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Hovnanian Enterprises, Inc. Annual Report 2009

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Hovnanian Enterprises, Inc. Annual Report 2009 Hovnanian Enterprises, Inc. Annual Report 2009 Hovnanian Enterprises, Inc. Communities Active Proposed Arizona 84 California 21 39 Delaware 1– Florida 711 Georgia 1– Illinois 1– Kentucky "On-Your-Lot" Operation Maryland 12 7 Minnesota 32 New Jersey 17 36 New York 1– North Carolina 613 Ohio 17 – Pennsylvania –– South Carolina –– Texas 70 10 Virginia 13 7 Washington DC 1– West Virginia –2 Total 179 131 Financial Highlights Years Ended October 31, 2009 2008 2007 2006 2005 REVENUES AND INCOME Dollars in Millions Total Revenues $ 1,596.3 $ 3,308.1 $ 4,798.9 $ 6,148.2 $ 5,348.4 (Loss) Income Before Income Taxes Excluding Land-Related Charges, Intangible Impairments and Gain on $ (379.1) $ (391.3) $ (20.9) $ 581.4 $ 785.9 Extinguishment of Debt (1) (Loss) Income Before Income Taxes $ (672.0) $ (1,168.0) $ (647.0) $ 233.1 $ 780.6 Net (Loss) Income Attributable to Common Stockholders $ (716.7) $ (1,124.6) $ (637.8) $ 138.9 $ 469.1 ASSETS, DEBT AND EQUITY Dollars in Millions Total Assets $ 2,024.6 $ 3,637.3 $ 4,540.5 $ 5,480.0 $ 4,726.1 Total Recourse Debt $ 1,751.7 $ 2,505.8 $ 2,117.4 $ 2,049.8 $ 1,498.7 Total Stockholders' (Deficit) Equity $ (349.6) $ 330.3 $ 1,321.8 $ 1,942.2 $ 1,791.4 INCOME PER COMMON SHARE Shares in Thousands Assuming Dilution: (Loss) Income Per Common Share $ (9.16) $ (16.04) $ (10.11) $ 2.14 $ 7.16 Weighted Average Number of Common Shares Outstanding 78,238 70,131 63,079 64,838 65,549 (1) (Loss) Income Before Income Taxes Excluding Land-Related Charges, Intangible Impairments and Gain on Extinguishment of Debt is a non-GAAP financial measure. See page 5 of this Annual Report for a reconciliation to (Loss) Income Before Income Taxes, the most directly comparable GAAP measure. This summary should be read in conjunction with the related consolidated financial statements and accompanying notes included elsewhere in this Annual Report. To our shareholders and associates The housing downturn has been longer lasting and more severe homebuyers entering into contracts today are more realistic than most had predicted and has created the most difficult about the current housing environment. homebuilding environment for Hovnanian Enterprises since our founding. The 2009 year was nonetheless filled with significant Market conditions milestones and we are seeing some signs that the homebuilding After more than four years of deterioration in housing, 2009 was industry has reached or is at least approaching a bottom. a year of transition for the industry as there were several data points for both the new and existing home markets indicating We began the year with a celebration of our 50th year in that a bottom is close at hand. business. That is a monumental milestone for any company and is a particularly difficult accomplishment in homebuilding, as is Despite rising levels of foreclosures and unemployment, home evidenced by the number of private homebuilders that no longer prices showed initial signs of stabilizing throughout fiscal 2009. exist because of the severity of the most recent downturn. Near In fact the Case Shiller Index showed price increases for the last the end of our fiscal year, my father, Kevork S. Hovnanian, six months in a row. Mortgage rates hit the lowest level since passed away. We marked his passing with a celebration of his Freddie Mac started tracking 30-year mortgage rates in 1971. life and accomplishments but this one was more somber. My The combination of falling home prices and 30-year mortgage father was a great man in all respects and he is missed dearly. rates near all-time lows has led to much improved levels of He cared deeply for this company and wanted to be here to see affordability. an end to the current housing recession. He will be watching over us as we navigate through the end of this storm. Both the absolute level of existing home inventory and the months supply of existing homes declined throughout much of Knowing the right operational steps to implement from past our fiscal year. Homebuyers stepped into the market and took experiences, while maintaining the flexibility to take advantage advantage of levels of affordability, as well as the homebuyer of current opportunities, should enable us to prosper in an tax credit. Similar trends are evident in the inventory of new inevitably improving environment. homes. Financial review Dealing with the current market conditions Difficult market conditions weighed heavily on our operating performance in fiscal 2009. Our revenues and deliveries were In fiscal 2008, we were very focused on generating and down from 2008, 52% and 49%, respectively. Our impairment preserving our cash position. We did not lose sight of that focus