Homebuilder Hovnanian Enterprises Inc. said that fourth quarter profits were $322.5 million during the fourth quarter of fiscal 2014, compared with net income of $32.8 million, in the same period of the previous year. For the year ended October 31, 2014, net income was $307.1 million, compared with net income of $31.3 million during the same period a year ago.
Total revenues were $698.4 million for the fiscal 2014 fourth quarter, an increase of 18.0% compared with $591.7 million during the fourth quarter of fiscal 2013. For the fiscal year ended October 31, 2014, total revenues increased 11.4% to $2.06 billion compared with $1.85 billion for the 2013 fiscal year.
"Although we generated growth in revenues and achieved our second consecutive year of profitability, 2014 has been a disappointing year for the housing industry and Hovnanian," stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. "During 2014 both Hovnanian and the industry experienced a decline in sales pace per community versus 2013 and that slower pace remains substantially below normal annual levels. We began fiscal 2015 on a much better note."
Deliveries, including unconsolidated joint ventures, were 1,916 homes during the fiscal 2014 fourth quarter, a 5.5% increase compared with 1,816 homes in last year's fourth quarter. For all of fiscal 2014, deliveries, including unconsolidated joint ventures, were 5,934 homes compared with 5,930 homes in the prior fiscal year.