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 NEWARK, N.J. (AP) - After three consecutive quarters of losses, homebuilder Hovnanian Enterprises Inc. says better management of its land inventory should allow the company to post a profit in the fourth quarter and for 2008.
The company will reevaluate and renegotiate land options, and slow down expenditures on land development to manage inventory levels and generate positive cash flow, Chief Financial Officer J. Larry Sorsby said Thursday after Hovnanian reported it swung to a loss in the second quarter.
The Red Bank-based luxury homebuilder said it lost $30.7 million, or 49 cents per share, for the three months ended April 30, after paying preferred stock dividends. That compared with a profit of $101 million, or $1.55 per share, in the same period a year ago.
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