RED BANK, NJ -- Hovnanian Enterprises, Inc., said income was $25.5 million for the fourth quarter of fiscal 2015, compared with net income of $37.4 million, in the fourth quarter of the previous year. Total revenues were $693.2 million in the fourth quarter of fiscal 2015, a decrease of 0.7% compared with $698.4 million in the fourth quarter of fiscal 2014.
In the fourth quarter of fiscal 2015, the number of net contracts, including unconsolidated joint ventures, increased 20.7% to 1,629 homes for the fourth quarter of fiscal 2015 from 1,350 homes during the fourth quarter of fiscal 2014. The number of consolidated net contracts increased 18.0% to 1,535 homes compared with 1,301 homes in the prior year's fourth quarter.
The dollar value of net contracts, including unconsolidated joint ventures, for the twelve months ended October 31, 2015 increased 18.7% to $2.65 billion compared with $2.23 billion in fiscal 2014. The dollar value of consolidated net contracts increased 16.2% to $2.45 billion for all of fiscal 2015 compared with $2.11 billion in the previous year.
"We were pleased that we exceeded the guidance we gave for gross margin percentage, total SG&A ratio and adjusted pretax profit for the fourth quarter of fiscal 2015, despite some delays in delivering homes primarily related to longer cycle times in certain markets," stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. "Our 71% growth in inventory over the past three years combined with the 49% year-over-year increase we achieved in our contract backlog dollars at October 31, 2015, and the 29% year-over-year increase in net contract dollars during the fourth quarter of fiscal 2015, gives us confidence in our ability to significantly increase revenues and profitability during fiscal 2016. Given the $300 million of land banking arrangements that we recently announced, we are comfortable with our liquidity position as we begin fiscal 2016," concluded Mr. Hovnanian.