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TheStreet Open House

Hovnanian Enterprises Reports Fiscal 2013 Second Quarter Results

Stocks in this article: HOV

WEBCAST INFORMATION:

Hovnanian Enterprises will webcast its fiscal 2013 second quarter financial results conference call at 11:00 a.m. E.T. on Wednesday, June 5, 2013. The webcast can be accessed live through the "Investor Relations" section of Hovnanian Enterprises' Website at http://www.khov.com . For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the "Audio Archives" section of the Investor Relations page on the Hovnanian Website at http://www.khov.com . The archive will be available for 12 months.

ABOUT HOVNANIAN ENTERPRISES ®, INC.:

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian ® Homes ®, Brighton Homes, Parkwood Builders, Town & Country Homes and Oster Homes. As the developer of K. Hovnanian's ® Four Seasons communities, the Company is also one of the nation's largest builders of active adult homes.

Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company's 2012 annual report, can be accessed through the "Investor Relations" section of the Hovnanian Enterprises' website at http://www.khov.com . To be added to Hovnanian's investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at http://www.khov.com .

NON-GAAP FINANCIAL MEASURES:

Consolidated earnings before interest expense and income taxes ("EBIT") and before depreciation and amortization ("EBITDA") and before inventory impairment loss and land option write-offs, expenses associated with debt exchange offer and gain on extinguishment of debt ("Adjusted EBITDA") are not U.S. generally accepted accounting principles (GAAP) financial measures. The most directly comparable GAAP financial measure is net income (loss). The reconciliation of EBIT, EBITDA and Adjusted EBITDA to net income (loss) is presented in a table attached to this earnings release.

Income (Loss) Before Income Taxes Excluding Land-Related Charges, Expenses Associated with the Debt Exchange Offer and Gain on Extinguishment of Debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is (Loss) Income Before Income Taxes. The reconciliation of Income (Loss) Before Income Taxes Excluding Land-Related Charges, Expenses Associated with the Debt Exchange Offer and Gain on Extinguishment of Debt to ( Loss) Income Before Income Taxes is presented in a table attached to this earnings release.

FORWARD-LOOKING STATEMENTS

All statements in this press release that are not historical facts should be considered as "forward-looking statements." Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic and industry and business conditions and impacts of the sustained homebuilding downturn, (2) adverse weather and other environmental conditions and natural disasters, (3) changes in market conditions and seasonality of the Company's business, (4) changes in home prices and sales activity in the markets where the Company builds homes, (5) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws, and the environment, (6) fluctuations in interest rates and the availability of mortgage financing, (7) shortages in, and price fluctuations of, raw materials and labor, (8) the availability and cost of suitable land and improved lots, (9) levels of competition, (10) availability of financing to the Company, (11) utility shortages and outages or rate fluctuations, (12) levels of indebtedness and restrictions on the Company's operations and activities imposed by the agreements governing the Company's outstanding indebtedness, (13) the Company's sources of liquidity, (14) changes in credit ratings, (15) availability of net operating loss carryforwards, (16) operations through joint ventures with third parties, (17) product liability litigation, warranty claims and claims by mortgage investors, (18) successful identification and integration of acquisitions, (19) significant influence of the Company's controlling stockholders, (20) changes in tax laws affecting the after-tax costs of owning a home, (21) geopolitical risks, terrorist acts and other acts of war, and (22) other factors described in detail in the Company's Annual Report on Form 10-K for the year ended October 31, 2012. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

 (Financial Tables Follow)

Hovnanian Enterprises, Inc.  
April 30, 2013  
Statements of Consolidated Operations  
(Dollars in Thousands, Except Per Share Data)  
       
