Delaware | 001-09186 | 23-2416878 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
250 Gibraltar Road, Horsham, PA | 19044 | |||
(Address of Principal Executive Offices) | (Zip Code) |
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)) |
99.1* | Press release of Toll Brothers, Inc. dated December 8, 2015 announcing its financial results for the twelve-month and three-month periods ended October 31, 2015. |
TOLL BROTHERS, INC. | ||||||
Dated: | December 8, 2015 | By: | /s/ Joseph R. Sicree | |||
Joseph R. Sicree Senior Vice President, Chief Accounting Officer |
FOR IMMEDIATE RELEASE | CONTACT: Frederick N. Cooper (215) 938-8312 |
December 8, 2015 | fcooper@tollbrothersinc.com |
▪ | FY 2015’s fourth-quarter net income was $147.2 million, or $0.80 per share diluted, compared to $131.5 million, or $0.71 per share diluted, in FY 2014’s fourth quarter. |
▪ | Pre-tax income was $217.5 million, compared to $188.5 million in FY 2014’s fourth quarter. Impacting FY 2015’s fourth-quarter pre-tax income, reported in cost of sales, were $4.4 million of inventory impairments and an $8.2 million net increase in reserves for warranty and litigation. FY 2014’s fourth-quarter pre-tax income included $10.8 million of inventory impairments and a $32.0 million net increase in reserves for warranty and litigation. |
▪ | Revenues of $1.44 billion and home building deliveries of 1,820 units rose 6% in dollars and 1% in units, compared to FY 2014’s fourth-quarter totals of $1.35 billion and 1,807 units. The average price of homes delivered was $790,000, compared to $724,000 in FY 2015’s third quarter and $747,000 in FY 2014’s fourth quarter. |
▪ | Net signed contracts of $1.25 billion and 1,437 units rose 29% in dollars and 12% in units, compared to FY 2014’s fourth-quarter totals of $970.8 million and 1,282 units. The average price of net signed contracts was $872,000, compared to $834,000 in FY 2015’s third quarter and $757,000 in FY 2014’s fourth quarter. On a per-community basis, FY 2015's fourth-quarter net signed contracts were 5.21 units, compared to fourth-quarter totals of 5.01 in FY 2014, 5.17 in FY 2013, 4.86 in FY 2012 and 3.04 in FY 2011. |
▪ | For the first five weeks of FY 2016, net signed contracts were up 21% in units compared to the same period in FY 2015. |
▪ | Backlog of $3.50 billion and 4,064 units increased 29% in dollars and 10% in units, compared to FY 2014’s fourth-quarter-end backlog of $2.72 billion and 3,679 units. The average price of homes in FY 2015’s fourth-quarter-end backlog was $862,000, compared to $829,000 at FY 2015’s third-quarter end and $739,000 at FY 2014’s fourth-quarter end. |
▪ | In FY 2015’s fourth quarter, the Company’s gross margin, excluding interest and impairments, was 26.0%, compared to 25.2% in FY 2015’s third quarter and 25.5% in FY 2014’s fourth quarter. |
▪ | Gross Margin, after interest, impairments, and net changes in reserves, was 22.3%, compared to 19.8% in FY 2015’s third quarter and 21.3% in FY 2014’s fourth quarter. |
▪ | SG&A as a percentage of revenue was 8.7%, compared to 8.9% in FY 2014’s fourth quarter |
▪ | Income from operations was 13.6% of revenue, compared to 12.4% in FY 2014’s fourth quarter. |
▪ | Other income and Income from unconsolidated entities totaled $21.6 million, compared to $20.8 million in the fourth quarter of FY 2014. |
▪ | The Company ended FY 2015 with 288 selling communities, compared to 267 at FY 2015’s third-quarter end, and 263 at FYE 2014. The Company expects similar growth in FY 2016. |
▪ | At FYE 2015, the Company had approximately 44,300 lots owned and optioned, compared to approximately 45,400 at FY 2015’s third-quarter end and approximately 47,200 one year ago. |
▪ | The Company ended FY 2015’s fourth quarter with a net debt-to-capital ratio(1) of 39.5%, compared to 40.6% at 2015’s third-quarter end and 41.1% at FY 2014’s fourth-quarter end. |
