Fourth-quarter revenues approached $1.5 billion, compared with$903.4 million in fourth-quarter 2003. Meanwhile, net income forthe fourth quarter reached $180.6 million, up from $93.4 millionfor the same quarter a year ago, and net income for all of fiscal2004 rose to $409.1 million, compared with $259.8 million a yearago. Furthermore, as of Oct. 31, the company reported a backlog ofcontracts worth an aggregate of just over $1.5 billion.

"With more communities and more product line than ever before,we produced record results across the board while enjoying strongpricing power in the lot-constrained, affluent markets where weoperate," says Robert I. Toll, chairman and CEO, in a statement."Demand remained tremendous."

According to Fred Cooper, SVP of finance and investor relations,the firm's average home price is $580,000. The company entered whathe calls the "luxury active adult" market in 1999 and is nowinvolved in developing 46 active adult communities, of which 17 areopen and 29 are in the pipeline. This market now represents 11% ofToll Brothers' business, and Cooper projects it will account for15% within five years.