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Hovnanian 4Q Loss Narrows On Fewer Charges, Revenue Down

DOW JONES NEWSWIRES Hovnanian Enterprises Inc. (HOV) narrowed its fiscal fourth-quarter loss as the home builder saw lower land-related charges than a year earlier, though revenue and contracts slid. "The combination of a lackluster job market and high foreclosure activity is clearly having a dampening effect on the housing market," said Chairman and Chief Executive Ara K. Hovnanian. "The only silver lining is that we continue to find land acquisition opportunities which we believe will yield appropriate returns at today's home prices and sales paces." The company has seen its contracts drop off of late because of the expiration of the federal government's first-time homebuyer tax credit, which concluded this spring after a rush of buyers looked to secure it. Revenue also has declined, hurt by a lack of consumer confidence and job creation, the company has said. For the quarter ended Oct. 31, Hovnanian reported a loss of $132.1 million, or $1.68 a share, from a loss of $250.8 million, or $3.21 a share, a year earlier. The most-recent quarter included $80.6 million of land-related charges, while the year-earlier quarter included $138 million in land-related charges. Revenue dropped 19% to $353 million. Analysts polled by Thomson Reuters had most recently forecast a loss of 66 cents on $288 million in revenue. Home-building gross margin, excluding interest, rose to 16.9% from 13.2%. Net contracts excluding unconsolidated joint ventures fell 13%. The builder's cancellation rate was flat at 24%. The company's contract backlog as of Oct. 31 was 30% lower than a year earlier. Shares fell 0.7% to $4.33 after hours. As of the close, the stock had risen 14% this year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;

Stock News for Hovnanian Ent (HOV)
DateTimeHeadline
06/12/201511:38:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces an Investigation...
06/09/201515:37:07Why Shares of Hovnanian Enterprises Inc. Declined Today
06/09/201511:10:06Hovnanian's Quarterly Loss Widens
05/27/201511:30:00Hovnanian Enterprises Announces Second Quarter Fiscal Year 2015...
05/12/201515:30:00Hovnanian Enterprises' Presentation at the 8th Annual J.P. Morgan...
04/28/201513:00:00Hovnanian Enterprises' Presentation at the 2015 Wells Fargo Industrial...
03/12/201516:17:47MARKET SNAPSHOT: U.S. Stocks: Futures Rise After Mixed Economic...
03/12/201516:10:14MARKET SNAPSHOT: U.S. Stocks: Futures Up Ahead Of Retail Sales...
03/12/201516:08:35MARKET SNAPSHOT: U.S. Stocks: Futures Creep Higher Ahead Of Retail...
03/12/201516:07:46MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Retail Sales
03/12/201516:05:53MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Retail Sales
03/12/201512:19:07MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Retail Sales
03/12/201509:15:00Hovnanian Enterprises Reports Fiscal 2015 First Quarter Results
02/26/201513:00:00Hovnanian Enterprises Announces First Quarter Fiscal Year 2015...
02/16/201513:00:00Hovnanian Enterprises' Presentation at the 2015 J.P. Morgan Global...
12/15/201413:18:46U.S. Home-Builder Confidence Declined Slightly in December
12/10/201409:15:00Hovnanian Enterprises Reports Fiscal 2014 Results
09/04/201411:33:30MARKET SNAPSHOT: S&P 500, Dow Hit Intraday Record Highs
09/04/201409:49:39MARKET SNAPSHOT: U.S. Stocks Open Up After ECB Rate Cut
09/04/201409:05:14MARKET SNAPSHOT: U.S. Stocks: Futures Higher After ECB Rate Cut...

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