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Last10K.com | 10-Q Quarterly Report Thu Mar 07 2019
Exhibit 99.1
|
HOVNANIAN ENTERPRISES, INC. |
News Release |
The following information was filed by Hovnanian Enterprises Inc (HOV) on Thursday, March 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Hovnanian Enterprises Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Hovnanian Enterprises Inc.
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Hovnanian Enterprises Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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- Board Members
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Financial - Expense Highlight
Selling, general and administrative costs (including corporate general and administrative expenses) decreased slightly from $61.0 million in the fourth quarter of fiscal 2018 (after adjusting for a $10.2 million benefit resulting from an adjustment to our construction defect reserves based on our annual actuarial study) to $60.4 million in the first quarter of fiscal 2019.
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Financial - Expense Highlight
Selling, general and administrative costs (including corporate general and administrative expenses) decreased $2.0 million for the three months ended January 31, 2019 as compared to the same period of the prior year.
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Revenue - Product Highlight
Should we decide to further lower prices or have further land sales, or should the estimates or expectations used in determining estimated cash flows or fair value decrease or differ from current estimates in the future, we may need to recognize additional impairments.
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Revenue - Product Highlight
The increase for the three months ended January 31, 2019, compared to the three months ended January 31, 2018, was mainly due to the increase in land sales discussed above, partially offset by the $3.6 million gain recognized from the sale of our former corporate headquarters building in the first quarter of fiscal 2018.
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Financial - Debt Highlight
Cash provided by financing activities was $39.0 million during the first quarter of fiscal 2019 which included $36.0 million of borrowings on our Secured Credit Facility, proceeds of $21.3 million from a debt issuance, $19.1 million from land banking and model sale leaseback programs and $26.0 million of net proceeds from nonrecourse mortgages, offset by a $62.0 million reduction in mortgage warehouse lines of credit.
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Revenue - Product
The decrease in average sales...Read more
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Revenue - Product
As discussed above, the overall...Read more
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Financial - Expense
40 Table of Contents 40...Read more
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Other - Other
Our cash position during the...Read more
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Financial - Income
Total Taxes The total income...Read more
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Revenue - Product
Additional results for the first...Read more
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Financial - Debt
Mortgages and Notes Payable We...Read more
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Financial - Earnings
For the three months ended...Read more
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Revenue - Product
The decrease was primarily due...Read more
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Revenue - Product
However, as a percentage of...Read more
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Revenue - Product
The decrease in homebuilding revenues...Read more
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Revenue - Product
36 Table of Contents 36...Read more
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Financial - Expense
Also contributing to the decrease...Read more
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Other - Other
Financial Services (liabilities) decreased $69.2...Read more
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Revenue - Product
A breakout of land and...Read more
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Revenue - Product
The decrease was primarily due...Read more
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Financial - Earnings
Gross margin percentage, before cost...Read more
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Financial - Earnings
New land purchases at pricing...Read more
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Revenue - Product
The decrease was due to...Read more
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Financial - Expense
Option, approval and engineering costs...Read more
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Financial - Expense
Accrued expenses decreased primarily due...Read more
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Other - Other
Also contributing to the decrease...Read more
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Other - Other
As shown in the tables...Read more
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Other - Other
This decrease was due to...Read more
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Revenue - Product
The increase was due to...Read more
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Financial - Earnings
This decrease in pretax profit...Read more
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Revenue - Product
We continue to see opportunities...Read more
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Financial - Debt
If our consolidated fixed charge...Read more
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Revenue - Product
The decrease in mortgage loans...Read more
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Financial - Expense
Homebuilding Selling, General and Administrative...Read more
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Revenue - Product
35 Table of Contents 35...Read more
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Other - Other
Nonrecourse mortgages secured by inventory...Read more
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Revenue - Product
In the first quarter of...Read more
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Financial - Debt
As expected, due to our...Read more
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Revenue - Product
Our reported level of sales...Read more
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Other - Other
Consolidated inventory not owned increased...Read more
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Other - Other
Total inventory, excluding consolidated inventory...Read more
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Other - Other
44 Table of Contents 44...Read more
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Financial - Expense
Inflation Inflation has a long-term...Read more
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Financial - Debt
31 Table of Contents 31...Read more
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Financial - Expense
Such prepaids are expensed as...Read more
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Other - Other
Inventory Activities Total inventory, excluding...Read more
