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Hovnanian Enterprises

 
Hoover's Profile: Hovnanian Enterprises, Inc.
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(NYSE:HOV)
Company Financials
Income Statement
Balance Sheet
Cash Flow Statement

Contact Information
Hovnanian Enterprises, Inc.
110 W. Front St.
Red Bank, NJ 07701
NJ Tel. 732-747-7800
Fax 732-747-6835

Type: Public
On the web: http://www.khov.com
 Employees: 1,750
Employee growth: (37.9%)

Gimme shelter. Hovnanian Enterprises designs, builds, and markets single-family detached homes, condominiums, and townhomes for first-time, move-up, and luxury buyers as well as for empty-nesters and active adults. Hovnanian delivered about 11,000 homes in fiscal 2008 (down from more than 20,000 in 2006), with base prices ranging from $36,000 to $2.5 million and averaging about $300,000. The company operates in some 300 communities in about 20 states, primarily operating along the East Coast and in the Midwest, California, and Texas. Its K. Hovnanian American Mortgage unit offers mortgage financing and title services. Members of the Hovnanian family control more than 90% of Hovnanian Enterprises.

Key numbers for fiscal year ending October, 2009:
Sales: $1,596.3M
One year growth: (51.7%)
Net income: ($716.7)M

Officers:
Chairman, President, and CEO: Ara K. Hovnanian
SVP Corporate Operations: Mark S. Hodges
EVP, CFO, and Director: J. Larry Sorsby

Competitors:
D.R. Horton
Lennar
Pulte Homes

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Hovnanian Enterprises Inc.
Type Public (NYSE: HOV)
Founded 1959
Headquarters Red Bank, New Jersey,United States
Key people Kevork Hovnanian
Founder & Chairman
Ara K. Hovnanian
CEO & President
J. Larry Sorsby
CFO & Executive VP
Industry Construction
Products Homes
Financial Services
Revenue ▼ US$ 1.596 billion (2009)[1]
Operating income ▲ US$ -672.02 million (2009)[1]
Net income ▲ US$ -716.71 million (2009)[1]
Total assets ▼ US$ 2.03 billion (2009)[1]
Total equity ▼ US$ -349.60 million (2009)[1]
Employees 1,750 (2009)[1]
Website www.khov.com

Hovnanian Enterprises, Inc. (NYSE: HOV) is a United States real estate company involved in every aspect of marketing homes, including design, construction and sales. The company works with individual detached housing as well as higher-occupancy dwellings, including townhouses, condominiums and retirement homes. In most cases, the company acquires and develops the land on which these developments are built, but in some geographic regions, Hovnanian offers to build their proprietary house designs on private land. The Company consists of two operating groups, homebuilding and financial services, and recently entered the Fortune 500.

Despite some recent financial difficulties due to the 2008-2009 recession and financial crisis, Hovnanian Enterprises remains the sixth largest American homebuilder and the largest homebuilder in New Jersey, as of September 2009.[2]

Contents

Company operations

Hovnanian Enterprises, Inc. builds about 14,600 houses a year, with base prices ranging from $46,000 to $2,350,000 and averaging about $280,000. It operates in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Michigan, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia.[3] The Hovnanian family controls about 30% of the company shares, a stake worth $1 billion in 2005.

The company, based in Red Bank, NJ, was co-founded in a trailer in Toms River, New Jersey in 1959 by Kevork Hovnanian, an ethnic Armenian originally from Iraq, and his three brothers - Hirair Hovnanian, Jirair Hovnanian and Vahak Hovananian.[4]

The company relocated its corporate headquarters to a new building on the banks of the Navesink River in Red Bank, New Jersey, in 2006.[2]

Quality

Hovnanian has been the subject of customer complaints. In a few cases, there have been legitimate construction problems in some Hovnanian houses. For example, in 2005, Hovnanian acknowledged problems in a development in New Jersey after nearly three dozen disgruntled homeowners turned to elected officials when their complaints were ignored[5].

K. Hovnanian Homes has also been the subject of praise from homeowners citing the builders reputation and solid history.[6] Hovnanian has also received numerous awards based on the quality of their construction and high level customer support. [7][8]

External links

References

  1. ^ a b c d e f Hovnanian Enterprises, Inc. (2009-12-22). "10-K". http://edgar.sec.gov/Archives/edgar/data/357294/000035729409000046/f10k103109122209clean.htm. Retrieved 2009-12-22. 
  2. ^ a b Willis, David P. (2009-09-24). "Homebuilder leaves legacy of philanthropy". Asbury Park Press. http://www.app.com/article/20090925/BUSINESS/909250363/1003. Retrieved 2009-10-19. 
  3. ^ http://www.investor.reuters.wallst.com/stocks/company-profile.asp?rpc=66&ticker=HOV
  4. ^ Meier, Barry (2009-09-25). "Kevork S. Hovnanian, Construction Company Founder, Dies at 86". New York Times. http://www.nytimes.com/2009/09/26/business/26hovnanian.html. Retrieved 2009-10-19. 
  5. ^ "N.J.: State Report Details Homebuilding Flaws". Daily Real Estate News, Realtor Magazine Online. March 23, 2005. http://www.realtor.org/rmodaily.nsf/0/de158967ac586f5586256fcd00590016?OpenDocument. 
  6. ^ Woman trades noisy neighbor for a peaceful K. Hovnanian Home, Asbury Park Press, app.com, January 13, 2008, accessed February 2, 2008
  7. ^ K. Hovnanian Homes Earns National Housing Quality Certification for Outstanding Quality Assurance and Customer Satisfaction, NAHB Research Center, nahbrc.org, September 7, 2006, accessed February 2, 2008
  8. ^ Six Quality Methods for Award Winning Performance of National Housing Quality award winners, Toolbase Services, toolbase.org, accessed February 2, 2008

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