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): June 3, 2008

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))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

     On June 3, 2008, Toll Brothers, Inc. issued a press release which contained Toll Brothers, Inc.’s results of operations for its six-month and three-month periods ended April 30, 2008, 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 Exhibits are furnished as part of this Current Report on Form 8-K:

Exhibit
No.	Item
99.1*	Press release of Toll Brothers, Inc. dated June 3, 2008 announcing its financial results for the six-month and three-month periods ended April 30, 2008.

* 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: June 3, 2008	By: Joseph R. Sicree
	Joseph R. Sicree
	Senior Vice President,
	Chief Accounting Officer

2

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE
June 3, 2008 CONTACT: Frederick N. Cooper (215) 938-8312
fcooper@tollbrothersinc.com
Joseph R. Sicree (215) 938-8045
jsicree@tollbrothersinc.com

TOLL BROTHERS REPORTS 2ND QTR 2008 RESULTS

Horsham, PA, June 3, 2008 — Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation’s leading builder of luxury homes, today reported final second-quarter and six-month results for the periods ended April 30, 2008.

In FY 2008’s second quarter, the Company generated a net loss of $93.7 million, or $0.59 per share diluted, which included pre-tax write-downs of $288.1 million, $85.0 million of which was attributable to joint ventures. After-tax write-downs totaled $174.6 million, or $1.06 per share diluted. Excluding write-downs, FY 2008’s second-quarter earnings were $81.3 million, or $0.49 per share diluted. FY 2008’s second quarter included $40.2 million (pre-tax) of other income, which was the net additional proceeds received by the Company from a condemnation judgment.

For comparison, FY 2007’s second-quarter net income was $36.7 million, or $0.22 per share diluted, including pre-tax write-downs of $119.7 million, ($72.9 million, or $0.44 per share diluted, after-tax). Excluding write-downs, FY 2007’s second-quarter earnings were $109.6 million, or $0.66 per share diluted.

In FY 2008’s first six months, the Company generated a net loss of $189.7 million, or $1.20 per share diluted, which included pre-tax write-downs of $533.6 million, $112.8 million of which was attributable to joint ventures. After-tax write-downs totaled $324.9 million, or $1.98 per share diluted. Excluding write-downs, FY 2008’s six-month earnings were $138.6 million, or $0.84 per share diluted.

For comparison, FY 2007’s six-month net income was $91.0 million, or $0.55 per share diluted, including pre-tax write-downs and a $9.0 million first-quarter goodwill impairment, together totaling $225.6 million ($137.4 million, or $0.84 per share diluted, after-tax). Excluding write-downs, FY 2007’s six-month earnings were $228.4 million or $1.39 per share diluted.

For FY 2008’s second quarter, total revenues of $818.8 million were 30% lower than FY 2007’s second-quarter total of $1.17 billion. For FY 2008’s first six months, total revenues of $1.66 billion were 27% lower than FY 2007’s same-period total of $2.27 billion.

FY 2008’s backlog at second-quarter-end of $2.08 billion was 50% lower than FY 2007’s second-quarter-end backlog of $4.15 billion and 13% lower than FY 2008’s first-quarter-end backlog of $2.40 billion.

*more*

FY 2008 second-quarter gross contracts of $730.5 million and 1,237 homes were 49% and 39% lower, respectively, than FY 2007’s second-quarter totals of $1.44 billion and 2,031 homes. In FY 2008’s second quarter, the Company had 308 cancellations totaling $234.1 million, compared to 384 cancellations totaling $274.7 million in FY 2007’s second quarter. FY 2008 second-quarter net contracts (after cancellations) totaled 929 homes, or $496.5 million, which were lower by 44% in units and 58% in dollars than FY 2007’s second-quarter results of 1,647 net contracts, or $1.17 billion.

