HORSHAM, Pa., May 24, 2007 (PRIME NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, today reported results for net income, revenues, backlog and contracts for its second quarter and six months ended April 30, 2007.
FY 2007's second-quarter net income was $36.7 million, or $0.22 per share diluted, compared to FY 2006's second-quarter record of $174.9 million, or $1.06 per share diluted. In FY 2007, second-quarter net income was reduced by after-tax write-downs of $72.9 million, or $0.44 per share diluted. In FY 2006, second-quarter after-tax write-downs totaled $7.3 million, or $0.04 per share diluted. Excluding write-downs, FY 2007's second-quarter earnings were $0.66 per share diluted compared to $1.10 in FY 2006's second quarter.
FY 2007's six-month net income was $91.0 million, or $0.55 per share diluted, compared to FY 2006's same period record results of $338.8 million, or $2.04 per share diluted. In FY 2007, six-month net income was reduced by after-tax write-downs and a first-quarter goodwill impairment totaling $137.4 million, or $0.84 per share diluted. In FY 2006, six-month after-tax write-downs totaled $8.0 million, or $0.05 per share diluted. Excluding write-downs and the goodwill impairment charge, FY 2007's six-month earnings were $1.39 per share diluted compared to $2.09 in FY 2006's first six months.
FY 2007's second-quarter total revenues were $1.17 billion compared to the second-quarter record of $1.44 billion in revenues in FY 2006. FY 2007's six-month total revenues were $2.27 billion compared to the six-month record of $2.78 billion in FY 2006. FY 2007's second-quarter-end backlog was $4.15 billion compared to the second-quarter record of $6.07 billion in FY 2006.
FY 2007's second-quarter net signed contracts were $1.17 billion, a decline of 25% compared to FY 2006's second-quarter total of $1.56 billion. The Company signed 2,031 contracts (before cancellations) in FY 2007's second quarter, a 14% decline from the 2,372 signed in FY 2006's second quarter. Net of cancellations, second-quarter contracts totaled 1,647 units, down 24% from 2,167 units in the second quarter of FY 2006. Second-quarter FY 2007 cancellations totaled 384 units versus 436 units in first-quarter FY 2007 and 585 units in fourth-quarter FY 2006; FY 2007's second-quarter cancellation rate of 18.9% was lower than the first-quarter FY 2007 cancellation rate of 29.8% and the 36.9% cancellation rate in the fourth-quarter FY 2006. However, the cancellation rate was still well above the Company's historical average of approximately 7%. FY 2007's six-month net contracts were $1.92 billion compared to FY 2006's six-month total of $2.70 billion.
In response to current market conditions, the Company continues to reevaluate and, in some cases, renegotiate its optioned land positions. The Company ended FY 2007's second quarter with approximately 65,800 lots owned and optioned compared to approximately 91,200 and 68,000 at the second-quarter-ends of FY 2006 and FY 2005, respectively.
Robert I. Toll, chairman and chief executive officer, stated: "We continue to operate conservatively in the current difficult climate. We ended the quarter with over $550 million in cash (compared to about $400 million one year ago) and more than $1.1 billion available under our bank credit facility. In the past year we have trimmed our lot position by 28% from our high of 91,200 lots to our current 65,800 lots. We have reduced our net debt to capital ratio(1) to 32% today from 37% at FY 2006's second-quarter-end. We believe our prudent approach to managing our balance sheet should position us well in this down market and provide us sufficient capital to take advantage of opportunities that may arise in the future.
"We continue to seek a balance between our short-term goal of selling homes in a tough market and maximizing the value of our communities. Many of our communities are on sites in locations that are difficult to replace and in markets where approvals are increasingly difficult to achieve. We believe that many of these communities have substantial embedded value, realizable in the future, that should not be sacrificed in the current soft market.
"In what generally remains a soft market, there are glimmers of strength in certain territories. Manhattan, Brooklyn and Queens in New York City, and Jersey City and Hoboken, are strong. Southern Connecticut and Dutchess County, New York are also good. The Philadelphia suburbs, and Delaware, are solid. Raleigh, Austin and Dallas are holding up well as are parts of Northern California, primarily around Silicon Valley."
