Builder Toll Brothers reports $472.3 million loss

LONDON (MarketWatch) -- Luxury home builder Toll Brothers /quotes/comstock/13*!tol/quotes/nls/tol (TOL 23.14, +0.83, +3.72%) said it lost $472.3 million, or $2.93 a share in the fiscal third quarter to July 31, compared to a $29.3 million, or 18 cents a share, loss in the prior year's third quarter. Toll said it was hurt by non-cash federal and state deferred tax asset valuation allowances of $439.4 million, and non-cash pre-tax write-downs totaling $115.0 million. Excluding write-downs, the company's pre-tax earnings were $3.7 million. Revenue fell to $461 million from $796.7 million. Analysts polled by FactSet had expected a loss of $1.41 a share. "While our FY 2009 third-quarter results reflect continuing challenging housing market conditions, we do see signs for optimism," said Robert I. Toll, chairman and chief executive officer.