The average price per unit of gross contracts signed in FY 2008’s second quarter was $590,000, compared to $711,000 in FY 2007’s second quarter, and $634,000 in FY 2008’s first quarter. The lower average price was due to a combination of factors: higher incentives; a product mix which included a higher percentage of contracts from active adult and other lower priced communities; and fewer sales in high-priced markets such as California, where the market has slowed significantly, and Manhattan, where the Company is temporarily sold out of available inventory. The average price per unit of the second-quarter FY 2008 cancellations was $760,000. The effect of these cancellations, coupled with the factors above, was to reduce the average price of net contracts in FY 2008’s second quarter to $534,000 per unit. This compared to $580,000 and $557,000, respectively, in FY 2008’s first quarter and FY 2007’s fourth quarter, and $710,000 in FY 2007’s second quarter.

FY 2008 six-month net contracts totaled 1,576 homes, or $871.5 million, a decline of 41% in units and 55% in dollars, compared to FY 2007’s same period results of 2,674 net contracts, or $1.92 billion.

The Company’s net-debt-to-capital ratio ⁽¹⁾ at April 30, 2008 stood at 22.7%, its lowest level ever, compared to 31.8% one year ago. The Company, which has continued to renegotiate and, in some cases, reduce its optioned land positions, ended FY 2008’s second quarter with 51,800 lots owned and optioned, compared to 91,200 at its peak at the end of the second quarter of FY 2006. The Company ended FY 2008’s second quarter with 300 selling communities, compared to 315 at 2008’s first-quarter-end and its peak of 325 at FY 2007’s second-quarter-end. The Company expects to be selling from 290 communities by fiscal-year-end 2008.

⁽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.

Robert I. Toll, chairman and chief executive officer, stated: “Maintaining a strong balance sheet is among our top priorities as we persevere through these tough times. We hope to position ourselves for opportunities that should arise from this continuing severe down-cycle. We finished our second quarter with a record-low 22.7% net-debt-to-capital ratio, and over $2.5 billion of available capital, comprised of over $1.23 billion of cash plus over $1.27 billion available under our bank credit facility, which expires in 2011.

“Demand continues to be weak in most markets as our clients worry about selling their existing homes or entering the market before prices stabilize. In this difficult market, we continue to develop incentive strategies, when appropriate, on a community-by-community basis, which has enabled us to continue to generate pre-write-off profits. Although this strategy has resulted in slower sales, we believe it has helped sustain the reputation of our communities and value for our home buyers.

*more*

“We believe Congress should jump-start demand for new homes with an initiative that will bring buyers off the sidelines and into the market, and thereby stop the downward spiral of home prices. As we have said before, we favor a tax incentive for all those who buy homes within nine months of the Bill’s passage; this would create a sense of urgency. Interest rates are low, supply is abundant and a buyer’s market prevails. With a little motivation, the new home market could turn around, which would have a very positive impact on banks, bond prices and many other areas of the economy. Once home prices stabilize, Congress could then more successfully address mortgage issues; however, without stabilization of home prices, trying to address mortgage issues may be difficult at best.”

Toll Brothers’ financial highlights for the second-quarter and six-month periods ended April 30, 2008 (unaudited):

