Operator: Good afternoon. My name is Don and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quarter 2012 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. Thank you. Mr. Douglas Yearley, you may begin your conference sir.
Douglas C. Yearley, Jr. - CEO: Thank you Don. Welcome and thank you for joining us. I'm Doug Yearley, CEO. With me today are Bob Toll, Executive Chairman; Marty Connor, Chief Financial Officer; 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 Greg 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 e-mail questions to firstname.lastname@example.org.
As has become our regular practice, we are going to limit our prepared remarks to provide more time for Q&A. Since our detailed release has been out since early this morning and is posted on our website, I'm sure most have read it, so we won't re-read it for you.
This first quarter, we reported a net loss of $2.8 million or $0.02 per share diluted. Our first quarter included a net tax benefit of $3.6 million and inventory write-downs totaling $8.1 million. Excluding write-downs, fiscal year 2012's first quarter pre-tax income was $1.7 million.
Our first quarter revenues in homebuilding deliveries of $322 million and 564 units decreased 4% in dollars and 1% in units compared to 2011's first quarter. Since some of our backlog is in towers, with longer delivery times than our average single-family community, some of our backlog did not convert into revenues as would have been expected based on historical conversion ratios.
Our first quarter net signed contracts of $444.7 million and 652 units rose 45% in dollars and 19% in units compared to 2011's first quarter. We ended our first quarter with a backlog of $1.12 billion and 1,784 units, an increase of 35% in dollars and 21% in units compared to one year ago. We ended the first quarter with 228 selling communities, up 14% from one year ago, and we had approximately 39,700 lots owned and optioned, up 11% from a year ago.
At fiscal year 2012's first-quarter end, we had $720 million in cash and $815 million available under our $885 million 12-bank credit facility which matures in October 2014. At the start of our second quarter, we raised approximately $300 million of 10-year debt priced at 5.875% in the public markets. The past few months have been exciting for Toll Brothers.