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 a quarterly cash dividend to shareholders.
The dividend of $0.11 per share will be paid on April 26, 2019 to
shareholders of record on the close of business on April 12, 2019.
Toll Brothers, Inc., A FORTUNE 500 Company, is
the nation's leading builder of luxury homes. The Company began
business over fifty years ago 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, as well as urban and suburban
renters. It operates in 22 states: Arizona, California, Colorado,
Connecticut, Delaware, Florida, Georgia (Toll Brothers Apartment
Living), Idaho, Illinois, Maryland, Massachusetts, Michigan,
Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania,
Texas, Utah, 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 acquires
and develops rental apartment and commercial 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. The Company operates its own architectural,
engineering, mortgage, title, land development and land sale, golf
course development and management, and landscape subsidiaries. Toll
Brothers also operates its own security company, TBI Smart Home
Solutions, which also provides homeowners with home automation and
technology options. The Company also operates its own lumber
distribution, house component assembly, and manufacturing
operations. Through its Gibraltar Real Estate Capital joint
venture, the Company provides builders and developers with land
banking, non-recourse debt and equity capital.
In 2019, Toll Brothers was named World’s Most
Admired Home Building Company in Fortune magazine’s survey of the
World’s Most Admired Companies, the fifth 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 StatementsThis
release contains or may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. One can identify these statements by the fact that
they do not relate to matters of a strictly historical or factual
nature and generally discuss or relate to future events.
These statements contain words such as “anticipate,” “estimate,”
“expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,”
“could,” “might,” “should” and other words or phrases of similar
meaning. Such statements may include, but are not limited to,
information related to market conditions; demand for our homes;
anticipated operating results; home deliveries; financial resources
and condition; changes in revenues; changes in profitability;
changes in margins; changes in accounting treatment; cost of
revenues; selling, general and administrative expenses; interest
expense; inventory write-downs; home warranty and construction
defect claims; unrecognized tax benefits; anticipated tax refunds;
sales paces and prices; effects of home buyer cancellations; growth
and expansion; joint ventures in which we are involved; anticipated
results from our investments in unconsolidated entities; the
ability to acquire land and pursue real estate opportunities; the
ability to gain approvals and open new communities; the ability to
sell homes and properties; the ability to deliver homes from
backlog; the ability to secure materials and subcontractors; the
ability to produce the liquidity and capital necessary to expand
and take advantage of opportunities; and legal proceedings,
investigations and claims.
Any or all of the forward-looking statements
included in our reports or public statements made by us are not
guarantees of future performance and may turn out to be inaccurate.
This can occur as a result of incorrect assumptions or as a
consequence of known or unknown risks and uncertainties. Many
factors mentioned in our reports or public statements made by us,
such as market conditions, government regulation, and the
competitive environment, as well as the factors listed below, will
be important in determining our future performance.
Consequently, actual results may differ materially from those that
might be anticipated from our forward-looking statements.
The factors that could cause actual results to
differ from those expressed or implied by our forward-looking
statements include, among others: demand fluctuations in the
housing industry; adverse changes in economic conditions in markets
where we conduct our operations and where prospective purchasers of
our homes live; increases in cancellations of existing agreements
of sale; the competitive environment in which we operate; changes
in interest rates or our credit ratings; the availability of
capital; uncertainties in the capital and securities markets; the
ability of customers to obtain financing for the purchase of homes;
the availability and cost of land for future growth; the ability of
the participants in various joint ventures to honor their
commitments; effects of governmental legislation and regulation;
effects of increased taxes or governmental fees; weather
conditions; the availability and cost of labor and building and
construction materials; the cost of raw materials; the outcome of
various product liability claims, litigation and warranty claims;
the effect of the loss of key management personnel; changes in tax
laws and their interpretation; construction delays; and the
seasonal nature of our business. For a more detailed
discussion of these factors, see the risk factors in 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 filed
with the Securities and Exchange Commission and subsequent filings
with the SEC.
From time to time, forward-looking statements
also are included in our periodic reports on Forms 10-K, 10-Q and
8-K, in press releases, in presentations, on our website and in
other materials released to the public.
This discussion is provided as permitted by the
Private Securities Litigation Reform Act of 1995, and all of our
forward-looking statements are expressly qualified in their
entirety by the cautionary statements contained or referenced in
this section.
CONTACT: Frederick N. Cooper (215)
938-8312fcooper@tollbrothers.com
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/83d62fc6-e1e0-47ad-a49d-a282f3e4a369
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