§	FY 2008’s second-quarter net loss was $93.7 million, or $0.59 per share diluted, compared to FY 2007’s second-quarter net income of $36.7 million, or $0.22 per share diluted. In FY 2008, second-quarter net income included pre-tax write-downs of $288.1 million, or $1.06 per share diluted. $195.9 million of the write-downs was attributable to operating communities and owned land, $7.2 million was attributable to optioned land and $85.0 million was attributable to joint ventures. In FY 2007, second-quarter pre-tax write-downs totaled $119.7 million. FY 2008 second-quarter earnings, excluding write-downs, were $81.3 million, or $0.49 per share diluted, down 26% versus FY 2007.
§	FY 2008’s second-quarter included other income of $60.6 million, $40.2 million of which was the net additional proceeds received by the Company from a condemnation judgment.
§	FY 2008’s six-month net loss was $189.7 million, or $1.20 per share diluted, compared to FY 2007’s six-month net income of $91.0 million, or $0.55 per share diluted. In FY 2008, six-month net income included pre-tax write-downs of $533.6 million, or $1.98 per share diluted. $341.0 million of the write-downs was attributable to operating communities and owned land, $79.7 million was attributable to optioned land and $112.8 million was attributable to joint ventures. In FY 2007, six-month pre-tax write-downs, and a $9.0 million goodwill impairment, totaled $225.6 million. FY 2008 six-month earnings, excluding write-downs, were $138.6 million, or $0.84 per share diluted, down 39% versus FY 2007.
§	FY 2008’s second-quarter total revenues of $818.8 million decreased 30% from FY 2007’s second-quarter total revenues of $1.17 billion. FY 2008’s second-quarter home building revenues of $818.0 million decreased 30% from FY 2007’s second-quarter home building revenues of $1.17 billion. Revenues from land sales totaled $0.8 million for FY 2008’s second quarter, compared to $2.0 million in FY 2007’s second quarter.
§	FY 2008’s six-month total revenues of $1.66 billion decreased 27% from FY 2007’s six-month total revenues of $2.27 billion. FY 2008’s six-month home building revenues of $1.66 billion decreased 27% from FY 2007’s six-month home building revenues of $2.26 billion. FY 2008 revenues from land sales for the six-month period totaled $1.3 million, compared to $5.4 million in the same period of FY 2007.

*more*

§ In addition, in the Company’s fiscal 2008 second-quarter and six-month periods, unconsolidated entities in which the Company had an interest delivered units with a sales value of $10.8 million and $22.1 million, respectively, compared to $14.8 million and $35.4 million, respectively, in the same periods of FY 2007. The Company’s share of the profits from the delivery of these homes is included in “(Loss) Earnings in Unconsolidated Entities” on the Company’s Statement of Operations.

§ The Company signed 1,237 gross contracts totaling $730.5 million in FY 2008’s second quarter, a decline of 39% and 49%, respectively, compared to the 2,031 gross contracts totaling $1.44 billion signed in FY 2007’s second quarter.

§ In FY 2008, second-quarter cancellations totaled 308, compared to 257, 417, 347, 384, 436, 585 and 317 in FY 2008’s first quarter, FY 2007’s fourth, third, second and first quarters and FY 2006’s fourth and third quarters, respectively. FY 2006’s third quarter was the first period in which cancellations reached elevated levels during the current housing downturn. FY 2008’s second-quarter cancellation rate (current-quarter cancellations divided by current-quarter signed contracts) was 24.9%, versus 28.4%, 38.9%, 23.8%, 18.9%, 29.8%, respectively, in the preceding first quarter of 2008, fourth, third, second and first quarters of 2007, and 36.7% and 18.0%, respectively, in FY 2006’s fourth and third quarters. As a percentage of beginning-quarter backlog, FY 2008’s second-quarter cancellation rate was 9.2%, compared to 6.5% in FY 2008’s first quarter, 8.3%, 6.0%, 6.5% and 6.7% in the fourth, third, second and first quarters of FY 2007, respectively, and 7.3% and 3.6% in the fourth and third quarters of FY 2006, respectively.

§ The Company’s FY 2008 second-quarter net contracts of 929 units, or $496.5 million, declined by 44% and 58%, respectively, compared to FY 2007’s second-quarter net contracts of 1,647 units, or $1.17 billion. In addition, in FY 2008’s second quarter, unconsolidated entities in which the Company had an interest signed contracts of $10.1 million.

§ FY 2008’s six-month net contracts of $871.5 million declined by 55% from FY 2007’s same-period total of $1.92 billion. In addition, in FY 2008’s six-month period, unconsolidated entities in which the Company had an interest signed contracts of $28.0 million.

§ In FY 2008, second-quarter-end backlog of $2.08 billion decreased 50% from FY 2007’s second-quarter-end backlog of $4.15 billion. In addition, at April 30, 2008, unconsolidated entities in which the Company had an interest had a backlog of $85.1 million.

