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Hovnanian Enterprises Announces 4.2% Increase in Dollar
Value of Net Contracts for the Month of February 2005
RED BANK, N.J., March 4, 2005 - Hovnanian Enterprises, Inc. (HOV), a leading
national homebuilder, announced today preliminary net contracts for the
month of February 2005. Including unconsolidated joint ventures, the dollar
value of net contracts for the trailing three months ended February 28, 2005
increased 15% over the same period last year. Over the past few months,
unusually wet weather, primarily in Southern California, has delayed
community openings and slowed sales traffic which has adversely impacted our
net contract pace in the West Region. The number of active selling
communities company-wide at the end of February decreased to 285 communities
from 286 communities at the end of the same month in the prior year.
February % Change
February % Change
2005 From
2005 From
Net Contracts February 2004 Net Contracts February 2004
------------- ------------- ------------- -------------
($ in millions)
Northeast
238 3.9%
$76.9 -12.2%
(NJ, NY, PA, OH)
Southeast
532 8.8%
183.2 39.3%
(FL, MD, NC, SC,
VA, WV)
Southwest
410 -3.8%
73.3 -0.7%
(AZ, TX)
West
367 -21.1%
143.6 -10.2%
(CA)
Consolidated
Total:
1,547 -3.9%
$477.0
5.4%
Unconsolidated Joint
Ventures
45 -29.7%
29.1 -11.4%
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Total:
1,592 -4.8%
$506.1
4.2%
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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,
Delaware, Florida, Illinois, Maryland, Michigan, Minnesota, New Jersey, New
York, 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 Homes, Goodman Homes, Matzel & Mumford, Diamond Homes,
Westminster Homes, Forecast Homes, Parkside Homes, Brighton Homes, Parkwood
Builders, Great Western Homes, Windward Homes, Cambridge Homes and Town &
Country 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 2004 annual report, can be accessed
through the Investor Relations page of the Hovnanian website at
http://www.khov.com. To be added to
Hovnanian's investor e-mail or fax lists, please send an e-mail to
IR@khov.com or sign up at
http://www.khov.com.
SOURCE Hovnanian Enterprises, Inc.
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