Joel Rassman, chief financial officer, stated: "Given the uncertainty surrounding sales paces, and market direction and, thus, the potential for and size of future impairments, we are not comfortable giving full earnings guidance at this time. However, we expect to deliver between 6,100 and 6,900 homes in FY 2007 and expect to produce total home building revenues (including percentage of completion revenues) of between $4.26 billion and $4.88 billion in FY 2007. For our third quarter, which ends July 31, 2007, we expect to deliver between 1,400 and 1,800 homes and produce home building revenues of between $990 million and $1.28 billion."
Prior to its conference call this afternoon at 12:00 Noon (EDT), the Company will file a Form 8-K with the Securities and Exchange Commission outlining its guidance assumptions in greater detail.
(1) Net debt to capital is calculated as total debt minus mortgage warehouse loans minus cash divided by total debt minus mortgage warehouse loans minus cash plus stockholders' equity.
Toll Brothers' financial highlights for the second quarter and six-month periods ended April 30, 2007 (unaudited):
* FY 2007's second-quarter net income was $36.7 million, or $0.22 per
share diluted, compared to FY 2006's second-quarter record of
$174.9 million, or $1.06 per share diluted. In FY 2007, second-
quarter net income included pre-tax write-downs of $119.7 million,
or $0.44 per share diluted. $116.1 million of the write-downs were
attributable to operating communities and owned land and
$3.6 million was attributable to optioned land. In FY 2006,
second-quarter pre-tax write-downs totaled $12.0 million. FY 2007
second-quarter earnings per share, including write-downs, declined
79% versus FY 2006; excluding write-downs, earnings were $0.66 per
share diluted, down 40% versus FY 2006.
* FY 2007's six-month net income was $91.0 million, or $0.55 per
share diluted, compared to FY 2006's six-month record of
$338.8 million, or $2.04 per share diluted. In FY 2007, six-month
net income included pre-tax write-downs and a goodwill impairment
charge totaling $225.6 million, or $0.84 per share diluted.
$199.1 million of the write-downs was attributable to operating
communities and owned land and $17.5 million was attributable to
optioned land, while $9 million was attributable to a goodwill
impairment charge related to the Company's 1999 purchase of the
Silverman Companies in metro Detroit. In FY 2006, six-month
pre-tax write-downs totaled $13.1 million. FY 2007 six-month
earnings per share, including write-downs, declined 73% versus
FY 2006; excluding write-downs and the impairment charge, earnings
were $1.39 per share diluted, down 32% versus FY 2006.
* FY 2007's second-quarter total revenues of $1.17 billion decreased
19% from FY 2006's second-quarter revenues of $1.44 billion, the
second-quarter record. FY 2007's second-quarter home building
revenues of $1.17 billion decreased 19% from FY 2006's
second-quarter home building revenues of $1.44 billion, the
second-quarter record. Revenues from land sales totaled
$2.0 million in FY 2007's second quarter, compared to
$2.1 million in FY 2006's second quarter.
* FY 2007's six-month total revenues of $2.27 billion decreased 19%
from FY 2006's six-month revenues of $2.78 billion, the six-month
record. FY 2007's six-month home building revenues of
$2.26 billion decreased 19% from FY 2006's six-month home building
revenues of $2.78 billion, the six-month record. Revenues from
land sales totaled $5.4 million in FY 2007's first six months,
compared to $6.8 million in the first six months of FY 2006.
* In addition, in the Company's second quarter and first six months
of FY 2007, unconsolidated entities in which the Company had an
interest delivered $14.8 million and $35.4 million of homes,
respectively, compared to $29.0 million and $81.0 million during
the second quarter and first six months, respectively, of FY 2006.
The Company's share of profits from the delivery of these homes is
included in "Equity Earnings from Unconsolidated Entities" on the
Company's Income Statement.
