Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national
homebuilder, reported results for its fiscal second quarter and six
months ended April 30, 2016.
RESULTS FOR THE THREE MONTH AND SIX
MONTH PERIODS ENDED APRIL 30, 2016:
- Total revenues were $654.7 million in the second quarter of
fiscal 2016, an increase of 39.6% compared with $468.9 million in
the second quarter of fiscal 2015. For the six months ended April
30, 2016, total revenues increased 34.5% to $1.23 billion compared
with $914.7 million in the first half of the prior year.
- Total interest expense as a percentage of total revenues was
7.0% during the second quarter of fiscal 2016, a decrease of 50
basis points, compared with 7.5% in the same period of the previous
year. For the six months ended April 30, 2016, total interest
expense as a percentage of total revenues declined 100 basis points
to 6.8% compared with 7.8% during the same period a year
ago.
- Total SG&A was $69.0 million, or 10.5% of total revenues, a
420 basis point improvement during the second quarter of fiscal
2016 compared with $69.1 million, or 14.7% of total revenues, in
last year’s second quarter. Total SG&A was $132.8 million, or
10.8% of total revenues, a 380 basis point improvement for the
first six months of fiscal 2016 compared with $133.7 million, or
14.6% of total revenues, in the first half of the prior
year.
- Homebuilding gross margin percentage, before interest expense
and land charges included in cost of sales, was 16.1% for both the
second quarter ended April 30, 2016 and 2015. During the first six
months of fiscal 2016, homebuilding gross margin percentage, before
interest expense and land charges included in cost of sales, was
16.3% compared with 17.1% in the same period of the previous
year.
- The loss before income taxes in the second quarter of fiscal
2016 was $17.6 million compared with a loss before income taxes of
$29.5 million in the prior year’s second quarter. For the first
half of fiscal 2016, the loss before income taxes was $30.8 million
compared with a loss before income taxes of $49.2 million during
the first six months of fiscal 2015.
- The loss before income taxes, excluding land-related charges,
in the second quarter of fiscal 2016 was $7.9 million compared with
the loss before income taxes, excluding land-related charges, of
$25.2 million in the prior year’s second quarter. For the first
half of fiscal 2016, the loss before income taxes, excluding
land-related charges, was $9.4 million compared with a loss before
income taxes, excluding land-related charges, of $42.6 million
during the first six months of fiscal 2015.
- Net loss was $8.5 million, or $0.06 per common share, for the
second quarter of fiscal 2016, compared with a net loss of $19.6
million, or $0.13 per common share, in the second quarter of the
previous year. For the six months ended April 30, 2016, the net
loss was $24.6 million, or $0.17 per common share, compared with a
net loss of $33.9 million, or $0.23 per common share, in the first
half of fiscal 2015.
- For the second quarter of fiscal 2016, Adjusted EBITDA was
$39.7 million compared with $12.2 million during the second quarter
of 2015, a 224.4% increase. For the first half of fiscal 2016,
Adjusted EBITDA increased 134.3% to $78.5 million compared with
$33.5 million during the first six months of fiscal
2015.
- As of April 30, 2016, consolidated active selling communities
decreased 5.3% to 196 communities compared with 207 communities at
the end of the prior year’s second quarter. As of end of the second
quarter of fiscal 2016, active selling communities, including
unconsolidated joint ventures, decreased 3.7% to 208 communities
compared with 216 communities at April 30, 2015.
- The dollar value of consolidated net contracts increased 9.6%
to $768.1 million for the three months ended April 30, 2016
compared with $700.7 million during the same quarter a year ago.
The dollar value of net contracts, including unconsolidated joint
ventures, during the second quarter of fiscal 2016 increased 5.1%
to $789.3 million compared with $750.9 million in last year’s
second quarter.
- The dollar value of consolidated net contracts increased 16.0%
to $1.40 billion for the first six months of fiscal 2016 compared
with $1.20 billion in the first half of the previous year. The
dollar value of net contracts, including unconsolidated joint
ventures, for the six months ended April 30, 2016 increased 14.6%
to $1.46 billion compared with $1.27 billion in the first six
months of fiscal 2015.
- The number of consolidated net contracts, during the second
quarter of fiscal 2016, increased 0.9% to 1,812 homes compared with
1,796 homes in the prior year’s second quarter. In the second
quarter of fiscal 2016, the number of net contracts, including
unconsolidated joint ventures, decreased 1.7% to 1,862 homes from
1,894 homes during the second quarter of fiscal 2015.
- The number of consolidated net contracts, during the six month
period ended April 30, 2016, increased 7.3% to 3,343 homes compared
with 3,115 homes in the same period of the previous year. During
the first half of fiscal 2016, the number of net contracts,
including unconsolidated joint ventures, was 3,454 homes, an
increase of 6.0% from 3,260 homes during the first six months of
fiscal 2015.
- Consolidated net contracts per active selling community
increased 5.7% to 9.2 net contracts per active selling community
for the second quarter of fiscal 2016 compared with 8.7 net
contracts per active selling community in the second quarter of
fiscal 2015. Net contracts per active selling community, including
unconsolidated joint ventures, increased 2.3% to 9.0 net contracts
per active selling community for the quarter ended April 30, 2016
compared with 8.8 net contracts, including unconsolidated joint
ventures, per active selling community in the second quarter of
fiscal 2015.
- As of April 30, 2016, the dollar value of contract backlog,
including unconsolidated joint ventures, was $1.58 billion, an
increase of 27.8% compared with $1.23 billion as of April 30, 2015.
The dollar value of consolidated contract backlog, as of April 30,
2016, increased 22.1% to $1.43 billion compared with $1.17 billion
as of April 30, 2015.
- As of April 30, 2016, the number of homes in contract backlog,
including unconsolidated joint ventures, increased 11.7% to 3,453
homes compared with 3,092 homes as of April 30, 2015. The number of
homes in consolidated contract backlog, as of April 30, 2016,
increased 8.6% to 3,228 homes compared with 2,972 homes as of the
end of the second quarter of fiscal 2015.
- Consolidated deliveries were 1,598 homes in the second quarter
of fiscal 2016, a 30.7% increase compared with 1,223 homes in the
second quarter of fiscal 2015. For the three months ended April 30,
2016, deliveries, including unconsolidated joint ventures,
increased 27.8% to 1,647 homes compared with 1,289 homes in the
second quarter of the prior year.
- Consolidated deliveries were 3,020 homes in the first half of
fiscal 2016, a 27.3% increase compared with 2,372 homes in the same
period in fiscal 2015. For the six months ended April 30, 2016,
deliveries, including unconsolidated joint ventures, increased
24.1% to 3,113 homes compared with 2,509 homes in the first half of
the prior year.
- The contract cancellation rate, including unconsolidated joint
ventures, for the second quarter of fiscal 2016 was 20%, compared
with 17% in the second quarter of fiscal 2015.
- The valuation allowance was $635.4 million as of April 30,
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.
- During May 2016, the dollar value of consolidated net contracts
increased 0.9% to $214.8 million compared with $212.8 million for
May of 2015, and the number of consolidated net contracts
decreased 3.2% to 512 homes in May 2016 from 529 homes in
May 2015.
LIQUIDITY AND INVENTORY AS OF APRIL 30,
2016:
- After paying off $233.5 million of debt that matured in October
2015 and January 2016, total liquidity at the end of the second
quarter of fiscal 2016 was $125.6 million.
- During the second quarter of fiscal 2016, land and land
development spending was $186.7 million compared with $108.1
million in last year’s second quarter and $116.6 million during the
first quarter of fiscal 2016.
- As of April 30, 2016, the land position, including
unconsolidated joint ventures, was 34,997 lots, consisting of
15,622 lots under option and 19,375 owned lots, compared with a
total of 37,140 lots as of April 30, 2015.
- During the second quarter of fiscal 2016, approximately 800
lots, including unconsolidated joint ventures, were put under
option or acquired in 22 communities.
- Subsequent To The End Of The Second Quarter
- Closed on land sale transactions to exit the Minneapolis, MN
and Raleigh, NC markets.
