TOUSA late on Wednesday filed its delayed report for the third quarter of 2007, which detailed a $619.7 million net loss for the quarter and stated that "the company believes there is substantial doubt about its ability to continue as a going concern."

The company's stock fell to an all time low of 13 cents per share in heavy trading on Thursday, Nov. 15.

In a statement issued with its third-quarter results, the company stated, "as of September 30, 2007, the company had stockholders' equity of $48.3 million. Based on the foregoing, the company believes there is substantial doubt about its ability to continue as a going concern. The company is considering all available in and out of court restructuring and reorganization alternatives, including a possible Chapter 11 filing. Such alternatives include, among other things, restructuring its capital structure through the exchange of some or all of its outstanding indebtedness for equity in the Company. TOUSA's ability to continue as a going concern will depend upon its ability to restructure its capital structure including exchanging a large portion of the Company's outstanding indebtedness for equity. The Company has asked its bondholders to organize as a group in order to discuss such restructuring and reorganization alternatives and the Company has commenced discussions with its representatives, though these discussions are at a very early stage."

Among the results reported for third quarter, the company said the loss included $504.5 million of pre-tax inventory impairment and abandonment costs, $2.7 million of pre-tax goodwill impairments and a $40.7 million pre-tax loss contingency relating to the Transeastern JV settlement. Net orders were off 33%; the cancellation rate increased to 47% from 33% both last year and last quarter; and the number of controlled home sites fell 45% to 39,900.

The company also said that sales incentives had nearly doubled from last year's third quarter to $45,300 per home this year. It also reported that it had had 3,700 homes completed or under construction at the end of September, compared to 3,800 homes on December 31, 2006, with 35% of the homes unsold.TOUSA said it had 452 completed unsold homes in its inventory, up 142% from187 homes on June 30, 2007. Approximately 52% of the Company's completed, unsold homes at September 30, 2007 had been completed for more than 90 days, the company said.