* In FY 2007, the Company's second-quarter-end backlog of
$4.15 billion decreased 32% from FY 2006's second-quarter-end
backlog of $6.07 billion, the second-quarter record. In addition,
at the end of second quarter FY 2007, unconsolidated entities in
which the Company had an interest had a backlog of $46.4 million.
* The Company's FY 2007 second-quarter net contracts of $1.17 billion
declined by 25% from FY 2006's second-quarter contracts of
$1.56 billion. In addition, in FY 2007's second quarter,
unconsolidated entities in which the Company had an interest signed
contracts of $34.6 million.
* FY 2007's six-month net contracts of $1.92 billion declined by 29%
from FY 2006's six-month total of $2.70 billion. In addition, in
FY 2007's six-month period, unconsolidated entities in which the
Company had an interest signed contracts of $63.8 million.
Toll Brothers will be broadcasting live via the Investor Relations section of its website, www.tollbrothers.com, a conference call hosted by chairman and chief executive officer Robert I. Toll at 12:00 p.m. (EDT) today, May 24, 2007, to discuss these results and its outlook for the remainder of FY 2007. To access the call, enter the Toll Brothers website, then click on the Investor Relations page, and select "Conference Calls". Participants are encouraged to log on at least fifteen minutes prior to the start of the presentation to register and download any necessary software. The call can be heard live with an on-line replay which will follow and continue through August 7, 2007.
Toll Brothers, Inc. 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 home buyers and operates in 22 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia and West Virginia.
Toll Brothers builds luxury single-family detached and attached home communities, master planned luxury residential resort-style golf communities 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, and house component assembly and manufacturing operations.
Toll Brothers, a FORTUNE 500 Company, is the only publicly traded national home building company to have won all three of the industry's highest honors: America's Best Builder from the National Association of Home Builders, the National Housing Quality Award, and Builder of the Year. 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 tollbrothers.com.
Certain information included herein and in other Company reports, SEC filings, verbal or written statements and presentations 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, financial resources, changes in revenues, changes in profitability, changes in margins, changes in accounting treatment, interest expense, land-related write-downs, effects of home buyer cancellations, growth and expansion, anticipated income to be realized from our investments in unconsolidated entities, the ability to acquire land, the ability to gain approvals and to 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 in the future, industry trends, and stock market valuations. 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 local, regional and national economic conditions, the demand for homes, domestic and international political events, uncertainties created by terrorist attacks, the effects of governmental regulation, the competitive environment in which the Company operates, fluctuations in interest rates, changes in home prices, the availability and cost of land for future growth, the availability of capital, uncertainties and fluctuations in capital and securities markets, changes in tax laws and their interpretation, legal proceedings, the availability of adequate insurance at reasonable cost, the ability of customers to finance the purchase of homes, the availability and cost of labor and materials, and weather conditions.
TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
April 30, October 31,
2007 2006
---- ----
(Unaudited)
ASSETS
Cash and cash equivalents $ 553,126 $ 632,524
Inventory 6,137,473 6,095,702
Property, construction and office
equipment, net 93,137 99,089
Receivables, prepaid expenses and
other assets 135,531 160,446
Contracts receivable 74,667 170,111
Mortgage loans receivable 145,705 130,326
Customer deposits held in escrow 50,234 49,676
Investments in and advances to
unconsolidated entities 234,306 245,667
----------- -----------
$7,424,179 $7,583,541
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Loans payable $ 715,066 $ 736,934
Senior notes 1,141,736 1,141,167
Senior subordinated notes 350,000 350,000
Mortgage company warehouse loan 133,014 119,705
Customer deposits 326,206 360,147
Accounts payable 272,722 292,171
Accrued expenses 750,403 825,288
Income taxes payable 180,838 334,500
----------- -----------
Total liabilities 3,869,985 4,159,912
----------- -----------
Minority interest 7,763 7,703
Stockholders' equity
Preferred stock, none issued
Common stock 1,563 1,563
Additional paid-in capital 233,130 220,783
Retained earnings 3,354,280 3,263,274
Treasury stock (42,542) (69,694)
----------- -----------
Total stockholders' equity 3,546,431 3,415,926
----------- -----------
$7,424,179 $7,583,541
=========== ===========
TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
(Unaudited)
Six months ended Three months ended
April 30, April 30,
---------------------- ----------------------
2007 2006 2007 2006
---------------------- ----------------------
Revenues:
Traditional
home sales $2,178,395 $2,679,187 $1,124,259 $1,400,478
Percentage of
completion 81,522 97,524 48,437 39,955
Land sales 5,371 6,778 1,981 2,100
---------- ---------- ---------- ----------
2,265,288 2,783,489 1,174,677 1,442,533
---------- ---------- ---------- ----------
Costs of revenues:
Traditional
home sales 1,788,169 1,860,634 941,766 976,543
Percentage of
completion 63,260 78,524 37,363 31,178
Land sales 2,764 5,939 1,727 2,103
Interest 49,137 58,629 26,494 29,875
---------- ---------- ---------- ----------
1,903,330 2,003,726 1,007,350 1,039,699
---------- ---------- ---------- ----------
Selling, general and
administrative
264,577 281,224 130,367 142,046
Goodwill impairment 8,973
---------- ---------- ---------- ----------
Income from operations 88,408 498,539 36,960 260,788
Other:
Equity earnings from
unconsolidated
entities 11,527 29,393 4,735 12,824
Interest and other 46,758 22,293 17,798 10,966
---------- ---------- ---------- ----------
Income before income
taxes 146,693 550,225 59,493 284,578
Income taxes 55,687 211,438 22,803 109,641
---------- ---------- ---------- ----------
Net income $ 91,006 $ 338,787 36,690 $ 174,937
========== ========== ========== ==========
Earnings per share:
Basic $ 0.59 $ 2.19 $ 0.24 $ 1.13
========== ========== ========== ==========
Diluted $ 0.55 $ 2.04 $ 0.22 $ 1.06
========== ========== ========== ==========
Weighted average
number of shares:
Basic 154,464 154,919 154,716 154,763
Diluted 164,171 166,377 164,294 165,727
Additional information:
Interest incurred $ 68,272 $ 66,655 $ 34,121 $ 33,640
========== ========== ========== ==========
Depreciation and
amortization $ 16,806 $ 15,326 $ 8,440 $ 8,213
========== ========== ========== ==========
Interest expense by
source of revenue:
Traditional
home sales $ 46,029 $ 55,346 $ 24,292 $ 28,516
Percentage of
completion 2,999 2,545 2,094 1,128
Land sales 109 738 108 231
---------- ---------- ---------- ----------
$ 49,137 $ 58,629 $ 26,494 $ 29,875
========== ========== ========== ==========
Toll Brothers operates in four geographic segments:
North: Connecticut, Illinois, Massachusetts, Michigan,
