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Hovnanian Enterprises, Inc. Announces 62% Increase in the Dollar Value of Net
Contracts for the Quarter Ended April 30, 2004 and 58% Increase for the Month
of April 2004
RED BANK, N.J., May 5 /PRNewswire-FirstCall/ -- Hovnanian Enterprises,
Inc. (NYSE:HOV), a leading national homebuilder, announced today
preliminary net contracts and sales backlog for the second quarter and
month ended April 30, 2004. For the month of April 2004, the dollar
value of net contracts increased 58% and the number of net contracts
increased 39%, to 1,520 homes, when compared with April 2003. For the
quarter, the dollar value of net contracts increased 62% and the
number of net contracts increased 45%, to 4,911 homes, when compared
with the second quarter of fiscal 2003. The sales value of contract
backlog at April 30, 2004 grew 69% over April 30, 2003, to $2.4
billion, and the number of homes in contract backlog increased 52%, to
8,092 homes, when compared to 5,318 homes at April 30, 2003. The
Company delivered 3,373 homes during the second quarter, including 19
in unconsolidated joint ventures, an increase of 35% over the 2,507
homes delivered during the same period in 2003, which included 11 home
deliveries in unconsolidated joint ventures. The number of active
selling communities company-wide on April 30, 2004 increased to 291
communities from 244 communities at the end of April 2003.
Net Contracts
Three Months Ended Contract Backlog
April 30th April 30th
------------------------- --------------------------
2004 2003 % Change 2004 2003 % Change
------------------------- --------------------------
Northeast(1)
Homes 919 639 43.8% 2,440 2,024 20.6%
Dollars 307,127 204,944 49.9% 733,520 538,741 36.2%
Avg.
Price 334,197 320,726 4.2% 300,623 266,176 12.9%
Southeast(1)
Homes 1,276 949 34.5% 2,591 1,531 69.2%
Dollars 351,922 248,323 41.7% 750,533 423,615 77.2%
Avg.
Price 275,801 261,668 5.4% 289,669 276,692 4.7%
Southwest(1)
Homes 1,150 732 57.1% 1,254 645 94.4%
Dollars 202,748 143,978 40.8% 204,621 128,786 58.9%
Avg.
Price 176,303 196,691 (10.4%) 163,174 199,668 (18.3%)
West
Homes 1,428 1,069 33.6% 1,570 1,100 42.7%
Dollars 533,685 312,470 70.8% 587,174 336,741 74.4%
Avg.
Price 3 73,729 292,301 27.9% 373,996 306,128 22.2%
Consolidated
Total
Homes 4,773 3,389 40.8% 7,855 5,300 48.2%
Dollars 1,395,482 909,715 53.4% 2,275,848 1,427,883 59.4%
Avg.
Price 292,370 268,432 8.9% 289,732 269,412 7.5%
Unconsolidated Joint
Ventures
Homes 138 9 N/A 237 18 N/A
Dollars 84,795 1,759 N/A 140,352 3,715 N/A
Avg.
Price 614,454 195,450 N/A 592,204 206,381 N/A
Total
Homes 4,911 3,398 44.5% 8,092 5,318 52.2%
Dollars 1,480,277 911,474 62.4% 2,416,201 1,431,598 68.8%
Avg.
Price 301,421 268,238 12.4% 298,591 269,199 10.9%
----------------------------------------------------------------------
April % Change April % Change
2004 From 2004 From
Net April Net April
Contracts 2003 Contracts 2003
($ in millions)
Northeast(1) 346 39.5% $98.3 37.6%
(NJ, NY, PA, OH)
Southeast(1) 331 20.4% 95.7 32.2%
(FL, MD, NC, SC, VA, WV)
Southwest(1) 345 52.7% 61.4 39.6%
(AZ, TX)
West 460 32.2% 181.1 72.9%
(CA)
Consolidated Total: 1,482 35.1% $436.5 49.2%
Unconsolidated Joint
Ventures 38 NM 26.7 NM
----------------------------------------------
Total: 1,520 38.6% $463.2 58.2%
----------------------------------------------
(1) The number of net contracts and backlog in the Northeast for the second
quarter and month ended April 30, 2004 includes the effect of the Summit Homes
acquisition, which closed in April 2003. The number of net contracts and
backlog in the Southwest for the second quarter and month ended April 30, 2004
includes the effect of the Great Western Homes acquisition, which closed in
August 2003. The number of net contracts in the Southeast for the second quarter
and month ended April 30, 2004 includes the effect of the Windward Homes
acquisition, which closed in November 2003.
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian,
Chairman, is headquartered in Red Bank, New Jersey. The Company is one of the
nation's largest homebuilders with operations in Arizona, California, Florida,
Maryland, New Jersey, New York, Michigan, Minnesota, North Carolina, Ohio,
Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes
are marketed and sold under the trade names K. Hovnanian, Washington Homes,
Goodman Homes, Matzel & Mumford, Diamond Homes, Westminster Homes, Fortis Homes,
Forecast Homes, Parkside Homes, Brighton Homes, Parkwood Builders, Summit
Homes, Great Western Homes and Windward Homes. As the
developer of K. Hovnanian's Four Seasons communities, the Company is also one
of the nation's largest builders of active adult homes.
Additional information on Hovnanian Enterprises, Inc., including a summary
investment profile and the Company's 2003 annual report, can be accessed through
the investor relations page of the Hovnanian Web site at http://www.khov.com.
To be added to Hovnanian's investor e-mail or fax lists, please send an
e-mail to [email protected] or sign up at http://www.khov.com.
SOURCE Hovnanian Enterprises, Inc.
CO: Hovnanian Enterprises, Inc.
