HUNTINGDON VALLEY, Pa., June 26, 2003 (PRIMEZONE) -- Toll Brothers, Inc., (NYSE:TOL), the nation's leading builder of luxury homes, today announced its entry into the Reno, Nevada market. The Company will be developing approximately 74 luxury single-family homes within the new Damonte Ranch master plan, located just south of Reno.
Robert I. Toll, chairman and chief executive officer, stated: "Toll Brothers entered the Nevada home building market in 1997 with the purchase of the Las Vegas division of Coleman Homes. Since then, we have sold nearly $450 million of homes in the Las Vegas Valley. Based on the success we have enjoyed in the Las Vegas market, we have been on the lookout for the right opportunities to grow our brand and presence in other parts of the state. We are excited to become part of Reno's growth and look forward to a long, successful relationship with the city and its residents."
Gary Mayo, vice president in charge of Toll Brothers' Nevada division, stated: "In addition to Damonte Ranch, Toll Brothers is looking at other areas in Reno for further expansion. As the city continues to attract new businesses, the demand for quality luxury homes continues to exceed supply. By the end of 2003, we hope to announce plans for at least one more Toll Brothers community to help fulfill the needs of home buyers in this area."
At Damonte Ranch, Toll Brothers will offer a selection of four new floor plans, which includes two one-story and two two-story homes ranging in size from 2,900 to 4,300 square feet. The gated community will offer a distinctive hometown feel with tree-lined streets and a private interior park with a gazebo. Pre-sales at Toll Brothers' Damonte Ranch community are expected to begin in Fall 2003.
Damonte Ranch, being developed by Nevada Tri Partners, LLC, will include approximately 6,000 homes upon completion. The community offers easy freeway access and a highly desirable setting on the burgeoning south end of town near future employment centers as well as new and existing shopping venues. In addition, the master plan includes Reno's newest secondary educational institution, Damonte Ranch High School, which will open this fall.
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 buyers and operates in 21 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Massachusetts, Maryland, Michigan, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, and Virginia.
Toll Brothers builds luxury single-family and attached home communities and master-planned luxury multi-product residential golf course 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 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. For more information visit www.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, 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 ability to secure materials and subcontractors, 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, 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, the availability and cost of labor and materials, and weather conditions.