Home Builder Hovnanian Narrows Quarterly Loss

Red Bank, NJ, Sept. 2, 2010--Home builder Hovnanian Enterprises said Wednesday its fiscal third-quarter loss narrowed versus the prior-year period, but signed contracts on new homes tumbled 37% as demand slowed in the absence of homebuyer tax credits.

Hovnanian said it lost $72.9 million, or $0.92 a share, in the three months ended July 31. That compares with a loss of $168.9 million, or $2.16 a share, in the prior-year period.

Management blamed the weak sales trends in the May-July quarter on sagging consumer confidence.

Revenue fell to $380.6 million from $387.1 million the year before.

Its home order cancellation rate for the quarter was 23%, unchanged versus a year ago.


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