Ah, it's so nice to see Bob Toll being honest (with internal numbers he was seeing this fall now being publicized in his results). Yup, after Bob and Bruce Toll sold over $150,000,000 worth of their stock in July at the tippy tippy top, it's fallen about 50% since then.
Don't ask for whom the bell tolls, Bob. It tolls for thee. You'll be seen in the same light as Ebbers and Lay in a few years time... The face of Greed...
"These are uncertain times and results could prove better or worse than the previous guidance we gave of 20% growth for (fiscal) 2007," CFO Joel H. Rassman added.
Even though fourth-quarter quarterly profit soared to record levels at Toll, investors will most likely concentrate on what the company's executives said about the outlook for the U.S. housing market in the earnings release.
"We look to the future with cautious optimism," said CEO Robert Toll.
"We believe demand for our luxury homes relies, in large measure, on consumer confidence, which has suffered recently among our clientele," he said.
Toll said the overall U.S. housing market is not as "robust" today as it was through most of 2004 and 2005, but noted the health of individual markets varies.
"Many believe the deceleration in price growth was inevitable, as the increases of 2004 and most of 2005 were not sustainable and were fueled, in part, by speculation," he said.
According to recent media reports, investors who were buying homes as an investment are walking away from some markets as prices slow, which could hasten a further pullback in the housing market
December 08, 2005
Toll Brothers freaks out the market (again) - but don't worry, Bob and Bruce Toll cashed out already
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4 comments:
Hurray for Toll! Cash and burn! It's the American way!
he builds crap houses too
The man is a snake. And I'm not so sure this issue will go away.
It's nice to hear Toll at least being honest. When the idiot can stop selling SHACKS for $400k that have $100k of materials his face will be off TV forever.
As Dr. Robert Shiller says, building costs should be going down as better materials and techniques are developed. All these homebuilders use the cheapest wood, cheapest appliances, and any good size fart will collapse the walls of their shacks.
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