Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national
homebuilder, reported results for its fiscal second quarter and six
months ended April 30, 2017.
“We made progress during our second fiscal
quarter toward our goal of returning to consistent profitability.
We experienced a strong spring selling season reflected in an 18.5%
increase in net contracts per active selling community during the
quarter,” stated Ara K. Hovnanian, Chairman of the Board, President
and Chief Executive Officer. “As we discussed last quarter, the
cumulative effect of our decision to exit four underperforming
markets, temporarily reduce our overall land spend and pay off $320
million of maturing debt has led to decreases in our community
count, net contracts, deliveries and revenues over the short term.
Given these limitations, our second quarter results overall were in
line with our expectations.”
“Our focus remains on execution, further
operational improvements and reloading our land position. We
finished the quarter with liquidity in excess of our target range,
and our land acquisition teams continue to find new land parcels
throughout the country so that we can grow our land position,
which, assuming no changes in market conditions should ultimately
result in higher levels of deliveries and profitability going
forward. We are confident we are taking the appropriate steps to
best position our company for success in the future,” commented Mr.
Hovnanian.
RESULTS FOR THE THREE-MONTH AND
SIX-MONTH PERIODS ENDED APRIL 30, 2017:
- Total revenues were $585.9 million in the second quarter of
fiscal 2017, a decrease of 10.5% compared with $654.7 million in
the second quarter of fiscal 2016. For the six months ended April
30, 2017, total revenues decreased 7.5% to $1.14 billion compared
with $1.23 billion in the first half of the prior year.
- Homebuilding revenues for unconsolidated joint ventures
increased 236.0% to $86.6 million in the second quarter of fiscal
2017, compared with $25.8 million in the second quarter of fiscal
2016. For the six months ended April 30, 2017, homebuilding
revenues for unconsolidated joint ventures increased 229.1% to
$151.5 million compared with $46.0 million in the first half of the
prior year.
- For the second quarter of 2017, total SG&A decreased by
$7.4 million, or 10.8%, year over year. Total SG&A was $61.5
million, or 10.5% of total revenues, for the second quarter ended
April 30, 2017 compared with $69.0 million, or 10.5% of total
revenues, in last year’s second quarter. For the first half of
2017, total SG&A decreased by $11.2 million, or 8.4%, year over
year. Total SG&A decreased to $121.6 million, or 10.7% of total
revenues, for the first six months of fiscal 2017 compared with
$132.8 million, or 10.8% of total revenues, in the first half of
the prior fiscal year.
- Interest incurred (some of which was expensed and some of which
was capitalized) decreased by 11.5% to $39.2 million for the second
quarter of fiscal 2017 compared with $44.2 million in the same
quarter one year ago. For the six months ended April 30, 2017,
interest incurred decreased 9.7% to $77.9 million compared with
$86.2 million during the same six-month period last
year.
- Total interest expense decreased 6.4% to $42.6 million in the
second quarter of fiscal 2017 compared with $45.5 million in the
second quarter of fiscal 2016. Total interest expense was $83.6
million for the first half of both fiscal 2017 and 2016.
- Homebuilding gross margin percentage improved to 12.6% for the
second quarter of fiscal 2017 compared with 11.1% in the prior
year’s second quarter. During the first six months of fiscal 2017,
homebuilding gross margin percentage improved significantly to
13.0% compared with 11.3% in the same period of the previous
year.
- Homebuilding gross margin percentage, before interest expense
and land charges included in cost of sales, improved to 16.5% for
the second quarter of fiscal 2017 compared with 16.1% in the prior
year’s second quarter. During the first six months of fiscal 2017,
homebuilding gross margin percentage, before interest expense and
land charges included in cost of sales, improved to 16.8% compared
with 16.3% in the same period of the previous year.
- Loss before income taxes for the quarter ended April 30, 2017
was $7.7 million compared to a loss before income taxes of $17.6
million during the second quarter of 2016. For the first half of
fiscal 2017, the loss before income taxes was $7.4 million compared
to a loss before income taxes of $30.8 million during the first six
months of fiscal 2016.
- Net loss was $6.7 million, or $0.05 per common share, in the
second quarter of fiscal 2017, compared with a net loss of $8.5
million, or $0.06 per common share, during the same quarter a year
ago. For the six months ended April 30, 2017, the net loss was $6.8
million, or $0.05 per common share, compared with a net loss of
$24.6 million, or $0.17 per common share, in the first half of
fiscal 2016.
- Adjusted EBITDA as a percentage of total revenues improved to
6.5% during the second quarter of fiscal 2017 compared with 6.1%
for the second quarter of fiscal 2016. For the six months ended
April 30, 2017, Adjusted EBITDA as a percentage of total revenues
improved to 6.8% compared with 6.4% during the same period a year
ago.
- During the second quarter of fiscal 2017, Adjusted EBITDA
decreased 3.7% to $38.2 million compared with $39.7 million during
the second quarter of fiscal 2016. For the first half of fiscal
2017, Adjusted EBITDA decreased 1.1% to $77.7 million compared with
$78.5 million during the first six months of fiscal
2016.
- Adjusted EBITDA to interest incurred improved to 0.98x for the
second quarter ended April 30, 2017 compared with 0.90x in the
second quarter of the prior year. Adjusted EBITDA to interest
incurred improved to 1.00x for the six months ended April 30, 2017
compared with 0.91x in the first half of the prior year.
- Reflecting a strong spring selling season, consolidated net
contracts per active selling community increased 18.5% to 10.9 net
contracts per active selling community for the second quarter of
fiscal 2017 compared with 9.2 net contracts per active selling
community in the second quarter of fiscal 2016. Net contracts per
active selling community, including unconsolidated joint ventures,
increased 14.4% to 10.3 net contracts per active selling community
for the quarter ended April 30, 2017 compared with 9.0 net
contracts, including unconsolidated joint ventures, per active
selling community in last year’s second quarter.
- For May 2017, consolidated net contracts per active selling
community increased to 3.6 net contracts per active selling
community compared to 2.9 net contracts per active selling
community for the same month one year ago. During May 2017, the
number of consolidated net contracts decreased to 509 homes from
512 homes in May 2016 and the dollar value of net contracts
decreased 8.3% to $197.2 million in May 2017 compared with $215.0
million for May 2016.
- For May 2017, net contracts per active selling community,
including unconsolidated joint ventures, increased to 3.4 net
contracts per active selling community compared to 2.8 net
contracts per active selling community for the same month one year
ago. During May 2017, the number of net contracts, including
unconsolidated joint ventures, increased 6.6% to 567 homes from 532
homes in May 2016 and the dollar value of net contracts, including
unconsolidated joint ventures, increased 2.8% to $230.2 million in
May 2017 compared with $224.0 million for May 2016.
- As of the end of the second quarter of fiscal 2017, active
selling communities, including unconsolidated joint ventures,
decreased 18.3% to 170 communities compared with 208 communities at
April 30, 2016. Consolidated active selling communities decreased
25.5% to 146 communities as of April 30, 2017 from 196 communities
at the end of the prior year’s second quarter.
- For the second quarter ended April 30, 2017, the number of net
contracts, including unconsolidated joint ventures, decreased 6.1%
to 1,748 homes from 1,862 homes for the same quarter last year. The
number of consolidated net contracts, during the second quarter of
fiscal 2017, decreased 12.3% to 1,590 homes compared with 1,812
homes during the second quarter of 2016.
- During the first half of fiscal 2017, the number of net
contracts, including unconsolidated joint ventures, was 3,060
homes, a decrease of 11.4% from 3,454 homes during the first six
months of fiscal 2016. The number of consolidated net contracts,
during the six month period ended April 30, 2017, decreased 17.3%
to 2,763 homes compared with 3,343 homes in the same period of the
previous year.
