|Hovnanian Enterprises Fourth Quarter 2011 Numbers|
|Profit/(Loss)||($18.3 M) +71.5%|
|Home Deliveries||1,012 +13.5%|
|New Orders||1,1079 +26.9%|
Behind the Numbers:
Hovnanian’s losses narrowed considerably yet continued during its fiscal year's first quarter, which ended Jan. 31. The Red Bank, N.J.-based builder did some work on its balance sheet, using cash to extinguish some debt. Hovnanian saw the same uplift in sales at the end of 2011 that its competitors have reported, with new orders up by almost a quarter. The builder said sales orders continued to grow in February and were up 38% over the same month last year. Hovnanian also used cash to buy more land during the quarter, spending $74.1 million to buy some 690 lots and for land development across its markets. In a year Hovnanian has boosted its community count to 220 actively selling communities compared with 201 the year before.
Hovnanian’s fiscal year ends Oct. 31.