▪ | In addition to approximately $929.0 million of cash and marketable securities, the Company ended its fourth quarter with $566.1 million available under its $1.035 billion 15-bank revolving credit facility which matures in August 2018. |
▪ | In FY 2015, net income was $363.2 million, or $1.97 per share diluted, compared to FY 2014’s net income of $340.0 million, or $1.84 per share diluted. |
▪ | Pre-tax income was $535.6 million, compared to pre-tax income of $504.6 million in FY 2014. Impacting FY 2015’s pre-tax income, reported in cost of sales, were $35.7 million of inventory impairments and an $11.0 million net increase in reserves for warranty and litigation. FY 2014’s pre-tax income included $20.7 million of inventory impairments and a $24.0 million net increase in reserves for warranty and litigation. |
▪ | Revenues of $4.17 billion and home building deliveries of 5,525 units rose 7% in dollars and 2% in units, compared to FY 2014’s totals of $3.91 billion and 5,397 units. |
▪ | Net signed contracts of $4.96 billion and 5,910 units increased 27% in dollars and 12% in units, compared to net signed contracts of $3.90 billion and 5,271 units in FY 2014. |
▪ | Gross margin, excluding interest and impairments, was 25.9%, compared to 25.3% for FY 2014. |
▪ | Gross Margin, after interest, impairments, and net changes in reserves, was 21.6%, compared to 21.2% in FY 2014. |
▪ | SG&A as a percentage of revenue was 10.9% for FY 2015, compared to 10.9%, excluding $6.1 million of Shapell acquisition costs, for FY 2014. |
▪ | Income from operations was 10.7% of revenue for FY 2015, compared to 10.2% for FY 2014. |
▪ | Other income and Income from unconsolidated entities was $88.7 million, compared to $107.3 million in FY 2014. |
▪ | FY 2015’s fourth-quarter net income was $147.2 million, or $0.80 per share diluted, compared to FY 2014’s fourth-quarter net income of $131.5 million, or $0.71 per share diluted. |
▪ | FY 2015’s fourth-quarter pre-tax income was $217.5 million, compared to FY 2014’s fourth-quarter pre-tax income of $188.5 million. FY 2015’s fourth-quarter results included pre-tax inventory impairments totaling $4.4 million ($4.3 million attributable to an operating community and $0.1 million attributable to future communities) and an $8.2 million net increase in reserves. FY 2014’s fourth-quarter results included pre-tax inventory impairments of $10.8 million ($9.9 million attributable to an operating community and $0.9 million attributable to land controlled for future communities in cost of sales. FY 2014’s pre-tax income also included a $32.0 million increase in reserves for warranty and litigation in cost of sales. |
▪ | FY 2015’s net income was $363.2 million, or $1.97 per share diluted, compared to FY 2014’s net income of $340.0 million, or $1.84 per share diluted. |
▪ | FY 2015’s pre-tax income was $535.6 million, compared to FY 2014’s pre-tax income of $504.6 million. |
▪ | FY 2015’s fourth-quarter total revenues of $1.44 billion and 1,820 units increased 6% in dollars and 1% in units, compared to FY 2014’s fourth-quarter total revenues of $1.35 billion and 1,807 units. The average price of homes delivered was $790,000, compared to $724,000 in FY 2015’s third quarter and $747,000 in FY 2014’s fourth quarter. |
▪ | FY 2015’s total revenues of $4.17 billion and 5,525 units rose 7% in dollars and 2% in units, compared to FY 2014’s totals of $3.91 billion and 5,397 units. |
▪ | The Company’s FY 2015 fourth-quarter net signed contracts of $1.25 billion and 1,437 units rose 29% in dollars and 12% in units, compared to FY 2014’s fourth quarter totals of $970.8 million and 1,282 units. The average price of net signed contracts was $872,000, compared to $834,000 in FY 2015’s third quarter and $757,000 in FY 2014’s fourth quarter. |
