OREANDA-NEWS. Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, today announced results for its second quarter and six months ended April 30, 2016.

FY 2016 Second Quarter Financial Highlights:

  • FY 2016's second-quarter net income was $89.1 million, or $0.51 per share diluted, compared to net income of $67.9 million, or $0.37 per share diluted, in FY 2015's second quarter.
  • Pre-tax income was $140.4 million, compared to pre-tax income of $86.5 million in FY 2015's second quarter. Second quarter FY 2016 included write-downs of $6.4 million, compared to $12.2 million in FY 2015's second quarter.
  • Revenues of $1.12 billion and home building deliveries of 1,304 units increased 31% in dollars and 9% in units, compared to FY 2015's second quarter. The average price of homes delivered was $855,500, compared to $713,500 in FY 2015's second quarter.
  • Net signed contracts of $1.65 billion and 1,993 units rose 3% in dollars and 3% in units, compared to FY 2015's second quarter. The average price of net signed contracts was $825,500, compared to $826,300 in FY 2015's second quarter.
  • Backlog of $4.19 billion and 4,940 units rose 20% in dollars and 13% in units, compared to FY 2015's second-quarter-end backlog. At second-quarter end, the average price of homes in backlog was $848,600, compared to $793,800 at FY 2015's second-quarter end.
  • Gross margin, excluding interest and write-downs, was 25.7%, compared to 25.3% in FY 2015's second quarter.
  • SG&A as a percentage of revenue was 11.5%, compared to 12.6% in FY 2015's second quarter.
  • Income from operations was 10.5% of revenue, compared to 7.8% of revenue in FY 2015's second quarter.
  • Other income and Income from unconsolidated entities totaled $23.8 million, compared to $20.1 million in FY 2015's second quarter.
  • The Company ended its second quarter with 299 selling communities, compared to 291 at FY 2016's first-quarter end, and 269 at FY 2015's second-quarter end.
  • At FY 2016's second-quarter end, the Company had approximately 45,400 lots owned and optioned, compared to approximately 43,800 one quarter earlier and 45,000 one year ago.
  • The Company ended its FY 2016 second quarter with $423.2 million in cash and marketable securities, compared to $336.2 million at 2016's first-quarter end and $542.2 million at FY 2015's second-quarter end.
  • At FY 2016's second-quarter end, the Company had $840.2 million available under its $1.035 billion credit facility. On May 19, 2016, the Company replaced this facility with a new $1.215 billion credit facility that matures in May 2021.
  • During the second quarter of FY 2016, the Company repurchased approximately 2.9 million shares of its common stock at an average price of $27.27 per share for a total purchase price of approximately $80.1 million. Additionally, in its third quarter to-date, the Company has repurchased approximately 1.8 million shares at an average price of $26.50 for a total purchase price of approximately $47.3 million. Cumulatively, since the start of its FY 2015 fourth quarter, the Company has purchased approximately 10.9 million shares at an average price of $29.95 per share for a total purchase price of approximately $327.7 million.
  • Effective May 23, 2016, the Board of Directors authorized the repurchase of 20 million shares of Toll Brothers common stock and terminated the prior share repurchase program.
  • In updating its guidance, the Company now expects to deliver between 5,800 and 6,300 homes in FY 2016 at an average price range of $820,000 to $850,000, compared to 5,525 deliveries in FY 2015 at an average price of $755,000. This translates to projected revenues of between $4.76 billion and $5.36 billion in FY 2016, compared to $4.17 billion in FY 2015.
  • The Company continues to project a full FY 2016 gross margin, excluding interest and write-downs, of between 25.8% and 26.2%. Interest in cost of sales is projected to be approximately 3.2% for FY 2016, compared to 3.4% in FY 2015.

Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "Our revenues this quarter were up 31%, compared to last year while pre-tax income rose 62% and net income rose 31%. Improvements in gross margin, SG&A leverage and pre-tax margin contributed to a significant earnings jump this quarter.

"Our contracts this quarter rose 3% in both dollars and units compared to one year ago. This modest growth was achieved despite a decline of 93 units in California contracts compared to one year ago. We believe the California market is still strong. Both Southern and Northern California were among our top 5 regions in contracts per community this quarter. Our drop in California contracts  reflects a temporary lack of inventory for sale; strategic price increases we have implemented to meter out sales in communities with large backlogs; and the lingering impact on our Porter Ranch community of a leak from a nearby natural gas storage facility, which appears to be heading  toward a positive resolution.

