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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 8, 2003
HOVNANIAN ENTERPRISES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 1-8551 22-1851059
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(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction Identification No.)
of Incorporation)
10 Highway 35, P.O. Box 500
Red Bank, New Jersey 07701
(Address of Principal Executive Offices) (Zip Code)
(732) 747-7800
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) EXHIBITS.
Exhibit 99.1 Earnings Press Release - Fiscal Fourth Quarter and
Year Ended October 31, 2003.
Item 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On December 8, 2003, Hovnanian Enterprises, Inc. issued a press release
announcing its preliminary financial results for the fiscal fourth quarter and
year ended October 31, 2003. A copy of the Earnings Press Release is attached as
Exhibit 99.1.
The information in this Current Report on Form 8-K and the Exhibit
attached hereto is being furnished and shall not be deemed "filed" for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liability of that section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933,
as amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such filing.
The Earnings Press Release contains information about EBITDA, a non-GAAP
financial measure. The most directly comparable GAAP financial measure to EBITDA
is net income. A reconciliation of EBITDA to net income is contained in the
Earnings Press Release.
Management believes EBITDA to be relevant and useful information as
EBITDA is a standard measure commonly reported and widely used by analysts,
investors and others to measure our financial performance and our ability to
service our debt obligations. EBITDA is also one of several metrics used by our
management to measure the cash generated from our operations. EBITDA does not
take into account substantial costs of doing business, such as income taxes and
interest expense. While many in the financial community consider EBITDA to be an
important measure of comparative operating performance, it should be considered
in addition to, but not as a substitute for, income before income taxes, net
income, cash flow provided by operating activities and other measures of
financial performance prepared in accordance with accounting principles
generally accepted in the United States that are presented on the financial
statements included in the Company's reports filed with the SEC. Additionally,
our calculation of EBITDA may be different than the calculation used by other
companies and, therefore, comparability may be affected.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HOVNANIAN ENTERPRISES, INC.
(Registrant)
By: /s/ J. Larry Sorsby
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Name: J. Larry Sorsby
Title: Executive Vice President and
Chief Financial Officer
Date: December 8, 2003
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INDEX TO EXHIBITS
Exhibit Number Exhibit
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Exhibit 99.1 Earnings Press Release - Fiscal Fourth Quarter and Year
Ended October 31, 2003.
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