Hovnanian Enterprises, Inc. (NYSE:
HOV)
Headquarters: Red Bank, NJ
CEO: Ara
Hovnanian
Employees*: 6,084
Home Types: First-time, Move-up,
Luxury, Active Adult,
Urban Infill
Average price: $318,155
Year end: October 31 |
Founded in 1959, Hovnanian Enterprises, Inc. is a geographically diversified homebuilder with a presence in 17 states. The company, which went public in 1983, delivered 16,274 homes in fiscal 2005, and offers mortgage financing and title services through its K. Hovnanian Mortgage subsidiary. Hovnanian serves homebuyers in the first-time, first and second-time move up, luxury and active adult markets.
Hovnanian designs, builds and sells a wide variety of homes from entry level condominiums to luxury single family homes, offering one of the most diverse product lines of any public homebuilder. Hovnanian also specializes in active adult and urban infill homes. The company employs a strategy of organic growth through community expansion and utilizes selective acquisitions as a means to enter new housing markets. Over the past twelve months, the company has expanded its geographic footprint into Florida, Illinois, Minnesota, and Ohio.
For the most recent fiscal year ended October 31, 2005, Hovnanian's
revenue reached a record $5.3 billion with net earnings of $469.1 million.
At October 31, 2005, the company's backlog of 14,931 homes, with a sales
value of $5.1 billion, was an all-time company record for any year-end
in the company's 45-year history.
Founder Kevork Hovnanian serves as Chairman of the Board, and
his son Ara Hovnanian is the company's CEO. The Hovnanian family
owns approximately 45% of the outstanding common stock of the
company.
For more information, click here
to visit Hovnanian's Web site.
* Employee figures are for the fiscal year
2004. |
