HORSHAM, Pa., Aug. 22, 2007 (PRIME NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, today reported results for net income, revenues, backlog and contracts for its third quarter and nine months ended July 31, 2007.
FY 2007's third-quarter net income was $26.5 million, or $0.16 per share diluted, compared to FY 2006's third-quarter results of $174.6 million, or $1.07 per share diluted. In FY 2007, third-quarter net income was reduced by after-tax write-downs of $88.5 million ($147.3 million pre-tax), or $0.54 per share diluted. In FY 2006, third-quarter after-tax write-downs totaled $14.6 million ($23.9 million pre-tax), or $0.09 per share diluted. Excluding write-downs, FY 2007's third-quarter earnings were $0.70 per share diluted compared to $1.16 per share diluted in FY 2006's third quarter.
FY 2007's nine-month net income was $117.5 million, or $0.72 per share diluted, compared to FY 2006's same period record results of $513.4 million, or $3.10 per share diluted. In FY 2007, nine-month net income was reduced by after-tax write-downs and a first-quarter goodwill impairment totaling $224.0 million ($372.9 million pre-tax), or $1.36 per share diluted. In FY 2006, nine-month after-tax write-downs totaled $22.7 million, or $0.14 per share diluted. Excluding write-downs and the goodwill impairment charge, FY 2007's nine-month earnings were $2.08 per share diluted compared to $3.24 per share diluted in FY 2006's first nine months.
FY 2007's third-quarter total revenues were $1.21 billion compared to FY 2006's third-quarter total revenues of $1.53 billion. FY 2007's nine-month total revenues were $3.48 billion compared to the nine-month record of $4.31 billion in FY 2006. FY 2007's third-quarter-end backlog was $3.67 billion compared to FY 2006's third-quarter-end backlog of $5.59 billion.
FY 2007's third-quarter net signed contracts were $727.0 million, as compared to FY 2006's third-quarter total of $1.05 billion. The Company signed 1,457 contracts (before cancellations) in FY 2007's third quarter, a 17% decline from the 1,760 signed in FY 2006's third quarter. Net of cancellations, third-quarter contracts totaled 1,110 units, down 23% from 1,443 units in the third quarter of FY 2006. Third-quarter FY 2007 cancellations totaled 347 units, versus 384 units and 436 units in the second and first quarters of FY 2007, respectively, and 585 units in fourth-quarter FY 2006; FY 2007's third-quarter cancellations were 23.8% as a percentage of current-quarter contracts and 6.0% as a percentage of beginning-quarter backlog compared to 18.9% and 6.5%, respectively, in the previous quarter, and highs of 36.7% and 7.3%, respectively, in the fourth quarter of FY 2006. FY 2007's nine-month net contracts were $2.64 billion compared to FY 2006's nine-month total of $3.75 billion.
The Company ended its third quarter with over $770 million in cash and more than $1.17 billion available under its bank credit facility, which matures in 2011. Its net debt-to-capital ratio(1) at July 31, 2007 stood at 28.6% compared to 36.8% one year ago. The Company, which has continued to renegotiate, and in some cases, reduce its optioned land positions, ended FY 2007's third quarter with approximately 63,000 lots owned and optioned compared to approximately 91,200 at its peak at the second-quarter-end of FY 2006. The Company ended the third quarter with 315 selling communities, down from 325 at second-quarter-end, and expects to be selling from approximately 305 communities by Fiscal Year End 2007.
Robert I. Toll, chairman and chief executive officer, stated: "We continue to wrestle with the interrelated challenges of softer demand and excess housing supply in most markets. So far, nearly two years into the current housing slowdown, we have continued to remain profitable and increase stockholders' equity. We believe our build-to-order operating model has helped. In single-family communities, we typically do not start a home until we have a contract in place and a significant non-refundable down-payment. In our multi-family and high-rise communities, although we do pre-sell, it generally is not feasible, nor desirable, to wait for 100% pre-sales before breaking ground.
