The company now expects revenue between $240 million and $250 million in the quarter ending March 31, down from its prior forecast for a range of $255 million to $275 million. That's a 13% to 17% revenue decline from the $288 million it posted in last year's fourth quarter.

Homebuilder Hovnanian Enterprises' ( HOV) shares fell 15% to $1.18 a day after Reuters reported that the Red Bank, N.J.-based homebuilder's cash burn jeopardized the repayment of a $100 million bond due in January.

Hovnanian reported a loss of $178.4 million in the first quarter that was worse than analyst expectations.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

If you liked this article you might like

Stocks Finish Mixed as Apple, Bank Shares Fall

Starting the Week Flat

Harry Winston Diamond Corp Stock Upgraded (HWD)

New Gemstone ETF May Not Be an Investors Best Friend

Harry Winston Diamond Management Discusses Q2 2013 Results - Earnings Call Transcript