-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FWs1GwqSaRVd1udaX1DIQhmHyHdQW2Kq8iXf+a00lRMSDh/cGAQxqXeu5O8u4yzw glu+3brjOk3noQCO+PRwkA== 0000794170-97-000008.txt : 19970610 0000794170-97-000008.hdr.sgml : 19970610 ACCESSION NUMBER: 0000794170-97-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970430 FILED AS OF DATE: 19970606 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOLL BROTHERS INC CENTRAL INDEX KEY: 0000794170 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 232416878 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09186 FILM NUMBER: 97619936 BUSINESS ADDRESS: STREET 1: 3103 PHILMONT AVE CITY: HUNTINGDON VALLEY STATE: PA ZIP: 19006 BUSINESS PHONE: 2159388000 MAIL ADDRESS: STREET 1: 3103 PHILMONT AVENUE CITY: HUNTINGDON VALLEY STATE: PA ZIP: 19006 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED April 30, 1997 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number 1-9186 TOLL BROTHERS, INC. (Exact name of registrant as specified in its charter) Delaware 23-2416878 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 3103 Philmont Avenue, Huntingdon Valley, Pennsylvania 19006 (Address of principal executive offices) (Zip Code) (215) 938-8000 (Registrant's telephone number, including area code) Not applicable (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: Common Stock, $.01 par value: 34,196,473 shares as of June 3, 1997 TOLL BROTHERS, INC. AND SUBSIDIARIES INDEX Page PART I. Financial Information No. ITEM 1. Financial Statements Condensed Consolidated Balance Sheets (Unaudited) 1 as of April 30, 1997 and October 31, 1996 Condensed Consolidated Statements of Income (Unaudited) 2 For the Six Months and Three Months Ended April 30, 1997 and 1996 Condensed Consolidated Statements of Cash Flows 3 (Unaudited)For the Six Months Ended April 30, 1997 and 1996 Notes to Condensed Consolidated Financial Statements 4 (Unaudited) ITEM 2. Management's Discussion and Analysis of 7 Financial Condition and Results of Operations PART II. Other Information 10 SIGNATURES 11 Certain information included herein and in other statements, reports and S.E.C. filings is foward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 related to subject matter such as national and local economic conditions, the effect of governmental regulation on the Company, the competitive environment in which the Company operates, changes in interest rates, home prices, availability and cost of land for future growth, availability of working capital, the availability and cost of labor and materials and the levels of spending for selling, general and administrative costs. Such forward looking information involves important risks and uncertainties that could significantly affect expected results. These risks and uncertainties are addressed in this and other SEC filings. TOLL BROTHERS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Amounts in thousands) (Unaudited)
April 30, October 31, 1997 1996 -------- ----------- ASSETS Cash and cash equivalents $ 42,606 $ 22,891 Residential inventories 843,433 772,471 Property, construction and office equipment 15,164 12,948 Receivables, prepaid expenses and other assets 25,564 26,783 Mortgage notes receivable 2,676 2,833 --------- -------- $929,443 $837,926 ========= ======== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Loans payable $ 183,353 $132,109 Subordinated notes 219,924 208,415 Customer deposits on sales contracts 51,403 43,387 Accounts payable 37,633 42,423 Accrued expenses 60,535 58,211 Collateralized mortgage obligations payable 2,664 2,816 Income taxes payable 31,111 35,888 -------- -------- Total liabilities 586,623 523,249 -------- -------- Shareholders' equity: Preferred stock Common stock 342 339 Additional paid-in capital 47,230 43,018 Retained earnings 295,248 271,320 -------- -------- Total shareholders' equity 342,820 314,677 -------- -------- $929,443 $837,926 ======== ========
