Brief: Hovnanian Says New Home Sales Began To Slow Substantially Starting In Mid-March

Hovnanian Enterprises

19/05/2020 23:37

May 19 (Reuters) - Hovnanian Enterprises Inc  HOV.N :
    * HOVNANIAN ENTERPRISES INC - PROVIDING SELECTED PRELIMINARY
FINANCIAL RESULTS FOR ITS FISCAL Q2 ENDED APRIL 30
    * HOVNANIAN ENTERPRISES INC - PRELIM Q2 CONSOLIDATED NET
CONTRACTS
OF 1,487 HOMES, DOWN 3.8%
    * HOVNANIAN ENTERPRISES INC - PRELIM Q2 CONSOLIDATED
DELIVERIES OF
1,325 HOMES, UP 22.1%
    * HOVNANIAN ENTERPRISES INC - PRELIM CONTRACT BACKLOG AT
QUARTER-END WAS 2,383 HOMES
    * HOVNANIAN ENTERPRISES INC -  NEW HOME SALES BEGAN TO SLOW
SUBSTANTIALLY STARTING IN MID-MARCH
    * HOVNANIAN ENTERPRISES INC - TOTAL LIQUIDITY AS OF APRIL
30, 2020
WAS $247 MILLION
    * HOVNANIAN ENTERPRISES - ON MAY 15, LUCIAN T. SMITH III,
CHIEF
OPERATING OFFICER OF CO NOTIFIED THAT HE INTENDS TO RETIRE
EFFECTIVE NOV. 30
    * HOVNANIAN ENTERPRISES - WILL BE TAKING MEASURES TO REDUCE
OVERHEAD EXPENSES THROUGH COMBINATION OF FURLOUGHS, LAYOFFS,
OTHER COST REDUCTION MEASURES
    * HOVNANIAN ENTERPRISES - EXPECTS COST REDUCTION MEASURES TO
REDUCE ITS ANNUALIZED OVERHEAD EXPENSE BY ABOUT $20 MILLION
    * HOVNANIAN ENTERPRISES - EXPECTS TO TAKE A CHARGE OF ABOUT
$3
MILLION FOR SEVERANCE & OTHER RELATED EXPENSES IN Q3 OF FISCAL
2020

Source text: (https://bit.ly/2Zo0Eh5)
Further company coverage:  HOV.N 

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