- The dollar value of contract backlog, including unconsolidated
joint ventures, as of April 30, 2017, was $1.27 billion, a decrease
of 19.7% compared with $1.58 billion as of April 30, 2016. The
dollar value of consolidated contract backlog, as of April 30,
2017, decreased 23.6% to $1.09 billion compared with $1.43 billion
as of April 30, 2016.
- For the quarter ended April 30, 2017, deliveries, including
unconsolidated joint ventures, decreased 9.1% to 1,497 homes
compared with 1,647 homes during the second quarter of fiscal 2016.
Consolidated deliveries were 1,358 homes for the second quarter of
fiscal 2017, a 15.0% decrease compared with 1,598 homes during the
same quarter a year ago.
- For the six months ended April 30, 2017, deliveries, including
unconsolidated joint ventures, decreased 7.0% to 2,895, homes
compared with 3,113 homes in the first half of the prior year.
Consolidated deliveries were 2,648 homes in the first half of
fiscal 2017, a 12.3% decrease compared with 3,020 homes in the same
period in fiscal 2016.
- The consolidated contract cancellation rate for the three
months ended April 30, 2017 decreased to 18%, compared with 19% in
the second quarter of the prior year. The contract cancellation
rate, including unconsolidated joint ventures, for the second
quarter of fiscal 2017 decreased to 19%, compared with 20% in the
second quarter of fiscal 2016.
- The valuation allowance was $628.0 million as of April 30,
2017. 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 APRIL 30,
2017:
- Total liquidity at the end of the second quarter of fiscal 2017
was $284.3 million.
- For the first time since the first quarter of fiscal 2016,
total land position, including unconsolidated joint ventures,
increased sequentially from 31,178 lots as of January 31, 2017 to
31,511 lots as of April 30, 2017. The total land position,
including unconsolidated joint ventures, was 31,511 lots,
consisting of 14,314 lots under option and 17,197 owned lots, as of
April 30, 2017, compared with a total of 34,997 lots as of April
30, 2016.
- In the second quarter of fiscal 2017, approximately 2,600 lots
were put under option or acquired in 38 communities, including
unconsolidated joint ventures.
COMMENTS FROM MANAGEMENT:
“Although adjusted homebuilding EBIT to
inventory return metric is lower than historical levels for the
entire industry, we are pleased that our adjusted homebuilding EBIT
to inventory return metric continues to rank us in the top quartile
when compared to our peers. We have a lot of opportunity for future
upside,” concluded Mr. Hovnanian.
WEBCAST INFORMATION:
Hovnanian Enterprises will webcast its fiscal
2017 second quarter financial results conference call at 11:00 a.m.
E.T. on Friday, June 2, 2017. 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 2016
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 (gain) on extinguishment of debt
(“Adjusted EBITDA”) are not U.S. generally accepted accounting
principles (GAAP) financial measures. The most directly comparable
GAAP financial measure is net loss. The reconciliation for
historical periods of EBIT, EBITDA and Adjusted EBITDA to net loss
is presented in a table attached to this earnings
release.
Homebuilding gross margin, before costs
of sales interest expense and land charges, and homebuilding gross
margin percentage, before costs of sales interest expense and land
charges, are non-GAAP financial measures. The most directly
comparable GAAP financial measures are homebuilding gross margin
and homebuilding gross margin percentage,
respectively. The reconciliation for
historical periods of homebuilding gross margin, before costs of
sales interest expense and land charges, and homebuilding gross
margin percentage, before costs of sales interest expense and land
charges, to homebuilding gross margin and homebuilding gross margin
percentage, respectively, is presented in a table attached to this
earnings release.
Loss Before Income Taxes Excluding
Land-Related Charges and Loss (Gain) on Extinguishment of
Debt 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 and Loss (Gain) on
Extinguishment of Debt to Loss
Before Income Taxes is presented in a table attached to
this earnings release.
Adjusted Homebuilding EBIT to Inventory
is defined as Adjusted Homebuilding EBIT for the last 12 months
divided by the last five quarter average inventory, excluding
inventory not owned and capitalized interest. Adjusted
Homebuilding EBIT is a non-GAAP financial measure. The most
directly comparable GAAP financial measure is net loss. The
calculation of Adjusted Homebuilding EBIT to Inventory and the
reconciliation for historical periods of Adjusted Homebuilding EBIT
to net loss is presented in a table attached to this earnings
release.
Total liquidity is comprised of $275.0
million of cash and cash equivalents, $1.7 million of restricted
cash required to collateralize letters of credit and $7.6 million
of availability under the unsecured revolving credit facility as of
April 30, 2017.
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 a
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, 2016 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, 2017 |
|
|
|
|
|
|
|
Statements
of Consolidated Operations |
|
|
|
|
|
|
|
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
April 30, |
|
April 30, |
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
Total
Revenues |
$ |
585,935 |
|
|
$ |
654,723 |
|
|
$ |
1,137,944 |
|
|
$ |
1,230,328 |
|
Costs and
Expenses (a) |
|
588,830 |
|
|
|
670,981 |
|
|
|
1,146,496 |
|
|
|
1,258,300 |
|
(Loss) Gain
on Extinguishment of Debt |
|
(242 |
) |
|
|
- |
|
|
|
7,404 |
|
|
|
- |
|
Loss from
Unconsolidated Joint Ventures |
|
(4,562 |
) |
|
|
(1,346 |
) |
|
|
(6,228 |
) |
|
|
(2,826 |
) |
Loss Before
Income Taxes |
|
(7,699 |
) |
|
|
(17,604 |
) |
|
|
(7,376 |
) |
|
|
(30,798 |
) |
Income Tax
Benefit |
|
(1,017 |
) |
|
|
(9,143 |
) |
|
|
(551 |
) |
|