TOLL BROTHERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands except per share data) (Unaudited) Six months Three months ended April 30 ended April 30 -------------- -------------- 1997 1996 1997 1996 ---- ---- ---- ---- Revenues: Housing sales $409,950 $286,622 $208,513 $145,208 Interest and other 1,776 956 693 300 -------- -------- -------- -------- 411,726 287,578 209,206 145,508 -------- -------- -------- -------- Costs and expenses: Land and housing construction 317,980 219,895 162,599 110,773 Selling, general & administrative 38,893 32,473 20,073 17,241 Interest 12,742 9,242 6,605 4,741 -------- -------- -------- -------- 369,615 261,610 189,277 132,755 -------- -------- -------- -------- Income before income taxes and extraordinary loss 42,111 25,968 19,929 12,753 Income taxes 15,411 9,722 7,326 4,775 -------- -------- -------- -------- Income before extraordinary loss 26,700 16,246 12,603 7,978 Extraordinary loss from extinguishment of debt, net of income taxes of $1,659 2,772 Net income $ 23,928 $ 16,246 $ 12,603 $ 7,978 ======== ======== ======== ======= Earnings per share: Primary Income before extraordinary loss $ .77 $ .47 $ .36 $ .23 Extraordinary loss from extinguishment of debt .08 -------- -------- -------- -------- Net Income $ .69 $ .47 $ .36 $ .23 ======== ======== ======== ======== Fully-diluted Income before extraordinary loss $ .74 $ .46 $ .35 $ .23 Extraordinary loss from extinguishment of debt .07 -------- -------- -------- -------- Net Income $ .67 $ .46 $ .35 $ .23 ======== ======== ======== ======== Weighted average number of shares Primary 34,737 34,527 34,793 34,506 Fully-diluted 37,083 36,976 37,138 36,929
TOLL BROTHERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited) Six months ended April 30 -------------- 1997 1996 ---- ---- Cash flows from operating activities: Net income $23,928 $16,246 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 1,886 1,602 Loss from repurchase of subordinated notes 117 Extraordinary loss from extinguishment of debt 4,431 Deferred taxes 2,764 1,761 Net realizable provisions 500 Changes in operating assets and liabilities: Increase in residential inventories (59,818) (61,735) Decrease (increase) in receivables, prepaid expenses and other assets 802 (1,045) Increase in customer deposits on sales contracts 8,016 11,191 (Decrease) increase in accounts payable, accrued expenses and other liabilities (2,466) 1,652 Decrease in current income taxes payable (7,449) (8,946) -------- -------- Net cash used in operating activities (27,906) (38,657) Cash flows from investing activities: -------- -------- Purchase of property, construction and office equipment, net (3,638) (1,707) Principal repayments of mortgage notes receivable 157 664 -------- -------- Net cash used in investing activities (3,481) (1,043) -------- -------- Cash flows from financing activities: Proceeds from loans payable 80,000 67,000 Principal payments of loans payable (40,027) (35,999) Proceeds from the issuance of senior subordinated notes 97,500 Repurchase of subordinated notes (90,434) (6,139) Principal payments of collateralized mortgage obligations (152) (197) Proceeds from stock options exercised and employee stock plan purchases 4,215 4,145 ------- -------- Net cash provided by financing activities 51,102 28,810 ------- -------- Net increase (decrease) in cash and cash equivalents 19,715 (10,890) Cash and cash equivalents, beginning of period 22,891 27,772 ------- -------- Cash and cash equivalents, end of period $42,606 $16,882 ======= ======== Supplemental disclosures of cash flow information Interest paid, net of capitalized amount $ 2,678 $ 2,675 ======= ======== Income taxes paid $18,102 $16,110 ======= ======== Supplemental disclosures of non-cash financing activities: Cost of residential inventories acquired through seller financing $11,144 $ 1,764 ======= ======== Income tax benefit relating to exercise of employee stock options $ 335 $ 888 ======= ========
See accompanying notes TOLL BROTHERS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts in thousands) (Unaudited) 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for interim financial information. The October 31, 1996 balance sheet amounts and disclosures included herein have been derived from the October 31, 1996 audited financial statements of the Registrant. Since the accompanying condensed consolidated financial statements do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements, it is suggested that they be read in conjunction with the financial statements and notes thereto included in the Registrant's October 31, 1996 Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary to present fairly the Company's financial position as of April 30, 1997 and 1996, the results of its operations for the six months and three months then ended and its cash flows for the six months then ended. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. Statement of Financial Accounting Standards No. 121, "Accounting for the Impairment of Long Lived Assets and for Long-Lived Assets to Be Disposed Of" ("FASB 121") established standards for the recognition and measurement of impairment losses on long-lived assets. The Company adopted FASB 121 as of November 1, 1996. The adoption did not result in the recognition of an impairment loss. Statement of Financial Accounting Standards No. 123 "Accounting for Stock-Based Compensation" ("FASB 123") establishes a fair value based method of accounting for stock-based compensation plans, including stock options. FASB 123 allows the Company to continue accounting for stock option plans under Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees" ("APB 25"), but requires it to provide proforma net income and earnings per share information "as if" the new fair value approach had been adopted. These proforma disclosures will be presented in the Registrant's financial statements to be contained in the 1997 Annual Report to Shareholders. Because the Company intends to continue accounting for its stock option plans under APB 25, there is no impact on the Company's consolidated financial statements resulting from implementation of FASB 123. Statement of Financial Accounting Standards No. 128, "Earnings per Share" ("FASB 128") requires the calculation and dual presentation of Basic and Diluted earnings per share ("EPS") and is effective for financial statements issued for periods ending after December 15, 1997; earlier application of FASB 128 is not permitted. Had FASB 128 been adopted, Basic EPS before extraordinary loss would have been $.78 and $.48 for the six months ended April 30, 1997 and 1996, respectively and $.37 and $.24 for the three months ended April 30, 1997 and 1996, respectively. Diluted EPS before extraordinary loss would have been $.74 and $.46 for the six months ended April 30, 1997 and 1996, respectively and $.35 and $.23 for the three months ended April 30, 1997 and 1996, respectively. 2. Residential Inventories Residential inventories consisted of the following:
April 30, October 31, 1997 1996 --------- ----------- Land and land development costs $191,801 $204,527 Construction in progress 566,933 491,552 Sample homes 43,287 40,017 Land deposits and costs of future development 19,714 16,243 Loan assets acquired for future development 3,563 4,106 Deferred marketing and financing costs 18,135 16,026 -------- -------- $843,433 $772,471 ======== ========
Construction in progress includes the cost of homes under construction, land and land development and carrying costs of lots that have been substantially improved. The Company capitalizes certain interest costs to inventories during the development and construction period. Capitalized interest is charged to interest expense when the related inventories are closed. Interest incurred, capitalized and expensed is summarized as follows:
Six months Three months ended April 30 ended April 30 -------------- -------------- 1997 1996 1997 1996 ---- ---- ---- ---- Interest capitalized, beginning of period $46,191 $43,142 $49,198 $44,849 Interest incurred 17,993 12,967 8,768 6,640 Interest expensed (12,742) (9,242) (6,605) (4,741) Write off to cost of sales (83) (231) (2) (112) -------- -------- -------- -------- Interest capitalized, end of period $51,359 $46,636 $51,359 $46,636 ======== ======== ======== ========
3. Loans Payable and Subordinated Debt In November 1996, the Company issued $100 million of 8 3/4% Senior Subordinated Notes due 2006. In March 1997, the Company borrowed $50,000,000 from two banks for a period of five years at a 7.72% fixed rate of interest. In March 1997, the Company redeemed all of its 10 1/2% Senior Subordinated Notes due 2002 ($87,800,000 principal amount) at 103%. See Note 4 - Extraordinary Loss From Extinguishment of Debt. 4. Extraordinary Loss From Extinguishment of Debt In January 1997, the Company called for redemption on March 15, 1997 all of its outstanding 10 1/2% Senior Subordinated Notes due 2002 at 103% of principal amount plus accrued interest. The redemption resulted in an extraordinary loss in the first quarter of fiscal 1997 of $2,772,000, net of $1,659,000 of income taxes. The loss represents the redemption premium and the write-off of unamortized deferred issuance costs. The redemption and related financing referred to in Note 3 will result in the reduction of the Company's interest incurred of approximately $2 million annually. 