▪ | On a per-community basis, FY 2015's fourth-quarter net signed contracts were 5.21 units, compared to fourth-quarter totals of 5.01 in FY 2014, 5.17 in FY 2013, 4.86 in FY 2012 and 3.04 in FY 2011. |
▪ | FY 2015 net signed contracts of $4.96 billion and 5,910 units increased 27% in dollars and 12% in units, compared to net signed contracts of $3.90 billion and 5,271 units in FY 2014. |
▪ | FY 2015’s fourth-quarter cancellation rate (current-quarter cancellations divided by current-quarter signed contracts) was 5.5%, compared to 6.7% in FY 2014’s fourth quarter. As a percentage of beginning-quarter backlog, FY 2015’s fourth-quarter cancellation rate was 1.9%, compared to 2.2% in FY 2014’s fourth quarter. |
▪ | The Company ended FY 2015 with a backlog of approximately $3.50 billion and 4,064 units, an increase of 29% in dollars and 10% in units, compared to FY 2014’s year-end backlog of $2.72 billion and 3,679 units. The average price of homes in FY 2015’s fourth-quarter-end backlog was $862,000 compared to $829,000 at FY 2015’s third-quarter end and $739,000 at FY 2014’s fourth-quarter end. |
▪ | In FY 2015’s fourth quarter, the Company’s gross margin, excluding interest and impairments, was 26.0%, compared to 25.2% in FY 2015’s third quarter and 25.5% in FY 2014’s fourth quarter. |
▪ | Gross Margin, after interest, impairments, and net changes in reserves, was 22.3%, compared to 19.8% in FY 2015’s third quarter and 21.3% in FY 2014’s fourth quarter. |
▪ | For FY 2015, gross margin, excluding interest and impairments, was 25.9%, compared to 25.3% for FY 2014. |
▪ | Gross Margin, after interest, impairments, and net changes in reserves, was 21.6%, compared to 21.2% in FY 2014. |
▪ | Interest included in cost of sales was $48.0 million, or 3.3% of revenues in FY 2015’s fourth quarter, compared to $45.7 million, or 3.4% of revenue in FY 2014’s fourth quarter. |
▪ | Interest included in cost of sales was $142.9 million, or 3.4% of revenues, in FY 2015, compared to $137.5 million, or 3.5% of revenues, in FY 2014. |
▪ | SG&A as a percentage of revenue was 8.7% in FY 2015’s fourth quarter, compared to 8.9% in FY 2014’s fourth quarter. |
▪ | For FY 2015, SG&A as a percentage of revenue was 10.9%, compared to 10.9%, excluding $6.1 million of Shapell acquisition costs, for FY 2014. |
▪ | Income from operations of $195.9 million represented 13.6% of revenues in FY 2015’s fourth quarter, compared to $167.8 million and 12.4% of revenues in FY 2014’s fourth quarter. |
▪ | Income from operations of $446.9 million represented 10.7% of revenues in FY 2015, compared to $397.2 million and 10.2% of revenues in FY 2014. |
▪ | Other income and Income from unconsolidated entities in FY 2015’s fourth quarter totaled $21.6 million, compared to $20.8 million in FY 2014’s same quarter. |
▪ | Other income and Income from unconsolidated entities in FY 2015 totaled $88.7 million, compared to $107.3 million in FY 2014. |
▪ | In FY 2015’s fourth quarter, unconsolidated entities in which the Company had an interest delivered $17.2 million of homes, compared to $15.3 million in the fourth quarter of FY 2014. In FY 2015, unconsolidated entities in which the Company had an interest delivered $78.1 million of homes, compared to $54.9 million in FY 2014. The Company recorded its share of the results from these entities’ operations in “Income from Unconsolidated Entities” on the Company’s Statement of Operations. |
▪ | In FY 2015’s fourth quarter, unconsolidated entities in which the Company had an interest signed contracts for $74.6 million of homes, compared to $49.9 million in the fourth quarter of FY 2014. In FY 2015, unconsolidated entities in which the Company had an interest signed contracts of $260.2 million of homes, compared to $293.2 million in FY 2014. |
▪ | At October 31, 2015, unconsolidated entities in which the Company had an interest had a backlog of $466.6 million, compared to $284.4 million at October 31, 2014. |