§ The Company ended its FY 2008 second quarter with more than $1.23 billion in cash plus more than $1.27 billion available under its bank credit facility, which matures in 2011. Its net-debt-to-capital ratio of 22.7% was its lowest ever.

*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, June 3, 2008, to discuss these results. 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 July 31, 2008. Podcast (iTunes required) and MP3 format replays will be available 48 hours after the conference call via the “Conference Calls” section of the Investor Relations portion of the Toll Brothers website.

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 21 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, 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, inventory 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 and sales activity in the markets where the Company builds homes, the availability and cost of land for future growth, adverse market conditions that could result in substantial inventory write-downs, 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 ability of the participants in our various joint ventures to honor their commitments, the availability and cost of labor and materials, construction delays and weather conditions.

*more*

TOLL BROTHERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in thousands, except share data)
(unaudited)

	Six Months Ended					Three Months Ended
	April 30,					April 30,
	2008			2007		2008			2007
Revenues:
Completed Contract	$	1,626,837		$	2,178,395	$	800,303		$	1,124,259
Percentage of completion		33,489			81,522		17,694			48,437
Land Sales		1,316			5,371		793			1,981
		1,661,642			2,265,288		818,790			1,174,677
Cost of revenues:
Completed contract		1,638,909			1,788,169		804,713			941,766
Percentage of completion		27,482			63,260		14,594			37,363
Land sales		1,094			2,764		660			1,727
Interest		44,124			49,137		23,157			26,494
		1,711,609			1,903,330		843,124			1,007,350
Selling, general and administrative		230,023			264,577		108,705			130,367
Goodwill impairment					8,973
(Loss) income from operations		(279,990	)		88,408		(133,039	)		36,960
Other
(Loss) earnings from unconsolidated entities		(105,643	)		11,527		(81,557	)		4,735
Interest and other		79,667			46,758		60,585			17,798
(Loss) income before income taxes		(305,966	)		146,693		(154,011	)		59,493
Income tax (benefit) provision		(116,272	)		55,687		(60,274	)		22,803
Net (loss) income	$	(189,694	)	$	91,006	$	(93,737	)	$	36,690
(Loss) earnings per share:
Basic	$	(1.20	)	$	0.59	$	(0.59	)	$	0.24
Diluted	$	(1.20	)	$	0.55	$	(0.59	)	$	0.22
Weighted average number of shares:
Basic		158,081			154,464		158,457			154,716
Diluted		158,081			164,171		158,457			164,294
Additional information:
Interest incurred	$	63,681		$	68,272	$	30,576		$	34,121
Depreciation and amortization	$	15,198		$	16,806	$	7,708		$	8,440
Interest expense by source of revenues:
Completed contract	$	43,243		$	46,029	$	22,542		$	24,292
Percentage of completion revenues		841			2,999		577			2,094
Land sales		40			109		38			108
	$	44,124		$	49,137	$	23,157		$	26,494

*more*

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

	April 30,			October 31,
	2008			2007
	(unaudited)
ASSETS
Cash and cash equivalents	$	1,236,028		$	900,337
Inventory		4,835,869			5,572,655
Property, construction and office equipment, net		93,046			84,265
Receivables, prepaid expenses and other assets		123,185			135,910
Contracts receivable		5,288			46,525
Mortgage loans receivable		67,498			93,189
Customer deposits held in escrow		26,854			34,367
Investments in and advances to unconsolidated entities		196,566			183,171
Deferred tax assets, net		373,967			169,897
	$	6,958,301		$	7,220,316
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Loans payable	$	718,803		$	696,814
Senior notes		1,142,876			1,142,306
Senior subordinated notes		350,000			350,000
Mortgage company warehouse loan		56,732			76,730
Customer deposits		201,533			260,155
Accounts payable		150,638			236,877
Accrued expenses		769,494			724,229
Income taxes payable		233,771			197,960
Total liabilities		3,623,847			3,685,071
Minority interest		8,014			8,011
Stockholders’ equity
Common stock		1,587			1,570
Additional paid-in capital		264,716			227,561
Retained earnings		3,061,771			3,298,925
Treasury stock, at cost		(102	)		(425	)
Accumulated other comprehensive loss		(1,532	)		(397	)
Total stockholders’ equity		3,326,440			3,527,234
	$	6,958,301		$	7,220,316

