RED BANK: HOVNANIAN NEARLY BREAKS EVEN
Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
After a $16.2-million net loss in the year-prior period, Red Bank-based home builder Hovnanian Enterprises just about broke even in its first fiscal quarter of 2017.
The company reported a net loss of $100,000 on a 4.1-percent drop in revenue for the period in results posted Wednesday.
In a prepared statement, Chairman and CEO Ara Hovnanian said management was “pleased with” the results, and after paying off $320 million in debt last year, the NASDAQ-traded company is now “in a much improved liquidity position.”