8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 22, 2007

Toll Brothers, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-09186	23-2416878
(State or Other Jurisdiction	(Commission	(IRS Employer
of Incorporation)	File Number)	Identification No.)
250 Gibraltar Road, Horsham, PA		19044
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (215) 938-8000

(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Press Release of Toll Brothers, Inc., dated August 22, 2007

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

     On August 22, 2007, Toll Brothers, Inc. issued a press release which contained Toll Brothers, Inc.’s results of operations for its three-month and nine-month periods ended July 31, 2007, a copy of which release is attached hereto as Exhibit 99.1 to this report.

     The information hereunder shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(c). Exhibits.

     The following Exhibit is furnished as part of this Current Report on Form 8-K:

Exhibit
No.	Item
99.1*	Press release of Toll Brothers, Inc. dated August 22, 2007 announcing its financial results for the three-month and nine-month periods ended July 31, 2007.

* Filed electronically herewith.

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 hereunto duly authorized.

		TOLL BROTHERS, INC.
Dated: August 22, 2007	By:	Joseph R. Sicree
		Joseph R. Sicree
		Senior Vice President, Chief Accounting Officer

2

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE
August 22, 2007 CONTACT: Frederick N. Cooper (215) 938-8312
fcooper@tollbrothersinc.com
Joseph R. Sicree (215) 938-8045
jsicree@tollbrothersinc.com

TOLL BROTHERS REPORTS 3RD QTR 2007 EARNINGS RESULTS

Horsham, PA, August 22, 2007 — 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.

*more*

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).

*more*

“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.

*more*

• 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.

*more*

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.

*more*

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

*more*

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

*more*

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

*more*

	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

*more*

	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

*more*

⁽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		—

*more*

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

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