|
(6,164 |
) |
Net
Loss |
$ |
(6,682 |
) |
|
$ |
(8,461 |
) |
|
$ |
(6,825 |
) |
|
$ |
(24,634 |
) |
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
Loss Per
Common Share |
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.17 |
) |
|
Weighted
Average Number of |
|
|
|
|
|
|
|
|
|
Common
Shares Outstanding (b) |
|
147,558 |
|
|
|
147,334 |
|
|
|
147,556 |
|
|
|
147,301 |
|
Assuming
Dilution: |
|
|
|
|
|
|
|
|
Loss Per
Common Share |
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.17 |
) |
|
Weighted
Average Number of |
|
|
|
|
|
|
|
|
|
Common
Shares Outstanding (b) |
|
147,558 |
|
|
|
147,334 |
|
|
|
147,556 |
|
|
|
147,301 |
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2017 |
|
|
|
|
|
|
|
Reconciliation of Loss Before Income Taxes Excluding Land-Related
Charges and Loss (Gain) on Extinguishment of Debt to Loss Before
Income Taxes |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
April 30, |
|
April 30, |
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
Loss Before
Income Taxes |
$ |
(7,699 |
) |
|
$ |
(17,604 |
) |
|
$ |
(7,376 |
) |
|
$ |
(30,798 |
) |
Inventory
Impairment Loss and Land Option Write-Offs |
|
1,953 |
|
|
|
9,669 |
|
|
|
5,137 |
|
|
|
21,350 |
|
Loss (Gain)
on Extinguishment of Debt |
|
242 |
|
|
|
- |
|
|
|
(7,404 |
) |
|
|
- |
|
Loss Before
Income Taxes Excluding Land-Related Charges and |
|
|
|
|
|
|
|
Loss (Gain) on Extinguishment of Debt (a) |
$ |
(5,504 |
) |
|
$ |
(7,935 |
) |
|
$ |
(9,643 |
) |
|
$ |
(9,448 |
) |
|
|
|
|
|
|
|
|
|
|
|
(a) Loss
Before Income Taxes Excluding Land-Related Charges and Loss (Gain)
on Extinguishment of Debt is a non-GAAP financialmeasure. The most
directly comparable GAAP financial measure is Loss Before Income
Taxes. |
Hovnanian
Enterprises, Inc. |
|
|
|
|
|
|
|
April 30,
2017 |
|
|
|
|
|
|
|
Gross Margin |
|
|
|
|
|
|
|
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
Homebuilding Gross Margin |
|
Homebuilding Gross Margin |
|
Three Months Ended |
|
Six Months Ended |
|
April 30, |
|
April 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(Unaudited) |
Sale of Homes |
$ |
567,553 |
|
|
$ |
626,157 |
|
|
$ |
1,098,968 |
|
|
$ |
1,182,932 |
|
Cost of Sales,
Excluding Interest Expense (a) |
|
473,980 |
|
|
|
525,442 |
|
|
|
913,897 |
|
|
|
989,588 |
|
Homebuilding Gross
Margin, Before Cost of Sales Interest |
|
|
|
|
|
|
|
Expense
and Land Charges (b) |
|
93,573 |
|
|
|
100,715 |
|
|
|
185,071 |
|
|
|
193,344 |
|
Cost of Sales Interest
Expense, Excluding Land |
|
|
|
|
|
|
|
Sales
Interest Expense |
|
20,313 |
|
|
|
21,340 |
|
|
|
36,887 |
|
|
|
38,183 |
|
Homebuilding Gross
Margin, After Cost of Sales Interest |
|
|
|
|
|
|
|
Expense,
Before Land Charges (b) |
|
73,260 |
|
|
|
79,375 |
|
|
|
148,184 |
|
|
|
155,161 |
|
Land Charges |
|
1,953 |
|
|
|
9,669 |
|
|
|
5,137 |
|
|
|
21,350 |
|
Homebuilding Gross
Margin |
$ |
71,307 |
|
|
$ |
69,706 |
|
|
$ |
143,047 |
|
|
$ |
133,811 |
|
|
|
|
|
|
|
|
|
Gross Margin
Percentage |
|
12.6 |
% |
|
|
11.1 |
% |
|
|
13.0 |
% |
|
|
11.3 |
% |
Gross Margin
Percentage, Before Cost of Sales Interest |
|
|
|
|
|
|
|
Expense
and Land Charges (b) |
|
16.5 |
% |
|
|
16.1 |
% |
|
|
16.8 |
% |
|
|
16.3 |
% |
Gross Margin
Percentage, After Cost of Sales Interest |
|
|
|
|
|
|
|
Expense,
Before Land Charges (b) |
|
12.9 |
% |
|
|
12.7 |
% |
|
|
13.5 |
% |
|
|
13.1 |
% |
|
|
|
|
|
|
|
|
|
Land Sales Gross Margin |
Land Sales Gross Margin |
|
Three Months Ended |
|
Six Months Ended |
|
April 30, |
|
April 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(Unaudited) |
Land and Lot Sales |
$ |
2,711 |
|
|
$ |
11,154 |
|
|
$ |
9,712 |
|
|
$ |
11,154 |
|
Cost of Sales,
Excluding Interest and Land Charges (a) |
|
1,460 |
|
|
|
10,608 |
|
|
|
6,570 |
|
|
|
10,608 |
|
Land and Lot Sales
Gross Margin, Excluding Interest |
|
|
|
|
|
|
|
and Land
Charges |
|
1,251 |
|
|
|
546 |
|
|
|
3,142 |
|
|
|
546 |
|
Land and Lot Sales
Interest |
|
24 |
|
|
|
104 |
|
|
|
1,772 |
|
|
|
104 |
|
Land and Lot Sales
Gross Margin, Including Interest and |
|
|
|
|
|
|
|
Excluding
Land Charges |
$ |
1,227 |
|
|
$ |
442 |
|
|
$ |
1,370 |
|
|
$ |
442 |
|
|
|
|
|
|
|
|
|
(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.(b) Homebuilding Gross
Margin, Before Cost of Sales Interest Expense and Land Charges, and
Homebuilding Gross Margin Percentage, before Cost of Sales Interest
Expense and Land Charges, are non-GAAP financial measures. The most
directly comparable GAAP financial measures are Homebuilding Gross
Margin and Homebuilding Gross Margin Percentage, respectively. |
Hovnanian
Enterprises, Inc. |
|
|
|
|
|
|
|
April 30,
2017 |
|
|
|
|
|
|
|
Reconciliation of
Adjusted EBITDA to Net Loss |
|
|
|
|
|
|
|
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
April 30, |
|
April 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(Unaudited) |
Net Loss |
$ |
(6,682 |
) |
|
$ |
(8,461 |
) |
|
$ |
(6,825 |
) |
|
$ |
(24,634 |
) |
Income Tax Benefit |
|
(1,017 |
) |
|
|
(9,143 |
) |
|
|
(551 |
) |
|
|
(6,164 |
) |
Interest Expense |
|
42,634 |
|
|
|
45,528 |
|
|
|
83,583 |
|
|
|
83,596 |
|
EBIT (a) |
|
34,935 |
|
|
|
27,924 |
|
|
|
76,207 |
|
|
|
52,798 |
|
Depreciation |
|
1,071 |
|
|
|
864 |
|
|
|
2,083 |
|
|
|
1,729 |
|
Amortization of Debt
Costs |
|
- |
|
|
|
1,227 |
|
|
|
1,632 |
|
|
|
2,610 |
|
EBITDA (b) |
|
36,006 |
|
|
|
30,015 |
|
|
|
79,922 |
|
|
|
57,137 |
|
Inventory Impairment
Loss and Land Option Write-offs |
|
1,953 |
|
|
|
9,669 |
|
|
|
5,137 |
|
|
|
21,350 |
|
Loss (Gain) on
Extinguishment of Debt |
|
242 |
|
|
|
- |
|
|
|
(7,404 |
) |
|
|
- |
|
Adjusted EBITDA
(c) |
$ |
38,201 |
|
|
$ |
39,684 |
|
|
$ |
77,655 |
|
|
$ |
78,487 |
|
|
|
|
|
|
|
|
|
Interest Incurred |
$ |
39,156 |
|
|
$ |
44,224 |
|
|
$ |
77,855 |
|
|
$ |
86,183 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA to
Interest Incurred |
|
0.98 |
|
|
|
0.90 |
|
|
|
1.00 |
|
|
|
0.91 |
|
|
|
|
|
|
|
|
|
(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, inventory impairment loss and land
