-----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, JHyPrjsyRlBh+g1/ZSHn4B3T9qgVFPFzi+8+VnS0Dsz1YdxSmutIPXUX7leHba8b DOYaokiR003pbqSEXt4Uiw== 0000950116-04-000619.txt : 20040226 0000950116-04-000619.hdr.sgml : 20040226 20040226091424 ACCESSION NUMBER: 0000950116-04-000619 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040226 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040226 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09186 FILM NUMBER: 04628978 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 8-K 1 eightk.txt 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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): February 26, 2004 ---------------- 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.) 3103 Philmont Avenue, Huntingdon Valley, PA 19006 ------------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (215) 938-8000 Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c). Exhibits. The following Exhibit is filed as part of this Current Report on Form 8-K: Exhibit No. Item - ------- ---- 99.1* Summary of guidance to be given by the Company on its conference call at 4:PM (EST) on February 26, 2004 related to its expected results of operations for its fiscal 2004. Item 9. REGULATION FD DISCLOSURE On February 26, 2004, Toll Brothers, Inc. will host a conference call for investors to discuss the results of operations for its three-month period ended January 31, 2004, and to discuss the expected results of operations for its fiscal year 2004. A summary of the guidance to be given relating to its expected results of operations for its fiscal 2004 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. * 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: February 26, 2004 By: Joseph R. Sicree ------------------------ Joseph R. Sicree Vice President, Chief Accounting Officer EX-99 3 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 In its first quarter 2004 Earnings Conference Call to be held at 4:00P.M. (EST) on February 26, 2004, Toll Brothers, Inc. (the "Company") will provide the following guidance regarding its expected results of operations for its fiscal year ending October 31, 2004. These forecasts are subject to many risks, uncertainties and assumptions and may vary significantly from the actual results, as further noted below. Information with respect to quarterly data is subject to even greater fluctuation and risk. We undertake no obligation to publicly update the information provided due to changes in economic conditions, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted. We suggest that you listen to the conference call in its entirety. The conference call in its entirety can be heard via the Investor Relations portion of our website, www.tollbrothers.com, until April 30, 2004. The guidance given represents a range of deliveries for each of the future quarters and for the full fiscal year. The columns designated as "Low" represents the low end of the range while the columns designated "High" represent the upper end of the range. We expect that the actual results of operations will be somewhere in between the low end and the high end of the range provided.
The expected range of unit deliveries and delivered price in fiscal 2004 is: Unit Deliveries Price (000's) --------------------------------- ------------------------------ Low High Low High --------------------------------- ------------------------------ Year 5,900 6,200 $550,000 $560,000 Quarter ending January 31, 2004 (Act) 1,085 1,085 543,000 543,000 Quarter ending April 31, 2004 (Est) 1,325 1,425 545,000 555,000 Quarter ending July 31, 2004 (Est) 1,475 1,575 550,000 560,000 Quarter ending October 31, 2004 (Est) 1,950 2,150 565,000 575,000 Home building gross margins as a percentage of homebuilding revenues in fiscal 2004 are expected to be: Low High --------------------------------- Year 27.90% 28.10% Quarter ending January 31, 2004 (Act) 28.35% 28.35% Quarter ending April 31, 2004 (Est) 27.65% 28.00% Quarter ending July 31, 2004 (Est) 27.65% 27.85% Quarter ending October 31, 2004 (Est) 27.90% 28.10% Land sales revenues and gross margin for fiscal 2004 are expected to be approximately: Revenues (000's) Margin --------------------------------- Year $17,000 25% Quarter ending January 31, 2004 (Act) 5,987 11% Quarter ending April 31, 2004 (Est) 500 30% Quarter ending July 31, 2004 (Est) 5,000 30% Quarter ending October 31, 2004 (Est) 6,000 30% Other income for fiscal 2004 is expected to be approximately (amounts in thousands): Amount ----------------- Year $15,000 Quarter ending January 31, 2004 (Act) 1,683 Quarter ending April 31, 2004 (Est) 2,500 Quarter ending July 31, 2004 (Est) 4,000 Quarter ending October 31, 2004 (Est) 6,500
Income from unconsolidated entities for fiscal 2004 is expected to be approximately (amounts in thousands): Amount ----------------- Year $6,500 Quarter ending January 31, 2004 (Act) 665 Quarter ending April 31, 2004 (Est) 500 Quarter ending July 31, 2004 (Est) 2,500 Quarter ending October 31, 2004 (Est) 3,000 Selling, general and administrative expenses as a percentage of total revenues in fiscal 2004 is expected to be: Low High --------------------------------- Year 10.90% 10.70% Quarter ending January 31, 2004 (Act) 12.87% 12.82% Quarter ending April 31, 2004 (Est) 11.75% 11.55% Quarter ending July 31, 2004 (Est) 11.10% 10.90% Quarter ending October 31, 2004 (Est) 9.20% 9.10%
Interest expense as a percentage of home sales and land sales revenues for the three months ended January 31, 2004 was 2.44 %. Interest expense as a percentage of home sales and land sales is expected to be approximately 2.6% for the second quarter and 2.5% for the third and fourth quarters. For the full year, interest expense will be approximately 2.5% of home sales and land sales revenues. Income taxes for the three months ended January 31, 2004 was 36.6 % of income before income taxes. Income taxes for the year and for each of the next three quarters is expected to be approximately 37% of income before income taxes. The share count to determine diluted earnings per share is based upon what we believe will be an increasing share price during the year. We estimate that the share count for determining diluted earnings per share will average 81.7 million shares for the full fiscal year, starting at 80.8 million shares in the first fiscal quarter and increasing to 82.2 million shares for the fourth fiscal quarter. 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, anticipated income from joint ventures and the Toll Brothers Realty Trusts Group, 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 average delivered price of homes, the ability to secure materials and subcontractors, the ability to maintain the liquidity and capital necessary to expand and take advantage of future opportunities, 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 finance the purchase of homes, the availability and cost of labor and materials, and weather conditions. -----END PRIVACY-ENHANCED MESSAGE-----