GlobeNewswire Inc | Jun 3, 2021 09:15AM EDT

June 03, 2021

31% Year-over-Year Rise in Total RevenuesGross Margin Percentage Increased 360 Basis Points Year-over-Year85% Year-over-Year Increase in Consolidated Backlog Dollars to $1.77 BillionRaised Full Year 2021 Profitability GuidanceIssued Redemption Notice for Remaining Principal Amount of 10% Senior Secured Notes Due 2022

MATAWAN, N.J., June 03, 2021 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal second quarter and six-month period ended April 30, 2021.

RESULTS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED APRIL 30, 2021:

-- Total revenues increased 30.6% to $703.2 million in the second quarter of fiscal 2021, compared with $538.4 million in the same quarter of the prior year. For the six months ended April 30, 2021, total revenues increased 23.8% to $1.28 billion compared with $1.03 billion in the same period during the prior fiscal year. -- Homebuilding gross margin percentage, after cost of sales interest expense and land charges, increased 360 basis points to 18.1% for the three months ended April 30, 2021 compared with 14.5% during the same period a year ago. During the first half of fiscal 2021, homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 17.7%, up 400 basis points, compared with 13.7% during the same period last year. -- Homebuilding gross margin percentage, before cost of sales interest expense and land charges, increased 310 basis points to 21.3% during the fiscal 2021 second quarter compared with 18.2% in last years second quarter. For the six months ended April 30, 2021, homebuilding gross margin percentage, before cost of sales interest expense and land charges, was 21.0%, up 320 basis points, compared with 17.8% in the same period of the previous fiscal year.

