HOV BOOSTS REVENUE, SHRINKS LOSS

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.

Read More »

HOVNANIAN ENDURES ANOTHER LOSS

hov-hq-090511Hovnanian’s national headquarters in Red Bank. (Click to enlarge)

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.

Read More »

REPORT: HOV LOSS LARGER THAN EXPECTED

HovHovnanian’s headquarters on West Front Street.

Red Bank-based homebuilder Hovnanian Enterprises closed out its fiscal year October 31 on a larger-than-expected net loss, according to a news report.

The company’s fourth quarter produced an after-tax net loss of  $132.1 million, or $1.68 per common share, compared with a net loss of $250.8 million, or $3.21 per share, in the comparable 2009 quarter.

The New York Times, citing Thomson Reuters, said analysts had been expecting a loss of 66 cents a share.

Read More »

WSJ: HOV SEEKING DEBT RESTRUCTURING

Img_9341Hovnanian’s headquarters overlooking the Navesink River.

Red Bank-based Hovnanian Enterprises is trying to refinance some $759 million in debt even as other homebuilders are beginning to buy land again, today’s Wall Street Journal reports.

The company’s moves toward a debt restructuring were underway last week when company founder and chairman Kevork Hovnanian died Friday at age 86. The impact of the Rumson resident’s passing on his family’s control of the publicly traded company is unclear, the Journal reports.

Read More »