Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national
homebuilder, reported results for its fiscal third quarter and nine
months ended July 31, 2015.
RESULTS FOR THE THREE AND NINE MONTH PERIODS ENDED JULY
31, 2015:
- Total revenues were $540.6 million in the third quarter of
fiscal 2015, a decrease of 1.9% compared with $551.0 million in the
third quarter of fiscal 2014. For the nine months ended July 31,
2015, total revenues increased 7.4% to $1.46 billion compared with
$1.36 billion in the first nine months of the prior year.
- Homebuilding gross margin percentage, before interest expense
and land charges included in cost of sales, was 17.8% for the third
quarter ended July 31, 2015, compared with 21.3% in last year's
third quarter, and was 16.1% for the second quarter of fiscal 2015.
During the first nine months of fiscal 2015, homebuilding gross
margin percentage, before interest expense and land charges
included in cost of sales, was 17.4% compared with 20.2% in the
same period of the previous year.
- Net loss was $7.7 million, or $0.05 per common share, for the
third quarter of fiscal 2015, compared with net income $17.1
million, or $0.11 per common share, in the third quarter of the
previous year. For the nine months ended July 31, 2015, the net
loss was $41.6 million, or $0.28 per common share, compared with a
net loss of $15.3 million, or $0.10 per common share, in the first
nine months of fiscal 2014.
- The pre-tax loss, excluding land-related charges and loss on
extinguishment of debt, in the third quarter of fiscal 2015 was
$8.9 million compared with net income of $16.1 million in the prior
year's third quarter. For the first nine months of fiscal 2015, the
pre-tax loss, excluding land-related charges and loss on
extinguishment of debt, was $51.5 million compared with a loss of
$12.7 million during the first nine months of fiscal 2014.
- The dollar value of consolidated net contracts increased 19.7%
to $619.4 million for the three months ended July 31, 2015 compared
with $517.3 million during the same quarter a year ago. The dollar
value of net contracts, including unconsolidated joint ventures,
during the third quarter of fiscal 2015 increased 27.9% to $694.6
million compared with $542.9 million in last year's third quarter.
- In the third quarter of fiscal 2015, the number of consolidated
net contracts increased 13.0% to 1,533 homes compared with 1,357
homes in the prior year's third quarter. The number of net
contracts, including unconsolidated joint ventures, increased 16.4%
to 1,658 homes for the third quarter of fiscal 2015 from 1,424
homes during the third quarter of fiscal 2014.
- The dollar value of consolidated net contracts increased 14.3%
to $1.82 billion for the first nine months of fiscal 2015 compared
with $1.59 billion in the first nine months of the previous year.
The dollar value of net contracts, including unconsolidated joint
ventures, for the nine months ended July 31, 2015 increased 15.6%
to $1.97 billion compared with $1.70 billion in the first nine
months of fiscal 2014.
- For the nine months ended July 31, 2015, the number of
consolidated net contracts increased 9.2% to 4,648 homes compared
with 4,258 homes in the first nine months of the prior year.
The number of net contracts, including unconsolidated joint
ventures, increased 8.5% to 4,918 homes for the nine months ended
July 31, 2015 from 4,533 homes in the first nine months of last
year.
- Consolidated net contracts per active selling community
increased 7.2% to 7.4 net contracts per active selling community
for the quarter ended July 31, 2015 compared with 6.9 net contracts
per active selling community in the third quarter of fiscal 2014.
Net contracts, including unconsolidated joint ventures, per active
selling community increased 11.6% to 7.7 net contracts per active
selling community for the quarter ended July 31, 2015 compared with
6.9 net contracts, including unconsolidated joint ventures, per
active selling community in the third quarter of fiscal 2014.
- As of July 31, 2015, the dollar value of consolidated contract
backlog increased 23.3% to $1.26 billion compared with $1.03
billion as of July 31, 2014. The dollar value of contract backlog,
as of July 31, 2015, including unconsolidated joint ventures, was
$1.37 billion, an increase of 23.5% compared with $1.11 billion as
of July 31, 2014.
- As of July 31, 2015, the number of homes in consolidated
contract backlog increased 15.1% to 3,097 homes compared with 2,690
homes as of the end of the third quarter of fiscal 2014. The number
of homes in contract backlog, as of July 31, 2015, including
unconsolidated joint ventures, increased 12.7% to 3,275 homes
compared with 2,907 homes as of July 31, 2014.
- Consolidated deliveries were 1,408 homes in the third quarter
of fiscal 2015, a 3.8% decrease compared with 1,464 homes in the
third quarter of fiscal 2014. For the three months ended July 31,
2015, deliveries, including unconsolidated joint ventures,
decreased 4.8% to 1,475 homes compared with 1,549 homes in the
third quarter of the prior year.
- For the nine months ended July 31, 2015, consolidated
deliveries were 3,780 homes, a 1.2% increase compared with 3,735
homes in the first nine months of last year. During the first nine
months of fiscal 2015, deliveries, including unconsolidated joint
ventures, decreased 0.8% to 3,984 homes compared with 4,018 homes
in the same period of the previous year.
- As of July 31, 2015, consolidated active selling communities
increased 5.1% to 206 communities compared with 196 communities at
July 31, 2014.
- Total interest expense as a percentage of total revenues was
7.2% during the third quarter of fiscal 2015 compared with 6.5% in
the same period of the previous year. For the nine months ended
July 31, 2015, total interest expense as a percentage of total
revenues was unchanged at 7.6% compared with the same period a year
ago.
- Total SG&A was $67.9 million, or 12.6% of total revenues,
during the third quarter of fiscal 2015 compared with $67.0
million, or 12.2% of total revenues, in last year's third quarter.
Total SG&A was $201.5 million, or 13.8% of total revenues, for
the first nine months of fiscal 2015 compared with $189.8 million,
or 13.9% of total revenues, in the first nine months of the prior
year.
- The contract cancellation rate, including unconsolidated joint
ventures, for the third quarter of fiscal 2015 was 20%, compared
with 22% in the third quarter of fiscal 2014.
- The valuation allowance was $642.1 million as of July 31, 2015.
The valuation allowance is a non-cash reserve against the tax
assets for GAAP purposes. For tax purposes, the tax deductions
associated with the tax assets may be carried forward for 20 years
from the date the deductions were incurred.
- During August 2015, the dollar value of consolidated net
contracts increased 15.3% to $217.3 million compared with $188.4
million for August of 2014 and the number of consolidated net
contracts increased 15.4% to 531 homes from 460 homes in August
2014.
LIQUIDITY AND INVENTORY AS OF JULY 31,
2015:
- During the third quarter of fiscal 2015, land and land
development spending was $130.0 million. For the nine months ended
July 31, 2015, land and land development spending was $464.4
million.