and walk away costs, while substantial, decreased year over in 2009 but we expanded our efforts to include using some of year, as the sharp drop-off in home prices slowed in 2009. our available cash to reduce the amount of outstanding debt. At These charges were largely offset by gains we realized from the same time we continued to adjust our staffing levels to better purchasing our debt in open market transactions at steep align them with production levels. discounts. Now that we are comfortable with our liquidity, in addition to For the first time since the beginning of the downturn more than focusing on cash flow, we can now be more focused on four years ago, we reported improvements in net contracts per returning to profitability. In order to get back to profitability, active selling community on a year-over-year basis for each we need to continue to sell through the land that we purchased at quarter in fiscal 2009. The magnitude of these improvements high prices, purchase new land at normal profit margins and steadily increased throughout the year with net contracts per leverage our SG&A and fixed costs by increasing volume. To active selling community rising 5% above 2008 during the first that end, we continued to whittle down our owned land quarter, while the second quarter not only exceeded 2008 by throughout 2009 and are beginning to see attractive land 25% but also was better than 2007. In the third and fourth purchase opportunities. quarters, we began to approach 2006 levels and the fourth quarter was 60% above the fourth quarter of 2008. This housing downturn, like other ones we have operated through, has created opportunities to purchase new parcels of In the first few months of fiscal 2010, the trend of improving net land at discounted prices. Before 2009, we couldn’t find land contracts has continued. However, it is important to keep these that would underwrite at the then current sales pace and sales improvements in perspective. Even though 2009 was better than price that would meet our investment criteria. That changed in 2008, it was still the second lowest level of net contracts per fiscal 2009, as we identified and purchased numerous parcels of active selling community going back to 1997. During normal land from banks. Many of the parcels were selling for times, the average net contracts per active selling community substantially less than the costs to improve the lots. was 47; in fiscal 2009 that figure was 23. So we still have some ways to go before we get back to more normalized levels. We did pursue some of the deals that did not require large amounts of upfront capital on a wholly owned basis. During the Cancellation rates, however, returned to a more normalized level last two quarters of the fiscal year, we contracted to purchase or of the low 20% range , during the last three quarters of fiscal purchased slightly more than 2,000 lots on a wholly-owned 2009. The improvement in cancellation rates implies that basis. 1 For larger land deals that were more capital intensive, we important than ever to be able to offer a broad array of product engaged with financial partners to purchase the lots in a joint that can suit just about anyone looking to purchase a new home. venture structure. These transactions are beneficial in that, we We offer smaller square footage, affordable products to those put up a minority equity investment, run the communities on a seeking a first home, as well as large, luxury homes to those day to day basis and have the potential to receive a buyers who want that type of home and everything in between. disproportionate percentage of the profits and cash flow as Our active adult communities, catering to the needs of the baby certain financial criteria are met. These community-specific boomers, offer “resort-at-home” lifestyle and world-class equity raises allow us to participate in the opportunities that are amenities. We will continue to build a wide product offering presenting themselves without diluting all of our shareholders. and have no plans to stray from one of our more important Joint ventures purchased 1,977 lots in 2009. strategic differentiators. Capital market transactions Appreciation During fiscal 2009, we reduced our debt outstanding by $754 We have taken the right steps to ensure our ability to survive this million and extended our single largest debt maturity until 2016. current downturn. 2009 was a turbulent year but is likely one We started off the first quarter of fiscal 2009 by repurchasing that will mark the beginning of the next period of expansion. I debt and by executing an exchange offer for existing unsecured want to thank each of our associates for all of the hard work and notes for new secured notes. Through the remainder of the year, effort that was put forth throughout the year.
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