option write-offs and loss (gain) on extinguishment of debt. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hovnanian
Enterprises, Inc. |
|
|
|
|
|
|
|
April 30,
2017 |
|
|
|
|
|
|
|
Interest Incurred,
Expensed and Capitalized |
|
|
|
|
|
|
|
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
April 30, |
|
April 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(Unaudited) |
Interest Capitalized at
Beginning of Period |
$ |
94,438 |
|
|
$ |
117,113 |
|
|
$ |
96,688 |
|
|
$ |
123,898 |
|
Plus Interest
Incurred |
|
39,156 |
|
|
|
44,224 |
|
|
|
77,855 |
|
|
|
86,183 |
|
Less Interest Expensed
(a) |
|
42,634 |
|
|
|
45,528 |
|
|
|
83,583 |
|
|
|
83,596 |
|
Less Interest
Contributed to Unconsolidated Joint Venture (a) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,676 |
|
Interest Capitalized at
End of Period (b) |
$ |
90,960 |
|
|
$ |
115,809 |
|
|
$ |
90,960 |
|
|
$ |
115,809 |
|
|
|
|
|
|
|
|
|
(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. |
|
|
April 30, 2017 |
|
|
Reconciliation of Adjusted Homebuilding EBIT to Inventory |
|
|
(Dollars in
Thousands) |
|
|
(Unaudited) |
|
|
|
For the Three Months Ended |
|
|
LTM(a) |
4/30/2017 |
1/31/2017 |
10/31/2016 |
7/31/2016 |
|
Homebuilding: |
|
|
|
|
|
|
Net (Loss) Income |
$ |
14,990 |
|
$ |
(6,682 |
) |
$ |
(143 |
) |
$ |
22,289 |
|
$ |
(474 |
) |
|
Income Tax Benefit
(Provision) |
|
10,868 |
|
|
(1,017 |
) |
|
466 |
|
|
9,852 |
|
|
1,567 |
|
|
Interest Expense |
|
183,345 |
|
|
42,634 |
|
|
40,949 |
|
|
48,197 |
|
|
51,565 |
|
|
EBIT (b) |
|
209,203 |
|
|
34,935 |
|
|
41,272 |
|
|
80,338 |
|
|
52,658 |
|
|
Financial Services
Revenue |
|
(64,731 |
) |
|
(14,494 |
) |
|
(12,849 |
) |
|
(20,903 |
) |
|
(16,485 |
) |
|
Financial Services
Expense |
|
33,526 |
|
|
7,360 |
|
|
6,855 |
|
|
10,395 |
|
|
8,916 |
|
|
Homebuilding EBIT
(b) |
|
177,998 |
|
|
27,801 |
|
|
35,278 |
|
|
69,830 |
|
|
45,089 |
|
|
Inventory Impairment
loss and land option write-offs |
|
17,140 |
|
|
1,953 |
|
|
3,184 |
|
|
10,438 |
|
|
1,565 |
|
|
Other Operations |
|
3,835 |
|
|
(95 |
) |
|
1,587 |
|
|
1,386 |
|
|
957 |
|
|
Loss (Gain) on
Extinguishment of Debt |
|
(4,204 |
) |
|
242 |
|
|
(7,646 |
) |
|
3,200 |
|
|
- |
|
|
Loss (Income) from
Unconsolidated Joint Ventures |
|
7,748 |
|
|
4,562 |
|
|
1,666 |
|
|
(881 |
) |
|
2,401 |
|
|
Adjusted Homebuilding
EBIT (b) |
$ |
202,517 |
|
$ |
34,463 |
|
$ |
34,069 |
|
$ |
83,973 |
|
$ |
50,012 |
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
4/30/2017 |
1/31/2017 |
10/31/2016 |
7/31/2016 |
4/30/2016 |
Total Inventories |
|
$ |
1,209,212 |
|
$ |
1,293,426 |
|
$ |
1,283,084 |
|
$ |
1,466,754 |
|
$ |
1,676,136 |
Consolidated Inventory Not Owned |
|
154,620 |
|
|
171,572 |
|
|
208,701 |
|
|
280,728 |
|
|
312,841 |
Capitalized
Interest |
|
|
90,960 |
|
|
94,438 |
|
|
96,688 |
|
|
104,544 |
|
|
115,809 |
|
Five Quarter
Average |
|
|
|
|
|
|
|
|
Inventories less
Consolidated Inventory Not Owned and Capitalized Interest |
$ |
1,059,542 |
|
$ |
963,632 |
|
$ |
1,027,416 |
|
$ |
977,695 |
|
$ |
1,081,482 |
|
$ |
1,247,486 |
|
|
|
|
|
|
|
Adjusted Homebuilding
EBIT to Inventory |
|
19.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Represents the aggregation of each of the prior four fiscal
quarters. |
(b) EBIT,
Homebuilding EBIT and Adjusted Homebuilding EBIT are non-GAAP
financial measures. The most directly comparable GAAP financial
measure is net (income) loss. |
|
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In Thousands) |
|
|
|
April 30,2017 |
|
|
October 31,2016 |
|
|
|
(Unaudited) |
|
|
(1) |
|
ASSETS |
|
|
|
|
|
|
Homebuilding: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
275,011 |
|
|
$ |
339,773 |
|
|
Restricted cash and cash equivalents |
|
|
1,797 |
|
|
|
3,914 |
|
|
Inventories: |
|
|
|
|
|
|
Sold and
unsold homes and lots under development |
|
|
892,401 |
|
|
|
899,082 |
|
|
Land and
land options held for future development or sale |
|
|
162,191 |
|
|
|
175,301 |
|
|
Consolidated inventory not owned |
|
|
154,620 |
|
|
|
208,701 |
|
|
Total inventories |
|
|
1,209,212 |
|
|
|
1,283,084 |
|
|
Investments in and advances to unconsolidated joint ventures |
|
|
106,704 |
|
|
|
100,502 |
|
|
Receivables, deposits and notes, net |
|
|
37,683 |
|
|
|
49,726 |
|
|
Property,
plant and equipment, net |
|
|
52,987 |
|
|
|
50,332 |
|
|
Prepaid
expenses and other assets |
|
|
46,212 |
|
|
|
46,762 |
|
|
Total homebuilding |
|
|
1,729,606 |
|
|
|
1,874,093 |
|
|
|
|
|
|
|
|
|
Financial services cash
and cash equivalents |
|
|
5,776 |
|
|
|
6,992 |
|
|
Financial services
other assets |
|
|
113,762 |
|
|
|
190,238 |
|
|
|
|
|
|
|
|
|
Income taxes receivable
– including net deferred tax benefits |
|
|
284,452 |
|
|
|
283,633 |
|
|
Total assets |
|
$ |
2,133,596 |
|
|
$ |
2,354,956 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
Homebuilding: |
|
|
|
|
|
|
Nonrecourse mortgages secured by inventory, net of debt issuance
costs |
|
$ |
66,365 |
|
|
$ |
82,115 |
|
|
Accounts
payable and other liabilities |
|
|
311,958 |
|
|
|
369,228 |
|
|
Customers’ deposits |
|
|
40,321 |
|
|
|
37,429 |
|
|
Nonrecourse mortgages secured by operating properties |
|
|
13,675 |
|
|
|
14,312 |
|
|
Liabilities from inventory not owned, net of debt issuance
costs |
|
|
116,728 |
|
|
|
150,179 |
|
|
Revolving
credit facility |
|
|
52,000 |
|
|
|
52,000 |
|
|
Notes
payable and term loan, net of discount and debt issuance costs |
|
|
1,569,375 |
|
|
|
1,605,758 |
|
|
Total homebuilding |
|
|
2,170,422 |
|
|
|
2,311,021 |
|
|
|
|
|
|
|
|
|
Financial services |
|
|
97,077 |
|
|
|
172,445 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
2,267,499 |
|
|
|
2,483,466 |
|
|
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, 2017 and at October 31, 2016 |
|
|
135,299 |
|
|
|
135,299 |
|
|
Common
stock, Class A, $0.01 par value – authorized 400,000,000 shares;
issued 143,876,014 shares at April 30, 2017 and 143,806,775 shares
