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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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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