately $28.43. For the first nine months of FY 2006, the
    Company bought back approximately 3.62 million shares of its stock
    at an average price of approximately $30.25. This compares to
    purchases of approximately 9,000 and 830,000 shares in the third
    quarter and first nine months of FY 2005, respectively.

 -- The Company revised its earnings guidance for FY 2006 to between
    $4.41 and $4.63 per share, compared to its previous guidance of
    between $4.69 and $5.16 per share. The revision was due in part to
    its reduction in expected deliveries, announced on August 9, 2006,
    as well as to the Company's third quarter pre-tax write-down of
    $23.9 million (or approximately $0.09 per share after tax). The
    Company revised its guidance for fourth quarter 2006 to between
    $1.33 and $1.53 per share compared to its previous guidance of
    between $1.65 and $1.93 per share.

 -- In FY 2007, based on its FY 2006 third quarter backlog and the
    state of current demand, the Company projects to deliver between
    7,000 and 8,000 homes at an average price of between $635,000 and
    $645,000. The Company also projects revenues of between $450 and
    $550 million in FY 2007 from buildings accounted for under the
    percentage of completion method. In FY 2007's first quarter, the
    Company projects delivering between 1,500 and 1,800 homes at an
    average price of between $640,000 and $650,000 and an additional
    $75 million to $100 million of revenues from buildings accounted
    for under the percentage of completion method.

 -- Prior to its 2:00 p.m. (EDT) conference call today, August 22,
    2006, to discuss its third quarter results, the Company intends to
    file a Form 8-K with the Securities and Exchange Commission
    containing detailed guidance for expected results of operations for
    the remainder of FY 2006 and preliminary guidance for FY 2007,
    which will be discussed on the call.

Toll Brothers, Inc. is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange and the Pacific Exchange under the symbol "TOL." The Company serves move-up, empty-nester, active-adult and second-home home buyers and operates in 21 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia and West Virginia.

Toll Brothers builds luxury single-family detached and attached home communities, master planned luxury residential resort-style golf communities and urban low-, mid- and high-rise communities, principally on land it develops and improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security, landscape, cable T.V. and broadband Internet delivery subsidiaries. The Company also operates its own lumber distribution, and house component assembly and manufacturing operations.

Toll Brothers, a FORTUNE 500 Company and No. 102 on the Forbes Platinum 400 based on five-year annualized total return performance, is the only publicly traded national home building company to have won all three of the industry's highest honors: America's Best Builder from the National Association of Home Builders, the National Housing Quality Award, and Builder of the Year. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company now sponsors the Toll Brothers -- Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit tollbrothers.com.

Certain information included herein and in other Company reports, SEC filings, statements and presentations is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning anticipated operating results, financial resources, changes in revenues, changes in profitability, interest expense, growth and expansion, anticipated income to be realized from our investments in unconsolidated entities, the ability to acquire land, the ability to secure governmental approvals and the ability to open new communities, the ability to sell homes and properties, the ability to deliver homes from backlog, the average delivered price of homes, the ability to secure materials and subcontractors, the ability to maintain the liquidity and capital necessary to expand and take advantage of future opportunities, and stock market valuations. 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 other Company reports, SEC filings, statements and presentations. These risks and uncertainties include local, regional and national economic conditions, the demand for homes, domestic and international political events, uncertainties created by terrorist attacks, the effects of governmental regulation, the competitive environment in which the Company operates, fluctuations in interest rates, changes in home prices, the availability and cost of land for future growth, 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.



                         TOLL BROTHERS, INC. AND SUBSIDIARIES
                        CONDENSED CONSOLIDATED BALANCE SHEETS
                                (Amounts in thousands)

                                             July 31,      October 31,
                                               2006           2005
                                               ----           ----
                                           (Unaudited)
 ASSETS

 Cash and cash equivalents                 $   322,550    $   689,219
 Inventory                                   6,226,783      5,068,624
 Property, construction and office
  equipment, net                                96,588         79,524
 Receivables, prepaid expenses and other
  assets                                       158,101        185,620
 Contracts receivable                          138,687
 Mortgage loans receivable                      92,765         99,858
 Customer deposits held in escrow               56,698         68,601
 Investments in and advances to
  unconsolidated entities                      240,208        152,394
                                           -----------    -----------
                                           $ 7,332,380    $ 6,343,840
                                           ===========    ===========