"Even with these policies, during this downturn, we have experienced a much higher rate of cancellations than at any time in our twenty-one-year history as a public company. While our cancellation rates are at the very low end of the range compared to the other major public builders, they are still, for us, quite elevated.
"As a luxury home builder, we try to focus on great locations with excellent schools in established, affluent markets where approvals are often very difficult to obtain. Therefore, we believe that in the medium- and long-term, our locations have value that we don't wish to sacrifice to generate short-term sales volumes and cash flow. Our debt is of a long-term nature and our leverage is low by historical standards, which, we believe, gives us more flexibility to operate patiently as we deal with the current downturn.
"We, along with many others, are concerned about the dislocation in the secondary mortgage market. We maintain relationships with a widely diversified variety of mortgage providers, most of which are among the largest and, we believe, most reliable in our industry. With few exceptions, the investors who provide our customers with mortgages continue to issue new commitments. Through our third-quarter-end, our buyers generally were able to obtain both conforming and jumbo loans (loans over $417,000).
"Nevertheless, tightening credit standards will likely shrink the pool of potential home buyers: Mortgage market liquidity issues and higher borrowing rates may impede some customers from closing, while others may find it more difficult to sell their existing homes. However, we believe that our buyers generally should be able to continue to secure mortgages, due to their typically lower loan-to-value ratios and attractive credit profiles.
"We believe that reducing new home production until the current oversupply is absorbed is a key step in bringing housing markets back into equilibrium. Last week's very low housing starts data implied that this is beginning to occur. Once equilibrium is achieved, we believe home prices will firm and customers, who are waiting on the sidelines, will have the confidence to enter the market."
Joel H. Rassman, chief financial officer, stated: "Consistent with our statement in our August 8, 2007 conference call and press release, given the numerous uncertainties surrounding sales paces, the mortgage markets, market direction and the potential for and size of future impairments, in the current environment we are not comfortable providing fourth-quarter guidance at this time or confirming any previous guidance."
Robert Toll continued: "We thank our dedicated and loyal associates as, together, we weather these difficult times and remain focused on providing our buyers with the highest standards of quality, value and service."
Toll Brothers' financial highlights for the third-quarter and nine-month periods ended July 31, 2007 (unaudited):
* FY 2007's third-quarter net income was $26.5 million, or $0.16 per share diluted, compared to FY 2006's third-quarter of $174.6 million, or $1.07 per share diluted. In FY 2007, third-quarter net income included pre-tax write-downs of $147.3 million, or $0.54 per share diluted. $139.6 million of the write-downs were attributable to operating communities and owned land and $7.7 million was attributable to optioned land. In FY 2006, third-quarter pre-tax write-downs totaled $23.9 million. FY 2007 third-quarter earnings per share, including write-downs, declined 85% versus FY 2006; excluding write-downs, earnings were $0.70 per share diluted, down 40% versus FY 2006. * In FY 2007's third quarter, "Interest and other" included $15 million of pre-tax income from the sale of Toll Brothers' Westminster Security Company, the Company's home security monitoring subsidiary, to an unrelated buyer. * FY 2007's nine-month net income was $117.5 million, or $0.72 per