Operator: Good afternoon. My name is Christie and I will be your conference operator today. At this time, I would like to welcome everyone to the Toll Brothers' Third Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. During the Q&A, please limit yourself to one question. You may reenter the queue to ask a follow-up if needed. Thank you.
It is now my pleasure to turn the conference over to Robert Toll. Please go ahead, sir.
Robert I. Toll - Executive Chairman: Well, Christie, we haven’t changed the information that went to you. I’m going to turn this call over to Doug Yearley, CEO of Toll Brothers. Doug?
Douglas C. Yearley, Jr. - CEO: Thanks Bob. Welcome everybody and thank you for joining us. As Bob said, I’m Doug Yearley, Chief Executive Officer. And of course, I’m with Bob, Executive Chairman. Also with us are Joel Rassman, Chief Financial Officer; (Marty Connor), SVP and Assistant CFO; Fred Cooper, Senior Vice President of Finance and Investor Relations; Joe Sicree, Chief Accounting Officer; Kira McCarron, Chief Marketing Officer; Mike Snyder, Chief Planning Officer; Don Salmon, President of TBI Mortgage Company and (Greg Ziegler), Vice President of Finance.
Before I begin, I ask you to read the statement on forward-looking information in today’s release and on our website. I caution that many statements on this call are based on assumptions about the economy, world events in housing and financial markets, and many other factors beyond our control that could significantly affect future results.
Those listening on the web can email questions to email@example.com. Since our detailed release has been out since early this morning and is posted on our website, I will just highlight certain items and Joel will review the numbers in more detail.
Today, we reported fiscal year 2010 third quarter pre-tax income $800,000 and net income of $27.3 million or $0.16 per share diluted. This compared to a fiscal year 2009 third quarter pre-tax loss of $111.3 million and a net loss of $472.3 million, or $2.93 per share diluted.
2010's third quarter results included pre-tax write-downs totaling $12.5 million compared to 2009 third quarter pre-tax write-downs totaling $115 million. 2010's third quarter included a tax benefit of $26.5 million, 2009's third quarter included non-cash federal and state deferred tax asset valuation allowances of $439.4 million. Excluding write-downs, 2010's third quarter pre-tax income was $13.3 million, compared to pre-tax income of $3.7 million in 2009's third quarter.
Our 2010's third quarter revenues and home building deliveries of $454.2 million and 803 units declined 2% in dollars but rose 1% in units, compared to 2009's.
With 19% fewer selling communities during 2010's third quarter than during 2009, our 2010's third quarter net signed contracts of $400.1 million and 701 units declined 11% in dollars and 16% in units, compared to 2009's third quarter.
On a per-community basis, 2010's third quarter net signed contracts of 3.69 units per community were above 2009's, 2008's and 2007's third quarter per-community totals of 3.56 units, 2.71 units and 3.42 units, respectively. However, they were still well below the Company's historical third quarter average, dating back to 1990, of 6.09 units per community.