"We saw strength across much of the rest of the West including Denver, Seattle, Reno and Las Vegas.  Back East, New Jersey, Northern Virginia, Maryland and Pennsylvania also enjoyed solid growth. And contracts in our wholly owned New York City Living communities were up 26% in dollars and 18% in units this quarter compared to one year ago.

"Through the first three weeks of our third quarter, our contracts, on a gross basis, were basically flat compared to one year ago, while our non-binding reservation deposits were up about 25%.

"Toll Apartment Living continues to exceed expectations. We have approximately 7,200 units completed or in development, nearly all of which are in the metro Boston to Washington, D.C. corridor. Our stabilized properties currently average 96% occupancy. We intend to expand this business nationally in both urban and suburban markets.

"Toll Apartment Living is one of a number of businesses that augment our home building operations.  These also include our City Living and Gibraltar Capital joint ventures, land sales to other builders in several master planned communities, Westminster Title, Westminster Security, Toll Golf Management, and several other businesses.

"Other income and Income from unconsolidated entities now represent approximately 15% of our annual pre-tax bottom line. With this contribution, our backlog up 20% at the end of the second quarter, more inventory coming on line in California, and a generally positive climate for housing in most of our markets, we are optimistic about our future."

Martin P. Connor, Toll Brothers' chief financial officer, stated: "We have successfully brought a number of initiatives to fruition recently.  In April, we announced that our Gibraltar Capital and Asset Management subsidiary had entered into a joint venture with a large institutional investor to provide builders and developers with land banking and joint venture capital. The venture, which will be managed by Gibraltar, has a total of $400 million of funding commitments: 75% from the institutional investor and 25% from Toll Brothers.  Last week we completed a new $1.215 billion 18-bank credit facility that matures in May 2021, which represents an extension and expansion of our previous facility.

"Since the start of FY 2015's fourth quarter, we have purchased over $327 million, or 10.9 million shares, of our stock. And effective yesterday, our Board of Directors reset the authorization to repurchase up to 20 million shares.

"Subject to the caveats in our Statement on Forward-Looking Information included in this release, we offer the following limited guidance.  We estimate unit backlog conversion for the third quarter at 30%. We are narrowing our previous full fiscal year guidance and now expect to deliver between 5,800 and 6,300 homes in FY 2016.  We now believe the average price of deliveries for the full FY 2016 will be between $820,000 and $850,000 per home. We reiterate our expected gross margin (pre-interest and pre-impairment) for the full FY 2016 to be approximately 25.8% to 26.2%.  We are updating our SG&A guidance to approximately 10.4% of revenues and our interest in cost of sales guidance to approximately 3.2% of revenues."

Robert I. Toll, executive chairman, stated: "We continue to believe the drivers are in place to sustain the current housing market's slow but steady growth.  Interest rates remain low, the job picture continues to improve, home equity values are rising, supply remains constrained and the industry is still not building enough homes to meet the demand that current demographics imply are needed.  Last week The Wall Street Journal cited a U.S. Census report that indicated suburban populations are on the rise, which is supportive of the new home market.  Another U.S. Census report last Tuesday noted that single family housing permits had risen by 8% in April from one year ago. As millennials mature, studies indicate that their appetite for home ownership is consistent with past generations, which is encouraging for our industry."

The financial highlights for the second quarter and six months ended April 30, 2016 (unaudited):

