All How-To Topics
The Daily Scoop
|
|
Hovnanian posts ninth consecutive quarterly loss
comments (0) December 17th, 2008 in Blogs
Richard Defendorf, contributor
no recommendations
Smaller write-downs allowed Hovnanian Enterprises to post a narrower loss for its fiscal fourth quarter, which it ended with $838 million in cash, slightly above its guidance for the fall.
However, the net loss of $450.5 million, or $5.79 a share, was worse than expected by investors, noted The Wall Street Journal on Wednesday, and the company’s stock fell 7.6 percent, to $2.45, in after-hours trading. The quarter, which ended October 31, was the company’s ninth consecutive to show a loss. The company, the nation’s sixth-largest homebuilder, posted loss of $466.6 million, or $7.42 a share, during the same period a year earlier.
Revenue dropped 48 percent, to $721.4 million, with revenue from home sales down 48 percent and revenue from land sales and other items down 50 percent, according to the company’s report (click here for PDF).
CEO Ara Hovnanian said the focus remains on cash flow “even at the expenses of lower margins.” The company cut $42 million of debt last quarter, for example, through an exchange offer of existing unsecured notes for new secured notes maturing in 2017.
posted in: Blogs, business
|
|
|
|
-
How to Paint Fiber-Cement Siding
Painter Jim Lacey shares some tips for caulking and painting fiber-cement siding. read more
|
|
About this blog
If you are looking for the latest building industry news, you've found the right Web site. The news we feature here is written by editors and trusted members of the Fine Homebuilding community on topics that matter most to your business. From code changes to lawsuits to matters of credibility, we'll let you know about the issues that affect your bottom line.
Comments (0)
You must be logged in to post comments. Click here to login.