*more*

	Toll Brothers operates in four geographic segments:
North:	Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey, New York and Rhode Island
Mid-Atlantic:	Delaware, Maryland, Pennsylvania, Virginia and West Virginia
South:	Florida, Georgia (2008 only), North Carolina, South Carolina and Texas
West:	Arizona, California, Colorado and Nevada

	Three Months Ended				Three Months Ended
	April 30,				April 30,
	Units				$ (Millions)
	2008		2007		2008		2007
HOME BUILDING REVENUES
COMPLETED CONTRACT COMMUNITIES (1)
North		329		325	$	232.4	$	215.2
Mid-Atlantic		335		534		203.5		333.2
South		291		467		144.4		268.7
West		257		360		220.0		307.2
Total		1,212		1,686	$	800.3	$	1,124.3
PERCENTAGE OF COMPLETION (2)
North					$	6.9	$	32.2
South						10.8		16.2
Total		—		—	$	17.7	$	48.4
TOTAL
North		329		325	$	239.3	$	247.4
Mid-Atlantic		335		534		203.5		333.2
South		291		467		155.2		284.9
West		257		360		220.0		307.2
Total consolidated		1,212		1,686	$	818.0	$	1,172.7
CONTRACTS
COMPLETED CONTRACT COMMUNITIES (1)
North		151		503	$	71.0	$	355.9
Mid-Atlantic		347		536		194.6		346.0
South		233		285		107.1		164.6
West		186		309		111.0		291.2
Total		917		1,633	$	483.7	$	1,157.7
PERCENTAGE OF COMPLETION (2)
North		9		13	$	5.0	$	10.1
South		3		1		7.8		1.2
Total		12		14	$	12.8	$	11.3
TOTAL
North		160		516	$	76.0	$	366.0
Mid-Atlantic		347		536		194.6		346.0
South		236		286		114.9		165.8
West		186		309		111.0		291.2
Total consolidated		929		1,647	$	496.5	$	1,169.0

*more*

	At April 30,				At April 30,
	Units				$ (Millions)
	2008		2007		2008			2007
BACKLOG
COMPLETED CONTRACT COMMUNITIES (1)
North		1,158		1,671	$	805.3		$	1,262.2
Mid-Atlantic		810		1,424		547.9			955.6
South		634		1,218		349.8			677.5
West		415		1,219		362.7			1,149.4
Total		3,017		5,532	$	2,065.7		$	4,044.7
PERCENTAGE OF COMPLETION (2)
North		17		193	$	13.5		$	124.5
South		1		21		2.8			51.7
Less revenue recognized on units remaining in backlog						(4.9	)		(74.1	)
Total		18		214	$	11.4		$	102.1
TOTAL
North		1,175		1,864	$	818.8		$	1,386.7
Mid-Atlantic		810		1,424		547.9			955.6
South		635		1,239		352.6			729.2
West		415		1,219		362.7			1,149.4
Less revenue recognized on units remaining in backlog						(4.9	)		(74.1	)
Total consolidated		3,035		5,746	$	2,077.1		$	4,146.8