  • FY 2016's second-quarter net income was $89.1 million, or $0.51 per share diluted, compared to FY 2015's second-quarter net income of $67.9 million, or $0.37 per share diluted.
  • FY 2016's second-quarter pre-tax income was $140.4 million, compared to FY 2015's second-quarter pre-tax income of $86.5 million.  FY 2016's second-quarter results included pre-tax inventory write-downs totaling $6.4 million ($6.1 million of which was attributable to operating communities and $0.3 million of which was attributable to future communities). FY 2015's second-quarter results included pre-tax inventory write-downs of $12.2 million ($11.1 million of which was attributable to one operating community and $1.1 million, of which was attributable to future communities).
  • FY 2016's six-month net income was $162.2 million, or $0.91 per share diluted, compared to FY 2015's six-month net income of $149.3 million, or $0.81 per share diluted.
  • FY 2016's six-month pre-tax income was $257.2 million, compared to FY 2015's six-month pre-tax income of $210.6 million. 
  • FY 2016's six-month pre-tax income results included pre-tax inventory write-downs totaling $7.6 million ($6.7 million attributable to operating communities and $0.9 million attributable to future communities). FY 2015's six-month results included pre-tax inventory write-downs of $13.3 million ($12.0 million attributable to operating communities and $1.3 million attributable to future communities). 
  • FY 2016's second-quarter total revenues of $1.12 billion and 1,304 units increased 31% in dollars and 9% in units, compared to FY 2015's second-quarter total revenues of $852.6 million and 1,195 units.
  • FY 2016's six-month total revenues of $2.04 billion and 2,367 units rose 20% in dollars and 4% in units, compared to FY 2015's same period totals of $1.71 billion and 2,286 units.
  • The Company's FY 2016 second-quarter net signed contracts of $1.65 billion and 1,993 units rose by 3% in dollars and 3% in units, compared to FY 2015's second-quarter net contracts of $1.60 billion and 1,931 units.
  • On a per-community basis, FY 2016's second-quarter net signed contracts were 6.80 units, compared to second-quarter totals of 7.43 units in FY 2015, 7.14 in FY 2014 and 7.79 in FY 2013. 
  • The Company's FY 2016 six-month net signed contracts of $2.73 billion and 3,243 units increased 11% in dollars and 8% in units, compared to net contracts of $2.47 billion and 2,994 units in FY 2015's six-month period.
  • In FY 2016, second-quarter-end backlog of $4.19 billion and 4,940 units increased 20% in dollars and 13% in units, compared to FY 2015's second-quarter-end backlog of $3.48 billion and 4,387 units.
  • Excluding write-downs and interest, FY 2016's second-quarter gross margin was 25.7%, compared to 25.3% in FY 2015's second quarter. FY 2016's second-quarter gross margin, including write-downs and interest, was 22.0% versus 20.4% in FY 2015's second quarter.
  • Interest included in cost of sales was 3.2% of revenues in FY 2016's second quarter, compared to 3.5% of revenues in FY 2015's second quarter.
  • SG&A as a percentage of revenue was 11.5% in FY 2016's second quarter, compared to 12.6% in FY 2015's second quarter.
  • Income from operations of $116.6 million represented 10.5% of revenues in FY 2016's second quarter, compared to $66.4 million and 7.8% of revenues in FY 2015's second quarter. 
  • Income from operations of $211.1 million represented 10.3% of revenues in FY 2016's six-month period, compared to $163.5 million and 9.6% of revenues in FY 2015's six-month period.
  • Other income and Income from unconsolidated entities in FY 2016's second quarter totaled $23.8 million, compared to $20.1 million in FY 2015's same quarter.
  • Other income and Income from unconsolidated entities in FY 2016's six-month period totaled $46.1 million, compared to $47.1 million in FY 2015's same period.
  • FY 2016's second-quarter cancellation rate (current-quarter cancellations divided by current-quarter signed contracts) was 5.0%, compared to 3.1% in FY 2015's second quarter. As a percentage of beginning-quarter backlog, FY 2016's second-quarter cancellation rate was 2.5%, compared to 1.7% in FY 2015's second quarter.
  • In FY 2016's second quarter, unconsolidated entities in which the Company had an interest delivered 21 units totaling $21.5 million of homes, compared to 22 units totaling $17.0 million in the second quarter of FY 2015. 
  • In FY 2016's first six months, unconsolidated entities in which the Company had an interest delivered 40 units totaling $37.5 million of homes, compared to 49 units totaling $36.3 million in the same six-month period of FY 2015.  The Company recorded its share of the results from these entities' operations in "Income from Unconsolidated Entities" on the Company's Statement of Operations.
  • In FY 2016's second quarter, unconsolidated entities in which the Company had an interest signed 38 contracts for $57.6 million of homes, compared to 45 contracts for $82.5 million in the second quarter of FY 2015. In FY 2016's first six months, unconsolidated entities in which the Company had an interest signed 68 contracts for $105.2 million of homes, compared to 65 contracts for $113.2 million in the same six-month period of FY 2015. 
  • At April 30, 2016, unconsolidated entities in which the Company had an interest had a backlog of $534.3 million and 214 units, compared to $361.4 million and 151 units at April 30, 2015.
  • The Company ended its FY 2016 second quarter with $423.2 million in cash and marketable securities, compared to $336.2 million at 2016's first-quarter end and $542.2 million at FY 2015's second-quarter end.  At FY 2016's second-quarter end, it had $840.2 million available under its $1.035 billion 15-bank credit facility, which was scheduled to mature in August 2018. 
  • On May 19, 2016 the Company replaced this facility with a new 18-bank $1.215 billion credit facility which matures in May 2021.  It has an accordion feature under which it can be increased to a maximum of $2.0 billion, subject to certain conditions.
  • During the second quarter of FY 2016, the Company repurchased approximately 2.9 million shares of its common stock at an average price of $27.27 for a total purchase price of $80.1 million. Additionally, in its third quarter to-date, the Company has repurchased approximately 1.8 million shares of its common stock at an average price of $26.50 for a total purchase price of $47.3 million. 
  • Effective May 23, 2016, the Board of Directors authorized the repurchase of 20 million shares of Toll Brothers common stock for general corporate purposes and for the purpose of providing shares for the Company's equity award and other employee benefit plans, and terminated the prior share repurchase program.
  • The Company's Stockholders' Equity at FY 2016's second-quarter end was $4.16 billion, compared to $4.05 billion at FY 2015's second-quarter end.
  • The Company ended FY 2016's second quarter with a net debt-to-capital ratio(1) of 41.7%, compared to 41.7% at FY 2016's first-quarter end and 40.8% at FY 2015's second-quarter end.
  • The Company ended FY 2016's second quarter with approximately 45,400 lots owned and optioned, compared to 43,800 one quarter earlier and 45,000 one year earlier. At 2016's second-quarter end, approximately 34,600 of these lots were owned, of which approximately 17,400 lots, including those in backlog, were substantially improved. 
  • In the second quarter of FY 2016, the Company purchased 254 lots for $50.3 million.
  • The Company ended FY 2016's second quarter with 299 selling communities, compared to 291 at FY 2016's first-quarter end and 269 at FY 2015's second-quarter end.
  • Based on FY 2016's second-quarter-end backlog and the pace of activity at its communities, the Company now estimates it will deliver between 5,800 and 6,300 homes in FY 2016, compared to previous guidance of 5,700 to 6,400 units.  It now believes the average delivered price for FY 2016's full year will be between $820,000 and $850,000 per home.  This translates to projected revenues of between $4.76 billion and $5.36 billion in FY 2016, compared to $4.17 billion in FY 2015.
  • In the third quarter of FY 2016, the Company projects delivering approximately 30% of the dollar value of its second-quarter-end backlog at an average price of between $815,000 and $835,000.  
  • The Company projects full FY 2016 gross margins, excluding interest and write-downs, of approximately 25.8% to 26.2%, compared to 25.9% in FY 2015.  Interest in cost of sales is projected to be approximately 3.2% for FY 2016, compared to 3.4% in FY 2015.
  • The Company updated its guidance for SG&A as a percentage of revenue, and now projects it will trend down each quarter and will be approximately 10.4% of revenues for FY 2016, compared to 10.9% of revenues in FY 2015.
  • For the full FY 2016, the Company is reiterating its guidance for Other income and Income from unconsolidated entities to a range of $105 million to $130 million.  Approximately 45% of that will occur in the fourth quarter and is associated mainly with New York City joint venture deliveries.

