RED BANK, NJ -- Hovnanian Enterprises, Inc., a leading national homebuilder, reported a pre-tax loss of $75 million for the first three months of fiscal 2008. Including all land-related charges, the Company reported a pre-tax loss of $169 million for the first quarter of fiscal 2008.
During the quarter, the Company delivered 3,604 homes, including 1,345 homes from the Company's Fort Myers-Cape Coral operations, with an aggregate sales value of $1.05 billion in the first quarter of fiscal 2008, an increase of 10.3% from 3,266 home deliveries with an aggregate sales value of $1.14 billion in the fiscal 2007 first quarter. Total revenues were $1.09 billion for the first quarter of fiscal 2008.
"Market conditions remain challenging across many of our markets," commented Ara K. Hovnanian, President and Chief Executive Officer of the Company. "We continue to focus on reducing our inventories, maximizing cash flow and shrinking our overhead to ensure that we properly manage the difficult market conditions we currently face. Despite the persistence of negative factors impacting the homebuilding industry, we are diligently working to position the company to take advantage of the stronger demand for new homes that will inevitably return once the current housing correction ends," concluded Mr. Hovnanian.
| 
