Luxury-home builder Toll Brothers Inc. said net income fell 67% in its fiscal first quarter, hit by write-downs and an impairment charge. Revenue declined 19%.
The Horsham, Pa., company earned $54.3 million, or 33 cents a share, for the three months ended Jan. 31, down from $163.9 million, or 98 cents a share, a year earlier. The latest results included write-downs of $59 million, or 36 cents a share, and a goodwill-impairment charge of three cents a share, related to the company's 1999 acquisition of the Silverman Companies in Detroit. Excluding the write-downs and charge, first-quarter earnings were 72 cents a share, down 27%.
Revenue fell 19% to $1.09 billion from $1.34 billion.
A survey of analysts by Thomson Financial produced a consensus estimate of 29 cents a share for the first quarter.
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