- Closed on seven communities in the first tranche of a new joint
venture with funds managed by GTIS Partners LP.
- Due to the above actions, total liquidity increased
by an aggregate of $75.1 million.
- Paid $86.5 million principal amount of debt that matured in May
2016.
FINANCIAL GUIDANCE:
- Assuming no changes in current market conditions and after the
impact from exiting two markets, our guidance for all of fiscal
2016 for total revenues is expected to be between $2.7 billion and
$2.9 billion. Adjusted EBITDA is expected to be between $200
million and $225 million and income before income taxes, excluding
land related charges, gains or losses on extinguishment of debt and
other non-recurring items such as legal settlements, is expected to
be between $25 million and $50 million for all of fiscal 2016.
COMMENTS FROM MANAGEMENT:
“While our revenue grew 40% and Adjusted EBITDA
increased over 220%, as we said last quarter, we remain focused on
deleveraging our balance sheet and maximizing our profitability
rather than on additional growth,” stated Ara K. Hovnanian,
Chairman of the Board, President and Chief Executive Officer.
“Along with increasing our land and land development spend during
the second quarter to $187 million, we have taken the steps we
outlined in March to increase our cash position and paid off the
$87 million principal amount of debt that matured on May 15, 2016.
Since October 15, 2015, we have paid off $320 million of debt. More
importantly, we continue to believe that we will have the liquidity
to pay off the remaining debt maturities through the end of 2017.
We are certain that we are taking the correct steps that will best
position our company for future success. While it is discouraging
to report a loss for the first half of fiscal 2016, it is
nevertheless a significantly reduced loss, and we anticipate our
profitability in the second half of the year will more than offset
this loss.”
WEBCAST INFORMATION:
Hovnanian Enterprises will webcast its fiscal
2016 second quarter financial results conference call at 11:00 a.m.
E.T. on Thursday, June 2, 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 (“Adjusted EBITDA”) are not U.S. generally
accepted accounting principles (GAAP) financial measures. The most
directly comparable GAAP financial measure is net loss. The
reconciliation for historical periods of EBIT, EBITDA and Adjusted
EBITDA to net loss is presented in a table attached to this
earnings release.
Loss Before Income Taxes Excluding
Land-Related Charges is a non-GAAP financial measure. The most
directly comparable GAAP financial measure is Loss Before Income
Taxes. The reconciliation for historical periods of Loss
Before Income Taxes Excluding Land-Related Charges to Loss
Before Income Taxes is presented in a table attached to
this earnings release.
With respect to our expectations under
“Financial Guidance” above, for Adjusted EBITDA and Income
Before Income Taxes Excluding Land-Related Charges a
reconiciliation to the closest corresponding GAAP financial
measures is not available without unreasonable efforts on a
forward-looking basis due to the high variability, complexity and
low visibility with respect to land-related charges excluded from
these non-GAAP financial measures. We expect the variability of
these charges to have a potentially unpredictable, and potentially
significant, impact on our future GAAP financial
results.
Total liquidity is comprised of $120.7
million of cash and cash equivalents, $2.3 million of restricted
cash required to collateralize letters of credit and $2.6 million
of availability under the unsecured revolving credit facility as of
April 30, 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 the current or future
financial periods, including total revenues, Adjusted EBITDA and
adjusted income before income taxes. 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)
|
Hovnanian Enterprises, Inc. |
| April
30, 2016 |
| Statements of
Consolidated Operations |
| (In
Thousands, Except Per Share Data) |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
|
April 30, |
|
April 30, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
| Total
Revenues |
$ |
654,723 |
|
|
$ |
468,949 |
|
|
$ |
1,230,328 |
|
|
$ |
914,663 |
|
| Costs and
Expenses (a) |
|
670,981 |
|
|
|
499,896 |
|
|
|
1,258,300 |
|
|
|
966,742 |
|
| (Loss) Income
from Unconsolidated Joint Ventures |
|
(1,346 |
) |
|
|
1,466 |
|
|
|
(2,826 |
) |
|
|
2,918 |
|
| Loss Before
Income Taxes |
|
(17,604 |
) |
|
|
(29,481 |
) |
|
|
(30,798 |
) |
|
|
(49,161 |
) |
| Income Tax
Benefit |
|
(9,143 |
) |
|
|
(9,922 |
) |
|
|
(6,164 |
) |
|
|
(15,226 |
) |
| Net Loss |
$ |
(8,461 |
) |
|
$ |
(19,559 |
) |
|
$ |
(24,634 |
) |
|
$ |
(33,935 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Per Share
Data: |
|
|
|
|
|
|
|
| Basic: |
|
|
|
|
|
|
|
|
|
|
Loss Per
Common Share |
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.23 |
) |
|
|
Weighted
Average Number of |
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding (b) |
|
147,334 |
|
|
|
146,946 |
|
|
|
147,301 |
|
|
|
146,762 |
|
| Assuming
Dilution: |
|
|
|
|
|
|
|
|
|
Loss Per
Common Share |
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.23 |
) |
|
|
Weighted
Average Number of |
|
|
|
|
|
|
|
|
|
|
Common Shares
Outstanding (b) |
|
147,334 |
|
|
|
146,946 |
|
|
|
147,301 |
|
|
|
146,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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. |
| April
30, 2016 |
|
Reconciliation of Loss Before Income Taxes Excluding Land-Related
Charges to Loss Before Income Taxes |
| (Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|
|
|
|
|
April 30, |
|
April 30, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
| Loss Before
Income Taxes |
$ |
(17,604 |
) |
|
$ |
(29,481 |
) |
|
$ |
(30,798 |
) |
|
$ |
(49,161 |
) |
| Inventory
Impairment Loss and Land Option Write-Offs |
|
9,669 |
|
|
|
4,311 |
|
|
|
21,350 |
|
|
|
6,541 |
|
| Loss Before
Income Taxes Excluding Land-Related Charges(a) |
$ |
(7,935 |
) |
|
$ |
(25,170 |
) |
|
$ |
(9,448 |
) |
|
$ |
(42,620 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| (a) Loss
Before Income Taxes Excluding Land-Related Charges is a non-GAAP
Financial measure. The most directly comparable GAAP financial
measure is Loss Before Income Taxes. |
| |
|
Hovnanian Enterprises, Inc. |
| April
30, 2016 |
| Gross
Margin |
| (Dollars in
Thousands) |
|
|
|
Homebuilding Gross Margin |
|
Homebuilding Gross Margin |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
April 30, |
|
April 30, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
| Sale of Homes |
|
$ |
626,157 |
|
|
$ |
455,172 |
|
|
$ |
1,182,932 |
|
|
$ |
888,643 |
|
| Cost of Sales, Excluding
Interest and Land Charges (a) |
|
|
525,442 |
|
|
|
381,870 |
|
|
|
989,588 |
|
|
|
736,249 |
|
| Homebuilding Gross Margin,
Excluding Interest and Land Charges |
|
|
100,715 |
|
|
|
73,302 |
|
|
|
193,344 |
|
|
|
152,394 |
|
| Homebuilding Cost of Sales
Interest |
|
|
21,340 |
|
|
|
11,993 |
|
|
|
38,183 |
|
|
|
23,292 |
|
| Homebuilding
Gross Margin, Including Interest and |
|
|
|
|
|
|
|
| Excluding Land
Charges |
$ |
79,375 |
|
|
$ |
61,309 |
|
|
$ |
155,161 |
|
|
$ |
129,102 |
|
|
|
|
|
|
|
|
|
|
|
| Gross Margin Percentage,
Excluding Interest and Land Charges |
|
|
16.1 |
% |
|
|
16.1 |
% |
|
|
16.3 |
% |
|
|
17.1 |
% |
| Gross Margin
Percentage, Including Interest and |
|
|
|
|
|
|
|
| Excluding Land
Charges |
|
12.7 |
% |
|
|
13.5 |
% |
|
|
13.1 |
% |
|
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Land Sales Gross Margin |
|
Land Sales Gross Margin |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
April 30, |
|
April 30, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
| Land and Lot Sales |
|
$ |
11,154 |
|
|
$ |