  Three Months Ended Six Months Ended  
  April 30, April 30,  
  2013 2012 2013 2012  
  (Unaudited) (Unaudited)  
Total Revenues $422,998 $341,698 $781,209 $611,297  
Costs and Expenses (a) 425,090  367,894  806,392 679,731  
Gain on Extinguishment of Debt -- 27,039  --  51,737  
Income from Unconsolidated Joint Ventures  827  1,495  3,116 1,473  
(Loss) Income Before Income Taxes  (1,265)  2,338 (22,067) (15,224)  
Income Tax (Benefit) Provision   (2,583)  536 (12,077) 1,239  
Net Income (Loss) $1,318 $1,802 $(9,990) $(16,463)  
           
Per Share Data:          
Basic:          
Income (Loss) Per Common Share $0.01 $0.02 $(0.07) $(0.15)  
Weighted Average Number of Common Shares Outstanding (b) 145,948  116,021  144,373 112,338  
Assuming Dilution:          
Income (Loss) Per Common Share $0.01 $0.02 $(0.07) $(0.15)  
Weighted Average Number of Common Shares Outstanding (b) 147,231  116,117  144,373 112,338  
           
(a) Includes inventory impairment loss and land option write-offs.  
(b) For periods with a net loss, basic shares are used in accordance with GAAP rules.  
   
   
Hovnanian Enterprises, Inc.  
April 30, 2013  
Reconciliation of Income (Loss) Before Income Taxes Excluding Land-Related  
Charges, Expenses Associated with the Debt Exchange Offer and  
Gain on Extinguishment of Debt to (Loss) Income Before Income Taxes  
(Dollars in Thousands)  
       
  Three Months Ended Six Months Ended  
  April 30, April 30,  
  2013 2012 2013 2012  
  (Unaudited) (Unaudited)  
(Loss) Income Before Income Taxes $(1,265) $2,338 $(22,067) $(15,224)  
Inventory Impairment Loss and Land Option Write-Offs 2,191  3,216  2,856 6,541  
Expenses Associated with the Debt Exchange Offer -- 89  -- 4,683  
Gain on Extinguishment of Debt --  (27,039)  -- (51,737)  
Income (Loss) Before Income Taxes Excluding Land-Related Charges, Expenses Associated with the Debt Exchange Offer and Gain on Extinguishment of Debt (a) $926 $(21,396) $(19,211) $(55,737)  
           
(a) Income (Loss) Before Income Taxes Excluding Land-Related Charges, Expenses Associated with the Debt Exchange Offer, and Gain on Extinguishment of Debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is (Loss) Income Before Income Taxes.
 
 
Hovnanian Enterprises, Inc.
April 30, 2013
Gross Margin
(Dollars in Thousands)
     
  Homebuilding Gross Margin Homebuilding Gross Margin
  Three Months Ended Six Months Ended
  April 30, April 30,
  2013 2012 2013 2012
  (Unaudited) (Unaudited)
Sale of Homes $409,576 $312,494 $743,857 $564,824
Cost of Sales, Excluding Interest (a)  332,134  258,034  609,692  468,608
Homebuilding Gross Margin, Excluding Interest 77,442  54,460 134,165 96,216
Homebuilding Cost of Sales Interest  11,227  9,715  21,387  20,651
Homebuilding Gross Margin, Including Interest $66,215 $44,745 $112,778 $75,565
         
Gross Margin Percentage, Excluding Interest 18.9% 17.4% 18.0% 17.0%
Gross Margin Percentage, Including Interest 16.2% 14.3% 15.2% 13.4%
         
  Land Sales Gross Margin Land Sales Gross Margin
  Three Months Ended Six Months Ended
  April 30, April 30,
  2013 2012 2013 2012
  (Unaudited) (Unaudited)
Land Sales $1,451 $18,310 $13,278 $26,914
Cost of Sales, Excluding Interest (a)  1,009 13,529  12,206  20,382
Land Sales Gross Margin, Excluding Interest 442 4,781 1,072 6,532
Land Sales Interest 47  3,602  167 5,142
Land Sales Gross Margin, Including Interest $395 $1,179 $905 $1,390
         
(a) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations.
 