at October 31, 2016 |
|
|
1,439 |
|
|
|
1,438 |
|
|
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
April 30, 2017 and 15,942,809 shares at October 31, 2016 |
|
|
159 |
|
|
|
159 |
|
|
Paid in
capital – common stock |
|
|
707,568 |
|
|
|
706,137 |
|
|
Accumulated deficit |
|
|
(863,008 |
) |
|
|
(856,183 |
) |
|
Treasury
stock – at cost - 11,760,763 shares of Class A common stock and
691,748 shares of Class B common stock at April 30, 2017 and
October 31, 2016 |
|
|
(115,360 |
) |
|
|
(115,360 |
) |
|
Total stockholders’ equity deficit |
|
|
(133,903 |
) |
|
|
(128,510 |
) |
|
Total liabilities and
equity |
|
$ |
2,133,596 |
|
|
$ |
2,354,956 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Derived from the
audited balance sheet as of October 31, 2016. |
|
|
|
|
|
|
|
|
|
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(In Thousands Except Per Share Data) |
(Unaudited) |
|
|
|
Three Months Ended April 30, |
|
|
Six Months Ended April 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of
homes |
|
|
$ |
567,553 |
|
|
|
$ |
626,157 |
|
|
|
$ |
1,098,968 |
|
|
|
$ |
1,182,932 |
|
Land
sales and other revenues |
|
|
|
3,888 |
|
|
|
|
11,563 |
|
|
|
|
11,633 |
|
|
|
|
12,167 |
|
Total homebuilding |
|
|
|
571,441 |
|
|
|
|
637,720 |
|
|
|
|
1,110,601 |
|
|
|
|
1,195,099 |
|
Financial
services |
|
|
|
14,494 |
|
|
|
|
17,003 |
|
|
|
|
27,343 |
|
|
|
|
35,229 |
|
Total revenues |
|
|
|
585,935 |
|
|
|
|
654,723 |
|
|
|
|
1,137,944 |
|
|
|
|
1,230,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales, excluding interest |
|
|
|
475,440 |
|
|
|
|
536,050 |
|
|
|
|
920,467 |
|
|
|
|
1,000,196 |
|
Cost of
sales interest |
|
|
|
20,337 |
|
|
|
|
21,444 |
|
|
|
|
38,659 |
|
|
|
|
38,287 |
|
Inventory
impairment loss and land option write-offs |
|
|
|
1,953 |
|
|
|
|
9,669 |
|
|
|
|
5,137 |
|
|
|
|
21,350 |
|
Total cost of sales |
|
|
|
497,730 |
|
|
|
|
567,163 |
|
|
|
|
964,263 |
|
|
|
|
1,059,833 |
|
Selling,
general and administrative |
|
|
|
45,467 |
|
|
|
|
56,371 |
|
|
|
|
89,875 |
|
|
|
|
103,875 |
|
Total homebuilding expenses |
|
|
|
543,197 |
|
|
|
|
623,534 |
|
|
|
|
1,054,138 |
|
|
|
|
1,163,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
services |
|
|
|
7,360 |
|
|
|
|
9,618 |
|
|
|
|
14,215 |
|
|
|
|
17,833 |
|
Corporate
general and administrative |
|
|
|
16,071 |
|
|
|
|
12,598 |
|
|
|
|
31,727 |
|
|
|
|
28,919 |
|
Other
interest |
|
|
|
22,297 |
|
|
|
|
24,084 |
|
|
|
|
44,924 |
|
|
|
|
45,309 |
|
Other
operations |
|
|
|
(95 |
) |
|
|
|
1,147 |
|
|
|
|
1,492 |
|
|
|
|
2,531 |
|
Total expenses |
|
|
|
588,830 |
|
|
|
|
670,981 |
|
|
|
|
1,146,496 |
|
|
|
|
1,258,300 |
|
(Loss) gain on
extinguishment of debt |
|
|
|
(242 |
) |
|
|
|
- |
|
|
|
|
7,404 |
|
|
|
|
- |
|
Loss from
unconsolidated joint ventures |
|
|
|
(4,562 |
) |
|
|
|
(1,346 |
) |
|
|
|
(6,228 |
) |
|
|
|
(2,826 |
) |
Loss before income
taxes |
|
|
|
(7,699 |
) |
|
|
|
(17,604 |
) |
|
|
|
(7,376 |
) |
|
|
|
(30,798 |
) |
State and federal
income tax (benefit) provision: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
|
|
2,292 |
|
|
|
|
(758 |
) |
|
|
|
2,274 |
|
|
|
|
3,561 |
|
Federal |
|
|
|
(3,309 |
) |
|
|
|
(8,385 |
) |
|
|
|
(2,825 |
) |
|
|
|
(9,725 |
) |
Total income taxes |
|
|
|
(1,017 |
) |
|
|
|
(9,143 |
) |
|
|
|
(551 |
) |
|
|
|
(6,164 |
) |
Net loss |
|
|
$ |
(6,682 |
) |
|
|
$ |
(8,461 |
) |
|
|
$ |
(6,825 |
) |
|
|
$ |
(24,634 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
common share |
|
|
$ |
(0.05 |
) |
|
|
$ |
(0.06 |
) |
|
|
$ |
(0.05 |
) |
|
|
$ |
(0.17 |
) |
Weighted-average number of common shares outstanding |
|
|
|
147,558 |
|
|
|
|
147,334 |
|
|
|
|
147,556 |
|
|
|
|
147,301 |
|
Assuming dilution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
common share |
|
|
$ |
(0.05 |
) |
|
|
$ |
(0.06 |
) |
|
|
$ |
(0.05 |
) |
|
|
$ |
(0.17 |
) |
Weighted-average number of common shares outstanding |
|
|
|
147,558 |
|
|
|
|
147,334 |
|
|
|
|
147,556 |
|
|
|
|
147,301 |
|
HOVNANIAN ENTERPRISES, INC. |
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) |
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT
VENTURES) |
(UNAUDITED) |
Communities Under Development |
|
|
|
|
|
|
|
|
Three Months -April 30, 2017 |
|
|
|
|
|
Net Contracts |
Deliveries |
Contract |
|
|
Three Months Ended |
Three Months Ended |
Backlog |
|
|
Apr 30, |
Apr 30, |
Apr 30, |
|
|
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
Northeast |
|
|
|
|
|
|
|
|
|
|
(NJ, PA) |
Home |
|
66 |
|
142 |
(53.5 |
)% |
|
99 |
|
108 |
(8.3 |
)% |
|
150 |
|
268 |
(44.0 |
)% |
|
Dollars |
$ |
29,918 |
$ |
74,727 |
(60.0 |
)% |
$ |
45,917 |
$ |
53,913 |
(14.8 |
)% |
$ |
68,650 |
$ |
135,164 |
(49.2 |
)% |
|
Avg.
Price |
$ |
453,300 |
$ |
526,248 |
(13.9 |
)% |
$ |
463,805 |
$ |
499,194 |
(7.1 |
)% |
$ |
457,667 |
$ |
504,343 |
(9.3 |
)% |
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
(DE, MD, VA, WV) |
Home |
|
226 |
|
285 |
(20.7 |
)% |
|
202 |
|
194 |
4.1 |
% |
|
440 |
|
598 |
(26.4 |
)% |
|
Dollars |
$ |
123,045 |
$ |
150,369 |
(18.2 |
)% |
$ |
100,120 |
$ |
89,873 |
11.4 |
% |
$ |
273,986 |
$ |
336,358 |
(18.5 |
)% |
|
Avg.
Price |
$ |
544,445 |
$ |
527,609 |
3.2 |
% |
$ |
495,647 |
$ |
463,262 |
7.0 |
% |
$ |
622,696 |
$ |
562,472 |
10.7 |
% |
Midwest(2) |
|
|
|
|
|
|
|
|
|
|
(IL, MN, OH) |
Home |
|
196 |
|
216 |
(9.3 |
)% |
|
134 |
|
239 |
(43.9 |
)% |
|
431 |
|
554 |
(22.2 |
)% |
|
Dollars |
$ |
61,489 |
$ |
69,445 |
(11.5 |
)% |
$ |
41,794 |
$ |
76,793 |
(45.6 |
)% |
$ |
126,138 |
$ |
162,671 |
(22.5 |
)% |
|
Avg.
Price |
$ |
313,721 |
$ |
321,503 |
(2.4 |
)% |
$ |
311,896 |
$ |
321,312 |
(2.9 |
)% |
$ |
292,663 |
$ |
293,630 |
(0.3 |
)% |
Southeast(3) |
|
|
|
|
|
|
|
|
|
|
(FL, GA, NC, SC) |
Home |
|
141 |
|
205 |
(31.2 |
)% |
|
127 |
|
156 |
(18.6 |
)% |
|
316 |
|
425 |
(25.6 |
)% |
|
Dollars |
$ |
55,577 |
$ |
84,665 |
(34.4 |
)% |
$ |
54,005 |
$ |
51,230 |
5.4 |
% |
$ |
136,807 |
$ |
190,435 |
(28.2 |
)% |
|
Avg.
