Reports 28% Growth in Total Revenues for
All of Fiscal 2016
Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national
homebuilder, reported results for its fiscal fourth quarter and
year ended October 31, 2016.
RESULTS FOR THE THREE AND TWELVE MONTH PERIODS ENDED
OCTOBER 31, 2016:
- Total revenues were $805.1 million in the fourth quarter of
fiscal 2016, an increase of 16.1% compared with $693.2 million in
the fourth quarter of fiscal 2015. For the year ended October 31,
2016, total revenues increased 28.1% to $2.75 billion compared with
$2.15 billion in the prior year.
- Total SG&A was $53.7 million, or 6.7% of total revenues,
during the fourth quarter of fiscal 2016 compared with $49.4
million, or 7.1% of total revenues, in last year’s fourth quarter.
Total SG&A was $253.1 million, or 9.2% of total revenues, for
all of fiscal 2016 compared with $250.9 million, or 11.7% of total
revenues, in the prior fiscal year.
- Total interest expense as a percentage of total revenues was
6.0% during the fourth quarter of fiscal 2016 compared with 5.9%
for the fourth quarter of fiscal 2015. For the twelve months ended
October 31, 2016, total interest expense as a percentage of total
revenues declined 30 basis points to 6.7% compared with 7.0% during
the same period a year ago.
- Homebuilding gross margin percentage, before interest expense
and land charges included in cost of sales, was 17.6% for the
fourth quarter ended October 31, 2016 compared with 18.0% for the
fourth quarter of fiscal 2015. During all of fiscal 2016,
homebuilding gross margin percentage, before interest expense and
land charges included in cost of sales, was 16.9% compared with
17.6% in the same period of the previous year.
- Income before income taxes in the fourth quarter of fiscal 2016
was $32.1 million compared with $37.4 million in the prior year’s
fourth quarter. For all twelve months of fiscal 2016, income before
income taxes was $2.4 million compared with a loss before income
taxes of $21.8 million during all of fiscal 2015.
- Income before income taxes, excluding land-related charges and
loss on extinguishment of debt, in the fourth quarter of fiscal
2016 was $45.8 million compared with $41.8 million in the prior
year’s fourth quarter. For fiscal 2016, income before income taxes,
excluding land-related charges and loss on extinguishment of debt,
was $39.0 million compared with a loss before income taxes,
excluding land-related charges, of $9.7 million during fiscal
2015.
- Net income was $22.3 million, or $0.14 per common share, for
the fourth quarter of fiscal 2016, compared with $25.5 million, or
$0.17 per common share, in the fourth quarter of the previous year.
For the fiscal year ended October 31, 2016, the net loss was $2.8
million, or $0.02 per common share, compared with a net loss of
$16.1 million, or $0.11 per common share, in all of fiscal
2015.
- For the fourth quarter of fiscal 2016, Adjusted EBITDA
increased 13.6% to $96.4 million compared with $84.9 million during
the fourth quarter of 2015. For all of fiscal 2016, Adjusted EBITDA
increased 53.5% to $231.2 million compared with $150.6 million
during all of fiscal 2015.
- Adjusted EBITDA to interest incurred was 2.39x for fourth
quarter of fiscal 2016 compared with 2.01x for the same quarter
last year. For the twelve-month period ended October 31, 2016,
Adjusted EBITDA to interest incurred was 1.39x compared with 0.91x
for the same period one year ago.
- Consolidated net contracts per active selling community
increased 11.4% to 7.8 net contracts per active selling community
for the fourth quarter of fiscal 2016 compared with 7.0 net
contracts per active selling community in the fourth quarter of
fiscal 2015. Net contracts per active selling community, including
unconsolidated joint ventures, increased 4.2% to 7.4 net contracts
per active selling community for the quarter ended October 31, 2016
compared with 7.1 net contracts, including unconsolidated joint
ventures, per active selling community in the fourth quarter of
fiscal 2015.
- Consolidated active selling communities decreased 23.7% from
219 communities at the end of the prior year’s fourth quarter to
167 communities as of October 31, 2016, which was impacted by the
sale of ten communities in Minneapolis and Raleigh and the
conversion of four consolidated communities into unconsolidated
joint venture communities. As of the end of the fourth quarter of
fiscal 2016, active selling communities, including unconsolidated
joint ventures, decreased 17.9% to 188 communities compared with
229 communities at October 31, 2015.
- The dollar value of consolidated net contracts decreased 14.5%
to $534.3 million for the three months ended October 31, 2016
compared with $624.9 million during the same quarter a year ago.
The dollar value of net contracts, including unconsolidated joint
ventures, during the fourth quarter of fiscal 2016 decreased 14.9%
to $582.7 million compared with $684.3 million in last year’s
fourth quarter.
- The dollar value of consolidated net contracts increased 2.6%
to $2.51 billion for all of fiscal 2016 compared with $2.45 billion
in the previous fiscal year. The dollar value of net contracts,
including unconsolidated joint ventures, for the twelve months
ended October 31, 2016 increased 0.9% to $2.67 billion compared
with $2.65 billion in fiscal 2015.
- The number of consolidated net contracts, during the fourth
quarter of fiscal 2016, decreased 15.4% to 1,299 homes compared
with 1,535 homes in the prior year’s fourth quarter. In the fourth
quarter of fiscal 2016, the number of net contracts, including
unconsolidated joint ventures, decreased 14.7% to 1,389 homes from
1,629 homes during the fourth quarter of fiscal 2015.
- The number of consolidated net contracts, during the
twelve-month period ended October 31, 2016, decreased 1.2% to 6,109
homes compared with 6,183 homes in the same period of the previous
year. During all of fiscal 2016, the number of net contracts,
including unconsolidated joint ventures, was 6,380 homes, a
decrease of 2.6% from 6,547 homes during fiscal 2015.
- As of October 31, 2016, the dollar value of contract backlog,
including unconsolidated joint ventures, was $1.22 billion, a
decrease of 9.4% compared with $1.35 billion as of October 31,
2015. The dollar value of consolidated contract backlog, as of
October 31, 2016, decreased 12.1% to $1.07 billion compared with
$1.22 billion as of October 31, 2015.
- As of October 31, 2016, the number of homes in contract
backlog, including unconsolidated joint ventures, decreased 14.9%
to 2,649 homes compared with 3,112 homes as of October 31, 2015.
The number of homes in consolidated contract backlog, as of October
31, 2016, decreased 17.5% to 2,398 homes compared with 2,905 homes
as of the end of the fourth quarter of fiscal 2015.
- Consolidated deliveries were 1,870 homes in the fourth quarter
of fiscal 2016, an 8.3% increase compared with 1,727 homes in the
fourth quarter of fiscal 2015. For the three months ended October
31, 2016, deliveries, including unconsolidated joint ventures,
increased 10.0% to 1,972 homes compared with 1,792 homes in the
fourth quarter of the prior year.
- Consolidated deliveries were 6,464 homes for all of fiscal
2016, a 17.4% increase compared with 5,507 homes in the same period
of fiscal 2015. For the twelve months ended October 31, 2016,
deliveries, including unconsolidated joint ventures, increased
16.2% to 6,712 homes compared with 5,776 homes in the twelve months
of the prior fiscal year.
- The contract cancellation rate, including unconsolidated joint
ventures, for the fourth quarter of fiscal 2016 was 21%, compared
with 20% in the fourth quarter of fiscal 2015.
- The valuation allowance was $627.9 million as of October 31,
2016. 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.
LIQUIDITY AND INVENTORY AS OF OCTOBER
31,2016:
- After paying off $320.0 million of debt that matured in October
2015, January 2016 and May 2016, total liquidity at the end of the
fourth quarter of fiscal 2016 was $346.6 million.
- During the fourth quarter of fiscal 2016, land and land
development spending was $131.4 million compared with $192.1
million in last year’s fourth quarter. For the year ended October
31, 2016, land and land development spending was $567.0 million
compared to $656.5 million in the prior fiscal year.
- As of October 31, 2016, the land position, including
unconsolidated joint ventures, was 31,281 lots, consisting of
14,165 lots under option and 17,116 owned lots, compared with a
total of 37,659 lots as of October 31, 2015.