-- In 2019, we granted phantom stock awards in lieu of actual equity under our long-term incentive plan (LTIP). This was done in the best interest of shareholders to avoid dilution concerns associated with our low stock price of $14.50 at the time of grant. Expense related to the phantom stock varies depending upon our common stock price at quarter end, is a non-cash expense through fiscal 2021, and is reflected in our total SG&A expenses. SG&A expenses in the second quarter of fiscal 2021 included $17.5 million of incremental expense due to the phantom stock awards, which is solely related to our common stock price increasing from $51.16 at the end of the first quarter to $132.59 at the end of the second quarter (incremental phantom stock expense). Had equity shares rather than phantom stock been utilized for our 2019 LTIP grants, there would not have been an incremental SG&A expense due to stock price movements. -- Total SG&A was $82.6 million, or 11.7% of total revenues, in the fiscal 2021 second quarter compared with $55.9 million, or 10.4% of total revenues, in the previous years second quarter. During the first six months of fiscal 2021, total SG&A was $146.3 million, or 11.4% of total revenues, compared with $116.3 million, or 11.3% of total revenues, in the same period of the prior fiscal year. Excluding incremental phantom stock expense, SG&A would have been $65.1 million, or 9.3% of total revenues for the second quarter of fiscal 2021 and $128.8 million, or 10.1% of total revenues, for the six months ended April 30, 2021. -- Total interest expense was $43.8 million for the second quarter of fiscal 2021 compared with $45.5 million during the second quarter of fiscal 2020. For the six months ended April 30, 2021, total interest expense was $84.9 million compared with $88.6 million during the same period last year. -- Income from unconsolidated joint ventures was $2.6 million for the second quarter ended April 30, 2021 compared with $6.2 million in the fiscal 2020 second quarter. For the first half of fiscal 2021, income from unconsolidated joint ventures was $4.6 million compared with $7.8 million in the same period a year ago. -- Income before income taxes for the second quarter of fiscal 2021 was $31.0 million, up $26.9 million compared with $4.2 million in the second quarter of the prior fiscal year. For the first six months of fiscal 2021, income before income taxes was $50.6 million compared with a loss of $3.3 million during the same period of fiscal 2020. -- Adjusted pretax income, which is income (loss) before income taxes excluding land-related charges and loss (gain) on extinguishment of debt, was $31.1 million in the second quarter of fiscal 2021 compared with $5.4 million in the fiscal 2020 second quarter. Excluding incremental phantom stock expense, our adjusted pretax income would have been $48.6 million for the fiscal 2021 second quarter and would have exceeded the $45 million high end of the guidance range for the second quarter provided last quarter. For the six months ended April 30, 2021, adjusted pretax income was $52.6 million compared with a loss before these items of $8.7 million during the first six months of fiscal 2020. Excluding incremental phantom stock expense, our adjusted pretax income would have been $70.1 million for the first six months of fiscal 2021. -- The company recorded a full reduction of the federal tax valuation allowance and a partial reduction of the state tax valuation allowance during the quarter. This resulted in a credit to tax expense and an increase in net income during the quarter of $468.6 million. The remaining state valuation allowance as of April 30, 2021 was $102.9 million. The profit for the quarter, plus this reduction in valuation allowance, resulted in total shareholders' equity increasing sequentially by $489.0 million during the quarter. -- Net income, including the benefit of the valuation allowance reduction, was $488.7 million, or $69.65 per diluted common share, for the three months ended April 30, 2021 compared with net income of $4.1 million, or $0.60 per diluted common share, in the second quarter of the previous fiscal year. For the first six months of fiscal 2021, net income, including the benefit of the valuation allowance reduction, was $507.6 million, or $72.71 per diluted common share, compared with a net loss of $5.1 million, or $0.82 per diluted common share, in the same period during fiscal 2020. -- EBITDA increased 49.9% to $76.3 million for the second quarter of fiscal 2021 compared with $50.9 million in the same quarter of the prior year. For the first half of fiscal 2021, EBITDA was $138.3 million, a 57.4% increase, compared with $87.9 million in the first half of fiscal 2020. Excluding incremental phantom stock expense, adjusted EBITDA would have increased 80.2% to $93.9 million for the second quarter of fiscal 2021 and would have increased 91.4% to $157.8 million for the six months ended April 30, 2021. Excluding incremental phantom stock expense, adjusted EBITDA would have exceeded the high end of the guidance range for the quarter provided last quarter. -- Financial services income before income taxes was $10.4 million for the second quarter of fiscal 2021, up 119.1% compared with $4.7 million in the second quarter of fiscal 2020. For the first half of fiscal 2021, financial services income before income taxes increased 112.3% to $19.5 million compared with $9.2 million in the same period one year ago. -- Consolidated contracts per community increased 61.9% to 18.3 contracts per community for the second quarter ended April 30, 2021 compared with 11.3 contracts per community in last years second quarter. Contracts per community, including domestic unconsolidated joint ventures(1), increased 58.5% to 16.8 for the second quarter of fiscal 2021 compared with 10.6 for the second quarter of fiscal 2020. These strong year over year improvements in sales pace were positively impacted by slower sales during the initial COVID shutdown period last year. -- The number of consolidated contracts increased 19.1% to 1,771 homes during the fiscal 2021 second quarter, compared with 1,487 homes in last years second quarter. The number of contracts, including domestic unconsolidated joint ventures, for the three months ended April 30, 2021 increased 19.4% to 1,960 homes from 1,642 homes during the same quarter a year ago. -- For the first half of fiscal 2021, the number of consolidated contracts increased 26.3% to 3,549 homes compared with 2,809 homes in the first half of fiscal 2020. The number of contracts, including domestic unconsolidated joint ventures, for the six months ended April 30, 2021 increased 25.1% to 3,922 homes from 3,134 homes during the same period a year ago. -- As of the end of the second quarter of fiscal 2021, community count, including domestic unconsolidated joint ventures, was 117 communities, compared with 155 communities at April 30, 2020. Consolidated community count was 97 as of April 30, 2021, compared with 132 communities at the end of the previous years second quarter. The decline was primarily a result of selling out of communities at a faster than anticipated pace and delayed community openings primarily related to adverse impacts from COVID-19. We continue to expect to grow our fiscal 2021 year-end community count to approximately 130 communities, including domestic unconsolidated joint ventures. -- Despite 1,618 second quarter consolidated deliveries, consolidated lots controlled increased by 1,295 lots sequentially to 28,077 at April 30, 2021 from 26,782 lots at January 31, 2021, which illustrated our ability to control more lots than we delivered. -- Due to consciously restricting sales in many of our communities in recent months and a difficult comparisonto a very strong May last year,contracts per community for May 2021 decreased 18.9% to 4.3 comparedwith 5.3 for the same month one year ago. The dollar value of May 2021 consolidated contracts decreased23.0% to $197.0 million compared with $255.9 million in May last year. However, May 2021 contracts hadthe highest gross margin percentage at the point of contract for any monthin more than a decade. -- The dollar value of consolidated contract backlog, as of April 30, 2021, increased 85.2% to $1.77 billion compared with $958.1 million as of April 30, 2020. The dollar value of contract backlog, including domestic unconsolidated joint ventures, as of April 30, 2021, increased 80.0% to $2.04 billion compared with $1.13 billion as of April 30, 2020. -- Consolidated deliveries increased 22.1% to 1,618 homes in the fiscal 2021 second quarter compared with 1,325 homes in the previous years second quarter. For the fiscal 2021 second quarter, deliveries, including domestic unconsolidated joint ventures, increased 17.2% to 1,773 homes compared with 1,513 homes during the second quarter of fiscal 2020. -- For the first half of fiscal 2021, consolidated deliveries increased 17.3% to 3,003 homes compared with 2,561 homes in the first six months of the previous year. For the first half of fiscal 2021, deliveries, including domestic unconsolidated joint ventures, increased 13.1% to 3,277 homes compared with 2,898 homes during the same period of fiscal 2020. -- The contract cancellation rate for consolidated contracts was 16% for the second quarter ended April 30, 2021 compared with 23% in the fiscal 2020 second quarter. The contract cancellation rate for contracts including domestic unconsolidated joint ventures was 15% for the second quarter of fiscal 2021 compared with 23% in the second quarter of the prior year.

