Toll Brothers posts 3Q loss

HORSHAM, Pa. (AP) - September 4, 2008

Toll Brothers Inc. said Thursday it lost $29.3 million, or 18 cents per share, in the three months ended July 31. That's a reversal from a profit of $26.5 million, or 16 cents per share, a year earlier.

It says its revenue fell 34 percent to $797.7 million from $1.21 billion, as revenue from completed contracts dropped.

Toll Brothers says it absorbed $84.3 million in after tax write-downs in the quarter.

But Chief Executive Robert Toll says some measures have been stabilizing in recent months and says there was "pent-up demand" for housing.

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