- During the fourth quarter of fiscal 2016, approximately 2,100
lots, including unconsolidated joint ventures, were put under
option or acquired in 37 communities.
COMMENTS FROM MANAGEMENT:
“For fiscal 2016, we grew revenues by 28%,
reduced our SG&A ratio by 250 basis points, paid off $260
million of public debt at maturity and returned to profitability.
Nonetheless, fiscal 2016 was a very challenging year,” stated Ara
K. Hovnanian, Chairman of the Board, President and Chief Executive
Officer. “The debt markets remained closed to companies with our
credit ratings and we needed to raise funds to pay off $260 million
of maturing public debt. This led to our decision to enhance our
liquidity by increasing our use of land bank financings and joint
ventures, as well as exiting four underperforming markets. This
adversely affected our ability to invest as aggressively in new
land parcels as previously planned. However, we ended the year with
a liquidity position of $347 million, allowing us to once again
actively seek land investment opportunities, which should
ultimately result in community count growth and, assuming no change
in market conditions, higher levels of profitability in the
future,” concluded Mr. Hovnanian.
WEBCAST INFORMATION:
Hovnanian Enterprises will webcast its fiscal
2016 fourth quarter financial results conference call at 11:00 a.m.
E.T. on Thursday, December 8, 2016. 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, New Jersey, 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
lifestyle communities.
Additional information on Hovnanian Enterprises,
Inc., including a summary investment profile and the Company’s 2015
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 income (loss). The reconciliation for
historical periods of EBIT, EBITDA and Adjusted EBITDA to net
income (loss) is presented in a table attached to this earnings
release.
Income (Loss) 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 Income (Loss) Before
Income Taxes. The reconciliation for historical periods of Income
(Loss) Before Income Taxes Excluding Land-Related Charges and Loss
on Extinguishment of Debt to Income
(Loss) Before Income Taxes is presented in a table
attached to this earnings release.
Total liquidity is comprised of $339.8
million of cash and cash equivalents, $1.7 million of restricted
cash required to collateralize letters of credit and $5.1 million
of availability under the unsecured revolving credit facility as of
October 31, 2016.
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” provisions 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 future financial periods.
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; (22) increases in
cancellations of agreements of sale; (23) loss of key management
personnel or failure to attract qualified personnel; (24)
information technology failures and data security breaches; (25)
legal claims brought against us and not resolved in our favor; and
(26) 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, 2015 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)
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Hovnanian Enterprises, Inc. |
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October 31, 2016 |
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Statements
of Consolidated Operations |
(Dollars
in Thousands, Except Per Share Data) |
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Three Months Ended |
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Twelve Months Ended |
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October 31, |
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October 31, |
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2016 |
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2015 |
|
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2016 |
|
|
|
2015 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
Total
Revenues |
$ |
805,069 |
|
|
$ |
693,204 |
|
|
$ |
2,752,247 |
|
|
$ |
2,148,480 |
|
Costs and
Expenses (a) |
|
770,609 |
|
|
|
657,506 |
|
|
|
2,742,265 |
|
|
|
2,174,414 |
|
Loss on
Extinguishment of Debt |
|
(3,200 |
) |
|
|
- |
|
|
|
(3,200 |
) |
|
|
- |
|
Income
(Loss) from Unconsolidated Joint Ventures |
|
881 |
|
|
|
1,699 |
|
|
|
(4,346 |
) |
|
|
4,169 |
|
Income
(Loss) Before Income Taxes |
|
32,141 |
|
|
|
37,397 |
|
|
|
2,436 |
|
|
|
(21,765 |
) |
Income Tax
Provision (Benefit) |
|
9,852 |
|
|
|
11,878 |
|
|
|
5,255 |
|
|
|
(5,665 |
) |
Net Income
(Loss) |
$ |
22,289 |
|
|
$ |
25,519 |
|
|
$ |
(2,819 |
) |
|
$ |
(16,100 |
) |
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Per Share
Data: |
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Basic: |
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Income
(Loss) Per Common Share |
$ |
0.14 |
|
|
$ |
0.17 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.11 |
) |
|
Weighted Average Number of Common Shares Outstanding
(b) |
|
147,521 |
|
|
|
147,057 |
|
|
|
147,451 |
|
|
|
146,899 |
|
Assuming
Dilution: |
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|
|
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|
|
|
Income
(Loss) Per Common Share |
$ |
0.14 |
|
|
$ |
0.16 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.11 |
) |
|
Weighted Average Number of Common Shares Outstanding (b) |
|
160,590 |
|
|
|
160,299 |
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|
|
147,451 |
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|
146,899 |
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(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. |
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Hovnanian Enterprises, Inc. |
October 31, 2016 |
Reconciliation of Income (Loss) Before Income Taxes Excluding
Land-Related Charges and Loss on Extinguishment of Debt to Income
(Loss) Before Income Taxes |
(Dollars
in Thousands) |
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Three Months Ended |
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Twelve Months Ended |
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|
October 31, |
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October 31, |
|
|
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|
|
2016 |
|
|
|
2015 |
|
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|
2016 |
|
|
|
2015 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
Income
(Loss) Before Income Taxes |
$ |
32,141 |
|
|
$ |
37,397 |
|
|
$ |
2,436 |
|
|
$ |
(21,765 |
) |
Inventory
Impairment Loss and Land Option Write-Offs |
|
10,438 |
|
|
|
4,426 |
|
|
|
33,353 |
|
|
|
12,044 |
|
Loss on
Extinguishment of Debt |
|
3,200 |
|
|
|
- |
|
|
|
3,200 |
|
|
|
- |
|
Income
(Loss) Before Income Taxes Excluding Land-Related Charges and Loss
on Extinguishment of Debt (a) |
$ |
45,779 |
|
|
$ |
41,823 |
|
|
$ |
38,989 |
|
|
$ |
(9,721 |
) |
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(a) Income
