Toll Brothers Inc. has a market cap of $3.08 billion; its shares were traded at around $18.61 with and P/S ratio of 1.8. TOL is in the portfolios of John Keeley of Keeley Fund Management, Arnold Van Den Berg of Century Management, John Buckingham of Al Frank Asset Management, Inc., Pioneer Investments, Ron Baron of Baron Funds, Pioneer Investments, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:At April 30, 2010, we had $1.55 billion of cash, cash equivalents and marketable U.S. Treasury securities on hand and approximately $1.40 billion available under our revolving credit facility which extends to March 2011. In December 2009, we redeemed the remaining $47.9 million principal amount of our Toll Corp. senior subordinated notes due 2011.
At April 30, 2010, we were offering sales incentives, on average, of $41,700, or 6.7%, of the sales price of the home, as compared to, on average, $70,300, or 11.2%, of the sales price of the home at October 31, 2009 and $78,500, or 12.0%, of the sales price of the home at April 30, 2009. The amount and type of incentive varies on a community-by-community basis and, in some cases, on a home site-by-home site basis within a community. In addition, the amount of sales incentives offered to a home buyer on a speculative home that we have in our inventory will generally be higher than the amount of sales incentives that we will offer on a to-be-built home.
Our backlog at April 30, 2010 of $993.5 million (1,738 homes) increased 5.2%, as compared to our backlog at April 30, 2009 of $944.3 billion (1,581 homes). Backlog consists of homes under contract but not yet delivered to our home buyers. The increase in backlog at April 30, 2010, as compared to the backlog at April 30, 2009, was primarily attributable to the increase in the value of net contracts signed in the six-month period ended April 30, 2010, as compared to the six-month period ended April 30, 2009 and lower deliveries in the six-month period ended April 30, 2010, as compared to April 30, 2009, offset, in part, by the lower value of backlog at October 31, 2009, as compared to October 31, 2008. The value of backlog at October 31, 2009 and 2008 was $874.8 million and $1.33 billion, respectively.
For state tax purposes, due to past losses and projected future losses in certain jurisdictions where we do not have carryback potential and/or cannot sufficiently forecast future taxable income, we recognized cumulative valuation allowances of $50.8 million as of April 30, 2010 against our net state deferred tax assets. In the six-month periods ended April 30, 2010 and 2009, we recognized valuation allowances against our state deferred tax assets of $5.4 million ($3.5 million, net of federal benefit) and $6.6 million ($4.3 million, net of federal benefit), respectively. In the three-month periods ended April 30, 2010 and 2009, we recognized valuation allowances against our state deferred tax assets of $2.6 million ($1.7 million, net of federal benefit) and $2.0 million ($1.3 million, net of federal benefit), respectively. Future valuation allowances in these jurisdictions may continue to be recognized if we believe we will not generate sufficient future taxable income to utilize future state deferred tax assets.
We have investments in and advances to various unconsolidated entities including Toll Brothers Realty Trust (Trust) and Toll Brothers Realty Trust II (Trust II). At April 30, 2010, we had investments in and advances to these entities, net of impairment charges recognized, of $170.5 million, and were committed to invest or advance $14.0 million (net of amounts accrued) of additional funds to certain of these entities if they require additional funding. At April 30, 2010, we had accrued $100.2 million for our commitments to all of our unconsolidated entities. In addition, we guarantee certain debt of a number of these unconsolidated entities on a several and pro-rata basis. At April 30, 2010, we guaranteed an aggregate of approximately $60.3 million (net of amounts that we have accrued) of debt relating to four joint ventures, which had aggregate borrowings of approximately $861.0 million.
In connection with certain land joint ventures to which we are a party, we executed completion guarantees and conditional repayment guarantees. The obligations under the completion guarantees and conditional repayment guarantees are several and not joint, and are limited to our pro-rata share of the loan obligations of the respective joint ventures. At April 30, 2010, the maximum amount of the completion guarantees and conditional repayment guarantees (net of amounts that we have accrued) is estimated to be approximately $50.3 million, if any liability is determined to be due thereunder. The $50.3 million of these guarantees are included in the $60.3 million of guarantees disclosed above.
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