Company: HOVVB
Filing Date: 2025-05-30
Form Type: 10-Q
Source: 0001753926-25-000907
Chunk: 6

Company: HOVNANIAN ENTERPRISES INC
Filing Date: 2025-05-30
Form: 10-Q
Item: Part I, Item 2
Chunk 6
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467.4 million on land purchases and land development for long-term growth, redeem $26.6 million of senior notes and repurchase $30.1 million of our common stock, and still have total liquidity of $202.4 million, including $74.0 million of homebuilding cash and cash equivalents and $125.0 million of borrowing capacity under our senior secured revolving credit facility as of April 30, 2025. 

Information on our operating results for the three and six months ended April 30, 2025 are as follows:

● Sale of homes revenues decreased to $650.3 million for the three months ended April 30, 2025 from $686.9 million for the three months ended April 30, 2024, and was flat at $1.3 billion for the six months ended April 30, 2025 and 2024. There was a 0.2% and 8.2% increase in the number of home deliveries for the three and six months ended April 30, 2025, compared to the same periods of the prior year, partially offset by a decrease in average price of 5.5% and 4.9% for the three and six months ended April 30, 2025, compared to the same periods of the prior year. The increase in deliveries was primarily the result of an increase in community count, while the decrease in average price was the result of the geographic and community mix of our deliveries. 

● Gross margin dollars decreased 32.9% and 21.2% for the three and six months ended April 30, 2025, as compared to the same periods of the prior year, while gross margin percentage decreased to 13.8% and 14.5% for the three and six months ended April 30, 2025, respectively, from 19.5% and 18.9% for the three and six months ended April 30, 2024, respectively. Gross margin percentage, before cost of sales interest expense and land charges, decreased to 17.3% for the three months ended April 30, 2025 from 22.6% for the three months ended April 30, 2024, and decreased to 17.8% for the six months ended April 30, 2025 from 22.3%