(1)When we refer to Domestic Unconsolidated Joint Ventures, we are excluding results from our single community unconsolidated joint venture in the Kingdom of Saudi Arabia (KSA).

LIQUIDITY AND INVENTORY AS OF APRIL 30, 2021:

-- During the second quarter of fiscal 2021, land and land development spending was $175.0 million, an increase of 53.0% compared with $114.4 million in last years second quarter. For the first half of fiscal 2021, land and land development spending was $353.6 million, an increase of 52.2% compared with $232.3 million in the same period one year ago. -- Total liquidity at the end of the second quarter of fiscal 2021 was $352.8 million, well above our targeted liquidity range of $170 million to $245 million. -- In the second quarter of fiscal 2021, approximately 3,400 lots were put under option or acquired in 33 consolidated communities. -- As of April 30, 2021, the total controlled consolidated lots increased 5.0% to 28,077 compared with 26,734 lots at the end of the previous years second quarter. Based on trailing twelve-month deliveries, the current position equaled a 4.6 years supply. -- We sent a notice of redemption to pay off in full the remaining $111 million principal amount of our 10.0% senior secured notes due July 2022 at a purchase price of 100% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the redemption date of July 31, 2021. Additionally, we presently intend to pay off in full the remaining principal amount of $70 million of our 10.5% senior secured notes due July 2024 in advance of their maturity.

FINANCIAL GUIDANCE(2)

Financial guidance for both the third quarter and full year for fiscal 2021 assumes no adverse changes in current market conditions and excludes further impact to SG&A expenses from phantom stock expense related solely to stock price movements from the closing price of $132.59 at April 30, 2021. Every $4 increase or decrease in common stock price from the end of the second quarter, results in an approximate $1 million increase or decrease, respectively, of phantom stock expense.

-- For the third quarter of fiscal 2021, total revenues are expected to be between $700 million and $750 million, adjusted pretax income is expected to be between $35 million and $45 million and adjusted EBITDA is expected to be between $80 million and $90 million. -- For all of fiscal 2021, total revenues are expected to be between $2.65 billion and $2.80 billion; however, we are increasing our guidance for adjusted pretax income to be between $150 million and $170 million and we are increasing our guidance for adjusted EBITDA to be between $310 million and $350 million.

(2)The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. These items include, but are not limited to, land-related charges, inventory impairment loss and land option write-offs and loss (gain) on extinguishment of debt. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.

COMMENTS FROM MANAGEMENT:

We are pleased with our trend of reporting improved results. Our fiscal 2021 second quarter total revenues, gross margin percentage, adjusted EBITDA and adjusted pretax income were all within the guidance range that we gave last quarter. Had our SG&A not contained incremental phantom stock expense related solely to our stock price increasing from $51.16 at the end of the first quarter to $132.59 at the end of the second quarter, our results would have been above the high end of the guidance range for adjusted EBITDA and adjusted pretax income, as well as within the SG&A ratio guidance range, stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. By using phantom stock rather than actual equity shares for our 2019 LTIP grant when our stock price was so low, the Company avoided the long-term impacts of dilution and remains convinced it made the right decision for shareholders.

For the second consecutive quarter, our contract backlog dollars increased 85% year over year. Despite increased material and labor costs, gross margins on contracts currently in our backlog along with continued strong demand for new homes gave us the confidence to raise our full fiscal 2021 profitability guidance. We believe that the outlook for housing demand will remain strong over the next few years. Finally, our progress in increasing our land position and our significant increases in land and land development spend over the recent quarters gives us confidence about our ability to grow community count for the remainder of this year and beyond. By continuing to execute on our strategy, we can maximize returns for all of our stakeholders, concluded Mr. Hovnanian.

