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.
Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Red Bank-based home builder Hovnanian Enterprises‘ posted a sharply reduced net loss in its third fiscal quarter, compared to year-ago results, the company reported Friday.
Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Red Bank-based Hovnanian Enterprises‘ departure from the Minnesota market contributed to a $16.2 million net loss in its first fiscal quarter, the company reported Wednesday.
The company tied the loss to $11.7 million of land-related charges, primarily related to assets in Minnesota, which it said it is exiting. The result compares to a net loss of $14.4 million, including $2.2 million of land-related charges, in the first quarter of the previous year, the company reported.
The exit from Minnesota is part of a broader strategy of “deleveraging,” or reducing debt, by leaving select markets, CEO Ara Hovnanian said in a prepared statement.