(1) Net debt-to-capital is calculated as total debt minus mortgage warehouse loans minus cash and marketable securities, divided by total debt minus mortgage warehouse loans minus cash and marketable securities plus stockholders' equity. 

 

TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
     
  April 30, October 31,
  2016 2015
  (Unaudited) ?
ASSETS    
Cash and cash equivalents  $ 423,178  $ 918,993
Marketable securities   10,001
Restricted cash 28,897 16,795
Inventory 7,285,351 6,997,516
Property, construction and office equipment, net 136,748 136,755
Receivables, prepaid expenses and other assets 271,137 284,130
Mortgage loans held for sale 124,677 123,175
Customer deposits held in escrow 67,638 56,105
Investments in unconsolidated entities 424,268 412,860
Investments in foreclosed real estate and distressed loans 14,576 51,730
Deferred tax assets, net of valuation allowances 187,755 198,455
   $ 8,964,225  $ 9,206,515
  ? ?
LIABILITIES AND EQUITY    
Liabilities:    
Loans payable  $ 711,293  $ 1,000,439
Senior notes 2,692,061 2,689,801
Mortgage company loan facility 100,000 100,000
Customer deposits 328,258 284,309
Accounts payable 281,074 236,953
Accrued expenses 605,198 608,066
Income taxes payable 81,393 58,868
Total liabilities 4,799,277 4,978,436
     