 
Hovnanian Enterprises, Inc.
April 30, 2013
Reconciliation of Adjusted EBITDA to Net Income (Loss)
(Dollars in Thousands)
     
  Three Months Ended Six Months Ended
  April 30, April 30,
  2013 2012 2013 2012
  (Unaudited) (Unaudited)
Net Income (Loss) $1,318 $1,802 $(9,990) $(16,463)
Income Tax (Benefit) Provision  (2,583) 536 (12,077) 1,239
Interest Expense 33,906 39,373 68,186 73,844
EBIT (a) 32,641 41,711 46,119 58,620
Depreciation 1,382 1,559 2,844 3,217
Amortization of Debt Costs 907 933 1,811 1,896
EBITDA (b) 34,930 44,203 50,774 63,733
Inventory Impairment Loss and Land Option Write-offs 2,191 3,216 2,856 6,541
Expenses Associated with Debt Exchange Offer --  89 --  4,683
Gain on Extinguishment of Debt --  (27,039) --  (51,737)
Adjusted EBITDA (c) $37,121 $20,469 $53,630 $23,220
         
Interest Incurred $31,965 $34,493 $64,618 $70,838
         
Adjusted EBITDA to Interest Incurred 1.16 0.59 0.83 0.33
         
(a) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income (loss). EBIT represents earnings before interest expense and income taxes.
(b) EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income (loss). EBITDA represents earnings before interest expense, income taxes, depreciation and amortization.
(c) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income (loss). Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairment loss and land option write-offs, expenses associated with debt exchange offer and gain on extinguishment of debt.
 
 
Hovnanian Enterprises, Inc.
April 30, 2013
Interest Incurred, Expensed and Capitalized
(Dollars in Thousands)
  Three Months Ended Six Months Ended
  April 30, April 30,
  2013 2012 2013 2012
  (Unaudited) (Unaudited)
Interest Capitalized at Beginning of Period $114,429 $123,315 $116,056 $121,441
Plus Interest Incurred 31,965 34,493 64,618 70,838
Less Interest Expensed 33,906 39,373 68,186 73,844
Interest Capitalized at End of Period (a) $112,488 $118,435 $112,488 $118,435
 
(a) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest.
 
 
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
 
  April 30, 2013 October 31, 2012
  (Unaudited) (1)
ASSETS    
     
Homebuilding:    
Cash $236,419 $258,323
Restricted cash and cash equivalents 32,764 41,732
Inventories:    
Sold and unsold homes and lots under development 700,921 671,851
Land and land options held for future development or sale 228,265 218,996
Consolidated inventory not owned - other options 106,121 90,619
Total inventories 1,035,307 981,466
Investments in and advances to unconsolidated joint ventures 52,821 61,083
Receivables, deposits, and notes – net 45,129 61,794
Property, plant, and equipment – net 47,037 48,524
Prepaid expenses and other assets 55,127 66,694
Total homebuilding 1,504,604 1,519,616
     
Financial services:    
Cash 8,443 14,909
Restricted cash and cash equivalents 16,701 22,470
Mortgage loans held for sale at fair value 85,463 117,024
Other assets 2,193 10,231
Total financial services 112,800 164,634
Income taxes receivable – including net deferred tax benefits 1,483 --
Total assets $1,618,887 $1,684,250
 
(1) Derived from the audited balance sheet as of October 31, 2012.
 
 
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands Except Share Amounts)
 
  April 30, 2013 October 31, 2012
  (Unaudited) (1)
LIABILITIES AND EQUITY    
     
Homebuilding:    
Nonrecourse mortgages $30,384 $38,302
Accounts payable and other liabilities 271,736 296,510
Customers' deposits 32,993 23,846
Nonrecourse mortgages secured by operating properties 18,263 18,775
Liabilities from inventory not owned 91,150 77,791
Total homebuilding 444,526 455,224
     
Financial services:    
Accounts payable and other liabilities 27,680 37,609
Mortgage warehouse lines of credit 65,988 107,485
Total financial services 93,668 145,094
     