Price |
$ |
394,159 |
$ |
412,996 |
(4.6 |
)% |
$ |
425,235 |
$ |
328,396 |
29.5 |
% |
$ |
432,935 |
$ |
448,083 |
(3.4 |
)% |
Southwest |
|
|
|
|
|
|
|
|
|
|
(AZ, TX) |
Home |
|
671 |
|
731 |
(8.2 |
)% |
|
639 |
|
733 |
(12.8 |
)% |
|
749 |
|
1,041 |
(28.0 |
)% |
|
Dollars |
$ |
227,500 |
$ |
262,344 |
(13.3 |
)% |
$ |
224,898 |
$ |
273,304 |
(17.7 |
)% |
$ |
275,870 |
$ |
416,205 |
(33.7 |
)% |
|
Avg.
Price |
$ |
339,047 |
$ |
358,884 |
(5.5 |
)% |
$ |
351,954 |
$ |
372,857 |
(5.6 |
)% |
$ |
368,317 |
$ |
399,812 |
(7.9 |
)% |
West |
|
|
|
|
|
|
|
|
|
|
(CA) |
Home |
|
290 |
|
233 |
24.5 |
% |
|
157 |
|
168 |
(6.5 |
)% |
|
418 |
|
342 |
22.2 |
% |
|
Dollars |
$ |
142,522 |
$ |
126,505 |
12.7 |
% |
$ |
100,819 |
$ |
81,044 |
24.4 |
% |
$ |
211,215 |
$ |
188,859 |
11.8 |
% |
|
Avg.
Price |
$ |
491,454 |
$ |
542,944 |
(9.5 |
)% |
$ |
642,158 |
$ |
482,404 |
33.1 |
% |
$ |
505,299 |
$ |
552,218 |
(8.5 |
)% |
Consolidated Segment Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
1,590 |
|
1,812 |
(12.3 |
)% |
|
1,358 |
|
1,598 |
(15.0 |
)% |
|
2,504 |
|
3,228 |
(22.4 |
)% |
|
Dollars |
$ |
640,051 |
$ |
768,055 |
(16.7 |
)% |
$ |
567,553 |
$ |
626,157 |
(9.4 |
)% |
$ |
1,092,666 |
$ |
1,429,692 |
(23.6 |
)% |
|
Avg.
Price |
$ |
402,547 |
$ |
423,871 |
(5.0 |
)% |
$ |
417,933 |
$ |
391,838 |
6.7 |
% |
$ |
436,368 |
$ |
442,903 |
(1.5 |
)% |
Unconsolidated Joint Ventures(4) |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
158 |
|
50 |
216.0 |
% |
|
139 |
|
49 |
183.7 |
% |
|
310 |
|
225 |
37.8 |
% |
|
Dollars |
$ |
87,317 |
$ |
21,236 |
311.2 |
% |
$ |
86,215 |
$ |
25,576 |
237.1 |
% |
$ |
174,325 |
$ |
147,376 |
18.3 |
% |
|
Avg.
Price |
$ |
552,641 |
$ |
424,720 |
30.1 |
% |
$ |
620,248 |
$ |
521,959 |
18.8 |
% |
$ |
562,337 |
$ |
655,004 |
(14.1 |
)% |
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
1,748 |
|
1,862 |
(6.1 |
)% |
|
1,497 |
|
1,647 |
(9.1 |
)% |
|
2,814 |
|
3,453 |
(18.5 |
)% |
|
Dollars |
$ |
727,368 |
$ |
789,291 |
(7.8 |
)% |
|
|
|
$ |
1,266,991 |
$ |
1,577,068 |
(19.7 |
)% |
|
Avg.
Price |
$ |
416,114 |
$ |
423,894 |
(1.8 |
)% |
|
|
|
$ |
450,246 |
$ |
456,724 |
(1.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
DELIVERIES INCLUDE EXTRAS |
Notes: |
(1) Net
contracts are defined as new contracts signed during the period for
the purchase of homes, less cancellations of prior contracts.(2)
The Midwest net contracts include 16 homes and $7.0 million for the
three months ended April 30, 2016 from Minneapolis, MN.(3) The
Southeast net contracts include 24 homes and $9.9 million for the
three months ended April 30, 2016 from Raleigh, NC.(4) Represents
home deliveries, home revenues and average prices for our
unconsolidated homebuilding joint ventures for the
period. We provide this data as a supplement to our
consolidated results as an indicator of the volume managed in our
unconsolidated homebuilding joint ventures. Our proportionate
share of the income or loss of unconsolidated homebuilding and land
development joint ventures is reflected as a separate line item in
our consolidated financial statements under “Loss from
unconsolidated joint ventures”. |
HOVNANIAN ENTERPRISES, INC. |
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) |
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT
VENTURES) |
(UNAUDITED) |
|
|
|
|
Communities Under Development |
|
|
|
|
|
|
|
|
Six Months -April 30, 2017 |
|
|
|
|
|
Net Contracts |
Deliveries |
Contract |
|
|
Six Months Ended |
Six Months Ending |
Backlog |
|
|
Apr 30, |
Apr 30, |
Apr 30, |
|
|
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
Northeast |
|
|
|
|
|
|
|
|
|
|
(NJ, PA) |
Home |
|
149 |
|
234 |
(36.3 |
)% |
|
203 |
|
259 |
(21.6 |
)% |
|
150 |
|
268 |
(44.0 |
)% |
|
Dollars |
$ |
67,963 |
$ |
114,511 |
(40.6 |
)% |
$ |
98,824 |
$ |
126,351 |
(21.8 |
)% |
$ |
68,650 |
$ |
135,164 |
(49.2 |
)% |
|
Avg.
Price |
$ |
456,124 |
$ |
489,363 |
(6.8 |
)% |
$ |
486,819 |
$ |
487,841 |
(0.2 |
)% |
$ |
457,667 |
$ |
504,343 |
(9.3 |
)% |
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
(DE, MD, VA, WV) |
Home |
|
416 |
|
545 |
(23.7 |
)% |
|
406 |
|
400 |
1.5 |
% |
|
440 |
|
598 |
(26.4 |
)% |
|
Dollars |
$ |
225,291 |
$ |
280,685 |
(19.7 |
)% |
$ |
200,279 |
$ |
183,425 |
9.2 |
% |
$ |
273,986 |
$ |
336,358 |
(18.5 |
)% |
|
Avg.
Price |
$ |
541,564 |
$ |
515,017 |
5.2 |
% |
$ |
493,297 |
$ |
458,562 |
7.6 |
% |
$ |
622,696 |
$ |
562,472 |
10.7 |
% |
Midwest(2) |
|
|
|
|
|
|
|
|
|
|
(IL, MN, OH) |
Home |
|
341 |
|
423 |
(19.4 |
)% |
|
284 |
|
513 |
(44.6 |
)% |
|
431 |
|
554 |
(22.2 |
)% |
|
Dollars |
$ |
107,055 |
$ |
137,014 |
(21.9 |
)% |
$ |
85,445 |
$ |
168,633 |
(49.3 |
)% |
$ |
126,138 |
$ |
162,671 |
(22.5 |
)% |
|
Avg.
Price |
$ |
313,946 |
$ |
323,911 |
(3.1 |
)% |
$ |
300,863 |
$ |
328,720 |
(8.5 |
)% |
$ |
292,663 |
$ |
293,630 |
(0.3 |
)% |
Southeast(3) |
|
|
|
|
|
|
|
|
|
|
(FL, GA, NC, SC) |
Home |
|
249 |
|
418 |
(40.4 |
)% |
|
265 |
|
272 |
(2.6 |
)% |
|
316 |
|
425 |
(25.6 |
)% |
|
Dollars |
$ |
102,028 |
$ |
174,924 |
(41.7 |
)% |
$ |
110,391 |
$ |
90,424 |
22.1 |
% |
$ |
136,807 |
$ |
190,435 |
(28.2 |
)% |
|
Avg.