- Total liquidity at the end of the third quarter of fiscal 2015
was $258.4 million compared with $231.7 million at July 31, 2014.
Total liquidity at July 31, 2015 included $207.3 million of
homebuilding cash and cash equivalents, $2.6 million of restricted
cash required to collateralize letters of credit and $48.5 million
of availability under the unsecured revolving credit facility.
- As of July 31, 2015, the land position, including
unconsolidated joint ventures, was 37,442 lots, consisting of
16,370 lots under option and 21,072 owned lots, compared with a
total of 37,706 lots as of July 31, 2014.
- During the third quarter of fiscal 2015, approximately 2,800
lots, including unconsolidated joint ventures, were put under
option or acquired in 53 communities.
FINANCIAL GUIDANCE:
- Assuming no changes in current market conditions, total
revenues for the fourth quarter of fiscal 2015 are expected to be
approximately $745 million and pretax profit excluding land related
charges, gains or losses on extinguishment of debt and other
non-recurring items such as legal settlements are expected to be
approximately $22 million.
- Assuming no changes in current market conditions, total
revenues for all of fiscal 2016 are expected to be between $2.7
billion and $3.1 billion and pretax profit excluding land related
charges, gains or losses on extinguishment of debt and other
non-recurring items such as legal settlements are expected to be
between $40 million and $100 million for all of fiscal 2016.
COMMENTS FROM MANAGEMENT:
"While we are disappointed with the loss for the third quarter,
it was within the guidance we gave on our second quarter conference
call," stated Ara K. Hovnanian, Chairman of the Board, President
and Chief Executive Officer. "During the third quarter the dollar
value of our contract backlog increased 23% year-over-year, while
the dollar value of our net contracts increased 20% compared to
last year's third quarter, and we also had a 170 basis point
sequential improvement in our quarterly gross margin. Furthermore,
assuming no changes in market conditions, we are on track for solid
profitability during the fourth quarter of fiscal 2015 and are well
positioned for a breakout year from the perspective of deliveries
and revenues which should lead to profitability in fiscal 2016, "
concluded Mr. Hovnanian.
WEBCAST INFORMATION:
Hovnanian Enterprises will webcast its fiscal 2015 third quarter
financial results conference call at 11:00 a.m. E.T. on Wednesday,
September 9, 2015. The webcast can be accessed live through the
"Investor Relations" section of Hovnanian Enterprises' website at
http://www.khov.com. For those who are not available to listen to
the live webcast, an archive of the broadcast will be available
under the "Past Events" section of the Investor Relations page on
the Hovnanian website at http://www.khov.com. The archive will be
available for 12 months.
ABOUT HOVNANIAN ENTERPRISES®, INC.:
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S.
Hovnanian, is headquartered in Red Bank, New Jersey. The Company is
one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Maryland, Minnesota, New Jersey, North Carolina, Ohio,
Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and
West Virginia. The Company's homes are marketed and sold under the
trade names K. Hovnanian® Homes®, Brighton Homes® and Parkwood
Builders. As the developer of K. Hovnanian's® Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.
Additional information on Hovnanian Enterprises, Inc., including
a summary investment profile and the Company's 2014 annual report,
can be accessed through the "Investor Relations" section of the
Hovnanian Enterprises' website at http://www.khov.com. To be added
to Hovnanian's investor e-mail list, please send an e-mail to
IR@khov.com or sign up at http://www.khov.com.
NON-GAAP FINANCIAL MEASURES:
Consolidated earnings before interest expense and income
taxes ("EBIT") and before depreciation and amortization ("EBITDA")
and before inventory impairment loss and land option write-offs and
loss on extinguishment of debt ("Adjusted EBITDA") are not U.S.
generally accepted accounting principles (GAAP) financial measures.
The most directly comparable GAAP financial measure is net (loss)
income. The reconciliation of EBIT, EBITDA and Adjusted EBITDA to
net (loss) income is presented in a table attached to this earnings
release.
(Loss) Income Before Income Taxes Excluding Land-Related
Charges and Loss on Extinguishment of Debt is a non-GAAP financial
measure. The most directly comparable GAAP financial measure is
(Loss) Income Before Income Taxes. The reconciliation of (Loss)
Income Before Income Taxes Excluding Land-Related Charges and Loss
on Extinguishment of Debt to (Loss) Income Before
Income Taxes is presented in a table attached to this earnings
release.
FORWARD-LOOKING STATEMENTS
All statements in this press release that are not
historical facts should be considered as "forward-looking
statements" within the meaning of the "Safe Harbor" provision of
the Private Securities Litigation Reform Act of 1995. Such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements
of the Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such forward looking statements include
but are not limited to statements related to the Company's goals
and expectations with respect to its financial results for the
current or future periods, including total revenues and adjusted
pre-tax profit. Although we believe that our plans, intentions and
expectations reflected in, or suggested by, such forward looking
statements are reasonable, we can give no assurance that such
plans, intentions, or expectations will be achieved. By their
nature, forward-looking statements: (i) speak only as of the date
they are made, (ii) are not guarantees of future performance or
results and (iii) are subject to risks, uncertainties and
assumptions that are difficult to predict or quantify. Therefore,
actual results could differ materially and adversely from those
forward looking statements as a result of a variety of factors.
Such risks, uncertainties and other factors include, but are not
limited to, (1) changes in general and local economic, industry and
business conditions and impacts of the sustained homebuilding
downturn; (2) adverse weather and other environmental conditions
and natural disasters; (3) levels of indebtedness and restrictions
on the Company's operations and activities imposed by the
agreements governing the Company's outstanding indebtedness; (4)
the Company's sources of liquidity; (5) changes in credit ratings;
(6) changes in market conditions and seasonality of the Company's
business; (7) the availability and cost of suitable land and
improved lots; (8) shortages in, and price fluctuations of, raw
materials and labor; (9) regional and local economic factors,
including dependency on certain sectors of the economy, and
employment levels affecting home prices and sales activity in the
markets where the Company builds homes; (10) fluctuations in
interest rates and the availability of mortgage financing; (11)
changes in tax laws affecting the after-tax costs of owning a home;
(12) operations through joint ventures with third parties; (13)
government regulation, including regulations concerning development
of land, the home building, sales and customer financing processes,
tax laws and the environment; (14) product liability litigation,
warranty claims and claims made by mortgage investors; (15) levels
of competition; (16) availability and terms of financing to the
Company; (17) successful identification and integration of
acquisitions; (18) significant influence of the Company's
controlling stockholders; (19) availability of net operating loss
carryforwards; (20) utility shortages and outages or rate
fluctuations; (21) geopolitical risks, terrorist acts and other
acts of war; and (22) certain risks, uncertainties and other
factors described in detail in the Company's Annual Report on Form
10-K for the fiscal year ended October 31, 2014 and subsequent
filings with the Securities and Exchange Commission. Except as
otherwise required by applicable securities laws, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
changed circumstances or any other reason.