(Loss) 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 Income (Loss) Before
Income Taxes. |
Hovnanian Enterprises, Inc. |
|
October 31,
2016 |
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Gross Margin |
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(Dollars in
Thousands) |
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|
Homebuilding Gross Margin |
|
Homebuilding Gross Margin |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
October 31, |
|
October 31, |
|
|
|
2016 |
|
|
|
2015 |
|
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2016 |
|
|
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2015 |
|
|
|
(Unaudited) |
|
(Unaudited) |
Sale of Homes |
|
$ |
777,472 |
|
|
$ |
673,330 |
|
|
$ |
2,600,790 |
|
|
$ |
2,088,129 |
|
Cost of
Sales, Excluding Interest and Land Charges (a) |
|
640,580 |
|
|
|
552,462 |
|
|
|
2,162,284 |
|
|
|
1,721,336 |
|
Homebuilding Gross Margin, Excluding Interest and Land Charges |
|
136,892 |
|
|
|
120,868 |
|
|
|
438,506 |
|
|
|
366,793 |
|
Homebuilding Cost of
Sales Interest |
|
|
25,302 |
|
|
|
19,959 |
|
|
|
86,593 |
|
|
|
59,574 |
|
Homebuilding Gross Margin, Including Interest and Excluding Land
Charges |
$ |
111,590 |
|
|
$ |
100,909 |
|
|
$ |
351,913 |
|
|
$ |
307,219 |
|
Gross
Margin Percentage, Excluding Interest and Land Charges |
|
17.6 |
% |
|
|
18.0 |
% |
|
|
16.9 |
% |
|
|
17.6 |
% |
Gross
Margin Percentage, Including Interest and Excluding Land
Charges |
|
14.4 |
% |
|
|
15.0 |
% |
|
|
13.5 |
% |
|
|
14.7 |
% |
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Land Sales Gross Margin |
|
Land Sales Gross Margin |
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|
Three Months Ended |
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Twelve Months Ended |
|
|
October 31, |
|
October 31, |
|
|
|
2016 |
|
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|
2015 |
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|
2016 |
|
|
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2015 |
|
|
|
(Unaudited) |
|
(Unaudited) |
Land and Lot Sales |
|
$ |
5,990 |
|
|
$ |
- |
|
|
$ |
76,041 |
|
|
$ |
850 |
|
Cost of
Sales, Excluding Interest and Land Charges (a) |
|
5,898 |
|
|
|
- |
|
|
|
68,173 |
|
|
|
702 |
|
Land and
Lot Sales Gross Margin, Excluding Interest and Land Charges |
|
92 |
|
|
|
- |
|
|
|
7,868 |
|
|
|
148 |
|
Land and Lot Sales
Interest |
|
|
396 |
|
|
|
- |
|
|
|
5,798 |
|
|
|
39 |
|
Land and
Lot Sales Gross Margin, Including Interest and Excluding Land
Charges |
$ |
(304 |
) |
|
$ |
- |
|
|
$ |
2,070 |
|
|
$ |
109 |
|
|
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(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 Consolidated
Statements of Operations. |
Hovnanian Enterprises, Inc. |
|
October 31, 2016 |
|
Reconciliation of Adjusted EBITDA to Net Income (Loss) |
|
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
October 31, |
|
October 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
Net Income (Loss) |
$ |
22,289 |
|
|
$ |
25,519 |
|
|
$ |
(2,819 |
) |
|
$ |
(16,100 |
) |
|
Income Tax Provision
(Benefit) |
|
9,852 |
|
|
|
11,878 |
|
|
|
5,255 |
|
|
|
(5,665 |
) |
|
Interest Expense |
|
48,197 |
|
|
|
41,200 |
|
|
|
183,358 |
|
|
|
151,448 |
|
|
EBIT (a) |
|
80,338 |
|
|
|
78,597 |
|
|
|
185,794 |
|
|
|
129,683 |
|
|
Depreciation |
|
957 |
|
|
|
835 |
|
|
|
3,565 |
|
|
|
3,388 |
|
|
Amortization of Debt
Costs |
|
1,446 |
|
|
|
1,008 |
|
|
|
5,261 |
|
|
|
5,459 |
|
|
EBITDA (b) |
|
82,741 |
|
|
|
80,440 |
|
|
|
194,620 |
|
|
|
138,530 |
|
|
Inventory Impairment
Loss and Land Option Write-offs |
|
10,438 |
|
|
|
4,426 |
|
|
|
33,353 |
|
|
|
12,044 |
|
|
Loss on Extinguishment
of Debt |
|
3,200 |
|
|
|
- |
|
|
|
3,200 |
|
|
|
- |
|
|
Adjusted EBITDA
(c) |
$ |
96,379 |
|
|
$ |
84,866 |
|
|
$ |
231,173 |
|
|
$ |
150,574 |
|
|
|
|
|
|
|
|
|
|
|
Interest Incurred |
$ |
40,341 |
|
|
$ |
42,157 |
|
|
$ |
166,824 |
|
|
$ |
166,188 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA to
Interest Incurred |
|
2.39 |
|
|
|
2.01 |
|
|
|
1.39 |
|
|
|
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
EBIT is a non-GAAP financial measure. The most directly comparable
GAAP financial measure is net income (loss). 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 income (loss). 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 income (loss). 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. |
|
|
|
|
|
|
|
|
October 31,
2016 |
|
|
|
|
|
|
|
|
Interest
Incurred, Expensed and Capitalized |
|
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
October 31, |
|
October 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
Interest Capitalized at
Beginning of Period |
$ |
104,544 |
|
|
$ |
122,941 |
|
|
$ |
123,898 |
|
|
$ |
109,158 |
|
|
Plus Interest
Incurred |
|
40,341 |
|
|
|
42,157 |
|
|
|
166,824 |
|
|
|
166,188 |
|
|
Less Interest Expensed
(a) |
|
48,197 |
|
|
|
41,200 |
|
|
|
183,358 |
|
|
|
151,448 |
|
|
Less Interest
Contributed to Unconsolidated Joint Venture (a) |
|
- |
|
|
|
- |
|
|
|
10,676 |
|
|
|
- |
|
|
Interest Capitalized at
End of Period (b) |
$ |
96,688 |
|
|
$ |
123,898 |
|
|
$ |
96,688 |
|
|
$ |
123,898 |
|
|
|
|
|
|
|
|
|
|
|
(a)
Represents capitalized interest which was included as part of the
assets contributed to the joint venture the Company entered into in
November 2015. There was no impact to the Consolidated Statement of
Operations as a result of this transaction. |
(b)
Capitalized interest amounts are shown gross before allocating any
portion of impairments to capitalized interest. |
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(In Thousands) |
|
|
|
October 31, 2016 |
|
October 31, 2015 |
|
|
(Unaudited) |
|
|
|
(1 |
) |
|
ASSETS |
|
|
|
|
Homebuilding: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
339,773 |
|
|
$ |
|
245,398 |
|
|
Restricted cash and cash equivalents |
|
|
3,914 |
|
|
|
|
7,299 |
|
|
Inventories: |
|
|
|
|
Sold and
unsold homes and lots under development |
|
|
899,082 |
|
|
|
|
1,307,850 |
|
|
Land and
land options held for future development or sale |
|
|
175,301 |
|
|
|
|
214,503 |
|
|
Consolidated inventory not owned |
|
|
208,701 |
|
|
|
|
122,225 |
|
|
Total
inventories |
|
|
1,283,084 |
|
|
|
|
1,644,578 |
|
|
Investments in and advances to unconsolidated joint ventures |
|
|
100,502 |
|
|
|
|
61,209 |
|
|
Receivables, deposits and notes, net |
|
|
49,726 |
|
|
|
|
70,349 |
|
|
Property,
plant and equipment, net |
|
|
50,332 |
|
|
|
|
45,534 |
|
|
Prepaid
expenses and other assets |
|
|
71,246 |
|
|
|
|
77,671 |
|
|
Total
homebuilding |
|
|
1,898,577 |
|
|
|
|
2,152,038 |
|
|
Financial
services: |
|
|
|
|
Cash and
cash equivalents |
|
|
6,992 |
|
|
|
|
8,347 |
|
|
Restricted cash and cash equivalents |
|
|
19,034 |
|
|
|
|
19,223 |
|
|
Mortgage
loans held for sale at fair value |
|
|
165,083 |
|
|
|
|
130,320 |
|
|
Other
assets |
|
|
6,121 |
|
|
|
|
2,091 |
|
|
Total
financial services |
|
|
197,230 |
|
|
|
|
159,981 |
|
|
Income taxes receivable
