Homebuilder Hovnanian Enterprises reported results for its fiscal third quarter ended July 31, 2015. Total revenues were $540.6 million, a decrease of 1.9% compared with $551 million in Q3 of fiscal 2014.
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For the nine months ended July 31, 2015, total revenues increased 7.4% to $1.46 billion compared with $1.36 billion in the first nine months of the prior year.
Homebuilding gross margin percentage, before interest expense and land charges included in cost of sales, was 17.8% for the third quarter ended July 31, 2015, compared with 21.3% in last year's third quarter, and was 16.1% for the second quarter of fiscal 2015.
During the first nine months of fiscal 2015, homebuilding gross margin percentage, before interest expense and land charges included in cost of sales, was 17.4% compared with 20.2% in the same period of the previous year.
Net loss was $7.7 million, or $0.05 per common share, for the third quarter of fiscal 2015, compared with net income $17.1 million, or $0.11 per common share, in the third quarter of the previous year.
For the nine months ended July 31, 2015, the net loss was $41.6 million, or $0.28 per common share, compared with a net loss of $15.3 million, or $0.10 per common share, in the first nine months of fiscal 2014.
The pre-tax loss, excluding land-related charges and loss on extinguishment of debt, in the third quarter of fiscal 2015 was $8.9 million compared with net income of $16.1 million in the prior year's third quarter.
For the first nine months of fiscal 2015, the pre-tax loss, excluding land-related charges and loss on extinguishment of debt, was $51.5 million compared with a loss of $12.7 million during the first nine months of fiscal 2014.
The dollar value of consolidated net contracts increased 19.7% to $619.4 million for the three months ended July 31, 2015 compared with $517.3 million during the same quarter a year ago.
The dollar value of net contracts, including unconsolidated joint ventures, during the third quarter of fiscal 2015 increased 27.9% to $694.6 million compared with $542.9 million in last year's third quarter.
In the third quarter of fiscal 2015, the number of consolidated net contracts increased 13.0% to 1,533 homes compared with 1,357 homes in the prior year's third quarter.
The number of net contracts, including unconsolidated joint ventures, increased 16.4% to 1,658 homes for the third quarter of fiscal 2015 from 1,424 homes during the third quarter of fiscal 2014. ■