(Financial Tables Follow)
Hovnanian Enterprises,
Inc. |
July 31,
2015 |
Statements of Consolidated
Operations |
(Dollars in Thousands, Except Per
Share Data) |
|
Three Months Ended |
Nine Months Ended |
|
July 31, |
July 31, |
|
2015 |
2014 |
2015 |
2014 |
|
(Unaudited) |
(Unaudited) |
Total Revenues |
$540,613 |
$551,009 |
$1,455,276 |
$1,364,986 |
Costs and Expenses (a) |
550,166 |
535,848 |
1,516,908 |
1,383,496 |
Loss on Extinguishment of Debt |
-- |
-- |
-- |
(1,155) |
(Loss) Income from Unconsolidated Joint
Ventures |
(448) |
211 |
2,470 |
3,849 |
(Loss) Income Before Income Taxes |
(10,001) |
15,372 |
(59,162) |
(15,816) |
Income Tax Benefit |
(2,317) |
(1,733) |
(17,543) |
(496) |
Net (Loss) Income |
$(7,684) |
$17,105 |
$(41,619) |
$(15,320) |
|
|
|
|
|
Per Share Data: |
|
|
|
|
Basic: |
|
|
|
|
(Loss) Income Per Common
Share |
$(0.05) |
$0.11 |
$(0.28) |
$(0.10) |
Weighted Average Number of |
|
|
|
|
Common Shares Outstanding
(b) |
147,010 |
146,365 |
146,846 |
146,223 |
Assuming Dilution: |
|
|
|
|
(Loss) Income Per Common
Share |
$(0.05) |
$0.11 |
$(0.28) |
$(0.10) |
Weighted Average Number of |
|
|
|
|
Common Shares Outstanding
(b) |
147,010 |
162,278 |
146,846 |
146,223 |
|
|
|
|
|
(a) Includes inventory
impairment loss and land option write-offs. |
(b) For periods with a net
loss, basic shares are used in accordance with GAAP rules. |
|
|
|
|
|
|
|
|
|
|
Hovnanian Enterprises,
Inc. |
July 31,
2015 |
Reconciliation of (Loss) Income
Before Income Taxes Excluding Land-Related Charges |
and Loss on Extinguishment of
Debt to (Loss) Income Before Income Taxes |
(Dollars in Thousands) |
|
|
|
|
|
|
Three Months Ended |
Nine Months Ended |
|
July 31, |
July 31, |
|
2015 |
2014 |
2015 |
2014 |
|
(Unaudited) |
(Unaudited) |
(Loss) Income Before Income Taxes |
$(10,001) |
$15,372 |
$(59,162) |
$(15,816) |
Inventory Impairment Loss and Land Option
Write-Offs |
1,077 |
741 |
7,618 |
1,927 |
Loss on Extinguishment of Debt |
-- |
-- |
-- |
1,155 |
(Loss) Income Before Income Taxes Excluding
Land-Related |
|
|
|
|
Charges and Loss on
Extinguishment of Debt (a) |
$(8,924) |
$16,113 |
$(51,544) |
$(12,734) |
|
|
|
|
|
(a) (Loss) Income Before Income
Taxes Excluding Land-Related Charges and Loss on Extinguishment of
Debt is a non-GAAP Financial measure. The most directly comparable
GAAP financial measure is (Loss) Income Before Income Taxes. |
|
Hovnanian Enterprises,
Inc. |
July 31,
2015 |
Gross Margin |
(Dollars in Thousands) |
|
Homebuilding Gross Margin |
Homebuilding Gross Margin |
|
Three Months Ended |
Nine Months Ended |
|
July 31, |
July 31, |
|
2015 |
2014 |
2015 |
2014 |
|
(Unaudited) |
(Unaudited) |
Sale of Homes |
$526,156 |
$538,007 |
$1,414,799 |
$1,331,490 |
Cost of Sales, Excluding Interest and Land
Charges (a) |
432,625 |
423,488 |
1,168,874 |
1,061,880 |
Homebuilding Gross Margin, Excluding Interest
and Land Charges |
93,531 |
114,519 |
245,925 |
269,610 |
Homebuilding Cost of Sales Interest |
16,323 |
15,757 |
39,615 |
37,247 |
Homebuilding Gross Margin, Including Interest
and Excluding Land Charges |
$77,208 |
$98,762 |
$206,310 |
$232,363 |
|
|
|
|
|
Gross Margin Percentage, Excluding Interest
and Land Charges |
17.8% |
21.3% |
17.4% |
20.2% |
Gross Margin Percentage, Including Interest
and Excluding Land Charges |
14.7% |
18.4% |
14.6% |
17.5% |
|
|
|
|
|
|
Land Sales Gross Margin |
Land Sales Gross Margin |
|
Three Months Ended |
Nine Months Ended |
|
July 31, |
July 31, |
|
2015 |
2014 |
2015 |
2014 |
|
(Unaudited) |
(Unaudited) |
Land and Lot Sales |
-- |
$968 |
$850 |
$2,897 |
Cost of Sales, Excluding Interest and Land
Charges (a) |
-- |
657 |
702 |
1,585 |
Land and Lot Sales Gross Margin, Excluding
Interest and Land Charges |
-- |
311 |
148 |
1,312 |
Land and Lot Sales Interest |
-- |
70 |
39 |
477 |
Land and Lot Sales Gross Margin, Including
Interest and Excluding Land Charges |
-- |
$241 |
$109 |
$835 |
|
|
|
|
|
(a) Does not include cost
associated with walking away from land options or inventory
impairment losses which are recorded as Inventory impairment loss
and land option write-offs in the Condensed Consolidated Statements
of Operations. |
|
|
Hovnanian Enterprises,
Inc. |
July 31,
2015 |
Reconciliation of Adjusted EBITDA
to Net (Loss) Income |
(Dollars in Thousands) |
|
Three Months Ended |
Nine Months Ended |
|
July 31, |
July 31, |
|
2015 |
2014 |
2015 |
2014 |
|
(Unaudited) |
(Unaudited) |
Net (Loss) Income |
$(7,684) |
$17,105 |
$(41,619) |
$(15,320) |
Income Tax Benefit |
(2,317) |
(1,733) |
(17,543) |
(496) |
Interest Expense |
38,816 |