– including net deferred tax benefits |
|
|
283,633 |
|
|
|
|
290,279 |
|
|
Total assets |
|
$ |
2,379,440 |
|
|
$ |
|
2,602,298 |
|
|
|
(1)
Derived from the audited balance sheet as of October 31, 2015 |
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(In Thousands Except Share and Per Share Amounts) |
|
|
October 31,2016 |
|
October 31,2015 |
|
(Unaudited) |
|
|
(1 |
) |
LIABILITIES AND
EQUITY |
|
|
|
|
|
Homebuilding: |
|
|
|
|
|
Nonrecourse mortgages secured by inventory |
$ |
83,470 |
|
|
$ |
143,863 |
|
Accounts
payable and other liabilities |
|
369,228 |
|
|
|
348,516 |
|
Customers’ deposits |
|
37,429 |
|
|
|
44,218 |
|
Nonrecourse mortgages secured by operating properties |
|
14,312 |
|
|
|
15,511 |
|
Liabilities from inventory not owned |
|
153,151 |
|
|
|
105,856 |
|
Total
homebuilding |
|
657,590 |
|
|
|
657,964 |
|
Financial
services: |
|
|
|
|
|
Accounts
payable and other liabilities |
|
26,857 |
|
|
|
27,908 |
|
Mortgage
warehouse lines of credit |
|
145,588 |
|
|
|
108,875 |
|
Total
financial services |
|
172,445 |
|
|
|
136,783 |
|
Notes payable: |
|
|
|
|
|
Revolving
credit agreement |
|
52,000 |
|
|
|
47,000 |
|
Senior
secured term loan |
|
75,000 |
|
|
|
- |
|
Senior
secured notes, net of discount |
|
1,054,333 |
|
|
|
981,346 |
|
Senior
notes, net of discount |
|
400,000 |
|
|
|
780,319 |
|
Senior
amortizing notes |
|
6,316 |
|
|
|
12,811 |
|
Senior
exchangeable notes |
|
57,841 |
|
|
|
73,771 |
|
Accrued
interest |
|
32,425 |
|
|
|
40,388 |
|
Total
notes payable |
|
1,677,915 |
|
|
|
1,935,635 |
|
Total liabilities |
|
2,507,950 |
|
|
|
2,730,382 |
|
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 October 31, 2016 and 2015 |
|
135,299 |
|
|
|
135,299 |
|
Common
stock, Class A, $0.01 par value - authorized 400,000,000 shares;
issued 143,806,775 shares at October 31, 2016 and 143,292,881
shares at October 31, 2015 (including 11,760,763 shares at October
31, 2016 and 2015 held in Treasury) |
|
1,438 |
|
|
|
1,433 |
|
Common
stock, Class B, $0.01 par value (convertible to Class A at time of
sale) - authorized 60,000,000 shares; issued 15,942,809 shares at
October 31, 2016 and 15,676,829 shares at October 31, 2015
(including 691,748 shares at October 31, 2016 and 2015 held in
Treasury) |
|
159 |
|
|
|
157 |
|
Paid in
capital - common stock |
|
706,137 |
|
|
|
703,751 |
|
Accumulated deficit |
|
(856,183 |
) |
|
|
(853,364 |
) |
Treasury
stock - at cost |
|
(115,360 |
) |
|
|
(115,360 |
) |
Total
stockholders' equity deficit |
|
(128,510 |
) |
|
|
(128,084 |
) |
Total liabilities and
equity |
$ |
2,379,440 |
|
|
$ |
2,602,298 |
|
|
(1)
Derived from the audited balance sheet as of October 31, 2015 |
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(In Thousands Except Per Share Data) |
(Unaudited) |
|
|
Three Months EndedOctober 31, |
|
Twelve Months EndedOctober 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Revenues: |
|
|
|
|
|
|
|
Homebuilding: |
|
|
|
|
|
|
|
Sale of homes |
$ |
777,472 |
|
|
$ |
673,330 |
|
|
$ |
2,600,790 |
|
|
$ |
2,088,129 |
|
Land sales and other revenues |
|
6,694 |
|
|
|
1,148 |
|
|
|
78,840 |
|
|
|
3,686 |
|
Total homebuilding |
|
784,166 |
|
|
|
674,478 |
|
|
|
2,679,630 |
|
|
|
2,091,815 |
|
Financial services |
|
20,903 |
|
|
|
18,726 |
|
|
|
72,617 |
|
|
|
56,665 |
|
Total revenues |
|
805,069 |
|
|
|
693,204 |
|
|
|
2,752,247 |
|
|
|
2,148,480 |
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
Homebuilding: |
|
|
|
|
|
|
|
Cost of sales, excluding interest |
|
646,478 |
|
|
|
552,462 |
|
|
|
2,230,457 |
|
|
|
1,722,038 |
|
Cost of sales interest |
|
25,698 |
|
|
|
19,959 |
|
|
|
92,391 |
|
|
|
59,613 |
|
Inventory impairment loss and land option write-offs |
|
10,438 |
|
|
|
4,426 |
|
|
|
33,353 |
|
|
|
12,044 |
|
Total cost of sales |
|
682,614 |
|
|
|
576,847 |
|
|
|
2,356,201 |
|
|
|
1,793,695 |
|
Selling, general and administrative |
|
37,378 |
|
|
|
36,145 |
|
|
|
192,938 |
|
|
|
188,403 |
|
Total homebuilding expenses |
|
719,992 |
|
|
|
612,992 |
|
|
|
2,549,139 |
|
|
|
1,982,098 |
|
|
|
|
|
|
|
|
|
Financial services |
|
10,395 |
|
|
|
8,903 |
|
|
|
37,144 |
|
|
|
31,972 |
|
Corporate general and administrative |
|
16,337 |
|
|
|
13,231 |
|
|
|
60,141 |
|
|
|
62,506 |
|
Other interest |
|
22,499 |
|
|
|
21,241 |
|
|
|
90,967 |
|
|
|
91,835 |
|
Other
operations |
|
1,386 |
|
|
|
1,139 |
|
|
|
4,874 |
|
|
|
6,003 |
|
Total
expenses |
|
770,609 |
|
|
|
657,506 |
|
|
|
2,742,265 |
|
|
|
2,174,414 |
|
Loss on extinguishment of
debt |
|
(3,200 |
) |
|
|
- |
|
|
|
(3,200 |
) |
|
|
- |
|
Income (loss) from
unconsolidated joint ventures |
|
881 |
|
|
|
1,699 |
|
|
|
(4,346 |
) |
|
|
4,169 |
|
Income (loss)
before income taxes |
|
32,141 |
|
|
|
37,397 |
|
|
|
2,436 |
|
|
|
(21,765 |
) |
State and federal income tax provision
(benefit): |
|
|
|
|
|
|
|
State |
|
(2,538 |
) |
|
|
576 |
|
|
|
2,457 |
|
|
|
4,293 |
|
Federal |
|
12,390 |
|
|
|
11,302 |
|
|
|
2,798 |
|
|
|
(9,958 |
) |
Total income taxes |
|
9,852 |
|
|
|
11,878 |
|
|
|
5,255 |
|
|
|
(5,665 |
) |
Net income (loss) |
$ |
22,289 |
|
|
$ |
25,519 |
|
|
$ |
(2,819 |
) |
|
$ |
(16,100 |
) |
|
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
Income
(loss) per common share |
$ |
0.14 |
|
|
$ |
0.17 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.11 |
) |
Weighted-average number of common shares
outstanding |
|
147,521 |
|
|
|
147,057 |
|
|
|
147,451 |
|
|
|
146,899 |
|
Assuming dilution: |
|
|
|
|
|
|
|
Income
(loss) per common share |
$ |
0.14 |
|
|
$ |
0.16 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.11 |
) |
Weighted-average number of common shares
outstanding |
|
160,590 |
|
|
|
160,299 |
|
|
|
147,451 |
|
|
|
146,899 |
|
HOVNANIAN ENTERPRISES, INC. |
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) |
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT
VENTURES) |
(UNAUDITED) |
|
|
|
|
Communities Under Development |
|
|
|
|
|
|
|
|
Three Months - October 31, 2016 |
|
|
|
|
|
Net Contracts (1) |
Deliveries |
Contract |
|
|
Three Months Ended |
Three Months Ended |
Backlog |
|
|
Oct 31, |
Oct 31, |
Oct 31, |
|
|
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
Northeast |
|
|
|
|
|
|
|
|
|
|
(NJ, PA) |
Home |
|
106 |
|
|
143 |
|
|
(25.9 |
)% |
|
162 |
|
|
136 |
|
|
19.1 |
% |
|
204 |
|
|
293 |
|
|
(30.4 |
)% |
|
Dollars |
$ |
50,179 |
|
$ |
66,846 |
|
|
(24.9 |
)% |
$ |
81,467 |
|
$ |
63,175 |
|
|
29.0 |
% |
$ |
99,512 |
|
$ |
147,004 |
|
|
(32.3 |
)% |
|
Avg.
Price |
$ |
473,383 |
|
$ |
467,455 |
|
|
1.3 |
% |
$ |
502,884 |
|
$ |
464,522 |
|
|
8.3 |
% |
$ |
487,803 |
|
$ |
501,719 |
|
|
(2.8 |
)% |
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
(DE, MD, VA, WV) |
Home |
|
196 |
|
|
236 |
|
|
(16.9 |
)% |
|
332 |
|
|
256 |
|
|
29.7 |
% |
|
430 |
|
|
453 |
|
|
(5.1 |
)% |
|
Dollars |
$ |
99,179 |
|
$ |
114,191 |
|
|
(13.1 |
)% |
$ |
162,902 |
|
$ |
127,233 |
|
|
28.0 |
% |
$ |
248,974 |
|
$ |
239,099 |
|
|
4.1 |
% |
|
Avg.