Equity:    
Stockholders' Equity    
Common stock 1,779 1,779
Additional paid-in capital 718,013 728,125
Retained earnings 3,757,436 3,595,202
Treasury stock, at cost  (315,479)  (100,040)
Accumulated other comprehensive loss  (2,610)  (2,509)
Total stockholders' equity 4,159,139 4,222,557
Noncontrolling interest 5,809 5,522
Total equity 4,164,948 4,228,079
   $ 8,964,225  $ 9,206,515
     
TOLL BROTHERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
         
  Six Months Ended Three Months Ended
  April 30, April 30,
  2016 2015 2016 2015
Revenues  $ 2,044,123  $ 1,706,035  $ 1,115,557  $ 852,583
  ? ? ? ?
Cost of revenues 1,582,882 1,328,544 870,571 678,512
Selling, general and administrative expenses 250,136 213,999 128,340 107,685
  1,833,018 1,542,543 998,911 786,197
         
Income from operations 211,105 163,492 116,646 66,386
Other:        
Income from unconsolidated entities 17,756 11,128 9,118 6,227
Other income - net 28,353 35,935 14,633 13,919
Income before income taxes 257,214 210,555 140,397 86,532
Income tax provision 94,980 61,300 51,343 18,602
Net income  $ 162,234  $ 149,255  $ 89,054  $ 67,930
Income per share: ? ? ? ?
Basic  $ 0.95  $ 0.85  $ 0.53  $ 0.38
Diluted  $ 0.91  $ 0.81  $ 0.51  $ 0.37
Weighted-average number of shares: ? ? ? ?
Basic 171,578 176,267 168,952 176,458
Diluted 179,403 184,472 176,414 184,838
         
TOLL BROTHERS, INC. AND SUBSIDIARIES
SUPPLEMENTAL DATA
(Amounts in thousands)
(unaudited)
         
  Six Months Ended Three Months Ended
  April 30, April 30,
  2016 2015 2016 2015
Impairment charges recognized: ? ? ? ?
Cost of sales - land owned/controlled for future communities  $ 934  $ 1,310  $ 253  $ 1,066
Cost of sales - operating communities 6,700 12,000 6,100 11,100
   $ 7,634  $ 13,310  $ 6,353  $ 12,166
  ? ? ? ?
Depreciation and amortization  $ 11,029  $ 11,772  $ 5,302  $ 5,963
Interest incurred  $ 80,412  $ 80,458  $ 40,305  $ 39,954
Interest expense: ? ? ? ?
Charged to cost of sales  $ 67,745  $ 57,953  $ 35,722  $ 29,576
Charged to other income - net 309 1,738 34 410
   $ 68,054  $ 59,691  $ 35,756  $ 29,986
  ? ? ? ?
Home sites controlled:        
Owned 34,612 36,386    
Optioned 10,827 8,609    
  45,439 44,995    
         
         
Inventory at April 30, 2016 and October 31, 2015 consisted of the following (amounts in thousands):
      April 30, October 31,
      2016 2015
Land and land development costs      $ 2,267,996  $ 2,476,008
Construction in progress     4,421,187 3,977,542
Sample homes     417,007 349,481
Land deposits and costs of future development     155,473 173,879
Other     23,688 20,606
       $ 7,285,351  $ 6,997,516
         
Toll Brothers operates in two segments: Traditional Home Building and Urban Infill ("City Living").  Within Traditional Home Building, Toll operates in five geographic segments:
   
