Hovnanian Says It Won't Invest $40 Million In Its 'Newco' Plan

Date : 09/02/2010 @ 12:13PM
Source : Dow Jones News
Stock : Hovnanian Enterprises Class A (HOV)
Quote : 2.26  -0.05 (-2.16%) @ 4:02PM

Hovnanian Says It Won't Invest $40 Million In Its 'Newco' Plan

Hovnanian Ent (NYSE:HOV)
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Builder Hovnanian Enterprises Inc. (HOV) said Thursday that it won't invest $40 million in "Newco," a move that could have helped the builder boost its land supply.

Under a plan first discussed in March, the company would have acquired and developed land parcels and finished building lots in major markets. The land could then be resold or optioned to other builders, including Hovnanian.

Ara Hovnanian, Hovnanian's chairman and chief executive, would have become Newco's non-executive chairman.

Late Wednesday, New Jersey-based Hovnanian reported a loss of $72.9 million, or 92 cents a share, compared with a year-earlier loss of $168.9 million, or $2.16 a share. Revenue fell 1.7% to $380.6 million. Shares of Hovnanian were recently up 3.2% at $3.80.

-By Dawn Wotapka, Dow Jones Newswires; 212-416-2193; dawn.wotapka@dowjones.com


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