Price |
$ |
506,012 |
|
$ |
483,860 |
|
|
4.6 |
% |
$ |
490,668 |
|
$ |
497,004 |
|
|
(1.3 |
)% |
$ |
579,009 |
|
$ |
527,812 |
|
|
9.7 |
% |
Midwest (2) |
|
|
|
|
|
|
|
|
|
|
(IL, MN, OH) |
Home |
|
125 |
|
|
232 |
|
|
(46.1 |
)% |
|
215 |
|
|
284 |
|
|
(24.3 |
)% |
|
374 |
|
|
644 |
|
|
(41.9 |
)% |
|
Dollars |
$ |
38,339 |
|
$ |
73,693 |
|
|
(48.0 |
)% |
$ |
62,193 |
|
$ |
91,122 |
|
|
(31.7 |
)% |
$ |
104,527 |
|
$ |
194,290 |
|
|
(46.2 |
)% |
|
Avg.
Price |
$ |
306,712 |
|
$ |
317,640 |
|
|
(3.4 |
)% |
$ |
289,271 |
|
$ |
320,852 |
|
|
(9.8 |
)% |
$ |
279,485 |
|
$ |
301,692 |
|
|
(7.4 |
)% |
Southeast (3) |
|
|
|
|
|
|
|
|
|
|
(FL, GA, NC, SC) |
Home |
|
141 |
|
|
168 |
|
|
(16.1 |
)% |
|
164 |
|
|
220 |
|
|
(25.5 |
)% |
|
332 |
|
|
279 |
|
|
19.0 |
% |
|
Dollars |
$ |
53,372 |
|
$ |
58,382 |
|
|
(8.6 |
)% |
$ |
67,690 |
|
$ |
63,074 |
|
|
7.3 |
% |
$ |
145,171 |
|
$ |
105,935 |
|
|
37.0 |
% |
|
Avg.
Price |
$ |
378,522 |
|
$ |
347,512 |
|
|
8.9 |
% |
$ |
412,744 |
|
$ |
286,698 |
|
|
44.0 |
% |
$ |
437,261 |
|
$ |
379,699 |
|
|
15.2 |
% |
Southwest |
|
|
|
|
|
|
|
|
|
|
(AZ, TX) |
Home |
|
551 |
|
|
571 |
|
|
(3.5 |
)% |
|
796 |
|
|
686 |
|
|
16.0 |
% |
|
763 |
|
|
1,033 |
|
|
(26.1 |
)% |
|
Dollars |
$ |
190,426 |
|
$ |
216,371 |
|
|
(12.0 |
)% |
$ |
298,689 |
|
$ |
262,713 |
|
|
13.7 |
% |
$ |
285,644 |
|
$ |
422,711 |
|
|
(32.4 |
)% |
|
Avg.
Price |
$ |
345,601 |
|
$ |
378,933 |
|
|
(8.8 |
)% |
$ |
375,237 |
|
$ |
382,963 |
|
|
(2.0 |
)% |
$ |
374,370 |
|
$ |
409,207 |
|
|
(8.5 |
)% |
West |
|
|
|
|
|
|
|
|
|
|
(CA) |
Home |
|
180 |
|
|
185 |
|
|
(2.7 |
)% |
|
201 |
|
|
145 |
|
|
38.6 |
% |
|
295 |
|
|
203 |
|
|
45.3 |
% |
|
Dollars |
$ |
102,819 |
|
$ |
95,419 |
|
|
7.8 |
% |
$ |
104,531 |
|
$ |
66,013 |
|
|
58.3 |
% |
$ |
185,274 |
|
$ |
106,886 |
|
|
73.3 |
% |
|
Avg.
Price |
$ |
571,218 |
|
$ |
515,780 |
|
|
10.7 |
% |
$ |
520,055 |
|
$ |
455,262 |
|
|
14.2 |
% |
$ |
628,047 |
|
$ |
526,531 |
|
|
19.3 |
% |
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
1,299 |
|
|
1,535 |
|
|
(15.4 |
)% |
|
1,870 |
|
|
1,727 |
|
|
8.3 |
% |
|
2,398 |
|
|
2,905 |
|
|
(17.5 |
)% |
|
Dollars |
$ |
534,314 |
|
$ |
624,902 |
|
|
(14.5 |
)% |
$ |
777,472 |
|
$ |
673,330 |
|
|
15.5 |
% |
$ |
1,069,102 |
|
$ |
1,215,925 |
|
|
(12.1 |
)% |
|
Avg.
Price |
$ |
411,327 |
|
$ |
407,102 |
|
|
1.0 |
% |
$ |
415,761 |
|
$ |
389,884 |
|
|
6.6 |
% |
$ |
445,831 |
|
$ |
418,563 |
|
|
6.5 |
% |
Unconsolidated Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
90 |
|
|
94 |
|
|
(4.3 |
)% |
|
102 |
|
|
65 |
|
|
56.9 |
% |
|
251 |
|
|
207 |
|
|
21.3 |
% |
|
Dollars |
$ |
48,394 |
|
$ |
59,441 |
|
|
(18.6 |
)% |
$ |
64,099 |
|
$ |
37,730 |
|
|
69.9 |
% |
$ |
152,430 |
|
$ |
132,082 |
|
|
15.4 |
% |
|
Avg.
Price |
$ |
537,706 |
|
$ |
632,347 |
|
|
(15.0 |
)% |
$ |
628,417 |
|
$ |
580,467 |
|
|
8.3 |
% |
$ |
607,292 |
|
$ |
638,077 |
|
|
(4.8 |
)% |
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
1,389 |
|
|
1,629 |
|
|
(14.7 |
)% |
|
1,972 |
|
|
1,792 |
|
|
10.0 |
% |
|
2,649 |
|
|
3,112 |
|
|
(14.9 |
)% |
|
Dollars |
$ |
582,708 |
|
$ |
684,343 |
|
|
(14.9 |
)% |
$ |
841,571 |
|
$ |
711,060 |
|
|
18.4 |
% |
$ |
1,221,532 |
|
$ |
1,348,007 |
|
|
(9.4 |
)% |
|
Avg.
Price |
$ |
419,516 |
|
$ |
420,100 |
|
|
(0.1 |
)% |
$ |
426,760 |
|
$ |
396,797 |
|
|
7.6 |
% |
$ |
461,130 |
|
$ |
433,164 |
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
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.(2)
The Midwest net contracts include 54 homes and $23.0 million in
2015 from Minneapolis, MN. Contract backlog as of October 31, 2016
reflects the reduction of 64 homes and $24.1 million, related to
the sale of our land portfolio in Minneapolis, MN.(3) The Southeast
net contracts include 29 homes and $12.2 million in 2015 from
Raleigh, NC. Contract backlog as of October 31, 2016 reflects the
reduction of 67 homes and $33.7 million, related to the sale of our
land portfolio in Raleigh, NC. |
HOVNANIAN ENTERPRISES, INC. |
|
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) |
|
(SEGMENT DATA INCLUDES UNCONSOLIDATED JOINT
VENTURES) |
|
(UNAUDITED) |
|
|
|
|
Communities Under Development |
|
|
|
|
|
|
|
|
|
Three Months - October 31, 2016 |
|
|
|
|
|
|
Net Contracts (1) |
Deliveries |
Contract |
|
|
|
Three Months Ended |
Three Months Ended |
Backlog |
|
|
|
Oct 31, |
Oct 31, |
Oct 31, |
|
|
|
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
Northeast |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
116 |
|
|
156 |
|
|
(25.6 |
)% |
|
169 |
|
|
141 |
|
|
19.9 |
% |
|
231 |
|
|
341 |
|
|
(32.3 |
)% |
|
(NJ, PA) |
Dollars |
$ |
54,173 |
|
$ |
73,417 |
|
|
(26.2 |
)% |
$ |
83,790 |
|
$ |
69,345 |
|
|
20.8 |
% |
$ |
109,775 |
|
$ |
168,476 |
|
|
(34.8 |
)% |
|
|
Avg.
Price |
$ |
467,009 |
|
$ |
470,623 |
|
|
(0.8 |
)% |
$ |
495,797 |
|
$ |
491,808 |
|
|
0.8 |
% |
$ |
475,215 |
|
$ |
494,065 |
|
|
(3.8 |
)% |
|
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
208 |
|
|
244 |
|
|
(14.8 |
)% |
|
348 |
|
|
288 |
|
|
20.8 |
% |
|
470 |
|
|
467 |
|
|
0.6 |
% |
|
(DE, MD, VA, WV) |
Dollars |
$ |
107,998 |
|
$ |
118,957 |
|
|
(9.2 |
)% |
$ |
171,133 |
|
$ |
145,192 |
|
|
17.9 |
% |
$ |
279,063 |
|
$ |
246,906 |
|
|
13.0 |
% |
|
|
Avg.