5. Stock Repurchase Program In April 1997, the Company announced that its Board of Directors authorized the repurchase of up to 3,000,000 shares of its Common Stock, par value $.01, from time to time, in open market transactions or otherwise, for the purpose of providing shares for its various employee benefit plans. As of April 30, 1997, the Company had not repurchased any shares. PART I. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS The following table sets forth, for the periods indicated, certain income statement items related to the Company's operations as percentages of total revenues and certain other data: Six months Three months ended April 30 ended April 30 -------------- -------------- 1997 1996 1997 1996 ---- ---- ---- ---- Revenues 100.0% 100.0% 100.0% 100.0% ------ ------ ------ ------ Costs and expenses: Land and housing construction 77.2 76.5 77.7 76.1 Selling, general and administrative 9.5 11.3 9.6 11.8 Interest 3.1 3.2 3.2 3.3 ------ ------ ------ ------ Total costs and expenses 89.8 91.0 90.5 91.2 ------ ------ ------ ------ Income before taxes 10.2% 9.0% 9.5% 8.8% ====== ====== ====== ======
Revenues for the six month and three month periods ended April 30, 1997 were higher than those of the comparable periods of 1996 by approximately $124.1 million, or 43%, and $63.7 million, or 44%, respectively. The increased revenues for the 1997 periods were primarily attributable to the increase in the number and higher average price of the homes delivered during the periods. The increased number of homes delivered was due to the greater number of communities from which the Company was delivering homes, the larger backlog of homes at the beginning of fiscal 1997 as compared to the beginning of fiscal 1996 and the delays in the 1996 periods caused by the severe winter weather conditions the Company encountered in many of its markets. The increase in the average selling price per home delivered in fiscal 1997 was due to a shift of the location of the homes to more expensive areas, a change in product mix to larger homes and increases in selling prices. The value of new sales contracts signed amounted to $528 million (1,314 homes) and $355 million (872 homes) for the six month and three month periods ended April 30, 1997, respectively. The value of new contracts signed for the comparable periods of fiscal 1996 were $447 million (1,237 homes) and $299 million (823 homes), respectively. The increase in new contracts signed in both periods of 1997 was primarily attributable to an increase in the average selling price of the houses (due primarily to the location, size and increases in selling prices), and an increase both in the number of communities in which the Company was offering homes for sale and in the number of contracts signed per community. Orders for new homes are generally the strongest during the Company's second quarter and consequently the backlog at April 30 is generally at its highest level in the Company's fiscal year. As of April 30, 1997, the backlog of homes under contract amounted to $644 million (1,593 homes), approximately 15% higher than the $561 million (1,509 homes) backlog as of April 30, 1996 and approximately 22% higher than the $526 million (1,367 homes) backlog as of October 31, 1996. The increase in backlog at April 30, 1997 is primarily attributable to the increases in the new contracts signed as previously discussed. Land and construction costs as a percentage of revenues increased in the six month and three month periods ended April 30, 1997 as compared to the same periods of 1996. The increases were due principally to increased material and overhead costs and the increased costs in the Company's newer markets resulting from the relatively less efficient construction in those markets. The cost increases were partially offset by the lower amount of inventory writedowns recognized