35,707 |
110,248 |
104,409 |
EBIT (a) |
28,815 |
51,079 |
51,086 |
88,593 |
Depreciation |
835 |
865 |
2,553 |
2,571 |
Amortization of Debt Costs |
1,491 |
1,082 |
4,451 |
3,240 |
EBITDA (b) |
31,141 |
53,026 |
58,090 |
94,404 |
Inventory Impairment Loss and Land Option
Write-offs |
1,077 |
741 |
7,618 |
1,927 |
Loss on Extinguishment of Debt |
-- |
-- |
-- |
1,155 |
Adjusted EBITDA (c) |
$32,218 |
$53,767 |
$65,708 |
$97,486 |
|
|
|
|
|
Interest Incurred |
$41,856 |
$36,472 |
$124,031 |
$108,073 |
|
|
|
|
|
Adjusted EBITDA to Interest Incurred |
0.77 |
1.47 |
0.53 |
0.90 |
|
|
|
|
|
(a) EBIT is a non-GAAP financial
measure. The most directly comparable GAAP financial measure is net
(loss) income. EBIT represents earnings before interest expense and
income taxes. |
(b) EBITDA is a non-GAAP
financial measure. The most directly comparable GAAP financial
measure is net (loss) income. EBITDA represents earnings before
interest expense, income taxes, depreciation and amortization. |
(c) Adjusted EBITDA is a non-GAAP
financial measure. The most directly comparable GAAP financial
measure is net (loss) income. Adjusted EBITDA represents earnings
before interest expense, income taxes, depreciation, amortization,
inventory impairment loss and land option write-offs and loss on
extinguishment of debt. |
|
|
|
|
|
|
|
|
|
|
Hovnanian Enterprises,
Inc. |
July 31,
2015 |
Interest Incurred, Expensed and
Capitalized |
(Dollars in Thousands) |
|
Three Months Ended |
Nine Months Ended |
|
July 31, |
July 31, |
|
2015 |
2014 |
2015 |
2014 |
|
(Unaudited) |
(Unaudited) |
Interest Capitalized at Beginning of
Period |
$119,901 |
$107,992 |
$109,158 |
$105,093 |
Plus Interest Incurred |
41,856 |
36,472 |
124,031 |
108,073 |
Less Interest Expensed |
38,816 |
35,707 |
110,248 |
104,409 |
Interest Capitalized at End of Period
(a) |
$122,941 |
$108,757 |
$122,941 |
$108,757 |
|
|
|
|
|
(a) Capitalized interest amounts
are shown gross before allocating any portion of impairments to
capitalized interest. |
|
HOVNANIAN ENTERPRISES, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In Thousands) |
|
|
|
|
July 31, 2015 |
October 31, 2014 |
|
(Unaudited) |
(1) |
ASSETS |
|
|
|
|
|
Homebuilding: |
|
|
Cash and cash equivalents |
$207,302 |
$255,117 |
Restricted cash and cash
equivalents |
9,772 |
13,086 |
Inventories: |
|
|
Sold and unsold homes and lots
under development |
1,294,033 |
961,994 |
Land and land options held for
future development or sale |
209,101 |
273,463 |
Consolidated inventory not
owned: |
|
|
Specific performance
options |
-- |
3,479 |
Other options |
109,355 |
105,374 |
Total consolidated inventory
not owned |
109,355 |
108,853 |
Total inventories |
1,612,489 |
1,344,310 |
Investments in and advances to
unconsolidated joint ventures |
66,535 |
63,883 |
Receivables, deposits and
notes, net |
87,059 |
92,546 |
Property, plant and equipment,
net |
45,839 |
46,744 |
Prepaid expenses and other
assets |
80,468 |
69,358 |
Total homebuilding |
2,109,464 |
1,885,044 |
|
|
|
Financial services: |
|
|
Cash and cash equivalents |
6,635 |
6,781 |
Restricted cash and cash
equivalents |
16,647 |
16,236 |
Mortgage loans held for sale at
fair value |
110,670 |
95,338 |
Other assets |
2,138 |
1,988 |
Total financial services |
136,090 |
120,343 |
Income taxes receivable –
including net deferred tax benefits |
303,790 |
284,543 |
Total assets |
$2,549,344 |
$2,289,930 |
|
|
|
(1) Derived from the audited
balance sheet as of October 31, 2014. |
HOVNANIAN ENTERPRISES, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In Thousands Except Share and
Per Share Amounts) |
|
|
July 31, 2015 |
October 31, 2014 |
|
(Unaudited) |
(1) |
LIABILITIES AND EQUITY |
|
|
|
|
|
Homebuilding: |
|
|
Nonrecourse mortgages |
$133,380 |
$103,908 |
Accounts payable and other
liabilities |
354,128 |
370,876 |
Customers' deposits |
47,299 |
34,969 |
Nonrecourse mortgages secured
by operating properties |
15,796 |
16,619 |
Liabilities from inventory not
owned |
98,406 |
92,381 |
Total homebuilding |
649,009 |
618,753 |
|
|
|
Financial services: |
|
|
Accounts payable and other
liabilities |
24,996 |
22,278 |
Mortgage warehouse lines of
credit |
88,554 |
76,919 |
Total financial services |
113,550 |
99,197 |
|
|
|
Notes payable: |
|
|
Senior secured notes, net of
discount |
980,988 |
979,935 |
Senior notes, net of
discount |
841,056 |
590,472 |
Senior amortizing notes |
12,811 |
17,049 |
Senior exchangeable notes |
72,838 |
70,101 |
Accrued interest |
30,599 |
32,222 |
Total notes payable |
1,938,292 |
1,689,779 |
|
|
|
