HORSHAM, Pa., March 30, 2006 (PRIMEZONE) -- Toll Brothers, Inc. (NYSE:TOL), (www.tollbrothers.com), the nation's leading builder of luxury homes, announced that Toll Integrated Systems, its wholly owned house component manufacturing company, will be developing a new manufacturing plant to service Toll Brothers' Midwestern markets. The plant, which will be located in Knox, Indiana, is Toll Brothers' third manufacturing plant, joining facilities in Morrisville, Pennsylvania, north of Philadelphia, and Emporia, Virginia, on the Virginia-North Carolina border. The new plant is expected to employ more than 200 workers by the end of 2007.
Robert I. Toll, chairman and chief executive officer, stated: "With our growth in the metro Chicago and suburban Detroit markets and our recent entry into Minneapolis, we believe we are now generating enough volume to justify expanding our component manufacturing operations to the Midwest. The production efficiencies and quality-control advantages that our Toll Integrated Systems plants already provide to our Northeast and Mid-Atlantic markets will now help support our Midwestern division. Our new plant, where we plan to manufacture wall panels and trusses, signature millwork and other house components, will add value to our communities and our home buyers. The ability to take large shipments of lumber and other materials into our own plant will reduce costs and improve quality.
"Toll Brothers' success is due, in part, to our ability to provide our customers with the value derived from high-production home building techniques and the opportunity we offer them to extensively customize their homes with major structural additions such as guest suites, extra bedrooms, conservatories and hundreds of other choices. Toll Integrated Systems is a key player in that process."
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 and the Pacific Exchange under the symbol "TOL". The Company serves move-up, empty-nester, active-adult and second-home home buyers and operates in 21 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Maryland, 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, landscape, cable T.V. and broadband Internet delivery subsidiaries. The Company also operates its own lumber distribution, and house component assembly and manufacturing operations.
Toll Brothers, a FORTUNE 500 Company and #102 on the Forbes Platinum 400 based on five-year annualized total return performance, 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 now 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, statements and presentations is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning anticipated operating results, financial resources, changes in revenues, changes in profitability, interest expense, growth and expansion, anticipated income from joint ventures and the Toll Brothers Realty Trusts Group, the ability to acquire land, the ability to secure governmental approvals and the ability to open new communities, the ability to sell homes and properties, the ability to deliver homes from backlog, the average delivered price of homes, the ability to secure materials and subcontractors, the ability to maintain the liquidity and capital necessary to expand and take advantage of future opportunities, 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.
CONTACT: Toll Brothers, Inc.
Frederick N. Cooper
(215) 938-8312
[email protected]
Joseph R. Sicree
(215) 938-8045
[email protected]