Price |
$ |
409,750 |
$ |
418,478 |
(2.1 |
)% |
$ |
416,569 |
$ |
332,443 |
25.3 |
% |
$ |
432,935 |
$ |
448,083 |
(3.4 |
)% |
Southwest |
|
|
|
|
|
|
|
|
|
|
(AZ, TX) |
Home |
|
1,156 |
|
1,291 |
(10.5 |
)% |
|
1,170 |
|
1,283 |
(8.8 |
)% |
|
749 |
|
1,041 |
(28.0 |
)% |
|
Dollars |
$ |
398,384 |
$ |
470,986 |
(15.4 |
)% |
$ |
408,158 |
$ |
477,493 |
(14.5 |
)% |
$ |
275,870 |
$ |
416,205 |
(33.7 |
)% |
|
Avg.
Price |
$ |
344,623 |
$ |
364,823 |
(5.5 |
)% |
$ |
348,854 |
$ |
372,169 |
(6.3 |
)% |
$ |
368,317 |
$ |
399,812 |
(7.9 |
)% |
West |
|
|
|
|
|
|
|
|
|
|
(CA) |
Home |
|
452 |
|
432 |
4.6 |
% |
|
320 |
|
293 |
9.2 |
% |
|
418 |
|
342 |
22.2 |
% |
|
Dollars |
$ |
226,945 |
$ |
218,578 |
3.8 |
% |
$ |
195,871 |
$ |
136,606 |
43.4 |
% |
$ |
211,215 |
$ |
188,859 |
11.8 |
% |
|
Avg.
Price |
$ |
502,090 |
$ |
505,969 |
(0.8 |
)% |
$ |
612,096 |
$ |
466,231 |
31.3 |
% |
$ |
505,299 |
$ |
552,218 |
(8.5 |
)% |
Consolidated Segment Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
2,763 |
|
3,343 |
(17.3 |
)% |
|
2,648 |
|
3,020 |
(12.3 |
)% |
|
2,504 |
|
3,228 |
(22.4 |
)% |
|
Dollars |
$ |
1,127,666 |
$ |
1,396,698 |
(19.3 |
)% |
$ |
1,098,968 |
$ |
1,182,932 |
(7.1 |
)% |
$ |
1,092,666 |
$ |
1,429,692 |
(23.6 |
)% |
|
Avg.
Price |
$ |
408,131 |
$ |
417,798 |
(2.3 |
)% |
$ |
415,018 |
$ |
391,699 |
6.0 |
% |
$ |
436,368 |
$ |
442,903 |
(1.5 |
)% |
Unconsolidated Joint Ventures(4) |
|
|
|
|
|
|
|
|
|
|
|
|
Home |
|
297 |
|
111 |
167.6 |
% |
|
247 |
|
93 |
165.6 |
% |
|
310 |
|
225 |
37.8 |
% |
|
Dollars |
$ |
167,617 |
$ |
61,057 |
174.5 |
% |
$ |
150,856 |
$ |
45,763 |
229.6 |
% |
$ |
174,325 |
$ |
147,376 |
18.3 |
% |
|
Avg.
Price |
$ |
564,368 |
$ |
550,061 |
2.6 |
% |
$ |
610,753 |
$ |
492,074 |
24.1 |
% |
$ |
562,337 |
$ |
655,004 |
(14.1 |
)% |
Grand Total |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
3,060 |
|
3,454 |
(11.4 |
)% |
|
2,895 |
|
3,113 |
(7.0 |
)% |
|
2,814 |
|
3,453 |
(18.5 |
)% |
|
Dollars |
$ |
1,295,283 |
$ |
1,457,755 |
(11.1 |
)% |
|
|
|
$ |
1,266,991 |
$ |
1,577,068 |
(19.7 |
)% |
|
Avg.
Price |
$ |
423,295 |
$ |
422,048 |
0.3 |
% |
|
|
|
$ |
450,246 |
$ |
456,724 |
(1.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
DELIVERIES INCLUDE EXTRAS |
Notes: |
(1) Net
contracts are defined as new contracts signed during the period for
the purchase of homes, less cancellations of prior contracts.(2)
The Midwest net contracts include 61 homes and $25.5 million for
the six months ended April 30, 2016 from Minneapolis, MN.(3) The
Southeast net contracts include 70 homes and $23.7 million for the
six months ended April 30, 2016 from Raleigh, NC.(4) Represents
home deliveries, home revenues and average prices for our
unconsolidated homebuilding joint ventures for the
period. We provide this data as a supplement to our
consolidated results as an indicator of the volume managed in our
unconsolidated homebuilding joint ventures. Our proportionate
share of the income or loss of unconsolidated homebuilding and land
development joint ventures is reflected as a separate line item in
our consolidated financial statements under “Loss from
unconsolidated joint ventures”. |
HOVNANIAN ENTERPRISES, INC. |
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) |
(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES) |
(UNAUDITED) |
|
|
|
|
Communities Under Development |
|
|
|
|
|
|
|
|
Three Months - April 30, 2017 |
|
|
|
|
|
Net Contracts |
Deliveries |
Contract |
|
|
Three Months Ended |
Three Months Ended |
Backlog |
|
|
Apr 30, |
Apr 30, |
Apr 30, |
|
|
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
Northeast |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
27 |
|
(3) |
n/a% |
|
6 |
|
6 |
0.0 |
% |
|
67 |
|
26 |
157.7 |
% |
(NJ, PA) |
Dollars |
$ |
16,379 |
$ |
(3,683) |
n/a% |
$ |
2,945 |
$ |
1,640 |
79.6 |
% |
$ |
34,032 |
$ |
9,604 |
254.4 |
% |
|
Avg.
Price |
$ |
606,630 |
$ |
(1,227,667) |
n/a% |
$ |
490,833 |
$ |
273,333 |
79.6 |
% |
$ |
507,940 |
$ |
369,385 |
37.5 |
% |
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
13 |
|
18 |
(27.8 |
)% |
|
18 |
|
9 |
100.0 |
% |
|
42 |
|
26 |
61.5 |
% |
(DE, MD, VA, WV) |
Dollars |
$ |
6,337 |
$ |
7,990 |
(20.7 |
)% |
$ |
11,411 |
$ |
5,466 |
108.8 |
% |
$ |
29,252 |
$ |
11,086 |
163.9 |
% |
|
Avg.
Price |
$ |
487,462 |
$ |
443,889 |
9.8 |
% |
$ |
633,944 |
$ |
607,327 |
4.4 |
% |
$ |
696,478 |
$ |
426,385 |
63.3 |
% |
Midwest |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
17 |
|
- |
n/a% |
|
4 |
|
- |
n/a% |
|
28 |
|
- |
n/a% |
(IL, MN, OH) |
Dollars |
$ |
12,765 |
$ |
- |
n/a% |
$ |
2,978 |
$ |
- |
n/a% |
$ |
20,986 |
$ |
- |
n/a% |
|
Avg.
Price |
$ |
750,882 |
$ |
- |
n/a% |
$ |
744,514 |
$ |
- |
n/a% |
$ |
749,500 |
$ |
- |
n/a% |
Southeast |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
40 |
|
16 |
150.0 |
% |
|
42 |
|
- |
n/a% |
|
97 |
|
31 |
212.9 |
% |
(FL, GA, NC, SC) |
Dollars |
$ |
16,866 |
$ |
9,758 |
72.8 |
% |
$ |
19,551 |
$ |
- |
n/a% |
$ |
48,077 |
$ |
19,123 |
151.4 |
% |
|
Avg.