Price |
$ |
519,220 |
|
$ |
487,533 |
|
|
6.5 |
% |
$ |
491,759 |
|
$ |
504,141 |
|
|
(2.5 |
)% |
$ |
593,751 |
|
$ |
528,707 |
|
|
12.3 |
% |
|
Midwest
(2) |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
126 |
|
|
232 |
|
|
(45.7 |
)% |
|
218 |
|
|
284 |
|
|
(23.2 |
)% |
|
386 |
|
|
644 |
|
|
(40.1 |
)% |
|
(IL, MN, OH) |
Dollars |
$ |
38,744 |
|
$ |
73,693 |
|
|
(47.4 |
)% |
$ |
64,235 |
|
$ |
91,121 |
|
|
(29.5 |
)% |
$ |
114,116 |
|
$ |
194,290 |
|
|
(41.3 |
)% |
|
|
Avg.
Price |
$ |
307,487 |
|
$ |
317,640 |
|
|
(3.2 |
)% |
$ |
294,658 |
|
$ |
320,850 |
|
|
(8.2 |
)% |
$ |
295,638 |
|
$ |
301,692 |
|
|
(2.0 |
)% |
|
Southeast
(3) |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
173 |
|
|
176 |
|
|
(1.7 |
)% |
|
166 |
|
|
226 |
|
|
(26.5 |
)% |
|
420 |
|
|
288 |
|
|
45.8 |
% |
|
(FL, GA, NC, SC) |
Dollars |
$ |
67,754 |
|
$ |
62,941 |
|
|
7.6 |
% |
$ |
68,347 |
|
$ |
65,449 |
|
|
4.4 |
% |
$ |
188,893 |
|
$ |
110,860 |
|
|
70.4 |
% |
|
|
Avg.
Price |
$ |
391,646 |
|
$ |
357,617 |
|
|
9.5 |
% |
$ |
411,729 |
|
$ |
289,596 |
|
|
42.2 |
% |
$ |
449,746 |
|
$ |
384,930 |
|
|
16.8 |
% |
|
Southwest |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
558 |
|
|
571 |
|
|
(2.3 |
)% |
|
796 |
|
|
686 |
|
|
16.0 |
% |
|
770 |
|
|
1,033 |
|
|
(25.5 |
)% |
|
(AZ, TX) |
Dollars |
$ |
194,903 |
|
$ |
216,371 |
|
|
(9.9 |
)% |
$ |
298,688 |
|
$ |
262,713 |
|
|
13.7 |
% |
$ |
290,121 |
|
$ |
422,711 |
|
|
(31.4 |
)% |
|
|
Avg.
Price |
$ |
349,289 |
|
$ |
378,932 |
|
|
(7.8 |
)% |
$ |
375,237 |
|
$ |
382,963 |
|
|
(2.0 |
)% |
$ |
376,781 |
|
$ |
409,207 |
|
|
(7.9 |
)% |
|
West |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
208 |
|
|
250 |
|
|
(16.8 |
)% |
|
275 |
|
|
167 |
|
|
64.7 |
% |
|
372 |
|
|
339 |
|
|
9.7 |
% |
|
(CA) |
Dollars |
$ |
119,136 |
|
$ |
138,964 |
|
|
(14.3 |
)% |
$ |
155,378 |
|
$ |
77,240 |
|
|
101.2 |
% |
$ |
239,564 |
|
$ |
204,764 |
|
|
17.0 |
% |
|
|
Avg.
Price |
$ |
572,769 |
|
$ |
555,857 |
|
|
3.0 |
% |
$ |
565,010 |
|
$ |
462,513 |
|
|
22.2 |
% |
$ |
643,990 |
|
$ |
604,024 |
|
|
6.6 |
% |
|
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
|
Home |
|
1,389 |
|
|
1,629 |
|
|
(14.7 |
)% |
|
1,972 |
|
|
1,792 |
|
|
10.0 |
% |
|
2,649 |
|
|
3,112 |
|
|
(14.9 |
)% |
|
|
Dollars |
$ |
582,708 |
|
$ |
684,343 |
|
|
(14.9 |
)% |
$ |
841,571 |
|
$ |
711,060 |
|
|
18.4 |
% |
$ |
1,221,532 |
|
$ |
1,348,007 |
|
|
(9.4 |
)% |
|
|
Avg.
Price |
$ |
419,516 |
|
$ |
420,100 |
|
|
(0.1 |
)% |
$ |
426,760 |
|
$ |
396,797 |
|
|
7.6 |
% |
$ |
461,130 |
|
$ |
433,164 |
|
|
6.5 |
% |
|
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
|
Home |
|
1,299 |
|
|
1,535 |
|
|
(15.4 |
)% |
|
1,870 |
|
|
1,727 |
|
|
8.3 |
% |
|
2,398 |
|
|
2,905 |
|
|
(17.5 |
)% |
|
|
Dollars |
$ |
534,314 |
|
$ |
624,902 |
|
|
(14.5 |
)% |
$ |
777,472 |
|
$ |
673,330 |
|
|
15.5 |
% |
$ |
1,069,102 |
|
$ |
1,215,925 |
|
|
(12.1 |
)% |
|
|
Avg.
Price |
$ |
411,327 |
|
$ |
407,102 |
|
|
1.0 |
% |
$ |
415,761 |
|
$ |
389,884 |
|
|
6.6 |
% |
$ |
445,831 |
|
$ |
418,563 |
|
|
6.5 |
% |
|
Unconsolidated Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
|
Home |
|
90 |
|
|
94 |
|
|
(4.3 |
)% |
|
102 |
|
|
65 |
|
|
56.9 |
% |
|
251 |
|
|
207 |
|
|
21.3 |
% |
|
|
Dollars |
$ |
48,394 |
|
$ |
59,441 |
|
|
(18.6 |
)% |
$ |
64,099 |
|
$ |
37,730 |
|
|
69.9 |
% |
$ |
152,430 |
|
$ |
132,082 |
|
|
15.4 |
% |
|
|
Avg.
Price |
$ |
537,706 |
|
$ |
632,347 |
|
|
(15.0 |
)% |
$ |
628,417 |
|
$ |
580,467 |
|
|
8.3 |
% |
$ |
607,292 |
|
$ |
638,077 |
|
|
(4.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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.(2)
The Midwest net contracts include 54 homes and $23.0 million in
2015 from Minneapolis, MN. Contract backlog as of October 31, 2016
reflects the reduction of 64 homes and $24.1 million, related to
the sale of our land portfolio in Minneapolis, MN.(3) The Southeast
net contracts include 29 homes and $12.2 million in 2015 from
Raleigh, NC. Contract backlog as of October 31, 2016 reflects the
reduction of 67 homes and $33.7 million, related to the sale of our
land portfolio in Raleigh, NC. |
HOVNANIAN ENTERPRISES, INC. |
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) |
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT
VENTURES) |
(UNAUDITED) |
|
|
|
|
Communities Under Development |
|
|
|
|
|
|
|
|
Twelve Months - October 31, 2016 |
|
|
|
|
|
Net Contracts (1) |
Deliveries |
Contract |
|
|
Twelve Months Ended |
Twelve Months Ended |
Backlog |
|
|
Oct 31, |
Oct 31, |
Oct 31, |
|
|
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
Northeast |
|
|
|
|
|
|
|
|
|
|
(NJ, PA) |
Home |
|
468 |
|
|
527 |
|
|
(11.2 |
)% |
|
557 |
|
|
380 |
|
|
46.6 |
% |
|
204 |
|
|
293 |
|
|
(30.4 |
)% |
|
Dollars |
$ |
226,635 |
|
$ |
262,726 |
|
|
(13.7 |
)% |
$ |
274,126 |
|
$ |
189,049 |
|
|
45.0 |
% |
$ |
99,512 |
|
$ |
147,004 |
|
|
(32.3 |
)% |
|
Avg.