share diluted, compared to FY 2006's nine-month record of $513.4 million, or $3.10 per share diluted. In FY 2007, nine-month net income included pre-tax write-downs and a goodwill impairment charge totaling $372.9 million, or $1.36 per share diluted. $338.7 million of the write-downs was attributable to operating communities and owned land and $25.2 million was attributable to optioned land. In FY 2006, nine-month pre-tax write-downs totaled $37.0 million. FY 2007 nine-month earnings per share, including write-downs, declined 77% versus FY 2006; excluding write-downs and the impairment charge, earnings were $2.08 per share diluted, down 36% versus FY 2006. * FY 2007's third-quarter total revenues of $1.21 billion decreased 21% from FY 2006's third-quarter total revenues of $1.53 billion. FY 2007's third-quarter home building revenues of $1.21 billion decreased 21% from FY 2006's third-quarter home building revenues of $1.53 billion. Revenues from land sales totaled $4.5 million in FY 2007's third quarter, compared to $1.1 million in FY 2006's third quarter. * FY 2007's nine-month total revenues of $3.48 billion decreased 19% from FY 2006's nine-month total revenues of $4.31 billion, the nine-month record. FY 2007's nine-month home building revenues of $3.47 billion decreased 19% from FY 2006's nine-month home building revenues of $4.31 billion, the nine-month record. Revenues from land sales totaled $9.9 million in FY 2007's first nine months, compared to $7.9 million in the first nine months of FY 2006. * In addition, in the Company's third quarter and first nine months of FY 2007, unconsolidated entities in which the Company had an interest delivered $11.7 million and $47.1 million of homes, respectively, compared to $14.2 million and $95.3 million during the third quarter and first nine months, respectively, of FY 2006. The Company's share of profits from the delivery of these homes is included in "Equity Earnings from Unconsolidated Entities" on the Company's Income Statement. * In FY 2007, the Company's third-quarter-end backlog of $3.67 billion decreased 34% from FY 2006's third-quarter-end backlog of $5.59 billion. In addition, at the end of third quarter FY 2007, unconsolidated entities in which the Company had an interest had a backlog of $68.3 million. * The Company's FY 2007 third-quarter net contracts of $727.0 million declined by 31% from FY 2006's third-quarter net contracts of $1.05 billion. In addition, in FY 2007's third quarter, unconsolidated entities in which the Company had an interest signed contracts of $33.6 million. * FY 2007's nine-month net contracts of $2.64 billion declined by 30% from FY 2006's nine-month net contracts of $3.75 billion. In addition, in FY 2007's nine-month period, unconsolidated entities in which the Company had an interest signed contracts of $97.4 million. (1) Net debt-to-capital is calculated as total debt minus mortgage warehouse loans minus cash, divided by total debt minus mortgage warehouse loans minus cash plus stockholders' equity.
Toll Brothers will be broadcasting live via the Investor Relations section of its website, www.tollbrothers.com, a conference call hosted by chairman and chief executive officer Robert I. Toll at 2:00 p.m. (EDT) today, August 22, 2007, to discuss these results and its outlook for the remainder of FY 2007. To access the call, enter the Toll Brothers website, then click on the Investor Relations page, and select "Conference Calls". Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software. The call can be heard live with an on-line replay which will follow and continue through September 30, 2007.
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 under the symbol "TOL". The Company serves move-up, empty-nester, active-adult and second-home home buyers and operates in 22 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, 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 and landscape subsidiaries. The Company also operates its own lumber distribution and house component assembly and manufacturing operations.