 LIABILITIES AND STOCKHOLDERS' EQUITY

 Liabilities:
 Loans payable                             $   716,036    $   250,552
 Senior notes                                1,140,882      1,140,028
 Senior subordinated notes                     350,000        350,000
 Mortgage company warehouse loan                83,602         89,674
 Customer deposits                             430,892        415,602
 Accounts payable                              290,817        256,557
 Accrued expenses                              783,937        791,769
 Income taxes payable                          297,107        282,147
                                           -----------    -----------
  Total liabilities                          4,093,273      3,576,329
                                           -----------    -----------

 Minority interest                               7,103          3,940

 Stockholders' equity:
 Common stock                                    1,563          1,563
 Additional paid-in capital                    223,594        242,546
 Retained earnings                           3,089,480      2,576,061
 Treasury stock                                (82,633)       (56,599)
                                           -----------    -----------
  Total stockholders' equity                 3,232,004      2,763,571
                                           -----------    -----------
                                           $ 7,332,380    $ 6,343,840
                                           ===========    ===========

                      TOLL BROTHERS, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                 (Amounts in thousands, except per share data)
                                 (Unaudited)

                          Nine months ended       Three months ended
                              July 31,                 July 31,
                      -----------------------  -----------------------
                          2006        2005         2006        2005
                      ----------- -----------  ----------- -----------
 Revenues:
  Traditional home
   sales              $ 4,168,092 $ 3,751,594  $ 1,488,905 $ 1,536,499
  Percentage of
   completion             138,687                   41,163
  Land sales                7,923      21,608        1,145      10,583
                      ----------- -----------  ----------- -----------
                        4,314,702   3,773,202    1,531,213   1,547,082
                      ----------- -----------  ----------- -----------
 Costs of revenues:
  Traditional home
   sales                2,912,750   2,539,885    1,052,116   1,023,743
  Percentage of
   completion             110,519                   31,995
  Land sales                6,842      15,707          903       9,612
  Interest                 88,445      85,532       29,816      35,594
                      ----------- -----------  ----------- -----------
                        3,118,556   2,641,124    1,114,830   1,068,949
                      ----------- -----------  ----------- -----------

 Selling, general and
  administrative          429,341     349,706      148,117     126,283
                      ----------- -----------  ----------- -----------
 Income from 
  operations              766,805     782,372      268,266     351,850
 Other:
  Equity earnings from
  unconsolidated
   entities                36,662       9,539        7,269       4,231
  Interest and other       31,992      26,575        9,699      10,583
  Expenses related to
   early retirement of
   debt                                (4,056)                  (4,056)
                      ----------- -----------  ----------- -----------
 Income before income
  taxes                   835,459     814,430      285,234     362,608
 Income taxes             322,040     318,572      110,602     147,076
                      ----------- -----------  ----------- -----------
 Net income           $   513,419 $   495,858  $   174,632 $   215,532
                      =========== ===========  =========== ===========

 Earnings per share:
  Basic               $      3.32 $      3.22  $      1.14 $      1.39
                      =========== ===========  =========== ===========
  Diluted             $      3.10 $      2.94  $      1.07 $      1.27
                      =========== ===========  =========== ===========

 Weighted average
  number of shares:

  Basic                   154,520     153,851      153,723     155,274
  Diluted                 165,423     168,426      163,514     169,843

 Additional
  information:
  Interest incurred   $   100,879 $    87,069  $    34,224 $    28,921
                      =========== ===========  =========== ===========
  Depreciation and
   amortization       $    23,643 $    17,206  $     8,317 $     6,327
                      =========== ===========  =========== ===========
  Interest expense by
   source of revenue:

   Traditional home
    sales             $    83,769 $    83,542  $    28,423 $    34,030
   Percentage of
    completion              3,683                    1,138
   Land sales                 993       1,990          255       1,564
                      ----------- -----------  ----------- -----------
                      $    88,445 $    85,532  $    29,816 $    35,594
                      =========== ===========  =========== ===========