Price |
$ |
484,261 |
|
$ |
498,531 |
|
|
(2.9 |
)% |
$ |
492,147 |
|
$ |
497,497 |
|
|
(1.1 |
)% |
$ |
487,803 |
|
$ |
501,719 |
|
|
(2.8 |
)% |
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
(DE, MD, VA, WV) |
Home |
|
949 |
|
|
936 |
|
|
1.4 |
% |
|
960 |
|
|
854 |
|
|
12.4 |
% |
|
430 |
|
|
453 |
|
|
(5.1 |
)% |
|
Dollars |
$ |
467,782 |
|
$ |
448,307 |
|
|
4.3 |
% |
$ |
457,906 |
|
$ |
398,132 |
|
|
15.0 |
% |
$ |
248,974 |
|
$ |
239,099 |
|
|
4.1 |
% |
|
Avg.
Price |
$ |
492,920 |
|
$ |
478,961 |
|
|
2.9 |
% |
$ |
476,985 |
|
$ |
466,197 |
|
|
2.3 |
% |
$ |
579,009 |
|
$ |
527,812 |
|
|
9.7 |
% |
Midwest (2) |
|
|
|
|
|
|
|
|
|
|
(IL, MN, OH) |
Home |
|
724 |
|
|
937 |
|
|
(22.7 |
)% |
|
921 |
|
|
958 |
|
|
(3.9 |
)% |
|
374 |
|
|
644 |
|
|
(41.9 |
)% |
|
Dollars |
$ |
222,835 |
|
$ |
317,059 |
|
|
(29.7 |
)% |
$ |
287,469 |
|
$ |
311,364 |
|
|
(7.7 |
)% |
$ |
104,527 |
|
$ |
194,290 |
|
|
(46.2 |
)% |
|
Avg.
Price |
$ |
307,784 |
|
$ |
338,376 |
|
|
(9.0 |
)% |
$ |
312,127 |
|
$ |
325,015 |
|
|
(4.0 |
)% |
$ |
279,485 |
|
$ |
301,692 |
|
|
(7.4 |
)% |
Southeast (3) |
|
|
|
|
|
|
|
|
|
|
(FL, GA, NC, SC) |
Home |
|
701 |
|
|
722 |
|
|
(2.9 |
)% |
|
581 |
|
|
675 |
|
|
(13.9 |
)% |
|
332 |
|
|
279 |
|
|
19.0 |
% |
|
Dollars |
$ |
287,538 |
|
$ |
232,272 |
|
|
23.8 |
% |
$ |
214,585 |
|
$ |
207,407 |
|
|
3.5 |
% |
$ |
145,171 |
|
$ |
105,935 |
|
|
37.0 |
% |
|
Avg.
Price |
$ |
410,183 |
|
$ |
321,706 |
|
|
27.5 |
% |
$ |
369,339 |
|
$ |
307,269 |
|
|
20.2 |
% |
$ |
437,261 |
|
$ |
379,699 |
|
|
15.2 |
% |
Southwest |
|
|
|
|
|
|
|
|
|
|
(AZ, TX) |
Home |
|
2,480 |
|
|
2,526 |
|
|
(1.8 |
)% |
|
2,750 |
|
|
2,263 |
|
|
21.5 |
% |
|
763 |
|
|
1,033 |
|
|
(26.1 |
)% |
|
Dollars |
$ |
887,341 |
|
$ |
949,763 |
|
|
(6.6 |
)% |
$ |
1,024,410 |
|
$ |
822,371 |
|
|
24.6 |
% |
$ |
285,644 |
|
$ |
422,711 |
|
|
(32.4 |
)% |
|
Avg.
Price |
$ |
357,799 |
|
$ |
375,995 |
|
|
(4.8 |
)% |
$ |
372,512 |
|
$ |
363,399 |
|
|
2.5 |
% |
$ |
374,370 |
|
$ |
409,207 |
|
|
(8.5 |
)% |
West |
|
|
|
|
|
|
|
|
|
|
(CA) |
Home |
|
787 |
|
|
535 |
|
|
47.1 |
% |
|
695 |
|
|
377 |
|
|
84.4 |
% |
|
295 |
|
|
203 |
|
|
45.3 |
% |
|
Dollars |
$ |
420,681 |
|
$ |
238,080 |
|
|
76.7 |
% |
$ |
342,294 |
|
$ |
159,806 |
|
|
114.2 |
% |
$ |
185,274 |
|
$ |
106,886 |
|
|
73.3 |
% |
|
Avg.
Price |
$ |
534,539 |
|
$ |
445,010 |
|
|
20.1 |
% |
$ |
492,509 |
|
$ |
423,889 |
|
|
16.2 |
% |
$ |
628,047 |
|
$ |
526,531 |
|
|
19.3 |
% |
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
6,109 |
|
|
6,183 |
|
|
(1.2 |
)% |
|
6,464 |
|
|
5,507 |
|
|
17.4 |
% |
|
2,398 |
|
|
2,905 |
|
|
(17.5 |
)% |
|
Dollars |
$ |
2,512,812 |
|
$ |
2,448,207 |
|
|
2.6 |
% |
$ |
2,600,790 |
|
$ |
2,088,129 |
|
|
24.6 |
% |
$ |
1,069,102 |
|
$ |
1,215,925 |
|
|
(12.1 |
)% |
|
Avg.
Price |
$ |
411,329 |
|
$ |
395,958 |
|
|
3.9 |
% |
$ |
402,350 |
|
$ |
379,177 |
|
|
6.1 |
% |
$ |
445,831 |
|
$ |
418,563 |
|
|
6.5 |
% |
Unconsolidated Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
271 |
|
|
364 |
|
|
(25.5 |
)% |
|
248 |
|
|
269 |
|
|
(7.8 |
)% |
|
251 |
|
|
207 |
|
|
21.3 |
% |
|
Dollars |
$ |
160,924 |
|
$ |
202,879 |
|
|
(20.7 |
)% |
$ |
140,576 |
|
$ |
119,920 |
|
|
17.2 |
% |
$ |
152,430 |
|
$ |
132,082 |
|
|
15.4 |
% |
|
Avg.
Price |
$ |
593,814 |
|
$ |
557,359 |
|
|
6.5 |
% |
$ |
566,836 |
|
$ |
445,799 |
|
|
27.2 |
% |
$ |
607,292 |
|
$ |
638,077 |
|
|
(4.8 |
)% |
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
6,380 |
|
|
6,547 |
|
|
(2.6 |
)% |
|
6,712 |
|
|
5,776 |
|
|
16.2 |
% |
|
2,649 |
|
|
3,112 |
|
|
(14.9 |
)% |
|
Dollars |
$ |
2,673,736 |
|
$ |
2,651,086 |
|
|
0.9 |
% |
$ |
2,741,366 |
|
$ |
2,208,049 |
|
|
24.2 |
% |
$ |
1,221,532 |
|
$ |
1,348,007 |
|
|
(9.4 |
)% |
|
Avg.
Price |
$ |
419,081 |
|
$ |
404,931 |
|
|
3.5 |
% |
$ |
408,427 |
|
$ |
382,280 |
|
|
6.8 |
% |
$ |
461,130 |
|
$ |
433,164 |
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
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.(2)
The Midwest net contracts include 65 homes and $27.4 million and
246 homes and $98.2 million in 2016 and 2015, respectively, from
Minneapolis, MN. Contract backlog as of October 31, 2016 reflects
the reduction of 64 homes and $24.1 million, related to the sale of
our land portfolio in Minneapolis, MN.(3) The Southeast net
contracts include 70 homes and $31.6 million and 128 homes and
$42.4 million in 2016 and 2015, respectively, from Raleigh, NC.
