Hovnanian Lost $450 Million in 4th Quarter

Hovnanian Enterprises Inc. says its fiscal fourth-quarter loss narrowed slightly from a year ago, but the
homebuilder continued to struggle against sharp declines in new home contracts and falling land values.
Red Bank, N.J.-based Hovnanian said Tuesday that after paying preferred stock dividends it lost $450.5 million, or $5.79 a share, for the quarter that ended Oct. 31. That compares with a loss of
$469.3 million, or $7.42 a share, in the same period last year.
The results included $456.5 million in pretax charges, including $319.9 million in land-related charges
Quarterly revenue fell 48 percent to $721.4 million.
(Copyright 2008 by The Associated Press.  All Rights Reserved.)