Toll Brothers Announces Initiation of Cash Dividend
February 21 2017 - 5:15PM
Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's
leading builder of luxury homes, today announced that its Board of
Directors has approved the initiation of a quarterly cash dividend
to shareholders. The first dividend of $0.08 per share will
be paid on April 28, 2017 to shareholders of record on the close of
business on April 14, 2017.
Toll Brothers, Inc., A FORTUNE 600 Company, is
the nation's leading builder of luxury homes. The Company began
business in 1967 and became a public company in 1986. Its
common stock is listed on the New York Stock Exchange under the
symbol “TOL.” The Company serves move-up, empty-nester,
active-adult, and second-home buyers and operates in 20 states:
Arizona, California, Colorado, Connecticut, Delaware, Florida,
Idaho, Illinois, Maryland, Massachusetts, Michigan, Minnesota,
Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas,
Virginia, and Washington, as well as in the District of
Columbia.
Toll Brothers builds an array of luxury
residential single-family detached, attached home, master planned
resort-style golf, and urban low-, mid-, and high-rise communities,
principally on land it develops and improves. The Company operates
its own architectural, engineering, mortgage, title, land
development and land sale, golf course development and management,
home security, and landscape subsidiaries. The Company also
operates its own lumber distribution, house component assembly, and
manufacturing operations. Through its Gibraltar Capital and
Asset Management joint venture, the Company provides builders and
developers with land banking and joint venture capital. The Company
acquires and develops commercial and apartment properties through
Toll Brothers Apartment Living, Toll Brothers Campus Living, and
the affiliated Toll Brothers Realty Trust, and develops urban low-,
mid-, and high-rise for-sale condominiums through Toll Brothers
City Living.
In 2017, Toll Brothers was named World’s Most Admired Home
Building Company in Fortune magazine’s survey of the World’s Most
Admired Companies, the third year in a row it has been so honored.
Toll Brothers was named 2014 Builder of the Year by Builder
magazine, and is honored to have been awarded Builder of the Year
in 2012 by Professional Builder magazine, making it the first
two-time recipient. Toll Brothers proudly supports the
communities in which it builds; among other philanthropic pursuits,
the Company sponsors the Toll Brothers Metropolitan Opera
International Radio Network, bringing opera to neighborhoods
throughout the world. For more information, visit
www.tollbrothers.com.
Toll Brothers discloses information about its
business and financial performance and other matters, and provides
links to its securities filings, notices of investor events, and
earnings and other news releases, on the Investor Relations section
of its website (tollbrothers.com/investor-relations).
Forward Looking StatementCertain information
included in this release is forward-looking within the meaning of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, information related to: anticipated operating
results; anticipated financial performance, resources and
condition; selling communities; home deliveries; average home
prices; consumer demand and confidence; contract pricing; business
and investment opportunities; market and industry trends; and the
anticipated benefits to be realized from the acquisition of Coleman
Homes.
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, among others: local, regional, national and
international economic conditions; fluctuating consumer demand and
confidence; interest and unemployment rates; changes in sales
conditions, including home prices, in the markets where we build
homes; conditions in our newly entered markets and newly acquired
operations; the competitive environment in which we operate; the
availability and cost of land for future growth; conditions that
could result in inventory write-downs or write-downs associated
with investments in unconsolidated entities; the ability to recover
our deferred tax assets; the availability of capital; uncertainties
in the capital and securities markets; liquidity in the credit
markets; changes in tax laws and their interpretation; effects of
governmental legislation and regulation; the outcome of various
legal proceedings; the availability of adequate insurance at
reasonable cost; the impact of construction defect, product
liability and home warranty claims, including the adequacy of
self-insurance accruals, and the applicability and sufficiency of
our insurance coverage; the ability of customers to obtain
financing for the purchase of homes; the ability of home buyers to
sell their existing homes; the ability of the participants in
various joint ventures to honor their commitments; the availability
and cost of labor and building and construction materials; the cost
of raw materials; construction delays; domestic and international
political events; weather conditions; and the anticipated benefits
to be realized from the acquisition of Coleman Homes. For a more
detailed discussion of these factors, see the information under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in our most
recent annual report on Form 10-K and our subsequent quarterly
reports on Form 10-Q filed with the Securities and Exchange
Commission.
Any or all of the forward-looking statements
included in this release are not guarantees of future performance
and may turn out to be inaccurate. Forward-looking statements
speak only as of the date they are made. The Company
undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
CONTACT: Frederick N. Cooper (215) 938-8312
fcooper@tollbrothersinc.com
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