Total liabilities |
2,700,851 |
2,407,729 |
|
|
|
Stockholders' equity deficit: |
|
|
Preferred stock, $0.01 par
value - authorized 100,000 shares; issued and outstanding 5,600
shares with a liquidation preference of $140,000 at July 31, 2015
and at October 31, 2014 |
135,299 |
135,299 |
Common stock, Class A, $0.01
par value – authorized 400,000,000 shares; issued 143,292,881
shares at July 31, 2015 and 142,836,563 shares at October 31, 2014
(including 11,760,763 shares at July 31, 2015 and October 31, 2014
held in Treasury) |
1,433 |
1,428 |
Common stock, Class B, $0.01
par value (convertible to Class A at time of sale) – authorized
60,000,000 shares; issued 15,676,847 shares at July 31, 2015 and
15,497,543 shares at October 31, 2014 (including 691,748 shares at
July 31, 2015 and October 31, 2014 held in Treasury) |
157 |
155 |
Paid in capital – common
stock |
705,847 |
697,943 |
Accumulated deficit |
(878,883) |
(837,264) |
Treasury stock – at cost |
(115,360) |
(115,360) |
Total stockholders' equity
deficit |
(151,507) |
(117,799) |
Total liabilities and equity |
$2,549,344 |
$2,289,930 |
|
|
|
(1) Derived from the audited
balance sheet as of October 31, 2014. |
|
HOVNANIAN ENTERPRISES, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(In Thousands Except Per Share
Data) |
(Unaudited) |
|
|
|
|
|
|
Three Months Ended July
31, |
Nine Months Ended July 31, |
|
2015 |
2014 |
2015 |
2014 |
Revenues: |
|
|
|
|
Homebuilding: |
|
|
|
|
Sale of homes |
$526,156 |
$538,007 |
$1,414,799 |
$1,331,490 |
Land sales and other revenues |
97 |
1,896 |
2,538 |
4,884 |
Total homebuilding |
526,253 |
539,903 |
1,417,337 |
1,336,374 |
Financial services |
14,360 |
11,106 |
37,939 |
28,612 |
Total revenues |
540,613 |
551,009 |
1,455,276 |
1,364,986 |
|
|
|
|
|
Expenses: |
|
|
|
|
Homebuilding: |
|
|
|
|
Cost of sales, excluding interest |
432,625 |
424,145 |
1,169,576 |
1,063,465 |
Cost of sales interest |
16,323 |
15,827 |
39,654 |
37,724 |
Inventory impairment
loss and land option write-offs |
1,077 |
741 |
7,618 |
1,927 |
Total cost of sales |
450,025 |
440,713 |
1,216,848 |
1,103,116 |
Selling, general and administrative |
51,998 |
51,150 |
152,258 |
142,918 |
Total homebuilding
expenses |
502,023 |
491,863 |
1,369,106 |
1,246,034 |
|
|
|
|
|
Financial services |
8,244 |
7,212 |
23,069 |
20,591 |
Corporate general and administrative |
15,874 |
15,804 |
49,275 |
46,837 |
Other interest |
22,493 |
19,880 |
70,594 |
66,685 |
Other operations |
1,532 |
1,089 |
4,864 |
3,349 |
Total expenses |
550,166 |
535,848 |
1,516,908 |
1,383,496 |
Loss on extinguishment of debt |
-- |
-- |
-- |
(1,155) |
(Loss) income from unconsolidated joint
ventures |
(448) |
211 |
2,470 |
3,849 |
(Loss)
income before income taxes |
(10,001) |
15,372 |
(59,162) |
(15,816) |
State and federal income tax
(benefit) provision: |
|
|
|
|
State |
999 |
247 |
3,717 |
1,484 |
Federal |
(3,316) |
(1,980) |
(21,260) |
(1,980) |
Total income taxes |
(2,317) |
(1,733) |
(17,543) |
(496) |
Net (loss) income |
$(7,684) |
$17,105 |
$(41,619) |
$(15,320) |
|
|
|
|
|
Per share data: |
|
|
|
|
Basic: |
|
|
|
|
(Loss) income
per common share |
$(0.05) |
$0.11 |
$(0.28) |
$(0.10) |
Weighted-average number of common
shares outstanding |
147,010 |
146,365 |
146,846 |
146,223 |
Assuming dilution: |
|
|
|
|
(Loss) income
per common share |
$(0.05) |
$0.11 |
$(0.28) |
$(0.10) |
Weighted-average number of common
shares outstanding |
147,010 |
162,278 |
146,846 |
146,223 |
|
HOVNANIAN ENTERPRISES,
INC. |
(DOLLARS IN THOUSANDS
EXCEPT AVG. PRICE) |
(SEGMENT DATA EXCLUDES
UNCONSOLIDATED JOINT VENTURES) |
Communities Under
Development |
|
|
|
(UNAUDITED) |
|
Three Months -
July 31, 2015 |
|
|
Net
Contracts |
Deliveries |
Contract |
|
|
Three Months
Ended |
Three Months
Ended |
Backlog |
|
|
Jul
31, |
Jul
31, |
Jul
31, |
|
|
2015 |
2014 |
% Change |
2015 |
2014 |
% Change |
2015 |
2014 |
% Change |
Northeast |
|
|
|
|
|
|
|
|
|
|
(NJ, PA) |
Home |
137 |
117 |
17.1% |
78 |
128 |
(39.1)% |
286 |
226 |
26.5% |
|
Dollars |
$69,410 |
$64,356 |
7.9% |
$36,109 |
$60,165 |
(40.0)% |
$143,333 |
$118,038 |
21.4% |
|
Avg. Price |
$506,642 |
$550,055 |
(7.9)% |
$462,932 |
$470,041 |
(1.5)% |
$501,164 |
$522,291 |
(4.0)% |
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
(DE, MD, VA, WV) |
Home |
242 |
208 |
16.3% |
243 |
187 |
29.9% |
473 |
425 |
11.3% |
|
Dollars |
$115,164 |
$91,701 |
25.6% |
$113,886 |
$89,834 |
26.8% |
$252,139 |
$205,087 |
22.9% |
|
Avg. Price |
$475,883 |
$440,870 |
7.9% |
$468,670 |
$480,393 |
(2.4)% |
$533,063 |
$482,558 |