336 |
|
|
$ |
11,154 |
|
|
$ |
850 |
|
| Cost of Sales, Excluding
Interest and Land Charges (a) |
|
|
10,608 |
|
|
|
269 |
|
|
|
10,608 |
|
|
|
702 |
|
| Land and Lot
Sales Gross Margin, Excluding Interest |
|
|
|
|
|
|
|
| and Land Charges |
|
546 |
|
|
|
67 |
|
|
|
546 |
|
|
|
148 |
|
| Land and Lot Sales
Interest |
|
|
104 |
|
|
|
20 |
|
|
|
104 |
|
|
|
39 |
|
| Land and Lot
Sales Gross Margin, Including Interest |
|
|
|
|
|
|
|
| and Excluding Land
Charges |
$ |
442 |
|
|
$ |
47 |
|
|
$ |
442 |
|
|
$ |
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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. |
| April
30, 2016 |
|
Reconciliation of Adjusted EBITDA to Net Loss |
| (Dollars in
Thousands) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
April 30, |
|
April 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
(Unaudited) |
|
(Unaudited) |
| Net Loss |
$ |
(8,461 |
) |
|
$ |
(19,559 |
) |
|
$ |
(24,634 |
) |
|
$ |
(33,935 |
) |
| Income Tax Benefit |
|
(9,143 |
) |
|
|
(9,922 |
) |
|
|
(6,164 |
) |
|
|
(15,226 |
) |
| Interest Expense |
|
45,528 |
|
|
|
35,043 |
|
|
|
83,596 |
|
|
|
71,432 |
|
| EBIT (a) |
|
27,924 |
|
|
|
5,562 |
|
|
|
52,798 |
|
|
|
22,271 |
|
| Depreciation |
|
864 |
|
|
|
870 |
|
|
|
1,729 |
|
|
|
1,719 |
|
| Amortization of Debt
Costs |
|
1,227 |
|
|
|
1,489 |
|
|
|
2,610 |
|
|
|
2,961 |
|
| EBITDA (b) |
|
30,015 |
|
|
|
7,921 |
|
|
|
57,137 |
|
|
|
26,951 |
|
| Inventory Impairment Loss
and Land Option Write-offs |
|
9,669 |
|
|
|
4,311 |
|
|
|
21,350 |
|
|
|
6,541 |
|
| Adjusted EBITDA (c) |
$ |
39,684 |
|
|
$ |
12,232 |
|
|
$ |
78,487 |
|
|
$ |
33,492 |
|
|
|
|
|
|
|
|
|
|
| Interest Incurred |
$ |
44,224 |
|
|
$ |
40,703 |
|
|
$ |
86,183 |
|
|
$ |
82,175 |
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA to
Interest Incurred |
|
0.90 |
|
|
|
0.30 |
|
|
|
0.91 |
|
|
|
0.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a)
EBIT is a non-GAAP financial measure. The most directly
comparable GAAP financial measure is net 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 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 loss. Adjusted EBITDA
represents earnings before interest expense, income taxes,
depreciation, amortization and inventory impairment loss and land
option write-offs. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hovnanian Enterprises,
Inc. |
| April
30, 2016 |
| Interest
Incurred, Expensed and Capitalized |
| (Dollars in
Thousands) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
April 30, |
|
April 30, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
(Unaudited) |
|
(Unaudited) |
| Interest
Capitalized at Beginning of Period |
$ |
117,113 |
|
|
$ |
114,241 |
|
|
$ |
123,898 |
|
|
$ |
109,158 |
|
| Plus
Interest Incurred |
|
44,224 |
|
|
|
40,703 |
|
|
|
86,183 |
|
|
|
82,175 |
|
| Less
Interest Expensed (a) |
|
45,528 |
|
|
|
35,043 |
|
|
|
83,596 |
|
|
|
71,432 |
|
| Less
Interest Contributed to Unconsolidated Joint Venture (a) |
|
- |
|
|
|
- |
|
|
|
10,676 |
|
|
|
- |
|
| Interest
Capitalized at End of Period (b) |
$ |
115,809 |
|
|
$ |
119,901 |
|
|
$ |
115,809 |
|
|
$ |
119,901 |
|
|
|
|
|
|
|
|
|
|
| (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 Condensed 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
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In
Thousands)
| |
|
April
30,2016(Unaudited) |
|
|
October
31,2015 (1) |
|
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Homebuilding: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
120,661 |
|
|
|
$ |
245,398 |
|
|
| Restricted cash and cash
equivalents |
|
|
6,259 |
|
|
|
|
7,299 |
|
|
| Inventories: |
|
|
|
|
|
|
| Sold and unsold homes and lots
under development |
|
|
1,171,668 |
|
|
|
|
1,307,850 |
|
|
| Land and land options held for
future development or sale |
|
|
191,627 |
|
|
|
|
214,503 |
|
|
| Consolidated inventory not
owned |
|
|
312,841 |
|
|
|
|
122,225 |
|
|
| Total inventories |
|
|
1,676,136 |
|
|
|
|
1,644,578 |
|
|
| Investments in and advances to
unconsolidated joint ventures |
|
|
70,061 |
|
|
|
|
61,209 |
|
|
| Receivables, deposits and notes,
net |
|
|
65,055 |
|
|
|
|
70,349 |
|
|
| Property, plant and equipment,
net |
|
|
45,670 |
|
|
|
|
45,534 |
|
|
| Prepaid expenses and other
assets |
|
|
80,004 |
|
|
|
|
77,671 |
|
|
| Total homebuilding |
|
|
2,063,846 |
|
|
|
|
2,152,038 |
|
|
| |
|
|
|
|
|
|
| Financial
services: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
8,993 |
|
|
|
|
8,347 |
|
|
| Restricted cash and cash
equivalents |
|
|
19,134 |
|
|
|
|
19,223 |
|
|
| Mortgage loans held for sale at
fair value |
|
|
129,999 |
|
|
|
|
130,320 |
|
|
| Other assets |
|
|
2,586 |
|
|
|
|
2,091 |
|
|
| Total financial services |
|
|
160,712 |
|
|
|
|
159,981 |
|
|
| Income taxes receivable
– including net deferred tax benefits |
|
|
294,069 |
|
|
|
|
290,279 |
|
|
| Total assets |
|
$ |
2,518,627 |
|
|
|
$ |
2,602,298 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| (1)
Derived from the audited balance sheet as of October 31, 2015. |
|
| |
|
|
|
|
|
|
|
|
|
|
HOVNANIAN ENTERPRISES, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In Thousands
Except Share and Per Share Amounts)
| |
|
April
30,2016(Unaudited) |
|
|
October 31,2015(1) |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Homebuilding: |
|
|
|
|
|
|
| Nonrecourse mortgages secured by
inventory |
|
$ |
125,076 |
|
|
|
$ |
143,863 |
|
|
| Accounts payable and other
liabilities |
|
|
360,946 |
|
|
|
|
348,516 |
|
|
| Customers’ deposits |
|
|
47,976 |
|
|
|
|
44,218 |
|
|
| Nonrecourse mortgages secured by
operating properties |
|
|
14,924 |
|
|
|
|
15,511 |
|
|
| Liabilities from inventory not
owned |
|
|
220,348 |
|
|
|
|
105,856 |
|
|
| Total homebuilding |
|
|
769,270 |
|
|
|
|
657,964 |
|
|
| |
|
|
|
|
|
|
| Financial
services: |
|
|
|
|
|
|
| Accounts payable and other
liabilities |
|
|
27,574 |
|
|
|
|
27,908 |
|
|
| Mortgage warehouse lines of
credit |
|
|
109,132 |
|
|
|
|
108,875 |
|
|
| Total financial services |
|
|
136,706 |
|
|
|
|
136,783 |
|
|
| |
|
|
|
|
|
|
| Notes payable: |
|
|
|
|
|
|
| Revolving credit agreement |
|
|
50,000 |
|
|
|
|
47,000 |
|
|
| Senior secured notes, net of
discount |
|
|
982,086 |
|
|
|
|
981,346 |
|
|
| Senior notes, net of discount |
|
|
607,575 |
|
|
|
|
780,319 |
|
|
| Senior amortizing notes |
|
|
10,516 |
|
|
|
|
12,811 |
|
|
| Senior exchangeable notes |
|
|
75,677 |
|
|
|
|
73,771 |
|
|
| Accrued interest |
|
|
39,119 |
|
|
|
|
40,388 |
|
|
| Total notes payable |
|
|
1,764,973 |
|
|
|
|
1,935,635 |
|
|
| Total liabilities |
|
|
2,670,949 |
|
|
|
|
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 April 30, 2016 and at
October 31, 2015 |
|
|
135,299 |
|
|
|
|
135,299 |
|
|
| Common stock, Class A, $0.01 par
value – authorized 400,000,000 shares; issued 143,563,023 shares at
April 30, 2016 and 143,292,881 shares at October 31, 2015
(including 11,760,763 shares at April 30, 2016 and October 31, 2015
held in treasury) |
|
|
1,436 |
|
|
|
|
1,433 |
|
|
| Common stock, Class B, $0.01 par
value (convertible to Class A at time of sale) – authorized
60,000,000 shares; issued 16,009,617 shares at April 30, 2016 and
15,676,829 shares at October 31, 2015 (including 691,748 shares at
April 30, 2016 and October 31, 2015 held in treasury) |
|
|
160 |
|
|
|
|
157 |
|
|
| Paid in capital – common stock |
|
|
704,141 |
|
|
|
|
703,751 |
|
|
| Accumulated deficit |
|
|
(877,998 |
) |
|
|
|
(853,364 |
) |
|
| Treasury stock – at cost |
|
|
(115,360 |
) |
|
|
|
(115,360 |
) |
|
| Total stockholders’ equity
deficit |
|
|
(152,322 |
) |
|
|
|
(128,084 |
) |
|
| Total liabilities and
equity |
|
$ |
2,518,627 |
|
|
|
$ |
2,602,298 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| (1)
Derived from the audited balance sheet as of October 31, 2015.