▪ | In FY 2015’s fourth quarter and fiscal year, the Company’s Gibraltar Capital and Asset Management subsidiary reported pre-tax income of $6.5 million and $12.8 million respectively, compared to FY 2014’s fourth quarter and year results of $5.3 million and $16.3 million. |
▪ | The Company ended FY 2015 with $929.0 million of cash and marketable securities, compared to $404.8 million at 2015’s third-quarter end and $598.3 million at FYE 2014. At FYE 2015, the Company also had $566.1 million available under its $1.035 billion 15-bank credit facility, which matures in August 2018. |
▪ | During FY 2015, the Company repurchased 1.67 million shares of its common stock at an average price of $34.17 for a total purchase price of $56.9 million. At October 31, 2015, there were 174.8 million shares of common stock outstanding. |
▪ | In the fourth quarter of FY 2015, the Company issued $350 million of 4.875% 10-year senior notes. |
▪ | The Company’s Stockholders’ Equity at FYE 2015 was $4.22 billion, compared to $3.85 billion at FYE 2014. |
▪ | The Company ended FY 2015 with a net debt-to-capital ratio(1) of 39.5%, compared to 40.6% at FY 2015’s third-quarter end, and 41.1% at FYE 2014. |
▪ | The Company ended FY 2015 with approximately 44,300 lots owned and optioned, compared to 45,400 one quarter earlier, and 47,200 one year earlier. At FYE 2015, approximately 35,900 of these lots were owned, of which approximately 16,500 lots, including those in backlog, were substantially improved. |
▪ | In the fourth quarter of FY 2015, the Company spent approximately $267.4 million on land to purchase 1,878 lots, and for the full fiscal year, purchased 5,288 lots for $701 million. |
▪ | The Company ended FY 2015 with 288 selling communities, compared to 267 at FY 2015’s third-quarter end and 263 at FYE 2014. The Company expects similar growth in FY 2016. |
▪ | Based on FYE 2015’s backlog and the pace of activity at its communities, the Company expects to produce home building revenues of between $4.5 billion and $5.6 billion in FY 2016 based on deliveries of between 5,600 and 6,600 homes at an average price of between $800,000 and $850,000 per home. |
(1) | Net debt-to-capital is calculated as total debt minus mortgage warehouse loans minus cash and marketable securities, divided by total debt minus mortgage warehouse loans minus cash and marketable securities plus stockholders' equity. |
October 31, 2015 | October 31, 2014 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 918,993 | $ | 586,315 | |||
Marketable securities | 10,001 | 12,026 | |||||
Restricted cash | 16,795 | 18,342 | |||||
Inventory | 6,997,516 | 6,490,321 | |||||
Property, construction and office equipment, net | 136,755 | 143,010 | |||||
Receivables, prepaid expenses and other assets | 284,130 | 233,127 | |||||
Mortgage loans held for sale | 123,175 | 101,944 | |||||
Customer deposits held in escrow | 56,105 | 42,073 | |||||
Investments in unconsolidated entities | 412,860 | 447,078 | |||||
Investments in foreclosed real estate and distressed loans | 51,730 | 73,800 | |||||
Deferred tax assets, net of valuation allowances | 198,455 | 250,421 | |||||
$ | 9,206,515 | $ | 8,398,457 | ||||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Loans payable | $ | 1,000,439 | $ | 652,619 | |||
Senior notes | 2,689,801 | 2,638,241 | |||||
Mortgage company loan facility | 100,000 | 90,281 | |||||
Customer deposits | 284,309 | 223,799 | |||||
Accounts payable | 236,953 | 225,347 | |||||
Accrued expenses | 608,066 | 581,477 | |||||
Income taxes payable | 58,868 | 125,996 | |||||
Total liabilities | 4,978,436 | 4,537,760 | |||||
Equity: | |||||||
Stockholders’ Equity | |||||||
Common stock | 1,779 | 1,779 | |||||
Additional paid-in capital | 728,125 | 712,162 | |||||