10.5% |
Midwest |
|
|
|
|
|
|
|
|
|
|
(IL, MN, OH) |
Home |
186 |
219 |
(15.1)% |
253 |
190 |
33.2% |
696 |
695 |
0.1% |
|
Dollars |
$70,578 |
$72,287 |
(2.4)% |
$82,618 |
$55,392 |
49.2% |
$211,718 |
$188,882 |
12.1% |
|
Avg. Price |
$379,450 |
$330,078 |
15.0% |
$326,554 |
$291,534 |
12.0% |
$304,193 |
$271,773 |
11.9% |
Southeast |
|
|
|
|
|
|
|
|
|
|
(FL, GA, NC, SC) |
Home |
176 |
132 |
33.3% |
176 |
179 |
(1.7)% |
331 |
261 |
26.8% |
|
Dollars |
$54,776 |
$39,855 |
37.4% |
$57,294 |
$55,403 |
3.4% |
$110,628 |
$86,873 |
27.3% |
|
Avg. Price |
$311,228 |
$301,932 |
3.1% |
$325,534 |
$309,515 |
5.2% |
$334,225 |
$332,847 |
0.4% |
Southwest |
|
|
|
|
|
|
|
|
|
|
(AZ, TX) |
Home |
656 |
593 |
10.6% |
568 |
650 |
(12.6)% |
1,148 |
970 |
18.4% |
|
Dollars |
$248,907 |
$204,460 |
21.7% |
$203,075 |
$200,788 |
1.1% |
$469,054 |
$355,807 |
31.8% |
|
Avg. Price |
$379,432 |
$344,789 |
10.0% |
$357,526 |
$308,905 |
15.7% |
$408,583 |
$366,811 |
11.4% |
West |
|
|
|
|
|
|
|
|
|
|
(CA) |
Home |
136 |
88 |
54.5% |
90 |
130 |
(30.8)% |
163 |
113 |
44.2% |
|
Dollars |
$60,573 |
$44,686 |
35.6% |
$33,174 |
$76,425 |
(56.6)% |
$77,480 |
$70,906 |
9.3% |
|
Avg. Price |
$445,387 |
$507,798 |
(12.3)% |
$368,598 |
$587,883 |
(37.3)% |
$475,339 |
$627,485 |
(24.2)% |
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
1,533 |
1,357 |
13.0% |
1,408 |
1,464 |
(3.8)% |
3,097 |
2,690 |
15.1% |
|
Dollars |
$619,408 |
$517,345 |
19.7% |
$526,156 |
$538,007 |
(2.2)% |
$1,264,352 |
$1,025,593 |
23.3% |
|
Avg. Price |
$404,049 |
$381,242 |
6.0% |
$373,691 |
$367,491 |
1.7% |
$408,251 |
$381,261 |
7.1% |
Unconsolidated Joint
Ventures |
|
|
|
|
|
|
|
|
|
|
|
Home |
125 |
67 |
86.6% |
67 |
85 |
(21.2)% |
178 |
217 |
(18.0)% |
|
Dollars |
$75,225 |
$25,601 |
193.8% |
$27,286 |
$27,383 |
(0.4)% |
$110,372 |
$87,702 |
25.8% |
|
Avg. Price |
$601,800 |
$382,105 |
57.5% |
$407,250 |
$322,153 |
26.4% |
$620,066 |
$404,157 |
53.4% |
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
1,658 |
1,424 |
16.4% |
1,475 |
1,549 |
(4.8)% |
3,275 |
2,907 |
12.7% |
|
Dollars |
$694,633 |
$542,946 |
27.9% |
$553,442 |
$565,390 |
(2.1)% |
$1,374,724 |
$1,113,295 |
23.5% |
|
Avg. Price |
$418,958 |
$381,283 |
9.9% |
$375,215 |
$365,003 |
2.8% |
$419,763 |
$382,970 |
9.6% |
|
|
|
|
|
|
|
|
|
|
|
DELIVERIES INCLUDE
EXTRAS |
Notes: |
|
|
|
|
|
|
|
|
|
|
(1) Net contracts are defined as
new contracts signed during the period for the purchase of homes,
less cancellations of prior contracts. |
|
HOVNANIAN ENTERPRISES,
INC. |
(DOLLARS IN THOUSANDS
EXCEPT AVG. PRICE) |
(SEGMENT DATA EXCLUDES
UNCONSOLIDATED JOINT VENTURES) |
Communities Under
Development |
|
|
|
(UNAUDITED) |
|
Nine Months -
July 31, 2015 |
|
|
Net
Contracts |
Deliveries |
Contract |
|
|
Nine Months
Ended |
Nine Months
Ended |
Backlog |
|
|
Jul
31, |
Jul
31, |
Jul
31, |
|
|
2015 |
2014 |
% Change |
2015 |
2014 |
% Change |
2015 |
2014 |
% Change |
Northeast |
|
|
|
|
|
|
|
|
|
|
(NJ, PA) |
Home |
384 |
374 |
2.7% |
244 |
368 |
(33.7)% |
286 |
226 |
26.5% |
|
Dollars |
$195,879 |
$191,880 |
2.1% |
$125,873 |
$178,848 |
(29.6)% |
$143,333 |
$118,038 |
21.4% |
|
Avg. Price |
$510,100 |
$513,048 |
(0.6)% |
$515,872 |
$486,000 |
6.1% |
$501,164 |
$522,291 |
(4.0)% |
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
(DE, MD, VA, WV) |
Home |
700 |
611 |
14.6% |
598 |
457 |
30.9% |
473 |
425 |
11.3% |
|
Dollars |
$334,115 |
$282,533 |
18.3% |
$270,899 |
$218,615 |
23.9% |
$252,139 |
$205,087 |
22.9% |
|
Avg. Price |
$477,308 |
$462,411 |
3.2% |
$453,010 |
$478,370 |
(5.3)% |
$533,063 |
$482,558 |
10.5% |
Midwest |
|
|
|
|
|
|
|
|
|
|
(IL, MN, OH) |
Home |
705 |
616 |
14.4% |
674 |
526 |
28.1% |
696 |
695 |
0.1% |
|
Dollars |
$243,366 |
$185,920 |
30.9% |
$220,243 |
$147,754 |
49.1% |
$211,718 |
$188,882 |
12.1% |
|
Avg. Price |
$345,200 |
$301,819 |
14.4% |
$326,769 |
$280,902 |
16.3% |
$304,193 |
$271,773 |
11.9% |
Southeast |
|
|
|
|
|
|
|
|
|
|
(FL, GA, NC, SC) |
Home |
554 |
427 |
29.7% |
455 |
474 |
(4.0)% |
331 |
261 |
26.8% |
|
Dollars |
$173,891 |
$133,540 |
30.2% |
$144,333 |
$145,323 |
(0.7)% |
$110,628 |
$86,873 |
27.3% |
|
Avg. Price |
$313,882 |
$312,740 |
0.4% |
$317,215 |
$306,589 |
3.5% |
$334,225 |
$332,847 |
0.4% |
Southwest |
|
|
|
|
|
|
|
|
|
|
(AZ, TX) |
Home |
1,955 |
1,935 |
1.0% |
1,577 |
1,642 |
(4.0)% |
1,148 |
970 |
18.4% |
|
Dollars |
$733,393 |
$632,528 |
15.9% |
$559,659 |
$493,087 |
13.5% |
$469,054 |
$355,807 |
31.8% |
|
Avg. Price |
$375,137 |
$326,888 |
14.8% |
$354,888 |
$300,297 |
18.2% |
$408,583 |
$366,811 |
11.4% |
West |
|
|