Notes payable:    
Senior secured notes 977,980 977,369
Senior notes 459,005 458,736
Senior amortizing notes 23,149 23,149
Senior exchangeable notes 64,880 76,851
TEU senior subordinated amortizing notes 4,180 6,091
Accrued interest 30,019 20,199
Total notes payable 1,559,213 1,562,395
Income taxes payable -- 6,882
Total liabilities 2,097,407 2,169,595
     
Equity:    
Hovnanian Enterprises, Inc. stockholders' equity deficit:    
Preferred stock, $.01 par value - authorized 100,000 shares; issued 5,600 shares with a liquidation preference of $140,000 at April 30, 2013 and at October 31, 2012 135,299 135,299
Common stock, Class A, $.01 par value – authorized 400,000,000 shares; issued 136,244,962 shares at April 30, 2013 and 130,055,304 shares at October 31, 2012 (including 11,760,763 shares at April 30, 2013 and October 31, 2012 held in Treasury) 1,363 1,300
Common stock, Class B, $.01 par value (convertible to Class A at time of sale) – authorized 60,000,000 shares; issued 15,349,699 shares at April 30, 2013 and 15,350,101 shares at October 31, 2012 (including 691,748 shares at April 30, 2013 and October 31, 2012 held in Treasury) 153 154
Paid in capital - common stock 685,398 668,735
Accumulated deficit (1,185,693) (1,175,703)
Treasury stock - at cost (115,360) (115,360)
Total Hovnanian Enterprises, Inc. stockholders' equity deficit (478,840) (485,575)
Noncontrolling interest in consolidated joint ventures 320 230
Total equity deficit (478,520) (485,345)
Total liabilities and equity $1,618,887 $1,684,250
 
(1) Derived from the audited balance sheet as of October 31, 2012.
 
 
HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands Except Per Share Data)
(Unaudited)
 
  Three Months Ended April 30, Six Months Ended April 30,
  2013 2012 2013 2012
Revenues:        
Homebuilding:        
Sale of homes $409,576 $312,494 $743,857 $564,824
Land sales and other revenues 2,740 20,691 15,011 31,270
Total homebuilding 412,316 333,185 758,868 596,094
Financial services 10,682 8,513 22,341 15,203
Total revenues 422,998 341,698 781,209 611,297
         
Expenses:        
Homebuilding:        
Cost of sales, excluding interest 333,143 271,563 621,898 488,990
Cost of sales interest 11,274 13,317 21,554 25,793
Inventory impairment loss and land option write-offs 2,191 3,216 2,856 6,541
Total cost of sales 346,608 288,096 646,308 521,324
Selling, general and administrative 37,802 35,125 74,573 68,379
Total homebuilding expenses 384,410 323,221 720,881 589,703
         
Financial services 7,137 5,363 14,565 10,540
Corporate general and administrative 13,725 12,264 26,228 25,049
Other interest 22,632 26,056 46,632 48,051
Other operations (2,814) 990 (1,914) 6,388
Total expenses 425,090 367,894 806,392 679,731
Gain on extinguishment of debt -- 27,039 -- 51,737
Income from unconsolidated joint ventures 827 1,495 3,116 1,473
(Loss) income before income taxes (1,265) 2,338 (22,067) (15,224)
State and federal income tax (benefit) provision:        
State (2,432) 468 (2,199) 1,101
Federal (151) 68 (9,878) 138
Total income taxes (2,583) 536 (12,077) 1,239
Net income (loss) $1,318 $1,802 $(9,990) $(16,463)
         
Per share data:        
Basic:        
Income (loss) per common share $0.01 $0.02 $(0.07) $(0.15)
Weighted-average number of common shares outstanding 145,948 116,021 144,373 112,338
Assuming dilution:        
Income (loss) per common share $0.01 $0.02 $(0.07) $(0.15)
Weighted-average number of common shares outstanding 147,231 116,117 144,373 112,338
 
