Homebuilder Hovnanian Swings To Loss

Red Bank, NJ, March 2, 2011 -- Homebuilder Hovnanian Enterprises said it lost $64.1 million, or $0.82 a share, for the three months ended Jan. 31.

That compares with net income of $236.2 million, or $2.97 a share, in the prior-year period, which included a tax gain of about $291 million.

Net contracts for new homes dropped 13% in the November to January period,

Revenue fell 21 percent to $252.6 million from $319.6 million the year before.