|
|
|
|
|
|
|
|
(CA) |
Home |
350 |
295 |
18.6% |
232 |
268 |
(13.4)% |
163 |
113 |
44.2% |
|
Dollars |
$142,661 |
$168,243 |
(15.2)% |
$93,792 |
$147,863 |
(36.6)% |
$77,480 |
$70,906 |
9.3% |
|
Avg. Price |
$407,603 |
$570,314 |
(28.5)% |
$404,278 |
$551,729 |
(26.7)% |
$475,339 |
$627,485 |
(24.2)% |
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
4,648 |
4,258 |
9.2% |
3,780 |
3,735 |
1.2% |
3,097 |
2,690 |
15.1% |
|
Dollars |
$1,823,305 |
$1,594,644 |
14.3% |
$1,414,799 |
$1,331,490 |
6.3% |
$1,264,352 |
$1,025,593 |
23.3% |
|
Avg. Price |
$392,277 |
$374,505 |
4.7% |
$374,285 |
$356,490 |
5.0% |
$408,251 |
$381,261 |
7.1% |
Unconsolidated Joint
Ventures |
|
|
|
|
|
|
|
|
|
|
|
Home |
270 |
275 |
(1.8)% |
204 |
283 |
(27.9)% |
178 |
217 |
(18.0)% |
|
Dollars |
$143,438 |
$107,137 |
33.9% |
$82,190 |
$105,370 |
(22.0)% |
$110,372 |
$87,702 |
25.8% |
|
Avg. Price |
$531,252 |
$389,588 |
36.4% |
$402,891 |
$372,332 |
8.2% |
$620,066 |
$404,157 |
53.4% |
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
4,918 |
4,533 |
8.5% |
3,984 |
4,018 |
(0.8)% |
3,275 |
2,907 |
12.7% |
|
Dollars |
$1,966,743 |
$1,701,781 |
15.6% |
$1,496,989 |
$1,436,860 |
4.2% |
$1,374,724 |
$1,113,295 |
23.5% |
|
Avg. Price |
$399,907 |
$375,420 |
6.5% |
$375,750 |
$357,606 |
5.1% |
$419,763 |
$382,970 |
9.6% |
|
|
|
|
|
|
|
|
|
|
|
DELIVERIES INCLUDE
EXTRAS |
Notes: |
|
|
|
|
|
|
|
|
|
|
(1) Net contracts are defined as
new contracts signed during the period for the purchase of homes,
less cancellations of prior contracts. |
|
|
HOVNANIAN ENTERPRISES,
INC. |
(DOLLARS IN THOUSANDS
EXCEPT AVG. PRICE) |
(SEGMENT DATA INCLUDES
UNCONSOLIDATED JOINT VENTURES) |
Communities Under
Development |
|
|
|
(UNAUDITED) |
|
Three Months -
July 31, 2015 |
|
Net
Contracts |
Deliveries |
Contract |
|
Three Months
Ended |
Three Months
Ended |
Backlog |
|
Jul
31, |
Jul
31, |
Jul
31, |
|
2015 |
2014 |
% Change |
2015 |
2014 |
% Change |
2015 |
2014 |
% Change |
Northeast |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
163 |
130 |
25.4% |
80 |
137 |
(41.6)% |
326 |
254 |
28.3% |
(NJ, PA) |
Dollars |
$86,118 |
$68,150 |
26.4% |
$36,567 |
$63,293 |
(42.2)% |
$164,404 |
$127,263 |
29.2% |
|
Avg. Price |
$528,331 |
$524,239 |
0.8% |
$457,092 |
$461,993 |
(1.1)% |
$504,306 |
$501,036 |
0.7% |
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
259 |
229 |
13.1% |
260 |
218 |
19.3% |
511 |
500 |
2.2% |
(DE, MD, VA, WV) |
Dollars |
$123,947 |
$102,776 |
20.6% |
$123,749 |
$100,227 |
23.5% |
$273,140 |
$246,652 |
10.7% |
|
Avg. Price |
$478,559 |
$448,802 |
6.6% |
$475,961 |
$459,757 |
3.5% |
$534,522 |
$493,304 |
8.4% |
Midwest |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
189 |
234 |
(19.2)% |
256 |
205 |
24.9% |
696 |
735 |
(5.3)% |
(IL, MN, OH) |
Dollars |
$71,492 |
$76,443 |
(6.5)% |
$83,533 |
$59,682 |
40.0% |
$211,718 |
$199,689 |
6.0% |
|
Avg. Price |
$378,265 |
$326,680 |
15.8% |
$326,299 |
$291,131 |
12.1% |
$304,193 |
$271,686 |
12.0% |
Southeast |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
186 |
142 |
31.0% |
201 |
209 |
(3.8)% |
338 |
327 |
3.4% |
(FL, GA, NC, SC) |
Dollars |
$58,719 |
$43,822 |
34.0% |
$67,796 |
$64,975 |
4.3% |
$113,368 |
$110,370 |
2.7% |
|
Avg. Price |
$315,696 |
$308,607 |
2.3% |
$337,291 |
$310,884 |
8.5% |
$335,408 |
$337,521 |
(0.6)% |
Southwest |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
656 |
593 |
10.6% |
568 |
650 |
(12.6)% |
1,148 |
970 |
18.4% |
(AZ, TX) |
Dollars |
$248,908 |
$204,460 |
21.7% |
$203,075 |
$200,788 |
1.1% |
$469,054 |
$355,807 |
31.8% |
|
Avg. Price |
$379,432 |
$344,789 |
10.0% |
$357,526 |
$308,905 |
15.7% |
$408,583 |
$366,811 |
11.4% |
West |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
205 |
96 |
113.5% |
110 |
130 |
(15.4)% |
256 |
121 |
111.6% |
(CA) |
Dollars |
$105,449 |
$47,295 |
123.0% |
$38,722 |
$76,425 |
(49.3)% |
$143,040 |
$73,514 |
94.6% |
|
Avg. Price |
$514,384 |
$492,652 |
4.4% |
$352,016 |
$587,883 |
(40.1)% |
$558,748 |
$607,555 |
(8.0)% |
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
1,658 |
1,424 |
16.4% |
1,475 |
1,549 |
(4.8)% |
3,275 |
2,907 |
12.7% |
|
Dollars |
$694,633 |
$542,946 |
27.9% |
$553,442 |
$565,390 |
(2.1)% |
$1,374,724 |
$1,113,295 |
23.5% |
|
Avg. Price |
$418,958 |
$381,283 |
9.9% |
$375,215 |
$365,003 |
2.8% |
$419,763 |
$382,970 |
9.6% |
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
1,533 |
1,357 |
13.0% |
1,408 |
1,464 |
(3.8)% |
3,097 |
2,690 |
15.1% |
|
Dollars |
$619,408 |
$517,345 |
19.7% |
$526,156 |
$538,007 |
(2.2)% |
$1,264,352 |
$1,025,593 |
