From K. Hovnanian:
This marks the 12th consecutive loss for the Red Bank based homebuilder.
Revenue fell by somewhere near 45% from $716.5m in the third quarter of last year to $387.1m for the current quarter.
On the positive side, at least the losses are getting smaller. K-Hov lost *only* $168.9m in the current quarter, lower than the $202.5m last year. Word on the street is cost reductions drove the savings, something about less hair gel.
On another note, does anyone know if Ara ever sold his home? I believe the last asking price on it back then was $7.2m, up from the $6.75m purchase price (2005).
Update, looks like there is a sale on the tax records!
88 West River Road, Rumson NJ
Purchase Price: $6,750,000
Sale Date: 7/10/2008
Sale Price: $5,600,000
Looks like Ara took a million dollar bath, so much for his bottom call, from Bloomberg:
Hovnanian Chief Says Housing Bottom Is `Very Near’
September 14th, 2007
“The bottom is very near but I think it’s going to stay along the bottom for a while before a recovery,” the 50-year- old Hovnanian said today.