in 1997($1.2 million for the six month period and $.2 million in the three month period) as compared to 1996 ($1.5 million in the six month period and $.4 million in the three month period). Selling, general and administrative expenses ("SG&A") in the six month and three month periods ended April 30, 1997 increased over the comparable periods of 1996 by $6.4 million or 20% and $2.8 million or 16%, respectively. These increases were primarily attributable to the higher level of spending due to the increased number of communities which the Company was operating during the 1997 periods as compared to the same periods of 1996 and the Company's geographic expansion. SG&A as a percentage of revenues in both 1997 periods were lower than the comparable 1996 periods due to revenues increasing at a faster rate than SG&A spending. The Company believes that SG&A, as a percentage of revenues, will continue to decrease for the full 1997 fiscal year as compared to the six month and three month periods ended April 30, 1997 due to revenues increasing at a faster pace than SG&A expenses. Interest expense is determined on a specific home-by-home basis and will vary depending on many factors including the period of time that the land under the home was owned, the length of time that the home was under construction, and the interest rates and the amount of debt carried by the Company in proportion to the amount of its inventory during those periods. As a percentage of revenues, interest expense was lower in the six month and three month periods of 1997 as compared to 1996. Income taxes for the six month periods ended April 30, 1997 and 1996 were provided at effective rates of 36.6% and 37.4%, respectively. For the three month periods ended April 30, 1997 and 1996, income taxes were provided at effective rates of 36.8% and 37.4%, respectively. The decrease in the effective tax rate in the six month and three month periods of 1997 was the result of non-taxable investment income. The Company does not expect to have this income in the subsequent quarters of 1997 due to the Company's use of its available funds to redeem its 10 1/2% Senior Subordinated Notes in March 1997. EXTRAORDINARY LOSS FROM EXTINGUISHMENT OF DEBT In January 1997, the Company called for redemption on March 15, 1997 of all of its outstanding 10 1/2% Senior Subordinated Notes due 2002 at 103% of principal amount plus accrued interest. The redemption resulted in an extraordinary loss in the first quarter of fiscal 1997 of $2,772,000, net of 1,659,000 of income taxes. The loss represents the redemption premium and a write-off of unamortized deferred issuance costs. The redemption and related refinancing will result in the reduction of the Company's interest costs of approximately $2 million annually. (See - "Capital Resources and Liquidity" below). CAPITAL RESOURCES AND LIQUIDITY Funding for the Company's residential development activities has been principally provided by cash flows from operations, unsecured bank borrowings and the public debt and equity markets. The Company has a $250 million unsecured revolving credit facility with fifteen banks which extends through June 2000. The facility reduces by 50% in June 1999 unless extended as provided for in the agreement. As of April 30, 1997, the Company had $50 million of loans and approximately $22.7 million of letters of credit outstanding under the facility. In November 1996, the Company issued $100 million of 8 3/4% Senior Subordinated Notes due 2006. In addition, in March 1997, the Company borrowed $50 million from two banks for a five year period at 7.72%. The Company used a portion of the proceeds from these sources to redeem the $87.8 million principal amount of its 10 1/2% Senior Subordinated Notes due 2002 in March 1997. In April 1997, Standard & Poor's Rating Group upgraded the Company's Corporate Credit Rating to BBB- and the ratings on its approximately $220 million of senior subordinated notes to BB+. The Company believes that it will be able to continue to fund its activities through a combination of operating cash flow and existing sources of credit. HOUSING DATA