|
|
| |
|
|
|
|
|
|
|
|
|
|
HOVNANIAN ENTERPRISES, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In
Thousands Except Per Share Data)(Unaudited)
| |
|
Three Months Ended April 30, |
|
|
Six Months Ended April 30, |
|
| |
|
|
2016 |
|
|
|
|
2015 |
|
|
|
|
2016 |
|
|
|
|
2015 |
|
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| Homebuilding: |
|
|
|
|
|
|
|
|
|
|
|
|
| Sale of homes |
|
$ |
626,157 |
|
|
|
$ |
455,172 |
|
|
|
$ |
1,182,932 |
|
|
|
$ |
888,643 |
|
|
| Land sales and other revenues |
|
|
11,563 |
|
|
|
|
1,320 |
|
|
|
|
12,167 |
|
|
|
|
2,441 |
|
|
| Total homebuilding |
|
|
637,720 |
|
|
|
|
456,492 |
|
|
|
|
1,195,099 |
|
|
|
|
891,084 |
|
|
| Financial services |
|
|
17,003 |
|
|
|
|
12,457 |
|
|
|
|
35,229 |
|
|
|
|
23,579 |
|
|
| Total revenues |
|
|
654,723 |
|
|
|
|
468,949 |
|
|
|
|
1,230,328 |
|
|
|
|
914,663 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Homebuilding: |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of sales, excluding
interest |
|
|
536,050 |
|
|
|
|
382,139 |
|
|
|
|
1,000,196 |
|
|
|
|
736,951 |
|
|
| Cost of sales interest |
|
|
21,444 |
|
|
|
|
12,013 |
|
|
|
|
38,287 |
|
|
|
|
23,331 |
|
|
| Inventory impairment loss and land
option write-offs |
|
|
9,669 |
|
|
|
|
4,311 |
|
|
|
|
21,350 |
|
|
|
|
6,541 |
|
|
| Total cost of sales |
|
|
567,163 |
|
|
|
|
398,463 |
|
|
|
|
1,059,833 |
|
|
|
|
766,823 |
|
|
| Selling, general and
administrative |
|
|
56,371 |
|
|
|
|
52,614 |
|
|
|
|
103,875 |
|
|
|
|
100,260 |
|
|
| Total homebuilding expenses |
|
|
623,534 |
|
|
|
|
451,077 |
|
|
|
|
1,163,708 |
|
|
|
|
867,083 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Financial services |
|
|
9,618 |
|
|
|
|
7,508 |
|
|
|
|
17,833 |
|
|
|
|
14,825 |
|
|
| Corporate general and
administrative |
|
|
12,598 |
|
|
|
|
16,493 |
|
|
|
|
28,919 |
|
|
|
|
33,401 |
|
|
| Other interest |
|
|
24,084 |
|
|
|
|
23,030 |
|
|
|
|
45,309 |
|
|
|
|
48,101 |
|
|
| Other operations |
|
|
1,147 |
|
|
|
|
1,788 |
|
|
|
|
2,531 |
|
|
|
|
3,332 |
|
|
| Total expenses |
|
|
670,981 |
|
|
|
|
499,896 |
|
|
|
|
1,258,300 |
|
|
|
|
966,742 |
|
|
| (Loss) income from
unconsolidated joint ventures |
|
|
(1,346 |
) |
|
|
|
1,466 |
|
|
|
|
(2,826 |
) |
|
|
|
2,918 |
|
|
| Loss before income
taxes |
|
|
(17,604 |
) |
|
|
|
(29,481 |
) |
|
|
|
(30,798 |
) |
|
|
|
(49,161 |
) |
|
| State and federal
income tax (benefit) provision: |
|
|
|
|
|
|
|
|
|
|
|
|
| State |
|
|
(758 |
) |
|
|
|
(414 |
) |
|
|
|
3,561 |
|
|
|
|
2,718 |
|
|
| Federal |
|
|
(8,385 |
) |
|
|
|
(9,508 |
) |
|
|
|
(9,725 |
) |
|
|
|
(17,944 |
) |
|
| Total income taxes |
|
|
(9,143 |
) |
|
|
|
(9,922 |
) |
|
|
|
(6,164 |
) |
|
|
|
(15,226 |
) |
|
| Net loss |
|
$ |
(8,461 |
) |
|
|
$ |
(19,559 |
) |
|
|
$ |
(24,634 |
) |
|
|
$ |
(33,935 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss per common share |
|
$ |
(0.06 |
) |
|
|
$ |
(0.13 |
) |
|
|
$ |
(0.17 |
) |
|
|
$ |
(0.23 |
) |
|
| Weighted-average number of common
shares outstanding |
|
|
147,334 |
|
|
|
|
146,946 |
|
|
|
|
147,301 |
|
|
|
|
146,762 |
|
|
| Assuming dilution: |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss per common share |
|
$ |
(0.06 |
) |
|
|
$ |
(0.13 |
) |
|
|
$ |
(0.17 |
) |
|
|
$ |
(0.23 |
) |
|
| Weighted-average number of common
shares outstanding |
|
|
147,334 |
|
|
|
|
146,946 |
|
|
|
|
147,301 |
|
|
|
|
146,762 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| HOVNANIAN ENTERPRISES, INC. |
|
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) |
|
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT
VENTURES) |
|
(UNAUDITED) |
| |
|
|
|
|
Communities Under Development |
|
|
|
|
|
|
|
|
|
Three Months - April 30, 2016 |
|
|
|
|
|
|
Net Contracts |
Deliveries |
Contract |
|
|
|
Three Months Ended |
Three Months Ended |
Backlog |
|
|
|
Apr 30, |
Apr 30, |
Apr 30, |
|
|
|
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
Northeast |
|
|
|
|
|
|
|
|
|
|
|
(NJ, PA) |
Homes |
|
142 |
|
|
140 |
|
|
1.4 |
% |
|
108 |
|
|
70 |
|
|
54.3 |
% |
|
268 |
|
|
227 |
|
|
18.1 |
% |
|
|
Dollars |
$ |
74,727 |
|
$ |
69,717 |
|
|
7.2 |
% |
$ |
53,913 |
|
$ |
39,123 |
|
|
37.8 |
% |
$ |
135,164 |
|
$ |
110,032 |
|
|
22.8 |
% |
|
|
Avg. Price |
$ |
526,248 |
|
$ |
497,975 |
|
|
5.7 |
% |
$ |
499,194 |
|
$ |
558,897 |
|
|
(10.7 |
)% |
$ |
504,343 |
|
$ |
484,720 |
|
|
4.0 |
% |
|
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
|
(DE, MD, VA, WV) |
Homes |
|
285 |
|
|
247 |
|
|
15.4 |
% |
|
194 |
|
|
164 |
|
|
18.3 |
% |
|
598 |
|
|
474 |
|
|
26.2 |
% |
|
|