ST: New Jersey
SU: CON SLS
Web site: http://www.khov.com
http://www.prnewswire.com
05/05/2004 05:00 EDT
Contracts for the Quarter Ended April 30, 2004 and 58% Increase for the Month
of April 2004
RED BANK, N.J., May 5 /PRNewswire-FirstCall/ -- Hovnanian Enterprises,
Inc. (NYSE:HOV), a leading national homebuilder, announced today
preliminary net contracts and sales backlog for the second quarter and
month ended April 30, 2004. For the month of April 2004, the dollar
value of net contracts increased 58% and the number of net contracts
increased 39%, to 1,520 homes, when compared with April 2003. For the
quarter, the dollar value of net contracts increased 62% and the
number of net contracts increased 45%, to 4,911 homes, when compared
with the second quarter of fiscal 2003. The sales value of contract
backlog at April 30, 2004 grew 69% over April 30, 2003, to $2.4
billion, and the number of homes in contract backlog increased 52%, to
8,092 homes, when compared to 5,318 homes at April 30, 2003. The
Company delivered 3,373 homes during the second quarter, including 19
in unconsolidated joint ventures, an increase of 35% over the 2,507
homes delivered during the same period in 2003, which included 11 home
deliveries in unconsolidated joint ventures. The number of active
selling communities company-wide on April 30, 2004 increased to 291
communities from 244 communities at the end of April 2003.
Net Contracts
Three Months Ended Contract Backlog
April 30th April 30th
------------------------- --------------------------
2004 2003 % Change 2004 2003 % Change
------------------------- --------------------------
Northeast(1)
Homes 919 639 43.8% 2,440 2,024 20.6%
Dollars 307,127 204,944 49.9% 733,520 538,741 36.2%
Avg.
Price 334,197 320,726 4.2% 300,623 266,176 12.9%
Southeast(1)
Homes 1,276 949 34.5% 2,591 1,531 69.2%
Dollars 351,922 248,323 41.7% 750,533 423,615 77.2%
Avg.
Price 275,801 261,668 5.4% 289,669 276,692 4.7%
Southwest(1)
Homes 1,150 732 57.1% 1,254 645 94.4%
Dollars 202,748 143,978 40.8% 204,621 128,786 58.9%
Avg.
Price 176,303 196,691 (10.4%) 163,174 199,668 (18.3%)
West
Homes 1,428 1,069 33.6% 1,570 1,100 42.7%
Dollars 533,685 312,470 70.8% 587,174 336,741 74.4%
Avg.
Price 3 73,729 292,301 27.9% 373,996 306,128 22.2%
Consolidated
Total
Homes 4,773 3,389 40.8% 7,855 5,300 48.2%
Dollars 1,395,482 909,715 53.4% 2,275,848 1,427,883 59.4%
Avg.
Price 292,370 268,432 8.9% 289,732 269,412 7.5%
Unconsolidated Joint
Ventures
Homes 138 9 N/A 237 18 N/A
Dollars 84,795 1,759 N/A 140,352 3,715 N/A
Avg.
Price 614,454 195,450 N/A 592,204 206,381 N/A
Total
Homes 4,911 3,398 44.5% 8,092 5,318 52.2%
Dollars 1,480,277 911,474 62.4% 2,416,201 1,431,598 68.8%
Avg.
Price 301,421 268,238 12.4% 298,591 269,199 10.9%
----------------------------------------------------------------------
April % Change April % Change
2004 From 2004 From
Net April Net April
Contracts 2003 Contracts 2003
($ in millions)
Northeast(1) 346 39.5% $98.3 37.6%
(NJ, NY, PA, OH)
Southeast(1) 331 20.4% 95.7 32.2%
(FL, MD, NC, SC, VA, WV)
Southwest(1) 345 52.7% 61.4 39.6%
(AZ, TX)
West 460 32.2% 181.1 72.9%
(CA)
Consolidated Total: 1,482 35.1% $436.5 49.2%
Unconsolidated Joint
Ventures 38 NM 26.7 NM
----------------------------------------------
Total: 1,520 38.6% $463.2 58.2%
----------------------------------------------
(1) The number of net contracts and backlog in the Northeast for the second
quarter and month ended April 30, 2004 includes the effect of the Summit Homes
acquisition, which closed in April 2003. The number of net contracts and
backlog in the Southwest for the second quarter and month ended April 30, 2004
includes the effect of the Great Western Homes acquisition, which closed in
August 2003. The number of net contracts in the Southeast for the second quarter
and month ended April 30, 2004 includes the effect of the Windward Homes
acquisition, which closed in November 2003.
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian,
Chairman, is headquartered in Red Bank, New Jersey. The Company is one of the
nation's largest homebuilders with operations in Arizona, California, Florida,
Maryland, New Jersey, New York, Michigan, Minnesota, North Carolina, Ohio,
Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes
are marketed and sold under the trade names K. Hovnanian, Washington Homes,
Goodman Homes, Matzel & Mumford, Diamond Homes, Westminster Homes, Fortis Homes,
Forecast Homes, Parkside Homes, Brighton Homes, Parkwood Builders, Summit
Homes, Great Western Homes and Windward Homes. As the
developer of K. Hovnanian's Four Seasons communities, the Company is also one
of the nation's largest builders of active adult homes.
Additional information on Hovnanian Enterprises, Inc., including a summary
investment profile and the Company's 2003 annual report, can be accessed through
the investor relations page of the Hovnanian Web site at http://www.khov.com.
To be added to Hovnanian's investor e-mail or fax lists, please send an
e-mail to [email protected] or sign up at http://www.khov.com.
SOURCE Hovnanian Enterprises, Inc.
CO: Hovnanian Enterprises, Inc.
ST: New Jersey
SU: CON SLS
Web site: http://www.khov.com
http://www.prnewswire.com
05/05/2004 05:00 EDT