Six Months Three Months Ended April 30 Ended April 30 ----------------- ---------------- 1997 1996 1997 1996 ---- ---- ---- ---- Period ended April 30: # of homes closed 1,088 806 538 415 # of homes contracted 1,314 1,237 872 823 Sales value of homes contracted (in thous.) $528,126 $447,025 $354,611 $299,132 April 30, Oct.31 April 30, Oct. 31 1997 1996 1996 1995 ---- ---- ---- ---- # of homes in backlog 1,593 1,367 1,509 1,078 Sales value of homes in backlog (in thous.) $644,370 $ 526,194 $561,224 $400,820
PART II. Other Information ITEM 1. Legal Proceedings None. ITEM 2. Changes in Securities None. ITEM 3. Defaults upon Senior Securities None. ITEM 4. Submission of Matters to a Vote of Security Holders (a) The Company's 1997 Annual Meeting of Shareholders was held on March 5, 1997. (b) Not required. (c) The following proposals were submitted to a vote of shareholders and were approved by the affirmative vote of a majority of the shares of common stock of the Company that were present in person or by proxy, as indicated below. (i) The approval of the proposed amendment to the Company's Stock Option Plan and Incentive Stock Plan (1995). FOR AGAINST ABSTAIN ---------- ---------- --------- 19,900,818 6,380,024 58,777 (ii) The approval of the proposed amendment of the Company's Stock Option and Incentive Stock Plan (1995). FOR AGAINST ABSTAIN ---------- ---------- --------- 18,454,021 7,823,673 61,925 (iii) The approval of Ernst & Young LLP as the Company's independent auditors for the 1997 fiscal year. FOR AGAINST ABSTAIN ---------- ---------- ---------- 26,282,365 25,130 32,124 ITEM 5. Other Information None. ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 11. Statement Regarding Computation of Per Share Earnings. Exhibit 27. Financial Data Schedule (b) Reports on Form 8-K None. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TOLL BROTHERS, INC. (Registrant) Date: June 4, 1997 By: /s/ Joel H. Rassman -------------------- ------------------------- Joel H. Rassman Senior Vice President, Treasurer and Chief Financial Officer Date: June 4, 1997 By: /s/ Joseph R. Sicree -------------------- ------------------------- Joseph R. Sicree Vice President - Chief Accounting Officer EX-11 2
TOLL BROTHERS, INC. & SUBSIDIARIES EXHIBIT 11 STATEMENT: COMPUTATION OF EARNINGS PER SHARE Six Months Six Months ended April 30 ended April 30 -------------- -------------- 1997 1996 ---- ---- Income before extraordinary loss per income statement $26,700,000 $16,246,000 Addback: Interest on convertible debentures, net of income taxes 756,000 785,000 ----------- ----------- Income before extraordinary loss (Fully-diluted) $27,456,000 $17,031,000 =========== =========== Per share: Primary $ 0.77 $ 0.47 Fully-diluted $ 0.74 $ 0.46 PRIMARY SHARES: Weighted average shares outstanding 34,034,942 33,823,950 Common stock equivalents - stock options 702,525 702,829 ------------ ----------- TOTAL 34,737,467 34,526,779 ============ =========== FULLY-DILUTED SHARES: Weighted average shares outstanding 34,034,942 33,823,950 Common stock equivalents - stock options 702,825 717,702 Shares issuable on conversion of subordinated debentures 2,344,782 2,434,182 ------------ ----------- TOTAL 37,082,549 36,975,834 ============ =========== Three Months Three Months ended April 30 ended April 30 -------------- -------------- 1997 1996 ---- ---- Income before extraordinary loss per income statement $12,603,000 $ 7,978,000 Addback: Interest on convertible debentures, net of income taxes 378,000 390,000 ----------- ----------- Income before extraordinary loss (Fully diluted) $12,981,000 $ 8,368,000 =========== =========== Earnings per share: Primary $ 0.36 $ 0.23 Fully Diluted $ 0.35 $ 0.23 PRIMARY SHARES: Weighted average shares outstanding 34,124,523 33,899,709 Common stock equivalents - stock options 668,166 606,758 ----------- ----------- TOTAL 34,792,689 34,506,467 =========== =========== FULLY-DILUTED SHARES: Weighted average shares outstanding 34,124,523 33,899,709 Common stock equivalents - stock options 668,532 606,890 Shares issuable on conversion of subordinated debentures 2,344,782 2,422,432 ----------- ----------- TOTAL 37,137,837 36,929,031 =========== ===========
EX-27 3
5 0000794170 TOLL BROTHERS, INC. 6-MOS OCT-31-1997 APR-30-1997 42,606 0 0 0 843,433 0 32,581 17,417 929,443 0 219,924 342 0 0 342,478 929,443 409,950 411,726 317,980 356,873 0 0 12,742 42,111 15,411 26,700 0 2,772 0 23,928 .69 .67
-----END PRIVACY-ENHANCED MESSAGE-----