Toll Brothers, a FORTUNE 500 Company, 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 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, 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 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 approvals and to open new communities, the ability to sell homes and properties, the ability to deliver homes from backlog, the ability to secure materials and subcontractors, the ability to produce the liquidity and capital necessary to expand and take advantage of opportunities in the future, industry trends, 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 obtain adequate and affordable financing for the purchase of homes, the ability of home buyers to sell their existing 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,
2007 2006
---------- ----------
(Unaudited)
ASSETS
Cash and cash equivalents $ 771,721 $ 632,524
Inventory 5,957,214 6,095,702
Property, construction and office
equipment, net 88,926 99,089
Receivables, prepaid expenses and other
assets 119,777 160,446
Contracts receivable 48,073 170,111
Mortgage loans receivable 140,146 130,326
Customer deposits held in escrow 43,423 49,676
Investments in and advances to
unconsolidated entities 240,251 245,667
Deferred tax assets, net 18,045
---------- ----------
$7,427,576 $7,583,541
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Loans payable $ 715,843 $ 736,934
Senior notes 1,142,021 1,141,167
Senior subordinated notes 350,000 350,000
Mortgage company warehouse loan 127,184 119,705
Customer deposits 300,657 360,147
Accounts payable 280,860 292,171
Accrued expenses 782,812 825,288
Income taxes payable 130,720 334,500
---------- ----------
Total liabilities 3,830,097 4,159,912
---------- ----------
Minority interest 8,005 7,703
Stockholders' equity
Preferred stock, none issued
Common stock 1,567 1,563
Additional paid-in capital 207,199 220,783
Retained earnings 3,380,766 3,263,274
Treasury stock (58) (69,694)
---------- ----------
Total stockholders' equity 3,589,474 3,415,926
---------- ----------
$7,427,576 $7,583,541
========== ==========
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,
------------------------ ------------------------
2007 2006 2007 2006
---------- ---------- ---------- ----------
Revenues:
Traditional
home sales $3,356,895 $4,168,092 $1,178,500 $1,488,905
Percentage of
completion 110,890 138,687 29,368 41,163
Land sales 9,854 7,923 4,483 1,145
---------- ---------- ---------- ----------
3,477,639 4,314,702 1,212,351 1,531,213
---------- ---------- ---------- ----------
Costs of
revenues:
Traditional
home sales 2,811,399 2,912,750 1,023,230 1,052,116
Percentage of
completion 87,540 110,519 24,280 31,995
Land sales 6,441 6,842 3,677 903
Interest 76,258 88,445 27,121 29,816
---------- ---------- ---------- ----------
2,981,638 3,118,556 1,078,308 1,114,830
---------- ---------- ---------- ----------
Selling,
general and
administrative 396,263 429,341 131,686 148,117
Goodwill
impairment 8,973
---------- ---------- ---------- ----------
Income from
operations 90,765 766,805 2,357 268,266
Other:
Equity
earnings from
unconsolidated
entities 15,375 36,662 3,848 7,269
Interest and
other 85,599 31,992 38,841 9,699
---------- ---------- ---------- ----------
Income before
income taxes 191,739 835,459 45,046 285,234
Income taxes 74,247 322,040 18,560 110,602
---------- ---------- ---------- ----------
Net income $ 117,492 $ 513,419 26,486 $ 174,632
========== ========== ========== ==========
Earnings per
share:
Basic $ 0.76 $ 3.32 $ 0.17 $ 1.14
========== ========== ========== ==========
Diluted $ 0.72 $ 3.10 $ 0.16 $ 1.07
========== ========== ========== ==========
Weighted average
number of
shares:
Basic 154,828 154,520 155,556 153,723
