Hovnanian Posts Second Quarter Loss; Expects Solid Year
- Jun 04, 2008
Red Bank, N.J.–U.S.-based homebuilder Hovnanian Enterprises said Tuesday that its fiscal second quarter loss was 10 times greater than a year earlier. However, Hovnanian, headquartered in Red Bank, N.J., said it had enough liquidity to handle the lower demand and plans to stay cash-flow positive for the entire fiscal year, CNBC reported Wednesday.Hovnanian announced a net loss of $340.7 million, compared with a loss of $30.7 million a year before. Quarterly revenue dropped from $1.1 billion to $776.4 million. The builder’s contracts for the quarter dropped 29 percent from 2007 to 2,226 homes.