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Hovnanian Enterprises Debuts In Fortune 500
Ranked 457th Based on Revenue; Ranked 2nd Based on Five-Year Total Return to
Investors of 73%
RED BANK, N.J., April 8, 2005 -- Hovnanian Enterprises, Inc. (HOV), a
leading national homebuilder, announced today that it has entered the ranks
of the Fortune 500, the annual ranking of America's largest companies
compiled by Fortune magazine.
Hovnanian ranks No. 457 on Fortune's 2005 list, climbing 44 spots from
number 501 in last year's Fortune 1000 rankings. The 2005 list, which
appears in the April 18, 2005 issue of Fortune magazine, identifies the 500
largest companies based on total revenue during the prior year. Hovnanian's
revenues for fiscal 2004 were $4.2 billion.
Hovnanian also ranked 2nd out of the entire list of 500 companies based on a
five-year annual rate of total return to investors of 73.1% and the Company
ranked 10th based on a five-year annual growth rate in profits of 50.4%.
Hovnanian was one of eleven home building companies to make the 2005 Fortune
500. Fortune further highlighted the success of these companies, stating
that "homebuilders are the toast of this year's Fortune 500." Fortune also
noted that through 2004 "home builders rank first among all industries in
five-year return to investors."
"We are honored to be included in the Fortune 500," commented Ara K.
Hovnanian, President and Chief Executive Officer of the Company. "The road
to recognition as one of America's largest companies was begun by my father
Kevork Hovnanian 46 years ago and is a vision that is carried out today by
more than 4,000 dedicated associates at our Company on a daily basis. We are
especially pleased with how we compared with other companies on this
prestigious list, with a five-year annual rate of total return to investors
of 73.1% and a 50.4% five-year annual growth rate in profits each placing us
in the top ten companies on the list," Mr. Hovnanian added. "Our strong
level of performance and inclusion on a list of this caliber reflects the
hard work and determination exemplified by our associates and our management
team. With fiscal year 2005 projected growth in revenues and net income of
greater than 24% and 30%, respectively, we expect to continue to improve our
Fortune 500 ranking next year."
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian,
Chairman, is headquartered in Red Bank, New Jersey. The Company is one of
the nation's largest homebuilders with operations in Arizona, California,
Delaware, Florida, Illinois, Maryland, Michigan, Minnesota, New Jersey, New
York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia
and West Virginia. The Company's homes are marketed and sold under the trade
names K. Hovnanian Homes, Goodman Homes, Matzel & Mumford, Diamond Homes,
Westminster Homes, Forecast Homes, Parkside Homes, Brighton Homes, Parkwood
Builders, Great Western Homes, Windward Homes, Cambridge Homes and Town &
Country Homes. As the developer of K. Hovnanian's Four Seasons communities,
the Company is also one of the nation's largest builders of active adult
homes.
Additional information on Hovnanian Enterprises, Inc., including a summary
investment profile and the Company's 2004 annual report, can be accessed
through the Investor Relations page of the Hovnanian website at
http://www.khov.com. To be added to
Hovnanian's investor e-mail or fax lists, please send an e-mail to
IR@khov.com or sign up at
http://www.khov.com.
Note: All statements in this Press Release that are not
historical facts should be considered as "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. 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. Such risks,
uncertainties and other factors include, but are not limited to, (1) changes
in general and local economic and business conditions, (2) weather
conditions, (3) changes in market conditions, (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
homebuilding process 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) geopolitical risks, terrorist acts and other acts
of war and (13) other factors described in detail in the Company's Form 10-K
for the year ended October 31, 2004.
SOURCE Hovnanian Enterprises, Inc.
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