Minnesota, New Jersey, New York, Ohio (2006 only) and
Rhode Island
Mid-Atlantic: Delaware, Maryland, Pennsylvania, Virginia and
West Virginia
South: Florida, North Carolina, South Carolina and Texas
West: Arizona, California, Colorado and Nevada
Three Months Ended April 30,
---------------------------------------------
Units $ (Millions)
--------------------- ---------------------
HOME BUILDING REVENUES 2007 2006 2007 2006
---------------------- --------- --------- --------- ---------
TRADITIONAL PRODUCT
North 325 466 $215.2 $ 307.6
Mid-Atlantic 534 687 333.2 454.6
South 467 486 268.7 260.9
West 360 424 307.1 377.4
--------- --------- --------- ---------
Total 1,686 2,063 $1,124.2 $1,400.5
========= ========= ========= =========
PERCENTAGE OF COMPLETION(2)
North $ 32.2 $ 22.5
South 15.0 15.2
West 2.3
--------- --------- --------- ---------
Total -- -- $ 47.2 $ 40.0
========= ========= ========= =========
TOTAL
North 325 466 $ 247.4 $ 330.1
Mid-Atlantic 534 687 333.2 454.6
South 467 486 283.7 276.1
West 360 424 307.1 379.7
--------- --------- --------- ---------
Total consolidated 1,686 2,063 1,171.4 1,440.5
Unconsolidated entities 23 45 14.8 29.0
--------- --------- --------- ---------
1,709 2,108 $1,186.2 $1,469.5
========= ========= ========= =========
CONTRACTS
----------------------
TRADITIONAL PRODUCT(1)
North 503 534 $ 355.9 $372.7
Mid-Atlantic 536 648 346.0 414.3
South 285 472 164.6 280.2
West 309 490 291.2 471.0
--------- --------- --------- ---------
Total 1,633 2,144 $1,157.7 $1,538.2
========= ========= ========= =========
PERCENTAGE OF COMPLETION
North 13 19 $ 10.1 $ 14.5
South 1 4 1.2 11.5
--------- --------- --------- ---------
Total 14 23 $ 11.3 $ 26.0
========= ========= ========= =========
TOTAL
North 516 553 $ 366.0 $ 387.2
Mid-Atlantic 536 648 346.0 414.3
South 286 476 165.8 291.7
West 309 490 291.2 471.0
--------- --------- --------- ---------
Total consolidated 1,647 2,167 1,169.0 1,564.2
Unconsolidated entities 48 25 34.6 15.9
--------- --------- --------- ---------
1,695 2,192 $1,203.6 $1,580.1
========= ========= ========= =========
April 30, April 30,
--------------------- ---------------------
Units $ (Millions)
--------------------- ---------------------
BACKLOG 2007 2006 2007 2006
---------------------- --------- --------- --------- ---------
TRADITIONAL PRODUCT(1)
North 1,671 1,838 $1,262.2 $1,309.3
Mid-Atlantic 1,424 2,201 955.6 1,464.3
South 1,218 2,165 677.5 1,206.0
West 1,219 2,165 1,149.4 1,877.9
--------- --------- --------- ---------
Total 5,532 8,369 $4,044.7 $5,857.5
========= ========= ========= =========
PERCENTAGE OF COMPLETION(2)
North 193 294 $ 124.5 $ 196.1
South 21 76 51.7 114.3
Less revenue
recognized on units
remaining in backlog (74.1) (97.6)
--------- --------- --------- ---------
Total 214 370 $ 102.1 $ 212.8
========= ========= ========= =========
TOTAL
North 1,864 2,132 $1,386.7 $1,505.4
Mid-Atlantic 1,424 2,201 955.6 1,464.3
South 1,239 2,241 729.2 1,320.3
West 1,219 2,165 1,149.4 1,877.9
Less revenue recognized
on units remaining in
backlog (74.1) (97.6)
--------- --------- --------- ---------
Total consolidated 5,746 8,739 4,146.8 6,070.3
Unconsolidated entities 68 12 46.4 7.7
--------- --------- --------- ---------
5,814 8,751 $4,193.2 $6,078.0
========= ========= ========= =========
Six Months Ended April 30,
---------------------------------------------
Units $ (Millions)
--------------------- ---------------------
HOME BUILDING REVENUES 2007 2006 2007 2006
---------------------- --------- --------- --------- ---------
TRADITIONAL PRODUCT
North 612 883 $ 406.8 $ 579.2
Mid-Atlantic 1,046 1,276 662.3 848.1
South 870 956 501.8 514.6
West 717 827 607.5 737.3
--------- --------- --------- ---------
