RED BANK, NJ -- Hovnanian Enterprises, Inc. reported a net profit of $8.5 million during the third quarter of 2013, compared with $34.7 million in the third quarter of fiscal 2012. Total revenues were $478.4 million for the third quarter of fiscal 2013, up 23.6% compared with $387.0 million in the third quarter of the prior year.
Deliveries, including unconsolidated joint ventures, were 1,502 homes for the fiscal 2013 third quarter, up 8.3% compared with 1,387 homes during the third quarter of 2012. For the nine months ended July 31, 2013, deliveries, including unconsolidated joint ventures, were 4,114 homes compared with 3,606 homes in the first nine months of 2012, an increase of 14.1%.
"We were pleased that we were able to raise home prices, grow revenues and increase our gross margin during the third quarter of fiscal 2013," stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. "Our emphasis on raising home prices combined with concerns over rising mortgage rates and weakened consumer confidence dampened our home sales during July and August of 2013. We believe we are in a period where consumers are adjusting to current home prices and mortgage rates and remain confident that the combination of pent-up housing demand and the positive long-term demographic trends for housing will drive increased demand for new homes going forward. We continue to project profitability for the full fiscal 2013 year and strong results for our fourth quarter, excluding any expenses related to early retirement of debt," concluded Mr. Hovnanian.
"We ended the third quarter of fiscal 2013 with $227 million of homebuilding cash," said J. Larry Sorsby, Executive Vice President and Chief Financial Officer. "During the third quarter, we increased our liquidity beyond the cash we have on hand with the addition of a $75 million revolving credit facility, providing us with increased financial flexibility. This additional liquidity will allow us to invest in even more new land parcels and increase further our participation in the housing industry's recovery," concluded Mr. Sorsby.