RED BANK, N.J., Feb. 24, 2014 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national homebuilder, announced that senior management will be presenting at the J.P. Morgan Global High Yield and Leveraged Finance Conference on Tuesday, February 25, 2014 at 9:40 a.m. ET, and is providing comments on its fiscal 2014 first quarter in connection with its presentation. The meeting may include a discussion of market conditions, business outlook and comments on the Company's fiscal 2014 first quarter.
As indicated by last week's reported declines in the NAHB Sentiment Index and U.S. housing starts, the homebuilding industry's recovery has been weaker than expected during the past few months. Similar to what other homebuilders have recently reported, Hovnanian's net contracts per community during the first quarter of fiscal 2014 have decreased from the level reported during the first quarter of fiscal 2013.
Hovnanian expects to report increases in gross margin, backlog and revenue for the first quarter of fiscal 2014 compared to last year's first quarter, however the revenue increase was meaningfully lower than it had anticipated. During the first quarter, a slower sales pace, poor weather conditions and certain labor and material shortages in some markets that extended construction cycle times, among other factors, adversely impacted home deliveries. As a result of the Company's lower than expected revenue growth, the Company now expects to report a pre-tax loss for its fiscal 2014 first quarter that is slightly greater than the pre-tax loss reported for the first quarter of the previous year. Hovnanian's first quarter has always been the slowest seasonal period and the Company expects to report stronger results as the year progresses.The J.P. Morgan Global High Yield and Leveraged Finance Conference presentation will be webcast live through the "Investor Relations" section of Hovnanian Enterprises' website at http://www.khov.com. It is suggested that participants access the webcast event page at least five minutes before the live event. 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. As previously announced, Hovnanian Enterprises expects to hold its regularly scheduled fiscal 2014 first quarter financial results conference call on March 5, 2014.
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