Hovnanian Posts Loss On Canceled Home Deals
The Record, Bergen County, NJ › March 10, 2007
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Summary
RED BANK Hovnanian Enterprises Inc., the sixth-largest U.S. home builder by revenue, reported a loss for the fiscal first quarter as sales slumped and Florida home buyers canceled orders.
The net loss for the three months ended Jan. 31 was $57.3 million, or 91 cents a share, compared with a profit of $81.4 million, or $1.30, a year earlier, the company said Thursday in a statement. Hovnanian took charges of $93 million on canceled contracts for homes in southwest Florida and to write off its 2005 acquisition of a Florida home building company.See the full content of this document
Extract
Hovnanian Posts Loss On Canceled Home Deals
It was the second consecutive quarterly loss for the company after nine years of gains.
Home builders such as Hovnanian are struggling as inventories of unsold properties swell while specu...See the full content of this document
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