Dollars |
$ |
150,369 |
|
$ |
116,843 |
|
|
28.7 |
% |
$ |
89,873 |
|
$ |
76,102 |
|
|
18.1 |
% |
$ |
336,358 |
|
$ |
250,862 |
|
|
34.1 |
% |
|
|
Avg. Price |
$ |
527,609 |
|
$ |
473,047 |
|
|
11.5 |
% |
$ |
463,262 |
|
$ |
464,035 |
|
|
(0.2 |
)% |
$ |
562,472 |
|
$ |
529,245 |
|
|
6.3 |
% |
|
Midwest |
|
|
|
|
|
|
|
|
|
|
|
(IL, MN, OH) |
Homes |
|
216 |
|
|
311 |
|
|
(30.5 |
)% |
|
239 |
|
|
218 |
|
|
9.6 |
% |
|
554 |
|
|
763 |
|
|
(27.4 |
)% |
|
|
Dollars |
$ |
69,445 |
|
$ |
101,807 |
|
|
(31.8 |
)% |
$ |
76,793 |
|
$ |
73,214 |
|
|
4.9 |
% |
$ |
162,671 |
|
$ |
223,759 |
|
|
(27.3 |
)% |
|
|
Avg. Price |
$ |
321,503 |
|
$ |
327,353 |
|
|
(1.8 |
)% |
$ |
321,312 |
|
$ |
335,847 |
|
|
(4.3 |
)% |
$ |
293,630 |
|
$ |
293,262 |
|
|
0.1 |
% |
|
Southeast |
|
|
|
|
|
|
|
|
|
|
|
(FL, GA, NC, SC) |
Homes |
|
205 |
|
|
205 |
|
|
0.0 |
% |
|
156 |
|
|
158 |
|
|
(1.3 |
)% |
|
425 |
|
|
331 |
|
|
28.4 |
% |
|
|
Dollars |
$ |
84,665 |
|
$ |
66,824 |
|
|
26.7 |
% |
$ |
51,230 |
|
$ |
49,255 |
|
|
4.0 |
% |
$ |
190,435 |
|
$ |
113,146 |
|
|
68.3 |
% |
|
|
Avg. Price |
$ |
412,996 |
|
$ |
325,971 |
|
|
26.7 |
% |
$ |
328,396 |
|
$ |
311,740 |
|
|
5.3 |
% |
$ |
448,083 |
|
$ |
341,832 |
|
|
31.1 |
% |
|
Southwest |
|
|
|
|
|
|
|
|
|
|
|
(AZ, TX) |
Homes |
|
731 |
|
|
761 |
|
|
(3.9 |
)% |
|
733 |
|
|
532 |
|
|
37.8 |
% |
|
1,041 |
|
|
1,060 |
|
|
(1.8 |
)% |
|
|
Dollars |
$ |
262,344 |
|
$ |
290,901 |
|
|
(9.8 |
)% |
$ |
273,304 |
|
$ |
189,974 |
|
|
43.9 |
% |
$ |
416,205 |
|
$ |
423,221 |
|
|
(1.7 |
)% |
|
|
Avg. Price |
$ |
358,884 |
|
$ |
382,262 |
|
|
(6.1 |
)% |
$ |
372,857 |
|
$ |
357,095 |
|
|
4.4 |
% |
$ |
399,812 |
|
$ |
399,265 |
|
|
0.1 |
% |
|
West |
|
|
|
|
|
|
|
|
|
|
|
(CA) |
Homes |
|
233 |
|
|
132 |
|
|
76.5 |
% |
|
168 |
|
|
81 |
|
|
107.4 |
% |
|
342 |
|
|
117 |
|
|
192.3 |
% |
|
|
Dollars |
$ |
126,505 |
|
$ |
54,648 |
|
|
131.5 |
% |
$ |
81,044 |
|
$ |
27,504 |
|
|
194.7 |
% |
$ |
188,859 |
|
$ |
50,081 |
|
|
277.1 |
% |
|
|
Avg. Price |
$ |
542,944 |
|
$ |
414,000 |
|
|
31.1 |
% |
$ |
482,404 |
|
$ |
339,552 |
|
|
42.1 |
% |
$ |
552,218 |
|
$ |
428,047 |
|
|
29.0 |
% |
|
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
1,812 |
|
|
1,796 |
|
|
0.9 |
% |
|
1,598 |
|
|
1,223 |
|
|
30.7 |
% |
|
3,228 |
|
|
2,972 |
|
|
8.6 |
% |
|
|
Dollars |
$ |
768,055 |
|
$ |
700,740 |
|
|
9.6 |
% |
$ |
626,157 |
|
$ |
455,172 |
|
|
37.6 |
% |
$ |
1,429,692 |
|
$ |
1,171,101 |
|
|
22.1 |
% |
|
|
Avg. Price |
$ |
423,871 |
|
$ |
390,167 |
|
|
8.6 |
% |
$ |
391,838 |
|
$ |
372,177 |
|
|
5.3 |
% |
$ |
442,903 |
|
$ |
394,045 |
|
|
12.4 |
% |
|
Unconsolidated Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
50 |
|
|
98 |
|
|
(49.0 |
)% |
|
49 |
|
|
66 |
|
|
(25.8 |
)% |
|
225 |
|
|
120 |
|
|
87.5 |
% |
|
|
Dollars |
$ |
21,236 |
|
$ |
50,132 |
|
|
(57.6 |
)% |
$ |
25,576 |
|
$ |
27,325 |
|
|
(6.4 |
)% |
$ |
147,376 |
|
$ |
62,433 |
|
|
136.1 |
% |
|
|
Avg. Price |
$ |
424,720 |
|
$ |
511,551 |
|
|
(17.0 |
)% |
$ |
521,959 |
|
$ |
414,015 |
|
|
26.1 |
% |
$ |
655,004 |
|
$ |
520,271 |
|
|
25.9 |
% |
|
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
1,862 |
|
|
1,894 |
|
|
(1.7 |
)% |
|
1,647 |
|
|
1,289 |
|
|
27.8 |
% |
|
3,453 |
|
|
3,092 |
|
|
11.7 |
% |
|
|
Dollars |
$ |
789,291 |
|
$ |
750,872 |
|
|
5.1 |
% |
$ |
651,733 |
|
$ |
482,497 |
|
|
35.1 |
% |
$ |
1,577,068 |
|
$ |
1,233,534 |
|
|
27.8 |
% |
|
|
Avg. Price |
$ |
423,894 |
|
$ |
396,448 |
|
|
6.9 |
% |
$ |
395,709 |
|
$ |
374,319 |
|
|
5.7 |
% |
$ |
456,724 |
|
$ |
398,944 |
|
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| 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. |
| |
|
HOVNANIAN ENTERPRISES, INC. |
|
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) |
|
(SEGMENT DATA INCLUDES UNCONSOLIDATED JOINT
VENTURES) |
|
(UNAUDITED) |
| |
|
|
|
|
Communities Under Development |
|
|
|
|
|
|
|
|
|
Three Months - April 30, 2016 |
|
|
|
|
|
|
Net Contracts |
Deliveries |
Contract |
|
|
|
Three Months Ended |
Three Months Ended |
Backlog |
|
|
|
Apr 30, |
Apr 30, |
Apr 30, |
|
|
|
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
Northeast |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
139 |
|
|
150 |
|
|
(7.3 |
)% |
|
114 |
|
|
73 |
|
|
56.2 |
% |
|
294 |
|
|
243 |
|
|
21.0 |
% |
|
(NJ, PA) |
Dollars |
$ |
71,044 |
|
$ |
72,656 |
|
|
(2.2 |
)% |
$ |
55,554 |
|
$ |
39,885 |
|
|
39.3 |
% |
$ |
144,767 |
|
$ |
114,853 |
|
|
26.0 |
% |
|
|
Avg. Price |
$ |
511,110 |
|
$ |
484,368 |
|
|
5.5 |
% |
$ |
487,315 |
|
$ |
546,354 |
|
|
(10.8 |
)% |
$ |
492,406 |
|
$ |
