Operator: Good afternoon, my name is Tunica and I will be your conference operator today. At this time I would like to welcome everyone to the Third Quarter 2011 Earnings Conference Call hosted by Doug Yearly All lines have been placed on mute to prevent any background noise. After the speakers' remark, there will be a question-and-answer session.
Thank you. I will now turn the conference over to Mr. Doug Yearley, CEO. Sir, you may begin.
Douglas C. Yearley, Jr. - CEO and Director: Thank you, Tunica. Welcome and thank you for joining us. I'm Doug Yearley, CEO, and with me today are Bob Toll, Executive Chairman; Marty Connor, CFO; Fred Cooper, Senior VP of Finance, International Development and Investor Relations; Joe Sicree, Chief Accounting Officer; Kira Sterling, Chief Marketing Officer; Mike Snyder, Chief Planning Officer; Don Salmon, President of TBI Mortgage Company; and Gregg Ziegler, Senior VP, Treasury.
Before I begin, I ask you to read the statement on forward-looking information in today's release and on our website. I caution you that many statements on this call are based on assumptions about the economy, world events, 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 firstname.lastname@example.org. As is become our regular practice, we are going to limit our prepared remarks to provide more time for Q&A. Since our detailed release have been out since early this morning and is posted on our website, I'm sure you've all read it. So I won't reread it for you.
The past quarter's results indicate some continued stabilization in the upscale housing market albeit at a level dramatically below historical levels. For the fifth consecutive quarter, we achieved modest pretax profitability on a pre-impairment basis. in fact, this quarter we also achieved modest pretax profits after impairments as well.
We reported fiscal year 2011 third quarter net income of $42.1 million or $0.25 per share. Fiscal year '11 third quarter included a net tax benefit of the $38.2 million due to the reversal of previously accrued state and federal taxes. Fiscal year 2011 third- quarter pre-tax income was $3.9 million. Excluding write-downs and debt retirement charges of $20.2 million, fiscal year '11 third quarter pre-tax income was $24.1 million. These were all improvements over our results of one year ago. Fiscal year 2011's third quarter revenues in homebuilding deliveries decreased 13% in dollars and 14% in units, compared to fiscal year 2010 third quarter results. Fiscal year 2011's third-quarter net signed contracts rose 2% in dollars and units compared to 2010's third-quarter, however, they were still well below our historical third-quarter paces.
The average price of net signed contracts was $570,000, approximately the same as 2010's third-quarter. Fiscal year 2011's third quarter-end backlog increased 8% in dollars and 9% in units, compared to fiscal year 2010s third quarter-end backlog. We end the quarter with nearly $2 billion of liquidity, including $1.18 billion of cash and marketable securities and $778 million available under our $885 million 12-bank credit facility, which matures in October of 2014.