 
HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)            
(UNAUDITED)       Communities Under Development      
  Three Months - April 30, 2013
  Net Contracts (1) Deliveries Contract
  Three Months Ending Three Months Ending Backlog
  Apr 30, Apr 30, Apr 30,
    2013 2012 % Change 2013 2012 % Change 2013 2012 % Change
Northeast                     
(includes unconsolidated joint ventures) Home 226 203 11.3% 134 184 (27.2)% 364 368 (1.1)%
(NJ, PA) Dollars $119,447 $106,100 12.6% $70,314 $91,776 (23.4)% $178,476 $174,906 2.0%
  Avg. Price $528,527 $522,660 1.1% $524,732 $498,783 5.2% $490,318 $475,288 3.2%
Mid-Atlantic                     
(includes unconsolidated joint ventures) Home 291 268 8.6% 219 189 15.9% 481 472 1.9%
(DE, MD, VA, WV) Dollars $139,068 $114,542 21.4% $92,928 $76,015 22.3% $231,927 $199,621 16.2%
  Avg. Price $477,896 $427,397 11.8% $424,329 $402,194 5.5% $482,176 $422,927 14.0%
Midwest                     
(includes unconsolidated joint ventures) Home 288 262 9.9% 188 140 34.3% 617 490 25.9%
(IL, MN, OH) Dollars $73,032 $60,021 21.7% $47,566 $32,079 48.3% $150,065 $104,945 43.0%
  Avg. Price $253,584 $229,089 10.7% $253,008 $229,139 10.4% $243,217 $214,174 13.6%
Southeast                     
(includes unconsolidated joint ventures) Home 231 183 26.2% 159 111 43.2% 372 256 45.3%
(FL, GA, NC, SC) Dollars $65,545 $45,607 43.7% $44,832 $27,364 63.8% $107,165 $65,039 64.8%
  Avg. Price $283,746 $249,220 13.9% $281,965 $246,519 14.4% $288,079 $254,060 13.4%
Southwest                     
(includes unconsolidated joint ventures) Home 779 655 18.9% 571 446 28.0% 825 550 50.0%
(AZ, TX) Dollars $235,517 $166,529 41.4% $160,988 $114,284 40.9% $273,910 $152,629 79.5%
  Avg. Price $302,332 $254,242 18.9% $281,941 $256,242 10.0% $332,011 $277,508 19.6%
West                     
(includes unconsolidated joint ventures) Home 135 204 (33.8)% 153 137 11.7% 168 162 3.7%
(CA) Dollars $63,525 $76,971 (17.5)% $67,068 $48,042 39.6% $83,008 $65,653 26.4%
  Avg. Price $470,556 $377,307 24.7% $438,351 $350,670 25.0% $494,097 $405,265 21.9%
Grand Total                    
  Home 1,950 1,775 9.9% 1,424 1,207 18.0% 2,827 2,298 23.0%
  Dollars $696,134 $569,770 22.2% $483,696 $389,560 24.2% $1,024,551 $762,793 34.3%
  Avg. Price $356,992 $320,998 11.2% $339,674 $322,751 5.2% $362,416 $331,938 9.2%
Consolidated Total                    
  Home 1,695 1,526 11.1% 1,255 1,043 20.3% 2,462 1,921 28.2%
  Dollars $579,562 $449,943 28.8% $409,577 $312,494 31.1% $864,968 $598,951 44.4%
  Avg. Price $341,925 $294,851 16.0% $326,356 $299,611 8.9% $351,328 $311,791 12.7%
Unconsolidated Joint Ventures                    
  Home 255 249 2.4% 169 164 3.0% 365 377 (3.2)%
  Dollars $116,572 $119,827 (2.7)% $74,119 $77,066 (3.8)% $159,583 $163,842 (2.6)%
  Avg. Price $457,144 $481,238 (5.0)% $438,576 $469,917 (6.7)% $437,213 $434,593 0.6%
                     
DELIVERIES INCLUDE EXTRAS
Notes:
(1) Net contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.
 