472,647 |
|
|
4.2 |
% |
|
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
303 |
|
|
275 |
|
|
10.2 |
% |
|
203 |
|
|
187 |
|
|
8.6 |
% |
|
624 |
|
|
512 |
|
|
21.9 |
% |
|
(DE, MD, VA, WV) |
Dollars |
$ |
158,359 |
|
$ |
131,083 |
|
|
20.8 |
% |
$ |
95,339 |
|
$ |
88,164 |
|
|
8.1 |
% |
$ |
347,444 |
|
$ |
272,944 |
|
|
27.3 |
% |
|
|
Avg. Price |
$ |
522,637 |
|
$ |
476,666 |
|
|
9.6 |
% |
$ |
469,649 |
|
$ |
471,468 |
|
|
(0.4 |
)% |
$ |
556,802 |
|
$ |
533,094 |
|
|
4.4 |
% |
|
Midwest |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
216 |
|
|
311 |
|
|
(30.5 |
)% |
|
239 |
|
|
224 |
|
|
6.7 |
% |
|
554 |
|
|
763 |
|
|
(27.4 |
)% |
|
(IL, MN, OH) |
Dollars |
$ |
69,445 |
|
$ |
101,571 |
|
|
(31.6 |
)% |
$ |
76,793 |
|
$ |
74,969 |
|
|
2.4 |
% |
$ |
162,671 |
|
$ |
223,759 |
|
|
(27.3 |
)% |
|
|
Avg. Price |
$ |
321,503 |
|
$ |
326,594 |
|
|
(1.6 |
)% |
$ |
321,312 |
|
$ |
334,684 |
|
|
(4.0 |
)% |
$ |
293,630 |
|
$ |
293,262 |
|
|
0.1 |
% |
|
Southeast |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
221 |
|
|
222 |
|
|
(0.5 |
)% |
|
156 |
|
|
178 |
|
|
(12.4 |
)% |
|
456 |
|
|
353 |
|
|
29.2 |
% |
|
(FL, GA, NC, SC) |
Dollars |
$ |
94,422 |
|
$ |
74,030 |
|
|
27.5 |
% |
$ |
51,230 |
|
$ |
57,538 |
|
|
(11.0 |
)% |
$ |
209,558 |
|
$ |
122,444 |
|
|
71.1 |
% |
|
|
Avg. Price |
$ |
427,247 |
|
$ |
333,469 |
|
|
28.1 |
% |
$ |
328,396 |
|
$ |
323,248 |
|
|
1.6 |
% |
$ |
459,558 |
|
$ |
346,867 |
|
|
32.5 |
% |
|
Southwest |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
731 |
|
|
761 |
|
|
(3.9 |
)% |
|
733 |
|
|
532 |
|
|
37.8 |
% |
|
1,041 |
|
|
1,060 |
|
|
(1.8 |
)% |
|
(AZ, TX) |
Dollars |
$ |
262,344 |
|
$ |
290,901 |
|
|
(9.8 |
)% |
$ |
273,304 |
|
$ |
189,974 |
|
|
43.9 |
% |
$ |
416,205 |
|
$ |
423,221 |
|
|
(1.7 |
)% |
|
|
Avg. Price |
$ |
358,884 |
|
$ |
382,262 |
|
|
(6.1 |
)% |
$ |
372,857 |
|
$ |
357,095 |
|
|
4.4 |
% |
$ |
399,812 |
|
$ |
399,265 |
|
|
0.1 |
% |
|
West |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
252 |
|
|
175 |
|
|
44.0 |
% |
|
202 |
|
|
95 |
|
|
112.6 |
% |
|
484 |
|
|
161 |
|
|
200.6 |
% |
|
(CA) |
Dollars |
$ |
133,676 |
|
$ |
80,631 |
|
|
65.8 |
% |
$ |
99,513 |
|
$ |
31,967 |
|
|
211.3 |
% |
$ |
296,423 |
|
$ |
76,313 |
|
|
288.4 |
% |
|
|
Avg. Price |
$ |
530,462 |
|
$ |
460,750 |
|
|
15.1 |
% |
$ |
492,640 |
|
$ |
336,493 |
|
|
46.4 |
% |
$ |
612,443 |
|
$ |
473,992 |
|
|
29.2 |
% |
|
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
1,862 |
|
|
1,894 |
|
|
(1.7 |
)% |
|
1,647 |
|
|
1,289 |
|
|
27.8 |
% |
|
3,453 |
|
|
3,092 |
|
|
11.7 |
% |
|
|
Dollars |
$ |
789,291 |
|
$ |
750,872 |
|
|
5.1 |
% |
$ |
651,733 |
|
$ |
482,497 |
|
|
35.1 |
% |
$ |
1,577,068 |
|
$ |
1,233,534 |
|
|
27.8 |
% |
|
|
Avg. Price |
$ |
423,894 |
|
$ |
396,448 |
|
|
6.9 |
% |
$ |
395,709 |
|
$ |
374,319 |
|
|
5.7 |
% |
$ |
456,724 |
|
$ |
398,944 |
|
|
14.5 |
% |
|
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
1,812 |
|
|
1,796 |
|
|
0.9 |
% |
|
1,598 |
|
|
1,223 |
|
|
30.7 |
% |
|
3,228 |
|
|
2,972 |
|
|
8.6 |
% |
|
|
Dollars |
$ |
768,055 |
|
$ |
700,740 |
|
|
9.6 |
% |
$ |
626,157 |
|
$ |
455,172 |
|
|
37.6 |
% |
$ |
1,429,692 |
|
$ |
1,171,101 |
|
|
22.1 |
% |
|
|
Avg. Price |
$ |
423,871 |
|
$ |
390,167 |
|
|
8.6 |
% |
$ |
391,838 |
|
$ |
372,177 |
|
|
5.3 |
% |
$ |
442,903 |
|
$ |
394,045 |
|
|
12.4 |
% |
|
Unconsolidated Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
50 |
|
|
98 |
|
|
(49.0 |
)% |
|
49 |
|
|
66 |
|
|
(25.8 |
)% |
|
225 |
|
|
120 |
|
|
87.5 |
% |
|
|
Dollars |
$ |
21,236 |
|
$ |
50,132 |
|
|
(57.6 |
)% |
$ |
25,576 |
|
$ |
27,325 |
|
|
(6.4 |
)% |
$ |
147,376 |
|
$ |
62,433 |
|
|
136.1 |
% |
|
|
Avg. Price |
$ |
424,720 |
|
$ |
511,551 |
|
|
(17.0 |
)% |
$ |
521,959 |
|
$ |
414,015 |
|
|
26.1 |
% |
$ |
655,004 |
|
$ |
520,271 |
|
|
25.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| 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) |
|
(UNAUDITED) |
| |
|
|
|
|
Communities Under Development |
|
|
|
|
|
|
|
|
|
Six Months - April 30, 2016 |
|
|
|
|
|
|
Net Contracts |
Deliveries |
Contract |
|
|
|
Six Months Ended |
Six Months Ending |
Backlog |
|
|
|
Apr 30, |
Apr 30, |
Apr 30, |
|
|
|
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
Northeast |
|
|
|
|
|
|
|
|
|
|
|
(NJ, PA) |
Homes |
|
234 |
|
|
247 |
|
|
(5.3 |
)% |
|
259 |
|
|
166 |
|
|
56.0 |
% |
|
268 |
|
|
227 |
|
|
18.1 |
% |
|
|
Dollars |
$ |
114,511 |
|
$ |
126,470 |
|
|
(9.5 |
)% |
$ |
126,351 |
|
$ |
89,764 |
|
|
40.8 |
% |
$ |
135,164 |
|
$ |
110,032 |
|
|
22.8 |
% |
|
|
Avg. Price |
$ |