23.3% |
|
Avg. Price |
$404,049 |
$381,242 |
6.0% |
$373,691 |
$367,491 |
1.7% |
$408,251 |
$381,261 |
7.1% |
Unconsolidated Joint
Ventures |
|
|
|
|
|
|
|
|
|
|
|
Home |
125 |
67 |
86.6% |
67 |
85 |
(21.2)% |
178 |
217 |
(18.0)% |
|
Dollars |
$75,225 |
$25,601 |
193.8% |
$27,286 |
$27,383 |
(0.4)% |
$110,372 |
$87,702 |
25.8% |
|
Avg. Price |
$601,800 |
$382,105 |
57.5% |
$407,250 |
$322,153 |
26.4% |
$620,066 |
$404,157 |
53.4% |
|
|
|
|
|
|
|
|
|
|
|
DELIVERIES INCLUDE
EXTRAS |
Notes: |
|
|
|
|
|
|
|
|
|
|
(1) Net contracts are defined as
new contracts signed during the period for the purchase of homes,
less cancellations of prior contracts. |
|
|
HOVNANIAN ENTERPRISES,
INC. |
(DOLLARS IN THOUSANDS
EXCEPT AVG. PRICE) |
(SEGMENT DATA INCLUDES
UNCONSOLIDATED JOINT VENTURES) |
Communities Under
Development |
|
|
|
(UNAUDITED) |
|
Nine
Months - July 31, 2015 |
|
Net
Contracts |
Deliveries |
Contract |
|
Nine Months
Ended |
Nine Months
Ended |
Backlog |
|
Jul
31, |
Jul
31, |
Jul
31, |
|
|
2015 |
2014 |
% Change |
2015 |
2014 |
% Change |
2015 |
2014 |
% Change |
Northeast |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
421 |
425 |
(0.9)% |
261 |
404 |
(35.4)% |
326 |
254 |
28.3% |
(NJ, PA) |
Dollars |
$213,375 |
$211,316 |
1.0% |
$130,551 |
$195,301 |
(33.2)% |
$164,404 |
$127,263 |
29.2% |
|
Avg. Price |
$506,829 |
$497,214 |
1.9% |
$500,197 |
$483,418 |
3.5% |
$504,306 |
$501,036 |
0.7% |
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
762 |
723 |
5.4% |
657 |
564 |
16.5% |
511 |
500 |
2.2% |
(DE, MD, VA, WV) |
Dollars |
$366,591 |
$332,860 |
10.1% |
$303,413 |
$261,597 |
16.0% |
$273,140 |
$246,652 |
10.7% |
|
Avg. Price |
$481,092 |
$460,388 |
4.5% |
$461,814 |
$463,824 |
(0.4)% |
$534,522 |
$493,304 |
8.4% |
Midwest |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
708 |
656 |
7.9% |
694 |
575 |
20.7% |
696 |
735 |
(5.3)% |
(IL, MN, OH) |
Dollars |
$244,297 |
$196,947 |
24.0% |
$225,838 |
$161,192 |
40.1% |
$211,718 |
$199,689 |
6.0% |
|
Avg. Price |
$345,052 |
$300,225 |
14.9% |
$325,416 |
$280,334 |
16.1% |
$304,193 |
$271,686 |
12.0% |
Southeast |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
597 |
490 |
21.8% |
520 |
556 |
(6.5)% |
338 |
327 |
3.4% |
(FL, GA, NC, SC) |
Dollars |
$191,544 |
$156,586 |
22.3% |
$171,168 |
$171,950 |
(0.5)% |
$113,368 |
$110,370 |
2.7% |
|
Avg. Price |
$320,844 |
$319,563 |
0.4% |
$329,169 |
$309,262 |
6.4% |
$335,408 |
$337,521 |
(0.6)% |
Southwest |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
1,955 |
1,935 |
1.0% |
1,577 |
1,642 |
(4.0)% |
1,148 |
970 |
18.4% |
(AZ, TX) |
Dollars |
$733,393 |
$632,528 |
15.9% |
$559,659 |
$493,087 |
13.5% |
$469,054 |
$355,807 |
31.8% |
|
Avg. Price |
$375,137 |
$326,888 |
14.8% |
$354,888 |
$300,297 |
18.2% |
$408,583 |
$366,811 |
11.4% |
West |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
475 |
304 |
56.3% |
275 |
277 |
(0.7)% |
256 |
121 |
111.6% |
(CA) |
Dollars |
$217,543 |
$171,544 |
26.8% |
$106,360 |
$153,733 |
(30.8)% |
$143,040 |
$73,514 |
94.6% |
|
Avg. Price |
$457,985 |
$564,288 |
(18.8)% |
$386,764 |
$554,993 |
(30.3)% |
$558,748 |
$607,555 |
(8.0)% |
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
4,918 |
4,533 |
8.5% |
3,984 |
4,018 |
(0.8)% |
3,275 |
2,907 |
12.7% |
|
Dollars |
$1,966,743 |
$1,701,781 |
15.6% |
$1,496,989 |
$1,436,860 |
4.2% |
$1,374,724 |
$1,113,295 |
23.5% |
|
Avg. Price |
$399,907 |
$375,420 |
6.5% |
$375,750 |
$357,606 |
5.1% |
$419,763 |
$382,970 |
9.6% |
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
4,648 |
4,258 |
9.2% |
3,780 |
3,735 |
1.2% |
3,097 |
2,690 |
15.1% |
|
Dollars |
$1,823,305 |
$1,594,644 |
14.3% |
$1,414,799 |
$1,331,490 |
6.3% |
$1,264,352 |
$1,025,593 |
23.3% |
|
Avg. Price |
$392,277 |
$374,505 |
4.7% |
$374,285 |
$356,490 |
5.0% |
$408,251 |
$381,261 |
7.1% |
Unconsolidated Joint
Ventures |
|
|
|
|
|
|
|
|
|
|
|
Home |
270 |
275 |
(1.8)% |
204 |
283 |
(27.9)% |
178 |
217 |
(18.0)% |
|
Dollars |
$143,438 |
$107,137 |
33.9% |
$82,190 |
$105,370 |
(22.0)% |
$110,372 |
$87,702 |
25.8% |
|
Avg. Price |
$531,252 |
$389,588 |
36.4% |
$402,891 |
$372,332 |
8.2% |
$620,066 |
$404,157 |
53.4% |
|
|
|
|
|
|
|
|
|
|
|
DELIVERIES INCLUDE
EXTRAS |
Notes: |
|
|
|
|
|
|
|
|
|
|
(1) Net contracts are defined as
new contracts signed during the period for the purchase of homes,
less cancellations of prior contracts. |
CONTACT: J. Larry Sorsby
Executive Vice President & CFO
732-747-7800
Jeffrey T. O'Keefe
Vice President, Investor Relations
732-747-7800
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