UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended
OR
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Commission file number
Hovnanian Enterprises, Inc. (Exact Name of Registrant as Specified in Its Charter)
N/A (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
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Securities registered pursuant to Section 12(b) of the Act: |
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Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
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N/A |
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The |
(1)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer ☐ |
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Nonaccelerated Filer ☐ |
Smaller Reporting Company |
Emerging Growth Company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
FORM 10-Q
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
(In thousands, except per share data)
(Unaudited)
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July 31, |
October 31, |
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2024 |
2023 |
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ASSETS |
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Homebuilding: |
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Cash and cash equivalents |
$ | $ | ||||||
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Restricted cash and cash equivalents |
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Inventories: |
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Sold and unsold homes and lots under development |
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Land and land options held for future development or sale |
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Consolidated inventory not owned |
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Total inventories |
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Investments in and advances to unconsolidated joint ventures |
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Receivables, deposits and notes, net |
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Property and equipment, net |
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Prepaid expenses and other assets |
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Total homebuilding |
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Financial services |
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Deferred tax assets, net |
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Total assets |
$ | $ | ||||||
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LIABILITIES AND EQUITY |
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Homebuilding: |
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Nonrecourse mortgages secured by inventory, net of debt issuance costs |
$ | $ | ||||||
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Accounts payable and other liabilities |
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Customers’ deposits |
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Liabilities from inventory not owned, net of debt issuance costs |
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Senior notes and credit facilities (net of discounts, premiums and debt issuance costs) |
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Accrued interest |
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Total homebuilding |
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Financial services |
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Income taxes payable |
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Total liabilities |
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Equity: |
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Hovnanian Enterprises, Inc. stockholders' equity: |
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Preferred stock, $ |
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Common stock, Class A, $ |
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Common stock, Class B, $ |
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Paid in capital - common stock |
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Accumulated deficit |
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Treasury stock - at cost – |
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Total Hovnanian Enterprises, Inc. stockholders’ equity |
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Noncontrolling interest in consolidated joint ventures |
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Total equity |
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Total liabilities and equity |
$ | $ | ||||||
See notes to condensed consolidated financial statements (unaudited).
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
(In thousands, except per share data)
(Unaudited)
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Three Months Ended July 31, |
Nine Months Ended July 31, | |||||||||||||||
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2024 |
2023 |
2024 | 2023 | |||||||||||||
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Revenues: |
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Homebuilding: |
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Sale of homes |
$ | $ | $ | $ | ||||||||||||
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Land sales and other revenues |
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Total homebuilding |
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Financial services |
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Total revenues |
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Expenses: |
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Homebuilding: |
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Cost of sales, excluding interest |
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Cost of sales interest |
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Inventory impairments and land option write-offs |
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Total cost of sales |
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Selling, general and administrative |
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Total homebuilding expenses |
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Financial services |
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Corporate general and administrative |
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Other interest |
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Other (income) expense, net (1) |
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Total expenses |
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(Loss) gain on extinguishment of debt, net |
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Income from unconsolidated joint ventures |
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Income before income taxes |
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State and federal income tax provision (benefit): |
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State |
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Federal |
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Total income taxes |
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Net income |
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Less: preferred stock dividends |
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Net income available to common stockholders |
$ | $ | $ | $ | ||||||||||||
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Per share data: |
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Basic: |
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Net income per common share |
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Weighted-average number of common shares outstanding |
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Assuming dilution: |
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Net income per common share |
$ | $ | $ | $ | ||||||||||||
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Weighted-average number of common shares outstanding |
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(1)
See notes to condensed consolidated financial statements (unaudited).
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
NINE MONTH PERIOD ENDED JULY 31, 2024
(In thousands, except share data)
(Unaudited)
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A Common Stock |
B Common Stock |
Preferred Stock |
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Shares |
Shares |
Shares |
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Issued and |
Issued and |
Issued and |
Paid-In |
Accumulated |
Treasury |
Noncontrolling |
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Outstanding |
Amount |
Outstanding |
Amount |
Outstanding |
Amount |
Capital |
Deficit |
Stock |
Interest |
Total |
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Balance, October 31, 2023 |
$ | $ | $ | $ | $ | ( |
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Stock options, amortization and issuances |
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Preferred dividend declared ($ |
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Restricted stock amortization, issuances and forfeitures |
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| Conversion of Class B to Class A common stock | ( |
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Changes in noncontrolling interest in consolidated joint ventures |
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Net income |
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Balance, January 31, 2024 |
$ | $ | $ | $ | $ | ( |
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| Stock options, amortization and issuances | ( |
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| Preferred dividend declared ($ |
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| Restricted stock amortization, issuances and forfeitures | ||||||||||||||||||||||||||||||||||||||||||||
| Conversion of Class B to Class A common stock | ( |
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| Balance, April 30, 2024 | $ | $ | $ | $ | $ | ( |
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| Stock options, amortization and issuances | ||||||||||||||||||||||||||||||||||||||||||||
| Preferred dividend declared ($ |
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| Restricted stock amortization, issuances and forfeitures | ( |
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| Conversion of Class B to Class A common stock | ( |
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| Net income | ||||||||||||||||||||||||||||||||||||||||||||
| Balance, July 31, 2024 | $ | $ | $ | $ | $ | ( |
) | $ | ( |
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See notes to condensed consolidated financial statements (unaudited).
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
NINE MONTH PERIOD ENDED JULY 31, 2023
(In thousands, except share data)
(Unaudited)
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A Common Stock |
B Common Stock |
Preferred Stock |
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Shares |
Shares |
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Issued and |
Issued and |
Issued and |
Paid-In |
Accumulated |
Treasury |
Noncontrolling |
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Outstanding |
Amount |
Outstanding |
Amount |
Outstanding |
Amount |
Capital |
Deficit |
Stock |
Interest |
Total |
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Balance, October 31, 2022 |
$ | $ | $ | $ | $ | ( |
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Stock options, amortization and issuances |
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Preferred dividend declared ($ |
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Restricted stock amortization, issuances and forfeitures |
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Changes in noncontrolling interest in consolidated joint ventures |
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Net income |
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