489,363 |
|
$ |
512,024 |
|
|
(4.4 |
)% |
$ |
487,841 |
|
$ |
540,748 |
|
|
(9.8 |
)% |
$ |
504,343 |
|
$ |
484,720 |
|
|
4.0 |
% |
|
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
|
(DE, MD, VA, WV) |
Homes |
|
545 |
|
|
458 |
|
|
19.0 |
% |
|
400 |
|
|
355 |
|
|
12.7 |
% |
|
598 |
|
|
474 |
|
|
26.2 |
% |
|
|
Dollars |
$ |
280,685 |
|
$ |
218,952 |
|
|
28.2 |
% |
$ |
183,425 |
|
$ |
157,013 |
|
|
16.8 |
% |
$ |
336,358 |
|
$ |
250,862 |
|
|
34.1 |
% |
|
|
Avg. Price |
$ |
515,017 |
|
$ |
478,061 |
|
|
7.7 |
% |
$ |
458,562 |
|
$ |
442,290 |
|
|
3.7 |
% |
$ |
562,472 |
|
$ |
529,245 |
|
|
6.3 |
% |
|
Midwest |
|
|
|
|
|
|
|
|
|
|
|
(IL, MN, OH) |
Homes |
|
423 |
|
|
519 |
|
|
(18.5 |
)% |
|
513 |
|
|
421 |
|
|
21.9 |
% |
|
554 |
|
|
763 |
|
|
(27.4 |
)% |
|
|
Dollars |
$ |
137,014 |
|
$ |
172,788 |
|
|
(20.7 |
)% |
$ |
168,633 |
|
$ |
137,624 |
|
|
22.5 |
% |
$ |
162,671 |
|
$ |
223,759 |
|
|
(27.3 |
)% |
|
|
Avg. Price |
$ |
323,911 |
|
$ |
332,926 |
|
|
(2.7 |
)% |
$ |
328,720 |
|
$ |
326,899 |
|
|
0.6 |
% |
$ |
293,630 |
|
$ |
293,262 |
|
|
0.1 |
% |
|
Southeast |
|
|
|
|
|
|
|
|
|
|
|
(FL, GA, NC, SC) |
Homes |
|
418 |
|
|
378 |
|
|
10.6 |
% |
|
272 |
|
|
279 |
|
|
(2.5 |
)% |
|
425 |
|
|
331 |
|
|
28.4 |
% |
|
|
Dollars |
$ |
174,924 |
|
$ |
119,114 |
|
|
46.9 |
% |
$ |
90,424 |
|
$ |
87,039 |
|
|
3.9 |
% |
$ |
190,435 |
|
$ |
113,146 |
|
|
68.3 |
% |
|
|
Avg. Price |
$ |
418,478 |
|
$ |
315,118 |
|
|
32.8 |
% |
$ |
332,443 |
|
$ |
311,967 |
|
|
6.6 |
% |
$ |
448,083 |
|
$ |
341,832 |
|
|
31.1 |
% |
|
Southwest |
|
|
|
|
|
|
|
|
|
|
|
(AZ, TX) |
Homes |
|
1,291 |
|
|
1,299 |
|
|
(0.6 |
)% |
|
1,283 |
|
|
1,009 |
|
|
27.2 |
% |
|
1,041 |
|
|
1,060 |
|
|
(1.8 |
)% |
|
|
Dollars |
$ |
470,986 |
|
$ |
484,485 |
|
|
(2.8 |
)% |
$ |
477,493 |
|
$ |
356,584 |
|
|
33.9 |
% |
$ |
416,205 |
|
$ |
423,221 |
|
|
(1.7 |
)% |
|
|
Avg. Price |
$ |
364,823 |
|
$ |
372,968 |
|
|
(2.2 |
)% |
$ |
372,169 |
|
$ |
353,403 |
|
|
5.3 |
% |
$ |
399,812 |
|
$ |
399,265 |
|
|
0.1 |
% |
|
West |
|
|
|
|
|
|
|
|
|
|
|
(CA) |
Homes |
|
432 |
|
|
214 |
|
|
101.9 |
% |
|
293 |
|
|
142 |
|
|
106.3 |
% |
|
342 |
|
|
117 |
|
|
192.3 |
% |
|
|
Dollars |
$ |
218,578 |
|
$ |
82,088 |
|
|
166.3 |
% |
$ |
136,606 |
|
$ |
60,619 |
|
|
125.4 |
% |
$ |
188,859 |
|
$ |
50,081 |
|
|
277.1 |
% |
|
|
Avg. Price |
$ |
505,969 |
|
$ |
383,591 |
|
|
31.9 |
% |
$ |
466,231 |
|
$ |
426,891 |
|
|
9.2 |
% |
$ |
552,218 |
|
$ |
428,047 |
|
|
29.0 |
% |
|
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
3,343 |
|
|
3,115 |
|
|
7.3 |
% |
|
3,020 |
|
|
2,372 |
|
|
27.3 |
% |
|
3,228 |
|
|
2,972 |
|
|
8.6 |
% |
|
|
Dollars |
$ |
1,396,698 |
|
$ |
1,203,897 |
|
|
16.0 |
% |
$ |
1,182,932 |
|
$ |
888,643 |
|
|
33.1 |
% |
$ |
1,429,692 |
|
$ |
1,171,101 |
|
|
22.1 |
% |
|
|
Avg. Price |
$ |
417,798 |
|
$ |
386,484 |
|
|
8.1 |
% |
$ |
391,699 |
|
$ |
374,639 |
|
|
4.6 |
% |
$ |
442,903 |
|
$ |
394,045 |
|
|
12.4 |
% |
|
Unconsolidated Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
111 |
|
|
145 |
|
|
(23.4 |
)% |
|
93 |
|
|
137 |
|
|
(32.1 |
)% |
|
225 |
|
|
120 |
|
|
87.5 |
% |
|
|
Dollars |
$ |
61,057 |
|
$ |
68,213 |
|
|
(10.5 |
)% |
$ |
45,763 |
|
$ |
54,904 |
|
|
(16.6 |
)% |
$ |
147,376 |
|
$ |
62,433 |
|
|
136.1 |
% |
|
|
Avg. Price |
$ |
550,061 |
|
$ |
470,436 |
|
|
16.9 |
% |
$ |
492,074 |
|
$ |
400,758 |
|
|
22.8 |
% |
$ |
655,004 |
|
$ |
520,271 |
|
|
25.9 |
% |
|
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
3,454 |
|
|
3,260 |
|
|
6.0 |
% |
|
3,113 |
|
|
2,509 |
|
|
24.1 |
% |
|
3,453 |
|
|
3,092 |
|
|
11.7 |
% |
|
|
Dollars |
$ |
1,457,755 |
|
$ |
1,272,110 |
|
|
14.6 |
% |
$ |
1,228,695 |
|
$ |
943,547 |
|
|
30.2 |
% |
$ |
1,577,068 |
|
$ |
1,233,534 |
|
|
27.8 |
% |
|
|
Avg. Price |
$ |
422,048 |
|
$ |
390,218 |
|
|
8.2 |
% |
$ |
394,698 |
|
$ |
376,065 |
|
|
5.0 |
% |
$ |
456,724 |
|
$ |
398,944 |
|
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| 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. |
| |
|
HOVNANIAN ENTERPRISES, INC. |
|
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) |
|
(SEGMENT DATA INCLUDES UNCONSOLIDATED JOINT
VENTURES) |
|
(UNAUDITED) |
| |
|
|
|
|
Communities Under Development |
|
|
|
|
|
|
|
|
|
Six Months - April 30, 2016 |
|
|
|
|
|
|
Net Contracts |
Deliveries |
Contract |
|
|
|
Six Months Ended |
Six Months Ended |
Backlog |
|
|
|
Apr 30, |
Apr 30, |
Apr 30, |
|
|
|
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
2016 |
|
|
2015 |
|
% Change |
|
Northeast |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