North: Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York
Mid-Atlantic: Delaware, Maryland, Pennsylvania and Virginia
South: Florida, North Carolina and Texas
West: Arizona, Colorado, Nevada, and Washington
California: California
  Three Months Ended
  April 30,
  Units $ (Millions) Average Price Per Unit $
  2016 2015 2016 2015 2016 2015
HOME BUILDING REVENUES ? ? ? ? ? ?
North 235 238  $ 165.7  $ 150.0  $ 705,000  $ 630,300
Mid-Atlantic 300 303 186.6 187.5 622,000 618,800
South 239 289 192.5 215.9 805,200 747,100
West 288 231 188.4 154.1 654,100 666,900
California 216 120 328.4 128.4 1,520,500 1,070,000
Traditional Home Building 1,278 1,181 1,061.6 835.9 830,600 707,800
City Living 26 14 54.0 16.7 2,078,500 1,191,300
Total consolidated 1,304 1,195  $ 1,115.6  $ 852.6  $ 855,500  $ 713,500
  ? ? ? ? ? ?
CONTRACTS            
North 327 379  $ 230.4  $ 236.4  $ 704,500  $ 623,800
Mid-Atlantic 502 415 308.6 259.0 614,800 624,000
South 367 356 266.0 288.4 724,700 810,300
West 466 348 340.6 238.7 730,900 685,800
California 275 368 408.5 484.9 1,485,500 1,317,700
Traditional Home Building 1,937 1,866 1,554.1 1,507.4 802,300 807,800
City Living 56 65 91.1 88.2 1,627,700 1,356,700
Total consolidated 1,993 1,931  $ 1,645.2  $ 1,595.6  $ 825,500  $ 826,300
  ? ? ? ? ? ?
BACKLOG            
North 1,046 986  $ 735.7  $ 629.2  $ 703,400  $ 638,100
Mid-Atlantic 1,034 904 658.2 575.3 636,600 636,400
South 964 993 762.8 803.2 791,300 808,800
West 1,073 745 788.7 503.4 735,100 675,700
California 671 593 1,014.0 748.8 1,511,100 1,262,800
Traditional Home Building 4,788 4,221 3,959.4 3,259.9 827,000 772,300
City Living 152 166 232.7 222.6 1,530,700 1,340,900
Total consolidated 4,940 4,387  $ 4,192.1  $ 3,482.5  $ 848,600  $ 793,800
             
             
  Six Months Ended
  April 30,
  Units $ (Millions) Average Price Per Unit $
  2016 2015 2016 2015 2016 2015
HOME BUILDING REVENUES ? ? ? ? ? ?
North 415 448  $ 286.5  $ 282.4  $ 690,400  $ 630,400
Mid-Atlantic 579 565 356.4 350.9 615,500 621,100
South 437 525 339.3 377.8 776,400 719,600
West 490 411 325.6 276.4 664,500 672,500
California 375 275 545.3 294.0 1,454,100 1,069,100
Traditional Home Building 2,296 2,224 1,853.1 1,581.5 807,100 711,100
City Living 71 62 191.0 124.5 2,690,100 2,008,100
Total consolidated 2,367 2,286  $ 2,044.1  $ 1,706.0  $ 863,600  $ 746,300
  ? ? ? ? ? ?
CONTRACTS            
North 571 556  $ 403.0  $ 347.0  $ 705,800  $ 624,100
Mid-Atlantic 802 639 495.7 406.7 618,100 636,500
South 577 555 432.9 457.8 750,300 824,900
West 747 567 540.8 387.1 724,000 682,700
California 437 593 661.6 738.3 1,514,000 1,245,000
Traditional Home Building 3,134 2,910 2,534.0 2,336.9 808,600 803,100
City Living 109 84 198.3 131.9 1,819,300 1,570,200
Total consolidated 3,243 2,994  $ 2,732.3  $ 2,468.8  $ 842,500  $ 824,600







Unconsolidated entities:            
             
Information related to revenues and contracts of entities in which we have an interest for the three-month and six-month periods ended April 30, 2016 and 2015, and for backlog at April 30, 2016 and 2015 is as follows:
             
  Units $ (Millions) Average Price Per Unit $
  2016 2015 2016 2015 2016 2015
Three months ended April 30, ? ? ? ? ? ?
Revenues 21 22  $ 21.5  $ 17.0  $ 1,022,100  $ 771,100
Contracts 38 45  $ 57.6  $ 82.5  $ 1,514,900  $ 1,833,500
             
Six months ended April 30,            
Revenues 40 49  $ 37.5  $ 36.3  $ 937,600  $ 740,000
Contracts 68 65  $ 105.2  $ 113.2  $ 1,547,500  $ 1,741,200
             
Backlog at April 30, 214 151  $ 534.3  $ 361.4  $ 2,496,700  $ 2,393,200