 
HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)     Communities Under Development      
(UNAUDITED) Six Months - April 30, 2013
  Net Contracts (1) Deliveries Contract
  Six Months Ending Six Months Ending Backlog
  Apr 30, Apr 30, Apr 30,
    2013 2012 % Change 2013 2012 % Change 2013 2012 % Change
Northeast                     
(includes unconsolidated joint ventures) Home 349 312 11.9% 279 310 (10.0)% 364 368 (1.1)%
(NJ, PA) Dollars $180,198 $157,084 14.7% $142,674 $151,302 (5.7)% $178,476 $174,906 2.0%
  Avg. Price $516,327 $503,475 2.6% $511,376 $488,070 4.8% $490,318 $475,288 3.2%
Mid-Atlantic                     
(includes unconsolidated joint ventures) Home 505 436 15.8% 390 334 16.8% 481 472 1.9%
(DE, MD, VA, WV) Dollars $238,099 $180,770 31.7% $169,370 $135,055 25.4% $231,927 $199,621 16.2%
  Avg. Price $471,483 $414,609 13.7% $434,283 $404,356 7.4% $482,176 $422,927 14.0%
Midwest                     
(includes unconsolidated joint ventures) Home 472 430 9.8% 354 240 47.5% 617 490 25.9%
(IL, MN, OH) Dollars $121,852 $94,820 28.5% $87,706 $55,453 58.2% $150,065 $104,945 43.0%
  Avg. Price $258,161 $220,512 17.1% $247,756 $231,056 7.2% $243,217 $214,174 13.6%
Southeast                     
(includes unconsolidated joint ventures) Home 373 309 20.7% 284 221 28.5% 372 256 45.3%
(FL, GA, NC, SC) Dollars $106,544 $76,486 39.3% $78,719 $55,021 43.1% $107,165 $65,039 64.8%
  Avg. Price $285,641 $247,528 15.4% $277,179 $248,962 11.3% $288,079 $254,060 13.4%
Southwest                      
(includes unconsolidated joint ventures) Home 1,338 1,053 27.1% 1,019 834 22.2% 825 550 50.0%
(AZ, TX) Dollars $394,786 $270,388 46.0% $281,717 $205,437 37.1% $273,910 $152,629 79.5%
  Avg. Price $295,057 $256,779 14.9% $276,464 $246,327 12.2% $332,011 $277,508 19.6%
West                     
(includes unconsolidated joint ventures) Home 257 314 (18.2)% 286 280 2.1% 168 162 3.7%
(CA) Dollars $117,819 $116,200 1.4% $116,784 $92,022 26.9% $83,008 $65,653 26.4%
  Avg. Price $458,441 $370,064 23.9% $408,335 $328,650 24.2% $494,097 $405,265 21.9%
Grand Total                    
  Home 3,294 2,854 15.4% 2,612 2,219 17.7% 2,827 2,298 23.0%
  Dollars $1,159,298 $895,748 29.4% $876,970 $694,290 26.3% $1,024,551 $762,793 34.3%
  Avg. Price $351,942 $313,857 12.1% $335,747 $312,884 7.3% $362,416 $331,938 9.2%
Consolidated Total                    
  Home 2,890 2,466 17.2% 2,317 1,932 19.9% 2,462 1,921 28.2%
  Dollars $976,508 $714,708 36.6% $743,857 $564,824 31.7% $864,968 $598,951 44.4%
  Avg. Price $337,892 $289,825 16.6% $321,043 $292,352 9.8% $351,328 $311,792 12.7%
Unconsolidated Joint Ventures                    
  Home 404 388 4.1% 295 287 2.8% 365 377 (3.2)%
  Dollars $182,790 $181,040 1.0% $133,113 $129,466 2.8% $159,583 $163,842 (2.6)%
  Avg. Price $452,451 $466,598 (3.0)% $451,230 $451,101 0.0% $437,213 $434,594 0.6%
 
DELIVERIES INCLUDE EXTRAS
Notes:
(1) Net contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.
CONTACT: J. Larry Sorsby
         Executive Vice President & CFO
         732-747-7800
         
         Jeffrey T. O'Keefe
         Vice President, Investor Relations
         732-747-7800

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