                                       Three Months Ended July 31,
                                      UNITS               $ (MILL)
                                ----------------     ----------------

 HOME BUILDING REVENUES           2006     2005        2006     2005
 -------------------------      -------  -------     -------  -------
 Northeast
  (CT, MA, NJ, NY, RI)              411      310       276.8    184.0
 Mid-Atlantic (DE, MD, PA, VA)      678      886       447.4    554.4
 Midwest  (IL, MI)                  105      178        74.6    110.7
 Southeast (FL, NC, SC)             371      236       212.7    139.0
 Southwest (AZ, CO, NV, TX)         459      361       308.0    239.2
 West (CA)                          133      339       169.4    309.2
                                -------  -------     -------  -------
  Total traditional               2,157    2,310     1,488.9  1,536.5
 Percentage of completion(a)         --       --        41.2       --
                                -------  -------     -------  -------
  Total consolidated              2,157    2,310     1,530.1  1,536.5
 Unconsolidated entities             23       57        14.2     25.7
                                -------  -------     -------  -------
                                  2,180    2,367     1,544.3  1,562.2
                                =======  =======     =======  =======

 CONTRACTS
 -------------------------
 Northeast
  (CT, MA, NJ, NY, RI)              222      431       146.4    280.0
 Mid-Atlantic
  (DE, MD, PA, VA, WVA)             476      758       309.5    522.9
 Midwest (IL, MI, MN)               130      149        90.4    108.4
 Southeast (FL, NC, SC)             176      593       120.8    330.9
 Southwest (AZ, CO, NV, TX)         238      544       197.4    391.7
 West (CA)                          158      230       149.5    238.2
                                -------  -------     -------  -------
  Total traditional               1,400    2,705     1,014.0  1,872.1
 Percentage of completion(a)         43       41        36.3     44.1
                                -------  -------     -------  -------
  Total consolidated              1,443    2,746     1,050.3  1,916.2
 Unconsolidated entities             30      111        19.2     63.4
                                -------  -------     -------  -------
                                  1,473    2,857     1,069.5  1,979.6
                                =======  =======     =======  =======

                                              At July 31,
                                      UNITS               $ (MILL)
                                ----------------     ----------------

 BACKLOG                          2006     2005        2006     2005
 -------------------------      -------  -------     -------  -------
 Northeast 
  (CT, MA, NJ, NY, RI)            1,013    1,420       697.2    922.0
 Mid-Atlantic 
  (DE, MD, PA, VA, WVA)           1,951    2,639     1,306.5  1,750.8
 Midwest (IL, MI, MN)               482      505       329.4    358.3
 Southeast (FL, NC, SC)           1,597    2,009       920.7  1,052.1
 Southwest (AZ, CO, NV, TX)       1,651    1,926     1,246.1  1,315.1
 West (CA)                          668      831       677.1    893.0
                                -------  -------     -------  -------
  Total traditional               7,362    9,330     5,177.0  6,291.3
                                -------  -------     -------  -------
 Percentage of completion(a)
   Undelivered                      663      160       552.3    142.5
   Less, revenue recognized          --       --      (138.7)      --
                                -------  -------     -------  -------
 Net percentage of completion       663      160       413.6    142.5
                                -------  -------     -------  -------
  Total consolidated              8,025    9,490     5,590.6  6,433.8
 Unconsolidated entities             19      237        12.6    149.4
                                -------  -------     -------  -------
                                  8,044    9,727     5,603.2  6,583.2
                                =======  =======     =======  =======

                                      Nine Months Ended July 31,
                                     UNITS               $ (MILL)
                               ----------------     -----------------