Retained earnings | 3,595,202 | 3,232,035 | |||||
Treasury stock, at cost | (100,040 | ) | (88,762 | ) | |||
Accumulated other comprehensive loss | (2,509 | ) | (2,838 | ) | |||
Total stockholders' equity | 4,222,557 | 3,854,376 | |||||
Noncontrolling interest | 5,522 | 6,321 | |||||
Total equity | 4,228,079 | 3,860,697 | |||||
$ | 9,206,515 | $ | 8,398,457 |
Twelve Months Ended October 31, | Three Months Ended October 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | $ | 4,171,248 | $ | 3,911,602 | $ | 1,437,202 | $ | 1,350,690 | |||||||
Cost of revenues | 3,269,270 | 3,081,837 | 1,116,332 | 1,062,575 | |||||||||||
Selling, general and administrative expenses | 455,108 | 432,516 | 124,934 | 120,345 | |||||||||||
3,724,378 | 3,514,353 | 1,241,266 | 1,182,920 | ||||||||||||
Income from operations | 446,870 | 397,249 | 195,936 | 167,770 | |||||||||||
Other: | |||||||||||||||
Income from unconsolidated entities | 21,119 | 41,141 | 4,039 | 2,949 | |||||||||||
Other income - net | 67,573 | 66,192 | 17,568 | 17,819 | |||||||||||
Income before income taxes | 535,562 | 504,582 | 217,543 | 188,538 | |||||||||||
Income tax provision | 172,395 | 164,550 | 70,380 | 57,014 | |||||||||||
Net income | $ | 363,167 | $ | 340,032 | $ | 147,163 | $ | 131,524 | |||||||
Income per share: | |||||||||||||||
Basic | $ | 2.06 | $ | 1.91 | $ | 0.83 | $ | 0.74 | |||||||
Diluted | $ | 1.97 | $ | 1.84 | $ | 0.80 | $ | 0.71 | |||||||
Weighted-average number of shares: | |||||||||||||||
Basic | 176,425 | 177,578 | 176,370 | 177,540 | |||||||||||
Diluted | 184,703 | 185,875 | 184,736 | 185,669 |
Twelve Months Ended October 31, | Three Months Ended October 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Impairment charges recognized: | |||||||||||||||
Cost of sales - land owned/controlled for future communities | $ | 13,409 | $ | 3,123 | $ | 130 | $ | 925 | |||||||
Cost of sales - operating communities | 22,300 | 17,555 | 4,300 | 9,855 | |||||||||||
$ | 35,709 | $ | 20,678 | $ | 4,430 | $ | 10,780 | ||||||||
Depreciation and amortization | $ | 23,557 | $ | 22,999 | $ | 5,890 | $ | 6,309 | |||||||
Interest incurred | $ | 155,170 | $ | 163,815 | $ | 37,274 | $ | 40,548 | |||||||
Interest expense: | |||||||||||||||
Charged to cost of sales | $ | 142,947 | $ | 137,457 | $ | 48,005 | $ | 45,691 | |||||||
Charged to other income - net | 3,843 | 5,394 | 1,048 | 3,518 | |||||||||||
$ | 146,790 | $ | 142,851 | $ | 49,053 | $ | 49,209 | ||||||||
Home sites controlled: | |||||||||||||||
Owned | 35,872 | 36,243 | |||||||||||||
Optioned | 8,381 | 10,924 | |||||||||||||
44,253 | 47,167 |
October 31, 2015 | October 31, 2014 | ||||||
Land and land development costs | $ | 2,476,008 | $ | 2,716,950 | |||
Construction in progress | 3,977,542 | 3,292,056 | |||||
Sample homes | 349,481 | 264,219 | |||||
Land deposits and costs of future development | 173,879 | 200,495 | |||||
Other | 20,606 | 16,601 | |||||
$ | 6,997,516 | $ | 6,490,321 |
North: | Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York |
Mid-Atlantic: | Delaware, Maryland, Pennsylvania and Virginia |
South: | Florida, North Carolina and Texas |
West: | Arizona, Colorado, Nevada, and Washington |
California: | California |
Three Months Ended October 31, | |||||||||||||||||||||
Units | $ (Millions) | Average Price Per Unit $ | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
HOME BUILDING REVENUES | |||||||||||||||||||||
North | 391 | 392 | $ | 239.0 | $ | 234.3 | $ | 611,300 | $ | 597,800 | |||||||||||
Mid-Atlantic | 413 | 427 | 266.2 | 264.9 | 644,400 | 620,500 | |||||||||||||||
South | 351 | 363 | 281.0 | 259.9 | 800,600 | 716,000 | |||||||||||||||
West | 319 | 277 | 209.7 | 178.9 | 657,400 | 645,800 | |||||||||||||||
California | 269 | 225 | 310.2 | 245.4 | 1,153,200 | 1,090,600 | |||||||||||||||
Traditional Home Building | 1,743 | 1,684 | 1,306.1 | 1,183.4 | 749,300 | 702,700 | |||||||||||||||