226 |
|
|
258 |
|
|
(12.4 |
)% |
|
273 |
|
|
181 |
|
|
50.8 |
% |
|
294 |
|
|
243 |
|
|
21.0 |
% |
|
(NJ, PA) |
Dollars |
$ |
106,538 |
|
$ |
127,257 |
|
|
(16.3 |
)% |
$ |
130,247 |
|
$ |
93,984 |
|
|
38.6 |
% |
$ |
144,767 |
|
$ |
114,853 |
|
|
26.0 |
% |
|
|
Avg. Price |
$ |
471,407 |
|
$ |
493,244 |
|
|
(4.4 |
)% |
$ |
477,094 |
|
$ |
519,249 |
|
|
(8.1 |
)% |
$ |
492,406 |
|
$ |
472,647 |
|
|
4.2 |
% |
|
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
576 |
|
|
503 |
|
|
14.5 |
% |
|
419 |
|
|
397 |
|
|
5.5 |
% |
|
624 |
|
|
512 |
|
|
21.9 |
% |
|
(DE, MD, VA, WV) |
Dollars |
$ |
295,098 |
|
$ |
242,645 |
|
|
21.6 |
% |
$ |
194,560 |
|
$ |
179,662 |
|
|
8.3 |
% |
$ |
347,444 |
|
$ |
272,944 |
|
|
27.3 |
% |
|
|
Avg. Price |
$ |
512,322 |
|
$ |
482,396 |
|
|
6.2 |
% |
$ |
464,343 |
|
$ |
452,550 |
|
|
2.6 |
% |
$ |
556,802 |
|
$ |
533,094 |
|
|
4.4 |
% |
|
Midwest |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
423 |
|
|
519 |
|
|
(18.5 |
)% |
|
513 |
|
|
438 |
|
|
17.1 |
% |
|
554 |
|
|
763 |
|
|
(27.4 |
)% |
|
(IL, MN, OH) |
Dollars |
$ |
137,014 |
|
$ |
172,805 |
|
|
(20.7 |
)% |
$ |
168,633 |
|
$ |
142,306 |
|
|
18.5 |
% |
$ |
162,671 |
|
$ |
223,759 |
|
|
(27.3 |
)% |
|
|
Avg. Price |
$ |
323,911 |
|
$ |
332,957 |
|
|
(2.7 |
)% |
$ |
328,720 |
|
$ |
324,899 |
|
|
1.2 |
% |
$ |
293,630 |
|
$ |
293,262 |
|
|
0.1 |
% |
|
Southeast |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
441 |
|
|
411 |
|
|
7.3 |
% |
|
273 |
|
|
319 |
|
|
(14.4 |
)% |
|
456 |
|
|
353 |
|
|
29.2 |
% |
|
(FL, GA, NC, SC) |
Dollars |
$ |
189,508 |
|
$ |
132,824 |
|
|
42.7 |
% |
$ |
90,809 |
|
$ |
103,373 |
|
|
(12.2 |
)% |
$ |
209,558 |
|
$ |
122,444 |
|
|
71.1 |
% |
|
|
Avg. Price |
$ |
429,723 |
|
$ |
323,173 |
|
|
33.0 |
% |
$ |
332,635 |
|
$ |
324,052 |
|
|
2.6 |
% |
$ |
459,558 |
|
$ |
346,867 |
|
|
32.5 |
% |
|
Southwest |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
1,291 |
|
|
1,299 |
|
|
(0.6 |
)% |
|
1,283 |
|
|
1,009 |
|
|
27.2 |
% |
|
1,041 |
|
|
1,060 |
|
|
(1.8 |
)% |
|
(AZ, TX) |
Dollars |
$ |
470,986 |
|
$ |
484,485 |
|
|
(2.8 |
)% |
$ |
477,493 |
|
$ |
356,584 |
|
|
33.9 |
% |
$ |
416,205 |
|
$ |
423,221 |
|
|
(1.7 |
)% |
|
|
Avg. Price |
$ |
364,823 |
|
$ |
372,968 |
|
|
(2.2 |
)% |
$ |
372,169 |
|
$ |
353,403 |
|
|
5.3 |
% |
$ |
399,812 |
|
$ |
399,265 |
|
|
0.1 |
% |
|
West |
|
|
|
|
|
|
|
|
|
|
|
(includes unconsolidated joint ventures) |
Homes |
|
497 |
|
|
270 |
|
|
84.1 |
% |
|
352 |
|
|
165 |
|
|
113.3 |
% |
|
484 |
|
|
161 |
|
|
200.6 |
% |
|
(CA) |
Dollars |
$ |
258,611 |
|
$ |
112,094 |
|
|
130.7 |
% |
$ |
166,953 |
|
$ |
67,638 |
|
|
146.8 |
% |
$ |
296,423 |
|
$ |
76,313 |
|
|
288.4 |
% |
|
|
Avg. Price |
$ |
520,344 |
|
$ |
415,163 |
|
|
25.3 |
% |
$ |
474,298 |
|
$ |
409,929 |
|
|
15.7 |
% |
$ |
612,443 |
|
$ |
473,992 |
|
|
29.2 |
% |
|
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
3,454 |
|
|
3,260 |
|
|
6.0 |
% |
|
3,113 |
|
|
2,509 |
|
|
24.1 |
% |
|
3,453 |
|
|
3,092 |
|
|
11.7 |
% |
|
|
Dollars |
$ |
1,457,755 |
|
$ |
1,272,110 |
|
|
14.6 |
% |
$ |
1,228,695 |
|
$ |
943,547 |
|
|
30.2 |
% |
$ |
1,577,068 |
|
$ |
1,233,534 |
|
|
27.8 |
% |
|
|
Avg. Price |
$ |
422,048 |
|
$ |
390,218 |
|
|
8.2 |
% |
$ |
394,698 |
|
$ |
376,065 |
|
|
5.0 |
% |
$ |
456,724 |
|
$ |
398,944 |
|
|
14.5 |
% |
|
Consolidated Total |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
3,343 |
|
|
3,115 |
|
|
7.3 |
% |
|
3,020 |
|
|
2,372 |
|
|
27.3 |
% |
|
3,228 |
|
|
2,972 |
|
|
8.6 |
% |
|
|
Dollars |
$ |
1,396,698 |
|
$ |
1,203,897 |
|
|
16.0 |
% |
$ |
1,182,932 |
|
$ |
888,643 |
|
|
33.1 |
% |
$ |
1,429,692 |
|
$ |
1,171,101 |
|
|
22.1 |
% |
|
|
Avg. Price |
$ |
417,798 |
|
$ |
386,484 |
|
|
8.1 |
% |
$ |
391,699 |
|
$ |
374,639 |
|
|
4.6 |
% |
$ |
442,903 |
|
$ |
394,045 |
|
|
12.4 |
% |
|
Unconsolidated Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
|
Homes |
|
111 |
|
|
145 |
|
|
(23.4 |
)% |
|
93 |
|
|
137 |
|
|
(32.1 |
)% |
|
225 |
|
|
120 |
|
|
87.5 |
% |
|
|
Dollars |
$ |
61,057 |
|
$ |
68,213 |
|
|
(10.5 |
)% |
$ |
45,763 |
|
$ |
54,904 |
|
|
(16.6 |
)% |
$ |
147,376 |
|
$ |
62,433 |
|
|
136.1 |
% |
|
|
Avg. Price |
$ |
550,061 |
|
$ |
470,436 |
|
|
16.9 |
% |
$ |
492,074 |
|
$ |
400,758 |
|
|
22.8 |
% |
$ |
655,004 |
|
$ |
520,271 |
|
|
25.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| 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
Hovnanian Enterprises (NYSE:HOV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hovnanian Enterprises (NYSE:HOV)
Historical Stock Chart
From Apr 2023 to Apr 2024
