By JOHN T. WARD[This post has been updated with comments from Mayor Pasquale Menna.]
Eleven years after moving in, dramatically shrunken homebuilder Hovnanian Enterprises is selling its gleaming Red Bank headquarters and moving to Matawan, redbankgreen has learned.
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.
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.
Red Bank-based homebuilder Hovnanian Enterprises posted a net loss of $7.7 million in its third fiscal quarter, the company reported Wednesday.
In the current fiscal year, which began November 1, the company has posted net losses of $41.6 million, compared to a loss of $15.3 million in the first nine months of fiscal 2014, Hov reported.
As he did after the second-quarter results were released in June, president and CEO Ara Hovnanian said in a statement that the company was “disappointed” with the results. But better days lie ahead, he said.
Hovnanian Enterprises posted a net loss of $19.6 million in its second fiscal quarter, more than doubling the $7.9 million loss in the comparable 2014 period, the Red Bank-based homebuilder reported Tuesday.
In the current fiscal year, which began November 1, the company has racked up net losses of $33.9 million, compared to a loss of $32.4 million in the first half of fiscal 2014, Hov reported.
President and CEO Ara Hovnanian said in a statement that the company was “disappointed” with the results.
Hovnanian Enterprises posted net earnings of $17.1 million in its third fiscal quarter, more than doubling the $8.5 million net in the comparable 2013 period, the Red Bank-based homebuilder reported Thursday.
Citing “the early stages of a recovery” for the housing industry, and “assuming no change in current market conditions,” the compaany expects to wrap up the year with a profit, president and CEO Ara Hovnanian said in a statement.
Hovnanian Enterprises delivered fewer homes and a net loss in its latest fiscal quarter, the Red Bank-based homebuilder reported Wednesday.
The second quarter saw a net loss of $7.9 million in the three months ended April 30, compared with net income of $1.3 million in the prior-year second quarter, which included $2.6 million of federal and state tax benefits.
Red Bank-based homebuilder Hovnanian Enterprises reported strong growth in revenue and earnings Thursday.
Revenue rose 21.5 percent in the fourth quarter, to $591.7 million, driving net income for the period to $32.8 million, after a loss of $84.4 million i the year-prior period. At 59 cents per share, the earnings “handily beat analysts’ expectations” of 17 cents per share, the Motley Fool reported.
Urban Outfitters, the owner of national clothing chains with a presence in downtown Red Bank and Shrewsbury, reported strong revenue gains in its fourth fiscal quarter, even as stores that had been open more than a year struggled to match last year’s performance.
The Philadelphia-based company’s Urban Outfitters brand, which includes a store at Broad and West Front streets in Red Bank, saw a 16-percent jump in sales from the comparable period of a year ago, to $415 million, it reported.
By JOHN T. WARD
Red Bank-based homebuilder Hovnanian Enterprises notched a 6.7-percent sales gain in the first fiscal quarter from a year ago, the company reported Tuesday morning.
The closely-held publicly traded company continued to lose money in the quarter, but narrowed the loss to $18.3 million, down from $64.14 million a year ago, it said in an announcement.
The red ink continued to flow at Red Bank homebuilder Hovnanian Enterprises in the recently ended fiscal fourth quarter, though the size of the loss was smaller than that in the year-prior period.
Hovnanian reported an after-tax net loss of $98.3 million, or 90 cents per share, compared with a $132.1 million loss, or $1.68 per share, in the comparable 2010 period.
It was the 20th loss in the last 21 reporting periods for the publicly traded company, which is New Jersey’s largest homebuilder, according to Bloomberg.com.
By JOHN T. WARD
Red Bank-based homebuilder Hovnanian Enterprises endured a 25-percent plunge in revenue in its latest fiscal quarter, another in a litany of bruising periods.
Still, the closely held company managed to narrow its loss to $50.9 million, from $72.9 million in the comparable 2010 quarter, by absorbing smaller write-downs for land.
Clearance sales helped boost Urban Outfitters to the highest quarterly sales in its history, the clothing retailer reported Monday.
But markdowns also led to lower profits at the Philly-based company, which has had a store in downtown Red Bank since November, 2009. Results are not disclosed by location.
The Red Bank-based company racked up $72.9 million in losses in the period that ended July 31, largely owing to the expiration of a federal tax credit for homebuyers.
A year earlier, Hovnanian reported a net loss of $168.9 million.
The company reported a net loss of $28.6 million in its second fiscal quarter, which ended April 30, compared with $118.6 million loss a year earlier.
In its first quarter, the company was profitable for the first time after more than four years of losses. Hovnanian has now lost money in 14 of the last 15 quarters.
The parent company of the Urban Outfitters chain reported record fourth-quarter sales and a 92-percent jump in earnings today.
But sales were flat at the Urban Outfitters chain itself, with the gains coming from the Philly-based company’s Anthropologie and Free People lines, the publicly traded company disclosed.
Red Bank-based homebuilder Hovnanian Enterprises ended a 13-quarter losing streak in its latest reporting period, the company announced Tuesday.
Though revenue in the quarter ending on January 31 plunged 14 percent, to $319.6 million, the company managed to rack up a profit of $236.2 million, or $2.97 a share, compared with a year-earlier loss of $178.4 million, or $2.29 a share.
That beat the consensus expectation of Wall Street analysts for a loss of 46 cents a share on revenue of $321 million, the Wall Street Journal reports.
Looks like the parent company of Urban Outfitters, which is scheduled to open one of its housewares and clothing stores in downtown Red Bank next week, will arrive with a head of steam.
Philly-based Urban Outfitters Inc. today reported record third-quarter earnings of $62 million, up five percent from a year ago, and a six-percent jump in sales, to $506 million.
But a comparison of results at stores open in both periods shows that while sales at the company’s Anthropologie chain rose three percent, they were down five percent at Urban Outfitters stores and down two percent across all chains, which also include Free People and Terrain.
Homebuilder Hovnanian Enterprises has notched its third straight year in red ink, according to data released Wednesday.
The glimmer of good news for investors in and employees of the Red Bank-based company is that the latest quarterly deficit was smaller than the one recorded a year earlier.
For its third fiscal quarter, ended July 31, Hovnanian said it lost $168.9 million, down from $202.5 million in the comparable 2008 period.