Total 3,245 3,942 $2,178.4 $2,679.2
========= ========= ========= =========
PERCENTAGE OF
COMPLETION(2)
North $ 51.7 $ 62.2
South 28.5 33.1
West 2.3
--------- --------- --------- ---------
Total -- -- $ 80.2 $ 97.6
========= ========= ========= =========
TOTAL
North 612 883 $ 458.5 $ 641.4
Mid-Atlantic 1,046 1,276 662.3 848.1
South 870 956 530.3 547.7
West 717 827 607.5 739.6
--------- --------- --------- ---------
Total consolidated 3,245 3,942 2,258.6 2,776.8
Unconsolidated entities 50 144 35.4 81.0
--------- --------- --------- ---------
3,295 4,086 $2,294.0 $2,857.8
========= ========= ========= =========
CONTRACTS
----------------------
TRADITIONAL PRODUCT(1)
North 843 910 $ 632.2 $ 652.1
Mid-Atlantic 865 1,117 553.2 733.0
South 497 803 283.0 483.7
West 431 838 420.6 790.2
--------- --------- --------- ---------
Total 2,636 3,668 $1,889.0 $2,659.0
========= ========= ========= =========
PERCENTAGE OF COMPLETION
North 37 39 $ 25.3 $ 28.9
South 1 4 3.4 16.2
--------- --------- --------- ---------
Total 38 43 $ 28.7 $ 45.1
========= ========= ========= =========
TOTAL
North 880 949 $ 657.5 $ 681.0
Mid-Atlantic 865 1,117 553.2 733.0
South 498 807 286.4 499.9
West 431 838 420.6 790.2
--------- --------- --------- ---------
Total consolidated 2,674 3,711 1,917.7 2,704.1
Unconsolidated entities 93 53 63.8 32.7
--------- --------- --------- ---------
2,767 3,764 $1,981.5 $2,736.8
========= ========= ========= =========
(1) Traditional contracts and backlog include certain projects
that have extended sales and construction cycles. Information
related to these projects' contracts signed in the three-month
and six-month periods ended April 30, 2007 and 2006, and the
backlog of undelivered homes at April 30, 2007 and 2006 are
provided below:
Contracts - Three Months Ended April 30,
----------------------------------------
2007 2006 2007 2006
Units Units $(Mill) $(Mill)
--------- --------- --------- ---------
North 151 52 $ 137.0 $ 50.4
Mid-Atlantic 8 5 3.6 1.7
West 1 11 0.6 8.2
--------- --------- --------- ---------
Total 160 68 $ 141.2 $ 60.3
========= ========= ========= =========
Contracts - Six Months Ended April 30,
--------------------------------------
2007 2006 2007 2006
Units Units $(Mill) $(Mill)
--------- --------- --------- ---------
North 274 163 $ 277.0 $ 152.4
Mid-Atlantic 9 18 4.0 7.0
West 2 16 1.0 12.2
--------- --------- --------- ---------
Total 285 197 $ 282.0 $ 171.6
========= ========= ========= =========
Backlog at April 30,
--------------------
2007 2006 2007 2006
Units Units $(Mill) $(Mill)
--------- --------- --------- ---------
North 530 179 $ 521.0 $ 168.0
Mid-Atlantic 67 48 27.5 19.9
West 28 23 19.2 17.7
--------- --------- --------- ---------
Total 625 250 $ 567.7 $ 205.6
========= ========= ========= =========
(2) Percentage of Completion Deliveries: During the three-month
and six month periods ended April 30, 2007, the Company delivered
units which it accounted for using the percentage of completion
accounting method. The table below provides information related
to those deliveries:
Deliveries for the three-month period ended April 30,
2007 2006 2007 2006
Units Units $(Mill) $(Mill)
--------- --------- --------- ---------
North 108 $ 75.0
South 56 65.7
--------- --------- --------- ---------
Total 164 -- $ 140.7 --
========= ========= ========= =========
Deliveries for the six-month period ended April 30,
2007 2006 2007 2006
Units Units $(MILL) $(MILL)
--------- --------- --------- ---------
North 160 $ 111.3
South 56 65.7
--------- --------- --------- ---------
Total 216 -- $ 177.0 --
========= ========= ========= =========
CONTACT: Toll Brothers, Inc.
Frederick N. Cooper
(215) 938-8312
[email protected]
Joseph R. Sicree
(215) 938-8045
[email protected]
