RED BANK: HOVNANIAN SELLING HOME OFFICE

Hovnanian’s headquarters in Red Bank, as seen from Maple Cove at the foot of Maple Avenue. (Photo by John T. Ward. Click to enlarge)

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.

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RED BANK: HOVNANIAN NEARLY BREAKS EVEN

hovanian hq 071715Hovnanian’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.

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RED BANK: HOVNANIAN ‘DELEVERAGING’ BOOKS

hov-hq-8-12-06Hovnanian’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.

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RED BANK: HOV LOSSES EXTENDED

hovanian hq 071715Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

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.

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RED BANK: HOVNANIAN POSTS $19.6M LOSS

hov-hq-8-12-06Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

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.

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RED BANK: HOMEBUILDER’S NET DOUBLES

hov-hq-8-12-06Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

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.

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RED BANK: HOMEBUILDER POSTS LOSS

hov-hq-8-12-06Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

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.

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RED BANK: HOV POSTS STRONG RESULTS

hov-hq-090511Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

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.

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HOV TOUGHS OUT ANOTHER Q

hov-hq-090511Hovnanian’s Red Bank headquarters, as seen from Maple Cove. (Click to enlarge)

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.

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MORE RED INK FOR RED BANK HOMEBUILDER

Hov_hq_81206Hovnanian’s Red Bank HQ, as seen from the foot of Maple Avenue.

Hovnanian Enterprise reported a $72.7 million loss as revenue fell in latest fiscal quarter. The deficit was worse than Wall Street analysts had anticipated, according to a Bloomberg News report in the New York Times.

The Red Bank-headquartered national homebuilding company reported that revenue fell 20 percent, to $255.1 million, from $318.6 million a year earlier, in the quarter ended April 30. Net orders dropped 17 percent.

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HOV BEATS OUTLOOK — IN WRONG DIRECTION

Img_9341File photo of the company’s headquarters overlooking the Navesink River. (Click to enlarge)

Homebuilder Hovnanian Enterprises slashed its net loss in its latest fiscal quarter, but still produced more red ink than Wall Street analysts were expecting, according to Bloomberg.

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.

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HOV POSTS ANOTHER QUARTERLY LOSS

Img_9341Hovnanian’s headquarters overlooking the Navesink River at Maple Cove. (Click to enlarge)

The misery isn’t over at Red Bank-based national homebuilder Hovnanian Enterprises, despite a brief return to the black two quarters back.

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.

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HOV BACK IN BLACK AFTER THREE YEARS

HovHovnanian’s headquarters on West Front Street.

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.

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