Contract backlog as of October 31, 2016 reflects the reduction of
67 homes and $33.7 million, related to the sale of our land
portfolio in Raleigh, NC. |
HOVNANIAN ENTERPRISES, INC. |
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) |
(SEGMENT DATA INCLUDES UNCONSOLIDATED JOINT
VENTURES) |
(UNAUDITED) |
|
|
|
|
Communities Under Development |
|
|
|
|
|
|
|
|
Twelve Months - October 31, 2016 |
|
|
|
|
|
Net Contracts (1) |
Deliveries |
Contract |
|
|
Twelve Months Ended |
Twelve Months Ended |
Backlog |
|
|
Oct 31, |
Oct 31, |
Oct 31, |
|
|
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
Northeast |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
472 |
|
|
577 |
|
|
(18.2 |
)% |
|
582 |
|
|
402 |
|
|
44.8 |
% |
|
231 |
|
|
341 |
|
|
(32.3 |
)% |
(NJ, PA) |
Dollars |
$ |
223,050 |
|
$ |
286,792 |
|
|
(22.2 |
)% |
$ |
281,751 |
|
$ |
199,896 |
|
|
40.9 |
% |
$ |
109,775 |
|
$ |
168,476 |
|
|
(34.8 |
)% |
|
Avg.
Price |
$ |
472,563 |
|
$ |
497,040 |
|
|
(4.9 |
)% |
$ |
484,108 |
|
$ |
497,255 |
|
|
(2.6 |
)% |
$ |
475,215 |
|
$ |
494,065 |
|
|
(3.8 |
)% |
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
1,010 |
|
|
1,006 |
|
|
0.4 |
% |
|
1,007 |
|
|
945 |
|
|
6.6 |
% |
|
470 |
|
|
467 |
|
|
0.6 |
% |
(DE, MD, VA, WV) |
Dollars |
$ |
514,592 |
|
$ |
485,551 |
|
|
6.0 |
% |
$ |
482,436 |
|
$ |
448,605 |
|
|
7.5 |
% |
$ |
279,063 |
|
$ |
246,906 |
|
|
13.0 |
% |
|
Avg.
Price |
$ |
509,496 |
|
$ |
482,654 |
|
|
5.6 |
% |
$ |
479,081 |
|
$ |
474,714 |
|
|
0.9 |
% |
$ |
593,751 |
|
$ |
528,707 |
|
|
12.3 |
% |
Midwest
(2) |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
730 |
|
|
940 |
|
|
(22.3 |
)% |
|
924 |
|
|
978 |
|
|
(5.5 |
)% |
|
386 |
|
|
644 |
|
|
(40.1 |
)% |
(IL, MN, OH) |
Dollars |
$ |
234,466 |
|
$ |
317,989 |
|
|
(26.3 |
)% |
$ |
289,511 |
|
$ |
316,960 |
|
|
(8.7 |
)% |
$ |
114,116 |
|
$ |
194,290 |
|
|
(41.3 |
)% |
|
Avg.
Price |
$ |
321,186 |
|
$ |
338,286 |
|
|
(5.1 |
)% |
$ |
313,324 |
|
$ |
324,090 |
|
|
(3.3 |
)% |
$ |
295,638 |
|
$ |
301,692 |
|
|
(2.0 |
)% |
Southeast
(3) |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
783 |
|
|
773 |
|
|
1.3 |
% |
|
584 |
|
|
746 |
|
|
(21.7 |
)% |
|
420 |
|
|
288 |
|
|
45.8 |
% |
(FL, GA, NC, SC) |
Dollars |
$ |
327,378 |
|
$ |
254,484 |
|
|
28.6 |
% |
$ |
215,628 |
|
$ |
236,617 |
|
|
(8.9 |
)% |
$ |
188,893 |
|
$ |
110,860 |
|
|
70.4 |
% |
|
Avg.
Price |
$ |
418,108 |
|
$ |
329,216 |
|
|
27.0 |
% |
$ |
369,226 |
|
$ |
317,181 |
|
|
16.4 |
% |
$ |
449,746 |
|
$ |
384,930 |
|
|
16.8 |
% |
Southwest |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
2,487 |
|
|
2,526 |
|
|
(1.5 |
)% |
|
2,750 |
|
|
2,263 |
|
|
21.5 |
% |
|
770 |
|
|
1,033 |
|
|
(25.5 |
)% |
(AZ, TX) |
Dollars |
$ |
891,819 |
|
$ |
949,763 |
|
|
(6.1 |
)% |
$ |
1,024,409 |
|
$ |
822,371 |
|
|
24.6 |
% |
$ |
290,121 |
|
$ |
422,711 |
|
|
(31.4 |
)% |
|
Avg.
Price |
$ |
358,592 |
|
$ |
375,995 |
|
|
(4.6 |
)% |
$ |
372,512 |
|
$ |
363,399 |
|
|
2.5 |
% |
$ |
376,781 |
|
$ |
409,207 |
|
|
(7.9 |
)% |
West |
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Home |
|
898 |
|
|
725 |
|
|
23.9 |
% |
|
865 |
|
|
442 |
|
|
95.7 |
% |
|
372 |
|
|
339 |
|
|
9.7 |
% |
(CA) |
Dollars |
$ |
482,431 |
|
$ |
356,507 |
|
|
35.3 |
% |
$ |
447,631 |
|
$ |
183,600 |
|
|
143.8 |
% |
$ |
239,564 |
|
$ |
204,764 |
|
|
17.0 |
% |
|
Avg.
Price |
$ |
537,228 |
|
$ |
491,734 |
|
|
9.3 |
% |
$ |
517,493 |
|
$ |
415,384 |
|
|
24.6 |
% |
$ |
643,990 |
|
$ |
604,024 |
|
|
6.6 |
% |
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
6,380 |
|
|
6,547 |
|
|
(2.6 |
)% |
|
6,712 |
|
|
5,776 |
|
|
16.2 |
% |
|
2,649 |
|
|
3,112 |
|
|
(14.9 |
)% |
|
Dollars |
$ |
2,673,736 |
|
$ |
2,651,086 |
|
|
0.9 |
% |
$ |
2,741,366 |
|
$ |
2,208,049 |
|
|
24.2 |
% |
$ |
1,221,532 |
|
$ |
1,348,007 |
|
|
(9.4 |
)% |
|
Avg.
Price |
$ |
419,081 |
|
$ |
404,931 |
|
|
3.5 |
% |
$ |
408,427 |
|
$ |
382,280 |
|
|
6.8 |
% |
$ |
461,130 |
|
$ |
433,164 |
|
|
6.5 |
% |
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
6,109 |
|
|
6,183 |
|
|
(1.2 |
)% |
|
6,464 |
|
|
5,507 |
|
|
17.4 |
% |
|
2,398 |
|
|
2,905 |
|
|
(17.5 |
)% |
|
Dollars |
$ |
2,512,812 |
|
$ |
2,448,207 |
|
|
2.6 |
% |
$ |
2,600,790 |
|
$ |
2,088,129 |
|
|
24.6 |
% |
$ |
1,069,102 |
|
$ |
1,215,925 |
|
|
(12.1 |
)% |
|
Avg.
Price |
$ |
411,329 |
|
$ |
395,958 |
|
|
3.9 |
% |
$ |
402,350 |
|
$ |
379,177 |
|
|
6.1 |
% |
$ |
445,831 |
|
$ |
418,563 |
|
|
6.5 |
% |
Unconsolidated Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
271 |
|
|
364 |
|
|
(25.5 |
)% |
|
248 |
|
|
269 |
|
|
(7.8 |
)% |
|
251 |
|
|
207 |
|
|
21.3 |
% |
|
Dollars |
$ |
160,924 |
|
$ |
202,879 |
|
|
(20.7 |
)% |
$ |
140,576 |
|
$ |
119,920 |
|
|
17.2 |
% |
$ |
152,430 |
|
$ |
132,082 |
|
|
15.4 |
% |
|
Avg.
Price |
$ |
593,814 |
|
$ |
557,359 |
|
|
6.5 |
% |
$ |
566,836 |
|
$ |
445,799 |
|
|
27.2 |
% |
$ |
607,292 |
|
$ |
638,077 |
|
|
(4.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.(2) The Midwest net contracts include 65 homes and $27.4
million and 246 homes and $98.2 million in 2016 and 2015,
respectively, from Minneapolis, MN. Contract backlog as of October
31, 2016 reflects the reduction of 64 homes and $24.1 million,
related to the sale of our land portfolio in Minneapolis, MN.(3)
The Southeast net contracts include 70 homes and $31.6 million and
128 homes and $42.4 million in 2016 and 2015, respectively, from
Raleigh, NC. Contract backlog as of October 31, 2016 reflects the
reduction of 67 homes and $33.7 million, related to the sale of our
land portfolio in Raleigh, NC. |
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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