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Description:
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Hovnanian Enterprises, Inc. designs, constructs, markets and sells single-family detached homes, attached town homes and condominiums, mid-rise and high-rise condominiums, urban infill and active adult homes in planned residential developments in the United States. The Company consists of two operating groups: homebuilding and financial services. The financial services group provides mortgage loans and title services to Hovnanian Enterprises, Inc.'s homebuilding customers. As of October 31, 2005, the Company offered homes for sale in 367 communities in 40 markets in 17 states throughout the United States. It markets and builds homes for first-time buyers, first-time and second-time, move-up buyers, luxury buyers, active adult buyers and empty nesters. During the fiscal year ended October 31, 2005, the Company acquired Cambridge Homes, First Home Builders of Florida, Oster Homes and Town & Country Homes. For the six months ended 30 April 2006, Hovnanian Enterprises, Inc.'s revenues rose 26% to $2.85B. Net income applicable to Common fell 3% to $182.4M. Revenues reflect an increase in income from sale of homes & financial services and rise in revenue from land sales. Net income was offset by an increase in cost of sales, increased corporate general & administrative expenses, higher interest expense and increased amortization of intangible.
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