<SEC-DOCUMENT>0001437749-12-010900.txt : 20121102
<SEC-HEADER>0001437749-12-010900.hdr.sgml : 20121102
<ACCEPTANCE-DATETIME>20121102163528
ACCESSION NUMBER:		0001437749-12-010900
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20121102
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121102
DATE AS OF CHANGE:		20121102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000357294
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				221851059
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08551
		FILM NUMBER:		121177244

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET PO BOX 500
		STREET 2:		110 WEST FRONT STREET  PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
</SEC-HEADER>
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<FILENAME>hov_8k-110212.htm
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WASHINGTON, D.C. 20549</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported):&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">November 2, 2012</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Item 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Results of Operations and Financial Condition</font>.</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On November 2, 2012, Hovnanian Enterprises, Inc. (the &#8220;Company&#8221;) issued a press release concerning the impact of Hurricane Sandy and preliminary information with respect to its fiscal fourth quarter ended October 31, 2012.&#160;&#160;A copy of the press release is attached as Exhibit 99.1 hereto. See &#8220;Item 9.01 Financial Statements and Exhibits.&#8221;</font></div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The information in this Current Report on Form 8-K and the Exhibit attached hereto is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d) <font style="FONT-STYLE: italic; DISPLAY: inline">Exhibits.</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exhibit 99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release&#8211;Hurricane Sandy and Fiscal Fourth Quarter Ended October 31, 2012.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">SIGNATURES</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: November 2, 2012</font></div>

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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: bold">Exhibit 99.1</font></div>

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<td width="8%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Contact:</font></font></td>
<td width="55%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">J. Larry Sorsby</font></td>
<td width="37%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Jeffrey T. O&#8217;Keefe</font></td>
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<td width="55%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Executive Vice President &amp; CFO</font></td>
<td width="37%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vice President, Investor Relations</font></td>
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<td width="55%" style="BORDER-BOTTOM: black 1px solid"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">732-747-7800</font></td>
<td width="37%" style="BORDER-BOTTOM: black 1px solid"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">732-747-7800</font></td>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">IN SPITE OF HURRICANE SANDY, HOVNANIAN ENTERPRISES </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">EXPECTS TO MEET OR EXCEED CURRENT FIRST CALL REVENUE EXPECTATIONS</font></font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">RED BANK, NJ, November 2, 2012 -- Hovnanian Enterprises, Inc. (NYSE-HOV), a leading national homebuilder, announced today that despite the impact of Hurricane Sandy, the Company still expects to report strong year over year improvements for most metrics during its fourth quarter.&#160;&#160;In fact, the Company anticipates that its fourth quarter revenues should meet or exceed current First Call revenue estimates of $461.1 million and could have reported even higher revenues had the hurricane not occurred.&#160;&#160;Home deliveries are typically heavily weighted to the final days of the quarter and year end, so the timing of Hurricane Sandy&#8217;s landfall on New Jersey earlier this week adversely impacted the Company&#8217;s ability to deliver homes, particularly in its New Jersey communities during the final week of the Company&#8217;s fiscal year.&#160;&#160;The Company&#8217;s operations in Delaware, Maryland, Pennsylvania and Virginia were also impacted to varying degrees.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;As Sandy made landfall in New Jersey, with hurricane-force winds, heavy rains and unprecedented power outages, many of our homebuyers were unable to close on their homes as previously scheduled during the beginning of this week,&#8221; said Ara K. Hovnanian, Chairman of the Board of Directors, President and Chief Executive Officer of the Company.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Although these homes were completed and ready for delivery to our customers, overcoming the challenges related to power and phone outages, obtaining insurance, home re-inspections related to New Jersey being declared a federal disaster zone and the coordination with customers and their representatives to set up revised closing times were insurmountable.&#160;&#160;As a result, between 50 to 75 homes that were scheduled to be closed during the first three days of this week have now been delayed and will end up closing in the Company&#8217;s first quarter of fiscal 2013.&#160;&#160;While the quarter would have been even better if not for the effects Hurricane Sandy had on delaying some closings at the very end of the quarter, our associates across the country worked tirelessly in order to get homes delivered and successfully close out the fiscal year,&#8221; said Mr. Hovnanian.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;We are still assessing the damages to our communities in these areas but at this time, we anticipate that the majority of the financial impact of damages to be covered by insurance.&#160;&#160;Since we expect these 50 to 75 homes to be delivered later in fiscal 2013 and our sales backlog remains very strong, we do not expect any long term impact as a result of Hurricane Sandy,&#8221; Mr. Hovnanian concluded.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Additionally, in connection with the Company&#8217;s fourth quarter $797 million debt refinancing, the Company&#8217;s fourth quarter and full year results will be negatively impacted by approximately $87 million due to associated debt extinguishment charges.&#160;&#160;The debt refinancing reduces our annual cash interest payments by approximately $17 million and extends the maturity of the refinanced debt from 2016 until 2020.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ABOUT HOVNANIAN ENTERPRISES<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font>, INC.:</font></div>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 7.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey.&#160;&#160;The Company is one of the nation&#8217;s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia.&#160;&#160;The Company&#8217;s homes are marketed and sold under the trade names K. Hovnanian<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Symbol, serif">&#210;</font> Homes<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Symbol, serif">&#210;</font>, Matzel &amp; Mumford, Brighton Homes, Parkwood Builders, Town &amp; Country Homes and Oster Homes.&#160;&#160;As the developer of K. Hovnanian&#8217;s<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top" face="Symbol, serif">&#210;</font> Four Seasons communities, the Company is also one of the nation&#8217;s largest builders of active adult homes.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 7.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company&#8217;s 2011 annual report, can be accessed through the &#8220;Investor Relations&#8221; section of the Hovnanian Enterprises&#8217; website at <font style="DISPLAY: inline; TEXT-DECORATION: underline">http://www.khov.com</font>. To be added to Hovnanian's investor e-mail or fax lists, please send an e-mail to <font style="DISPLAY: inline; TEXT-DECORATION: underline">IR@khov.com</font> or sign up at <font style="DISPLAY: inline; TEXT-DECORATION: underline">http://www.khov.com</font>.</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FORWARD-LOOKING STATEMENTS</font></div>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">All statements in this press release that are not historical facts should be considered as &#8220;forward-looking statements.&#8221; Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic and industry and business conditions and impacts of the sustained homebuilding downturn, (2) adverse weather and other environmental conditions and natural disasters, (3) changes in market conditions and seasonality of the Company&#8217;s business, (4) changes in home prices and sales activity in the markets where the Company builds homes, (5) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws, and the environment, (6) fluctuations in interest rates and the availability of mortgage financing, (7) shortages in, and price fluctuations of, raw materials and labor, (8) the availability and cost of suitable land and improved lots, (9) levels of competition, (10) availability of financing to the Company, (11) utility shortages and outages or rate fluctuations, (12) levels of indebtedness and restrictions on the Company&#8217;s operations and activities imposed by the agreements governing the Company&#8217;s outstanding indebtedness, (13) the Company's sources of liquidity, (14) changes in credit ratings, (15) availability of net operating loss carryforwards, (16) operations through joint ventures with third parties, (17) product liability litigation, warranty claims and claims by mortgage investors, (18) successful identification and integration of acquisitions, (19) significant influence of the Company&#8217;s controlling stockholders, (20) changes in tax laws affecting the after-tax costs of owning a home, (21) geopolitical risks, terrorist acts and other acts of war, and (22) other factors described in detail in the Company&#8217;s Annual Report on Form 10-K for the year ended October 31, 2011 and the Company&#8217;s Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2012. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.</font></div>

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