Hovnanian Enterprises Fourth Quarter 2012 Numbers
($84.4 M) +14.2%
($66.2 M) +66.2%
Behind the Numbers:
For the books, Hovnanian reported an $84.4 million loss in its fourth quarter. For the press release, management emphasized that it would have turned an $8.1 million profit if it had not been for things like land write-downs and the costs of extinguishing old and issuing new debt. “We are very happy to report a pre-tax profit before debt extinguishment gains or losses for the first time in 25 quarters,” CEO Ara K. Hovnanian said in the earnings report. The quarter showed good growth in sales and deliveries.
Hovnanian’s fiscal year ended Oct. 31.