Diluted 164,239 165,423 164,375 163,514
Additional
information:
Interest
incurred $ 102,702 $ 100,879 $ 34,430 $ 34,224
========== ========== ========== ==========
Depreciation and
amortization $ 24,246 $ 23,643 $ 7,440 $ 8,317
========== ========== ========== ==========
Interest
expense by
source of
revenue:
Traditional
home sales $ 71,719 $ 83,769 $ 25,690 $ 28,423
Percentage of
completion 4,256 3,683 1,257 1,138
Land sales 283 993 174 255
---------- ---------- ---------- ----------
$ 76,258 $ 88,445 $ 27,121 $ 29,816
========== ========== ========== ==========
Toll Brothers operates in four geographic segments:
North: Connecticut, Illinois, Massachusetts, Michigan,
Minnesota, New Jersey, New York, Ohio (2006 only) and
Rhode Island
Mid-Atlantic: Delaware, Maryland, Pennsylvania, Virginia and West
Virginia
South: Florida, North Carolina, South Carolina and Texas
West: Arizona, California, Colorado and Nevada
Three Months Ended Three Months Ended
July 31, July 31,
-------------------- --------------------
Units $ (Millions)
-------------------- --------------------
HOME BUILDING REVENUES 2007 2006 2007 2006
---------------------- -------- -------- -------- --------
COMPLETED CONTRACT
COMMUNITIES
North 423 516 $ 272.8 $ 351.5
Mid-Atlantic 575 678 350.6 447.4
South 416 473 233.4 266.1
West 378 490 321.7 423.9
-------- -------- -------- --------
Total 1,792 2,157 $1,178.5 $1,488.9
======== ======== ======== ========
PERCENTAGE OF
COMPLETION(2)
North $ 20.6 $ 25.9
South 8.8 15.3
-------- -------- -------- --------
Total -- -- $ 29.4 $ 41.2
======== ======== ======== ========
TOTAL
North 423 516 $ 293.4 $ 377.4
Mid-Atlantic 575 678 350.6 447.4
South 416 473 242.2 281.4
West 378 490 321.7 423.9
-------- -------- -------- --------
Total consolidated 1,792 2,157 $1,207.9 $1,530.1
======== ======== ======== ========
CONTRACTS
----------------------
COMPLETED CONTRACT
COMMUNITIES (1)
North 366 381 $ 216.0 $ 263.8
Mid-Atlantic 349 480 222.9 310.9
South 219 286 116.2 182.7
West 173 286 168.0 284.9
-------- -------- -------- --------
Total 1,107 1,433 $ 723.1 $1,042.3
======== ======== ======== ========
PERCENTAGE OF
COMPLETION
North 3 9 $ 4.0 $ 6.5
South 1 (0.1) 1.5
-------- -------- -------- --------
Total 3 10 $ 3.9 $ 8.0
======== ======== ======== ========
TOTAL
North 369 390 $ 220.0 $ 270.3
Mid-Atlantic 349 480 222.9 310.9
South 219 287 116.1 184.2
West 173 286 168.0 284.9
-------- -------- -------- --------
Total consolidated 1,110 1,443 $ 727.0 $1,050.3
======== ======== ======== ========
At July 31, At July 31,
-------------------- --------------------
Units $ (Millions)
-------------------- --------------------
BACKLOG 2007 2006 2007 2006
---------------------- -------- -------- -------- --------
COMPLETED CONTRACT
COMMUNITIES(1)
North 1,614 1,703 $1,205.2 $1,221.6
Mid-Atlantic 1,198 2,003 828.0 1,327.7
South 1,021 1,978 560.4 1,122.7
West 1,014 1,961 995.7 1,739.0
-------- -------- -------- --------
Total 4,847 7,645 $3,589.3 $5,411.0
======== ======== ======== ========
PERCENTAGE OF
COMPLETION(2)
North 132 303 $ 76.4 $ 202.5
South 18 77 47.6 115.8
Less revenue
recognized on units
remaining in backlog (48.1) (138.7)
-------- -------- -------- --------
Total 150 380 $ 75.9 $ 179.6
======== ======== ======== ========
TOTAL
North 1,746 2,006 $1,281.6 $1,424.1
Mid-Atlantic 1,198 2,003 828.0 1,327.7
South 1,039 2,055 608.0 1,238.5
West 1,014 1,961 995.7 1,739.0
Less revenue
recognized on units
remaining in backlog (48.1) (138.7)
-------- -------- -------- --------
Total consolidated 4,997 8,025 $3,665.2 $5,590.6
======== ======== ======== ========
Nine Months Ended Nine Months Ended
July 31, July 31,
-------------------- --------------------
Units $ (Millions)
-------------------- --------------------
HOME BUILDING REVENUES 2007 2006 2007 2006
---------------------- -------- -------- -------- --------
COMPLETED CONTRACT
COMMUNITIES