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Financial - Debt
Debt Transactions As of January...Read more
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Financial - Debt
We also continue to evaluate...Read more
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Revenue - Product
There were four land sales...Read more
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Revenue - Geography
The decrease in average price...Read more
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Revenue - Product
The decrease is primarily due...Read more
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Revenue - Product
Ultimately, community count growth, absent...Read more
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Revenue - Product
As of January 31, 2019,...Read more
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Other - Other
As of January 31, 2019...Read more
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Revenue - Product
42 Table of Contents 42...Read more
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Revenue - Product
Land sales and other revenues...Read more
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Revenue - Product
In addition, there was a...Read more
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Revenue - Product
Midwest - Homebuilding revenues increased...Read more
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Revenue - Product
West - Homebuilding revenues increased...Read more
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Financial - Income
The increase was primarily due...Read more
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Revenue - Product
The increase was primarily due...Read more
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Financial - Shares
The improvement in the loss...Read more
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Revenue - Product
43 Table of Contents 43...Read more
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Revenue - Product
Southeast - Homebuilding revenues decreased...Read more
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Revenue - Product
Southwest - Homebuilding revenues decreased...Read more
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Financial - Earnings
Similarly, as our mortgage operations...Read more
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Financial - Debt
In addition, as of January...Read more
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Other - Other
In the first quarters of...Read more
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Financial - Cash Flow
We have historically funded our...Read more
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M & A - Other
In the last few years,...Read more
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Revenue - Product
The increase from October 31,...Read more
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Financial - Expense
The decrease can be attributed...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Condensed Consolidated Balance Sheets (Current Period Unaudited)
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Condensed Consolidated Statement Of Changes In Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Operations (Unaudited)
Note 1 - Basis Of Presentation
Note 1 - Basis Of Presentation (Details Textual)
Note 10 - Mortgages
Note 10 - Mortgages (Details Textual)
Note 11 - Senior Notes And Credit Facilities
Note 11 - Senior Notes And Credit Facilities (Details Textual)
Note 11 - Senior Notes And Credit Facilities (Tables)
Note 11 - Senior Notes And Credit Facilities - Senior Notes And Credit Facilities Balances (Details)
Note 11 - Senior Notes And Credit Facilities - Senior Notes And Credit Facilities Balances (Details) (Parentheticals)
Note 12 - Per Share Calculations
Note 12 - Per Share Calculations (Details Textual)
Note 13 - Preferred Stock
Note 13 - Preferred Stock (Details Textual)
Note 14 - Common Stock
Note 14 - Common Stock (Details Textual)
Note 15 - Income Taxes
Note 15 - Income Taxes (Details Textual)
Note 16 - Operating And Reporting Segments
Note 16 - Operating And Reporting Segments (Details Textual)
Note 16 - Operating And Reporting Segments (Tables)
Note 16 - Operating And Reporting Segments - Financial Information Relating To Segment Financial Position (Details)
Note 16 - Operating And Reporting Segments - Financial Information Relating To Segment Operations (Details)
Note 17 - Investments In Unconsolidated Homebuilding And Land Development Joint Ventures
Note 17 - Investments In Unconsolidated Homebuilding And Land Development Joint Ventures (Details Textual)
Note 17 - Investments In Unconsolidated Homebuilding And Land Development Joint Ventures (Tables)
Note 17 - Investments In Unconsolidated Homebuilding And Land Development Joint Ventures - Unconsolidated Homebuilding And Land Development Joint Ventures (Details)
Note 18 - Recent Accounting Pronouncements
Note 19 - Fair Value Of Financial Instruments
Note 19 - Fair Value Of Financial Instruments (Details Textual)
Note 19 - Fair Value Of Financial Instruments (Tables)
Note 19 - Fair Value Of Financial Instruments - Assets Measured At Fair Value On A Nonrecurring Basis (Details)
Note 19 - Fair Value Of Financial Instruments - Changes In Fair Values Included In Income (Loss) (Details)
Note 19 - Fair Value Of Financial Instruments - Fair Value Of Notes (Details)
Note 19 - Fair Value Of Financial Instruments - Fair Value Of Notes (Details) (Parentheticals)
Note 19 - Fair Value Of Financial Instruments - Financial Instruments Measured At Fair Value On A Recurring Basis (Details)
Note 2 - Stock Compensation
Note 2 - Stock Compensation (Details Textual)
Note 20 - Transactions With Related Parties
Note 20 - Transactions With Related Parties (Details Textual)
Note 21 - Subsequent Events
Note 21 - Subsequent Events (Details Textual)
Note 3 - Interest
Note 3 - Interest (Details Textual)
Note 3 - Interest (Tables)
Note 3 - Interest - Cash Paid For Interest, Net Of Capitalized Interest (Details)
Note 3 - Interest - Interest Costs Incurred, Expensed And Capitalized (Details)
Note 4 - Reduction Of Inventory To Fair Value
Note 4 - Reduction Of Inventory To Fair Value (Details Textual)
Note 5 - Variable Interest Entities
Note 5 - Variable Interest Entities (Details Textual)
Note 6 - Warranty Costs
Note 6 - Warranty Costs (Details Textual)
Note 6 - Warranty Costs (Tables)
Note 6 - Warranty Costs - Warranty And General Liability Reserve (Details)
Note 7 - Commitments And Contingent Liabilities
Note 7 - Commitments And Contingent Liabilities (Details Textual)
Note 8 - Cash And Cash Equivalents, Restricted Cash And Cash Equivalents And Customer's Deposits
Note 8 - Cash And Cash Equivalents, Restricted Cash And Cash Equivalents And Customer's Deposits (Details Textual)
Note 9 - Mortgage Loans Held For Sale
Note 9 - Mortgage Loans Held For Sale (Details Textual)
Note 9 - Mortgage Loans Held For Sale (Tables)
Note 9 - Mortgage Loans Held For Sale - Loan Origination Reserves (Details)
Material Contracts, Statements, Certifications & more
Hovnanian Enterprises Inc provided additional information to their SEC Filing as exhibits
Ticker: HOV
CIK: 357294
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-19-004340
Submitted to the SEC: Thu Mar 07 2019 11:37:47 AM EST
Accepted by the SEC: Thu Mar 07 2019
Period: Thursday, January 31, 2019
Industry: Operative Builders
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