Price |
$ |
421,650 |
$ |
609,875 |
(30.9 |
)% |
$ |
465,497 |
$ |
- |
n/a% |
$ |
495,640 |
$ |
616,871 |
(19.7 |
)% |
Southwest |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
10 |
|
- |
n/a% |
|
2 |
|
- |
n/a% |
|
27 |
|
- |
n/a% |
(AZ, TX) |
Dollars |
$ |
7,124 |
$ |
- |
n/a% |
$ |
1,353 |
$ |
- |
n/a% |
$ |
18,914 |
$ |
- |
n/a% |
|
Avg.
Price |
$ |
712,400 |
$ |
- |
n/a% |
$ |
676,282 |
$ |
- |
n/a% |
$ |
700,519 |
$ |
- |
n/a% |
West |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
51 |
|
19 |
168.4% |
|
67 |
|
34 |
97.1 |
% |
|
49 |
|
142 |
(65.5 |
)% |
(CA) |
Dollars |
$ |
27,846 |
$ |
7,171 |
288.3% |
$ |
47,977 |
$ |
18,470 |
159.8 |
% |
$ |
23,064 |
$ |
107,563 |
(78.6 |
)% |
|
Avg.
Price |
$ |
546,000 |
$ |
377,421 |
44.7% |
$ |
716,060 |
$ |
543,235 |
31.8 |
% |
$ |
470,694 |
$ |
757,486 |
(37.9 |
)% |
Unconsolidated Joint Ventures(2) |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
158 |
|
50 |
216.0 |
% |
|
139 |
|
49 |
183.7 |
% |
|
310 |
|
225 |
37.8 |
% |
|
Dollars |
$ |
87,317 |
$ |
21,236 |
311.2 |
% |
$ |
86,215 |
$ |
25,576 |
237.1 |
% |
$ |
174,325 |
$ |
147,376 |
18.3 |
% |
|
Avg.
Price |
$ |
552,641 |
$ |
424,720 |
30.1 |
% |
$ |
620,248 |
$ |
521,959 |
18.8 |
% |
$ |
562,337 |
$ |
655,004 |
(14.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
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)
Represents home deliveries, home revenues and average prices for
our unconsolidated homebuilding joint ventures for the
period. We provide this data as a supplement to our
consolidated results as an indicator of the volume managed in our
unconsolidated homebuilding joint ventures. Our proportionate
share of the income or loss of unconsolidated homebuilding and land
development joint ventures is reflected as a separate line item in
our consolidated financial statements under “Loss from
unconsolidated joint ventures”. |
HOVNANIAN ENTERPRISES, INC. |
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE) |
(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES) |
(UNAUDITED) |
|
|
|
|
Communities Under Development |
|
|
|
|
|
|
|
|
Six Months - April 30, 2017 |
|
|
|
|
|
Net Contracts |
Deliveries |
Contract |
|
|
Six Months Ended |
Six Months Ended |
Backlog |
|
|
Apr 30, |
Apr 30, |
Apr 30, |
|
|
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
Northeast |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
52 |
|
(8) |
n/a% |
|
12 |
|
14 |
(14.3 |
)% |
|
67 |
|
26 |
157.7 |
% |
(NJ, PA) |
Dollars |
$ |
28,454 |
$ |
(7,973) |
n/a% |
$ |
4,685 |
$ |
3,896 |
20.3 |
% |
$ |
34,032 |
$ |
9,604 |
254.4 |
% |
|
Avg.
Price |
$ |
547,192 |
$ |
996,622 |
n/a% |
$ |
390,378 |
$ |
278,286 |
40.3 |
% |
$ |
507,940 |
$ |
369,385 |
37.5 |
% |
Mid-Atlantic |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
30 |
|
31 |
(3.2 |
)% |
|
28 |
|
19 |
47.4 |
% |
|
42 |
|
26 |
61.5 |
% |
(DE, MD, VA, WV) |
Dollars |
$ |
15,764 |
$ |
14,413 |
9.4 |
% |
$ |
16,601 |
$ |
11,135 |
49.1 |
% |
$ |
29,252 |
$ |
11,086 |
163.9 |
% |
|
Avg.
Price |
$ |
525,470 |
$ |
464,936 |
13.0 |
% |
$ |
592,893 |
$ |
586,053 |
1.2 |
% |
$ |
696,478 |
$ |
426,385 |
63.3 |
% |
Midwest |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
27 |
|
- |
n/a% |
|
11 |
|
- |
n/a% |
|
28 |
|
- |
n/a% |
(IL, MN, OH) |
Dollars |
$ |
19,992 |
$ |
- |
n/a% |
$ |
8,594 |
$ |
- |
n/a% |
$ |
20,986 |
$ |
- |
n/a% |
|
Avg.
Price |
$ |
740,444 |
$ |
- |
n/a% |
$ |
781,272 |
$ |
- |
n/a% |
$ |
749,500 |
$ |
- |
n/a% |
Southeast |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
75 |
|
23 |
226.1 |
% |
|
66 |
|
1 |
n/a |
% |
|
97 |
|
31 |
212.9 |
% |
(FL, GA, NC, SC) |
Dollars |
$ |
33,745 |
$ |
14,584 |
131.4 |
% |
$ |
29,390 |
$ |
385 |
n/a |
% |
$ |
48,077 |
$ |
19,123 |
151.4 |
% |
|
Avg.
Price |
$ |
449,934 |
$ |
634,092 |
(29.0 |
)% |
$ |
445,303 |
$ |
385,000 |
15.7 |
% |
$ |
495,640 |
$ |
616,871 |
(19.7 |
)% |
Southwest |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
22 |
|
- |
n/a% |
|
2 |
|
- |
n/a% |
|
27 |
|
- |
n/a% |
(AZ, TX) |
Dollars |
$ |
15,790 |
$ |
- |
n/a% |
$ |
1,353 |
$ |
- |
n/a% |
$ |
18,914 |
$ |
- |
n/a% |
|
Avg.
Price |
$ |
717,723 |
$ |
- |
n/a% |
$ |
676,500 |
$ |
- |
n/a% |
$ |
700,519 |
$ |
- |
n/a% |
West |
|
|
|
|
|
|
|
|
|
|
(unconsolidated joint ventures) |
Home |
|
91 |
|
65 |
40.0 |
% |
|
128 |
|
59 |
116.9 |
% |
|
49 |
|
142 |
(65.5 |
)% |
(CA) |
Dollars |
$ |
53,872 |
$ |
40,033 |
34.6 |
% |
$ |
90,233 |
$ |
30,347 |
197.3 |
% |
$ |
23,064 |
$ |
107,563 |
(78.6 |
)% |
|
Avg.
Price |
$ |
592,004 |
$ |
615,887 |
(3.9 |
)% |
$ |
704,941 |
$ |
514,359 |
37.1 |
% |
$ |
470,694 |
$ |
757,486 |
(37.9 |
)% |
Unconsolidated Joint Ventures(2) |
|
|
|
|
|
|
|
|
|
|
|
Home |
|
297 |
|
111 |
167.6 |
% |
|
247 |
|
93 |
165.6 |
% |
|
310 |
|
225 |
37.8 |
% |
|
Dollars |
$ |
167,617 |
$ |
61,057 |
174.5 |
% |
$ |
150,856 |
$ |
45,763 |
229.6 |
% |
$ |
174,325 |
$ |
147,376 |
18.3 |
% |
|
Avg.
Price |
$ |
564,368 |
$ |
550,061 |
2.6 |
% |
$ |
610,753 |
$ |
492,074 |
24.1 |
% |
$ |
562,337 |
$ |
655,004 |
(14.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
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)
Represents home deliveries, home revenues and average prices for
our unconsolidated homebuilding joint ventures for the
period. We provide this data as a supplement to our
consolidated results as an indicator of the volume managed in our
unconsolidated homebuilding joint ventures. Our proportionate
share of the income or loss of unconsolidated homebuilding and land
development joint ventures is reflected as a separate line item in
our consolidated financial statements under “Loss from
unconsolidated joint ventures”. |
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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