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Hovnanian Enterprises, Inc. (HOV) saw its loss narrow to $6.68 million, or $0.05 a share for the quarter ended Apr. 30, 2017. In the previous year period, the company reported a loss of $8.46 million, or $0.06 a share. Revenue during the quarter dropped 10.51 percent to $585.94 million from $654.72 million in the previous year period.
Cost of revenue dropped 12.24 percent or $69.43 million during the quarter to $497.73 million. Gross margin for the quarter expanded 168 basis points over the previous year period to 15.05 percent.
Total expenses were $588.83 million for the quarter, down 12.24 percent or $82.15 million from year-ago period. Operating margin for the quarter stood at negative 0.49 percent as compared to a negative 2.48 percent for the previous year period.
However, the adjusted EBITDA for the quarter stood at $38.20 million compared with $39.68 million in the prior year period. At the same time, adjusted EBITDA margin improved 46 basis points in the quarter to 6.52 percent from 6.06 percent in the last year period. "We made progress during our second fiscal quarter toward our goal of returning to consistent profitability. We experienced a strong spring selling season reflected in an 18.5% increase in net contracts per active selling community during the quarter," stated Ara K. Hovnanian, chairman of the Board, president and chief executive officer. "As we discussed last quarter, the cumulative effect of our decision to exit four underperforming markets, temporarily reduce our overall land spend and pay off $320 million of maturing debt has led to decreases in our community count, net contracts, deliveries and revenues over the short term. Given these limitations, our second quarter results overall were in line with our expectations."
Real estate inventory stood at $1,209.21 million as on Apr. 30, 2017. Net receivables stood at $322.14 million as on Apr. 30, 2017.
Total assets stood at $2,133.60million as on Apr. 30, 2017. On the other hand, total liabilities were at $2,267.50 million as on Apr. 30, 2017.
Return on assets was at 0.31 percent in the quarter.
Total debt was at $1,701.42 million as on Apr. 30, 2017.
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