City Living | 77 | 123 | 131.1 | 167.3 | 1,702,800 | 1,359,900 | |||||||||||||||
Total consolidated | 1,820 | 1,807 | $ | 1,437.2 | $ | 1,350.7 | $ | 789,700 | $ | 747,500 | |||||||||||
CONTRACTS | |||||||||||||||||||||
North | 311 | 286 | $ | 219.7 | $ | 174.0 | $ | 706,400 | $ | 608,400 | |||||||||||
Mid-Atlantic | 331 | 287 | 216.3 | 185.8 | 653,300 | 647,300 | |||||||||||||||
South | 234 | 293 | 179.9 | 223.5 | 769,000 | 762,900 | |||||||||||||||
West | 291 | 225 | 211.5 | 147.5 | 726,700 | 655,500 | |||||||||||||||
California | 195 | 143 | 290.9 | 159.0 | 1,492,000 | 1,112,000 | |||||||||||||||
Traditional Home Building | 1,362 | 1,234 | 1,118.3 | 889.8 | 821,100 | 721,100 | |||||||||||||||
City Living | 75 | 48 | 134.6 | 81.0 | 1,794,300 | 1,686,500 | |||||||||||||||
Total consolidated | 1,437 | 1,282 | $ | 1,252.9 | $ | 970.8 | $ | 871,900 | $ | 757,200 | |||||||||||
BACKLOG | |||||||||||||||||||||
North | 890 | 878 | $ | 619.2 | $ | 564.6 | $ | 695,800 | $ | 643,100 | |||||||||||
Mid-Atlantic | 811 | 830 | 518.9 | 519.5 | 639,900 | 625,900 | |||||||||||||||
South | 824 | 963 | 669.2 | 723.2 | 812,100 | 751,000 | |||||||||||||||
West | 816 | 589 | 573.5 | 392.6 | 702,800 | 666,600 | |||||||||||||||
California | 609 | 275 | 897.8 | 304.6 | 1,474,200 | 1,107,600 | |||||||||||||||
Traditional Home Building | 3,950 | 3,535 | 3,278.6 | 2,504.5 | 830,000 | 708,500 | |||||||||||||||
City Living | 114 | 144 | 225.4 | 215.2 | 1,977,200 | 1,494,200 | |||||||||||||||
Total consolidated | 4,064 | 3,679 | $ | 3,504.0 | $ | 2,719.7 | $ | 862,200 | $ | 739,200 |
Twelve Months Ended October 31, | |||||||||||||||||||||
Units | $ (Millions) | Average Price Per Unit $ | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
HOME BUILDING REVENUES | |||||||||||||||||||||
North | 1,126 | 1,110 | $ | 702.2 | $ | 662.7 | $ | 623,600 | $ | 597,000 | |||||||||||
Mid-Atlantic | 1,342 | 1,292 | 845.3 | 817.3 | 629,900 | 632,600 | |||||||||||||||
South | 1,175 | 1,204 | 892.3 | 836.5 | 759,400 | 694,800 | |||||||||||||||
West | 994 | 814 | 665.3 | 517.9 | 669,300 | 636,200 | |||||||||||||||
California | 669 | 713 | 750.0 | 795.8 | 1,121,100 | 1,116,100 | |||||||||||||||
Traditional Home Building | 5,306 | 5,133 | 3,855.1 | 3,630.2 | 726,600 | 707,200 | |||||||||||||||
City Living | 219 | 264 | 316.1 | 281.4 | 1,443,400 | 1,065,900 | |||||||||||||||
Total consolidated | 5,525 | 5,397 | $ | 4,171.2 | $ | 3,911.6 | $ | 755,000 | $ | 724,800 | |||||||||||
CONTRACTS | |||||||||||||||||||||
North | 1,138 | 1,040 | $ | 756.8 | $ | 664.8 | $ | 665,000 | $ | 639,200 | |||||||||||
Mid-Atlantic | 1,323 | 1,220 | 844.7 | 763.9 | 638,500 | 626,100 | |||||||||||||||
South | 1,036 | 1,211 | 838.3 | 886.2 | 809,200 | 731,800 | |||||||||||||||
West | 1,221 | 951 | 846.2 | 618.2 | 693,000 | 650,100 | |||||||||||||||
California | 1,003 | 639 | 1,343.2 | 694.2 | 1,339,200 | 1,086,400 | |||||||||||||||
Traditional Home Building | 5,721 | 5,061 | 4,629.2 | 3,627.3 | 809,200 | 716,700 | |||||||||||||||
City Living | 189 | 210 | 326.4 | 269.2 | 1,727,000 | 1,281,900 | |||||||||||||||
Total consolidated | 5,910 | 5,271 | $ | 4,955.6 | $ | 3,896.5 | $ | 838,500 | $ | 739,200 |
Units | $ (Millions) | Average Price Per Unit $ | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Three months ended October 31, | |||||||||||||||||||||
Revenues | 21 | 21 | $ | 17.2 | $ | 15.3 | $ | 820,000 | $ | 730,400 | |||||||||||
Contracts | 40 | 22 | $ | 74.6 | $ | 49.9 | $ | 1,865,300 | $ | 2,268,700 | |||||||||||
Twelve months ended October 31, | |||||||||||||||||||||
Revenues | 96 | 70 | $ | 78.1 | $ | 54.9 | $ | 813,300 | $ | 784,600 | |||||||||||
Contracts | 147 | 143 | $ | 260.2 | $ | 293.2 | $ | 1,770,100 | $ | 2,050,000 | |||||||||||
Backlog at October 31, | 186 | 135 | $ | 466.6 | $ | 284.4 | $ | 2,508,500 | $ | 2,107,000 |