*more*

	Six Months Ended					Six Months Ended
	April 30,					April 30,
	Units					$ (Millions)
	2008			2007		2008			2007
HOME BUILDING REVENUES
COMPLETED CONTRACT COMMUNITIES (1)
North		602			612	$	436.8		$	406.8
Mid-Atlantic		734			1,046		453.9			662.3
South		573			870		289.7			501.8
West		511			717		446.4			607.5
Total		2,420			3,245	$	1,626.8		$	2,178.4
PERCENTAGE OF COMPLETION (2)
North						$	29.2		$	51.7
South							4.3			29.8
Total		—			—	$	33.5		$	81.5
TOTAL
North		602			612	$	466.0		$	458.5
Mid-Atlantic		734			1,046		453.9			662.3
South		573			870		294.0			531.6
West		511			717		446.4			607.5
Total consolidated		2,420			3,245	$	1,660.3		$	2,259.9
CONTRACTS
COMPLETED CONTRACT COMMUNITIES (1)
North		329			843	$	191.1		$	632.2
Mid-Atlantic		571			865		325.1			553.2
South		418			497		210.5			283.0
West		252			431		141.6			420.6
Total		1,570			2,636	$	868.3		$	1,889.0
PERCENTAGE OF COMPLETION (2)
North		9			37	$	9.4		$	25.3
South		(3	)		1		(6.2	)		3.4
Total		6			38	$	3.2		$	28.7
TOTAL
North		338			880	$	200.5		$	657.5
Mid-Atlantic		571			865		325.1			553.2
South		415			498		204.3			286.4
West		252			431		141.6			420.6
Total consolidated		1,576			2,674	$	871.5		$	1,917.7

*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 six-month periods ended April 30, 2008 and 2007, and the backlog of undelivered homes at April 30, 2008 and 2007 are provided below:

Contracts — Three Months Ended April 30,

	2008			2007		2008			2007
	Units			Units		$ (Mill)			$ (Mill)
North		(40	)		151	$	(30.1	)	$	137.0
Mid-Atlantic					8		(0.1	)		3.6
West		(5	)		1		(4.1	)		0.6
Total		(45	)		160	$	(34.3	)	$	141.2

Contracts — Six Months Ended April 30,

	2008			2007		2008			2007
	Units			Units		$ (Mill)			$ (Mill)
North		(6	)		274	$	1.9		$	277.0
Mid-Atlantic		5			9		2.5			4.0
West		(32	)		2		(17.7	)		1.0
Total		(33	)		285	$	(13.3	)	$	282.0

Revenues — Three Months Ended April 30,

	2008		2007		2008		2007
	Units		Units		$ (Mill)		$ (Mill)
North		80			$	74.4
Mid-Atlantic		19				7.8
West		1				0.6
Total		100		—	$	82.8		—

Revenues — Six Months Ended April 30,

	2008		2007		2008		2007
	Units		Units		$ (Mill)		$ (Mill)
North		140			$	142.6
Mid-Atlantic		37				14.6
West		1				0.6
Total		178		—	$	157.8		—

*more*

Backlog at April 30,

	2008		2007		2008		2007
	Units		Units		$ (Mill)		$ (Mill)
North		387		530	$	358.3	$	521.0
Mid-Atlantic		40		67		17.9		27.5
West		16		28		12.2		19.2
Total		443		625	$	388.4	$	567.7

⁽²⁾ Percentage of Completion deliveries in the three-month and six-month periods ended April 30, 2008 and 2007 are provided below:

Deliveries for the three-month period ended April 30,

	2008		2007		2008		2007
	Units		Units		$ (MILL)		$ (MILL)
North		13		108	$	7.3	$	75.0
South		10		56		30.1		65.7
Total		23		164	$	37.4	$	140.7

Deliveries for the six-month period ended April 30,

	2008		2007		2008		2007
	Units		Units		$ (MILL)		$ (MILL)
North		58		160	$	34.6	$	111.3
South		13		56		37.8		65.7
Total		71		216	$	72.4	$	177.0

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:

	2008		2007		2008		2007
	Units		Units		$ (Mill)		$ (Mill)
Three months ended April 30,
Contracts		13		48	$	10.1	$	34.6
Revenue		13		23	$	10.8	$	14.8
Six months ended April 30,
Contracts		36		93	$	28.0	$	63.8
Revenue		28		50	$	22.1	$	35.4
Backlog at April 30,		116		68	$	85.1	$	46.4

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