North 1,035 1,399 $ 679.7 $ 930.7
Mid-Atlantic 1,621 1,954 1,012.8 1,295.5
South 1,286 1,429 735.2 780.6
West 1,095 1,317 929.2 1,161.2
-------- -------- -------- --------
Total 5,037 6,099 $3,356.9 $4,168.0
======== ======== ======== ========
PERCENTAGE OF
COMPLETION(2)
North $ 72.3 $ 85.1
South 38.6 50.6
West 3.0
-------- -------- -------- --------
Total -- -- $ 110.9 $ 138.7
======== ======== ======== ========
TOTAL
North 1,035 1,399 $ 752.0 $1,015.8
Mid-Atlantic 1,621 1,954 1,012.8 1,295.5
South 1,286 1,429 773.8 831.2
West 1,095 1,317 929.2 1,164.2
-------- -------- -------- --------
Total consolidated 5,037 6,099 $3,467.8 $4,306.7
======== ======== ======== ========
CONTRACTS
----------------------
COMPLETED CONTRACT
COMMUNITIES (1)
North 1,209 1,291 $ 848.2 $ 915.8
Mid-Atlantic 1,214 1,597 776.2 1,044.0
South 716 1,089 399.1 666.4
West 604 1,124 588.6 1,075.1
-------- -------- -------- --------
Total 3,743 5,101 $2,612.1 $3,701.3
======== ======== ======== ========
PERCENTAGE OF
COMPLETION
North 40 48 $ 29.4 $ 35.3
South 1 5 3.3 17.8
-------- -------- -------- --------
Total 41 53 $ 32.7 $ 53.1
======== ======== ======== ========
TOTAL
North 1,249 1,339 $ 877.6 $ 951.1
Mid-Atlantic 1,214 1,597 776.2 1,044.0
South 717 1,094 402.4 684.2
West 604 1,124 588.6 1,075.1
-------- -------- -------- --------
Total consolidated 3,784 5,154 $2,644.8 $3,754.4
======== ======== ======== ========
(1) Completed contract communities contracts and backlog include
certain projects that have extended sales and construction cycles.
Information related to these projects' contracts signed in the
three-month and nine-month periods ended July 31, 2007 and 2006, and
the backlog of undelivered homes at July 31, 2007 and 2006 are
provided below:
Contracts - Three Months Ended July 31,
---------------------------------------
2007 2006 2007 2006
Units Units $(Mill) $(Mill)
-------- -------- -------- --------
North 27 29 $ 22.5 $ 27.0
Mid-Atlantic 3 4 1.1 1.4
West (2) (0.6)
-------- -------- -------- --------
Total 28 33 $ 23.0 $ 28.4
======== ======== ======== ========
Contracts - Nine Months Ended July 31,
--------------------------------------
2007 2006 2007 2006
Units Units $(Mill) $(Mill)
-------- -------- -------- --------
North 301 192 $ 299.4 $ 179.3
Mid-Atlantic 12 22 5.1 8.4
West 16 0.4 12.2
-------- -------- -------- --------
Total 313 230 $ 304.9 $ 199.9
======== ======== ======== ========
Backlog at July 31,
------------------
2007 2006 2007 2006
Units Units $(Mill) $(Mill)
-------- -------- -------- --------
North 557 208 $ 543.4 $ 194.9
Mid-Atlantic 70 52 28.7 21.3
West 26 23 18.6 17.8
-------- -------- -------- --------
Total 653 283 $ 590.7 $ 234.0
======== ======== ======== ========
(2) Percentage of Completion deliveries in the three-month and
nine-month periods ended July 31, 2007 are provided below:
Deliveries for the three-month period ended July 31,
2007 2006 2007 2006
Units Units $(Mill) $(Mill)
-------- -------- -------- --------
North 64 $ 52.2
South 3 3.9
-------- -------- -------- --------
Total 67 -- $ 56.1 --
======== ======== ======== ========
Deliveries for the nine-month period ended July 31,
2007 2006 2007 2006
Units Units $(MILL) $(MILL)
-------- -------- -------- --------
North 224 $ 163.4
South 59 69.6
-------- -------- -------- --------
Total 283 -- $ 233.0 --
======== ======== ======== ========
Unconsolidated entities:
The Company has investments and advances to several entities that
are accounted for using the equity method of accounting. Information
on revenues, contracts signed and backlog are provided below:
2007 2006 2007 2006
Units Units $(Mill) $(Mill)
-------- -------- -------- --------
Revenues
Three months ended
July 31, 16 23 $ 11.7 $ 14.2
Nine months ended
July 31, 66 144 $ 47.1 $ 95.3
Contracts
Three months ended
July 31, 38 30 $ 33.6 $ 19.2
Nine months ended
July 31, 131 83 $ 97.4 $ 51.9
Backlog at July 31, 90 19 $ 68.3 $ 12.6