RED BANK, NJ-- Hovnanian Enterprises, Inc., a leading national homebuilder, posted a net loss of $14.4 million, compared with a net loss of $24.5 million in the first quarter of the previous year. Total revenues were $445.7 million in the fiscal 2015 first quarter, an increase of 22.4% compared with $364.0 million in the prior year's first quarter.
Consolidated deliveries were 1,149 homes in the first quarter of fiscal 2015, a 10.9% increase compared with 1,036 homes in the fiscal 2014 first quarter. During the first three months of fiscal 2015, deliveries, including unconsolidated joint ventures, increased 7.2% to 1,220 homes compared with 1,138 homes during the same period last year.
"We were pleased with the year-over-year improvements in net contracts and net contracts per community that we reported for the first quarter of 2015; however, we are disappointed with the decline in gross margin we experienced both year-over-year and sequentially," stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. "The early signs are that the spring selling season is off to an encouraging start. If the housing market continues to strengthen, we are hopeful that the sequential decline in gross margin we experienced will reverse itself during the second half of fiscal 2015."