HOV POSTS SECOND CONSECUTIVE PROFIT

Hovnanian’s headquarters, on Maple Avenue in Red Bank. (File photo. Click to enlarge)

After going one-for-22, Red Bank-based national homebuilder Hovnanian Enterprises racked up a second consecutive net gain in its most recent fiscal quarter, the company announced Thursday.

In posting a profit of $34.7 million in the quarter ended July 31, compared with a prior-year loss of $50.9 million, Hovnanian “recorded double-digit revenue growth and a jump in contracts, the latest sign of improvement in the housing market,” the Wall Street Journal reports.

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HOV STUNNER: A PROFIT

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

Hovnanian Enterprises surprised Wall Street with news Wednesday that it’s most recent fiscal quarter was a profitable one.

Bloomberg reports that the Red Bank-based homebuilder’s net profit of $1.8 million, on a 52-percent surge in sales, was “unexpected.”

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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.

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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.

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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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POPPING OFF AT MAPLE COVE

Red Bank’s KaBoomFest kicked off its 2011 fundraising season Thursday night with a tent party on the lawn of Hovnanian Enterprises’ HQ, followed by a sample pyrotechnics show on the Navesink by Garden State Fireworks, which will once again be handling the big show on July 3.

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BOOM TOWN BASH IS A BIG-TENT TICKET

kaboom-preview-2008The annual KaBoom!  fundraiser culminated in a fireworks preview outside the Monmouth Boat Club in 2008. This year’s edition will be at Hovnanian HQ.

Whether you love it — or leave town for the day because of it — the annual KaBoom Fireworks on the Navesink event is one of “the fabulous events that make Red Bank and the Navesink River community the special place that it is,” says KaBoom! Committee chairman Tim Hogan.

As an attraction that draws some 150,000 gawkers and revelers to multiple sites along the riverfront, the July 3 sky-splash is surely the single biggest happening of the borough’s calendar year — one in which all of the more than $200,000 needed to produce KaBoomFest comes from private donations.

While the KaMittee’s underwriting vehicles have ranged from big-league corporate sponsorships to the less sophisticated (but no less effective) “Kick In for KaBoom Bucket,” it’s the annual springtime cocktail party that has traditionally fired the first signal flare in the Countdown to KaBoomsday — and on the evening of Thursday, April 28, the fuse will be lit for an intensive interlude of pyrotechnics, preparations, promotion, and the soliciting of those crucial private donations.

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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 HIT WITH $1 MILLION IN FINES

hov-hq-8-12-06Hovnanian’s headquarters, at the foot of Maple Avenue in Red Bank. (Click to enlarge)

Red Bank-based homebuilder Hovnanian Enterprises has agreed to pay $1 million for violations of federal Clean Water Act rules at 591 construction sites across the country, according to a federal Justice Department announcement.

The payment settles civil accusations that the company failed to obtain necessary permits before beginning construction or not getting them at all in 18 states and in Washington, D.C.

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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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HOV REVENUE FELL BY HALF IN 2009

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

Hovnanian Enterprises reported a fourth-quarter net loss of $250.8 million yesterday.

That’s down from a net loss of $450.5 million in the final fiscal quarter of 2008, the Red Bank-based homebuilder disclosed.

In announcing its results, the publicly traded company said revenue in the quarter fell to $437.4, from $721.4 a year earlier. For the full year, revenue fell by half, to $1.6 billion, from $3.3 billion.

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PLANNERS OK STORE CONVERSION TO EATERY

pazzo-renderingA rendering of the proposed restaurant’s facade. (Photo by Dustin Racioppi)

by DUSTIN RACIOPPI

Planning Board Chairman John Cash said little at Monday night’s planning meeting, but spoke the words Leonardo DiMaria most wanted to hear: “Welcome to Red Bank.”

Following a brief overview from DiMaria’s attorney concerning plans to open a coal-fired pizzeria at 141 West Front Street, the board quickly gave approval to a change-of-use request for about 4,900 square feet of empty retail space at Red Bank Corporate Plaza to primary food with outside dining.

“We’re pretty much ready to go,” DiMaria, who is one of three owners of Pazzo’s Coal Fired Oven Restaurant, said afterward.

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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.

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NEARLY EMPTY COMPLEX MAY GET RESTAURANT

rb-corp-plaza Except for limited office use, Red Bank Corporate Plaza has been empty since completion two years ago.

By Dustin Racioppi

Red Bank’s comeback from the depths of the economic downturn may turn out to be based on an unexpected foundation: pizza.

In recent months, one large pizza restaurant has opened, a second one  has committed to the downtown, and a third, smaller one is rumored to be coming.

Now, a fourth pizzeria appears about to take over a huge retail space in a white-elephant office, retail and parking complex on West Front Street. And this one could have a coveted liquor license.

Leonardo DiMaria, a co-owner a place to be called Pazzo’s Coal Fired Oven Restaurant, tells redbankgreen a sublease on some 4,900 square feet of space at Red Bank Corporate Plaza is “pretty much done. We should be signing the lease Tuesday or Wednesday.”

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HOV POSTS 12TH CONSECUTIVE NET LOSS

hov-hq-8-12-06Hovnanian’s HQ, at the foot of Maple Avenue in Red Bank.

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.

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