 HOME BUILDING REVENUES          2006     2005        2006      2005
 -------------------------     -------  -------     -------   -------
 Northeast
  (CT, MA, NJ, NY, RI)           1,070      793       698.1     447.6
 Mid-Atlantic (DE, MD, PA, VA)   1,954    2,308     1,295.5   1,400.0
 Midwest (IL, MI, MN)              329      414       232.6     256.8
 Southeast (FL, NC, SC)          1,160      588       634.3     328.7
 Southwest (AZ, CO, NV, TX)      1,177      914       821.8     584.0
 West (CA)                         409      795       485.8     734.5
                               -------  -------     -------   -------
   Total traditional             6,099    5,812     4,168.1   3,751.6
 Percentage of completion(a)        --       --       138.7        --
                               -------  -------     -------   -------
   Total consolidated            6,099    5,812     4,306.8   3,751.6
 Unconsolidated entities           167      207        95.3      90.5
                               -------  -------     -------   -------
                                 6,266    6,019     4,402.1   3,842.1
                               =======  =======     =======   =======

 CONTRACTS
 ------------------------- 
 Northeast
  (CT, MA, NJ, NY, RI)             731    1,185       493.4     770.0
 Mid-Atlantic
  (DE, MD, PA, VA, WVA)          1,575    2,702     1,035.6   1,778.5
 Midwest (IL, MI, MN, OH)          368      473       243.0     330.8
 Southeast (FL, NC, SC)            737    1,434       477.9     794.0
 Southwest (AZ, CO, NV, TX)        979    1,489       758.8   1,049.5
 West (CA)                         481      713       492.7     762.9
                               -------  -------     -------   -------
   Total traditional             4,871    7,996     3,501.4   5,485.7
 Percentage of completion(a)       283      104       253.0      78.2
                               -------  -------     -------   -------
   Total consolidated            5,154    8,100     3,754.4   5,563.9
 Unconsolidated entities            83      270        51.9     164.1
                               -------  -------     -------   -------
                                 5,237    8,370     3,806.3   5,728.0
                               =======  =======     =======   =======

 ---------------------------------------------------------------------
 (a) Mid- and High-Rise projects that are accounted for under the
     percentage of completion accounting method. See details below.

  PERCENTAGE OF COMPLETION
                                      Three Months Ended July 31,
                                -------------------------------------
                                      UNITS               $ (MILL)
                                ----------------     ----------------

 HOME BUILDING REVENUES           2006     2005        2006     2005
 -------------------------      -------  -------     -------  -------
 Northeast                                              25.9
 Southeast                                              15.3
 Southwest                                                --
                                                     -------  -------
    Total                                               41.2
                                                     =======  =======
 CONTRACTS
 -------------------------
 Northeast                           34       28        32.2     15.0
 Mid-Atlantic                         4       --         1.4       --
 Midwest                              4       --         1.2       --
 Southeast                            1       13         1.5     29.1
 Southwest                           --       --          --       --
                                -------  -------     -------  -------
    Total                            43       41        36.3     44.1
                                =======  =======     =======  =======

                                             At July 31,
                                -------------------------------------
                                      UNITS               $ (MILL)
                                ----------------     ----------------

 BACKLOG                          2006     2005        2006     2005
 -------------------------      -------  -------     -------  -------
 Northeast                          507       88       396.3     44.5
 Mid-Atlantic                        52       --        21.3       --
 Midwest                              4       --         1.2       --
 Southeast                           77       72       115.8     98.0
 Southwest                           23       --        17.7       --
 Less, revenue recognized            --       --      (138.7)      --
                                -------  -------     -------  -------
    Total-Net                       663      160       413.6    142.5
                                =======  =======     =======  =======

                                      Nine Months Ended July 31,
                                -------------------------------------
                                      UNITS               $ (MILL)
                                ----------------     ----------------

 HOME BUILDING REVENUES           2006     2005        2006     2005
 -------------------------      -------  -------     -------  -------
 Northeast                                              88.0      N/A
 Southeast                                              48.4
 Southwest                                               2.3
                                                     -------  -------
    Total                                              138.7      N/A
                                                     =======  =======
 CONTRACTS
 -------------------------
 Northeast                          236       88       213.4     44.5
 Mid-Atlantic                        22                  8.4
 Midwest                              4                  1.2
 Southeast                            5       16        17.8     33.7
 Southwest                           16                 12.2
                                -------  -------     -------  -------
    Total                           283      104       253.0     78.2
                                =======  =======     =======  =======

            

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