WEBCAST INFORMATION:

Hovnanian Enterprises will webcast its fiscal 2021 second quarter financial results conference call at 11:00 a.m. E.T. on Thursday, June 3, 2021. The webcast can be accessed live through the Investor Relations section of Hovnanian Enterprises website at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the Past Events section of the Investor Relations page on the Hovnanian website at http://www.khov.com. The archive will be available for 12 months.

ABOUT HOVNANIAN ENTERPRISES, INC.:

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nations largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Companys homes are marketed and sold under the trade name K. HovnanianHomes. Additionally, the Companys subsidiaries, as developers of K. HovnaniansFour Seasons communities, make the Company one of the nations largest builders of active lifestyle communities.

Additional information on Hovnanian Enterprises, Inc. can be accessed through the Investor Relations section of the Hovnanian Enterprises website at http://www.khov.com. To be added to Hovnanian's investor e-mail list, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

NON-GAAP FINANCIAL MEASURES:

Consolidated earnings before interest expense and income taxes (EBIT) and before depreciation and amortization (EBITDA) and before inventory impairment loss and land option write-offs and loss (gain) on extinguishment of debt (Adjusted EBITDA) are not U.S. generally accepted accounting principles (GAAP) financial measures. This earnings release also presents EBITDA and Adjusted EBITDA adjusted to exclude the impact of incremental phantom stock expense. The most directly comparable GAAP financial measure is net income (loss). The reconciliation for historical periods of EBIT, EBITDA and Adjusted EBITDA to net income (loss) is presented in a table attached to this earnings release or elsewhere in this earnings release.

Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. The reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.

Adjusted pretax income (loss), which is defined as income (loss) before income taxes excluding land-related charges and loss (gain) on extinguishment of debt is a non-GAAP financial measure. This earnings release also presents adjusted pretax income adjusted to exclude the impact of incremental phantom stock expense. The most directly comparable GAAP financial measure is income (loss) before income taxes. The reconciliation for historical periods of adjusted pretax income (loss) to income (loss) before income taxes is presented in a table attached to this earnings release or elsewhere in this earnings release.

SG&A excluding the impact of incremental phantom stock expense is a non-GAAP financial measure. The most directly comparable GAAP financial measure is SG&A, to which SG&A excluding the impact of incremental phantom stock expense is reconciled herein.

Total liquidity is comprised of $218.3 million of cash and cash equivalents, $9.5 million of restricted cash required to collateralize letters of credit and $125.0 million availability under the senior secured revolving credit facility as of April 30, 2021.

FORWARD-LOOKING STATEMENTS

All statements in this press release that are not historical facts should be considered as Forward-Looking Statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Companys goals and expectations with respect to its financial results for future financial periods. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) the outbreak and spread of COVID-19 and the measures that governments, agencies, law enforcement and/or health authorities implement to address it; (2) changes in general and local economic, industry and business conditions and impacts of a significant homebuilding downturn; (3) adverse weather and other environmental conditions and natural disasters; (4) the seasonality of the Companys business; (5) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (6) shortages in, and price fluctuations of, raw materials and labor, including due to changes in trade policies and the imposition of tariffs and duties on homebuilding materials and products and related trade disputes with, and retaliatory measures taken by, other countries; (7) reliance on, and the performance of, subcontractors; (8) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (9) increases in cancellations of agreements of sale; (10) fluctuations in interest rates and the availability of mortgage financing; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (13) levels of competition; (14) utility shortages and outages or rate fluctuations; (15) information technology failures and data security breaches; (16) negative publicity; (17) high leverage and restrictions on the Companys operations and activities imposed by the agreements governing the Companys outstanding indebtedness; (18) availability and terms of financing to the Company; (19) the Companys sources of liquidity; (20) changes in credit ratings; (21) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (22) operations through unconsolidated joint ventures with third parties; (23) significant influence of the Companys controlling stockholders; (24) availability of net operating loss carryforwards; (25) loss of key management personnel or failure to attract qualified personnel; and (26) certain risks, uncertainties and other factors described in detail in the Companys Annual Report on Form 10-K for the fiscal year ended October 31, 2020 and the Companys Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 2021 and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

Hovnanian Enterprises, Inc.April 30, 2021Statements of consolidated operations(In thousands, except per share data) Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 (Unaudited) (Unaudited)Total revenues $703,162 $538,351 $1,277,826 $1,032,407 Costs and 674,771 540,219 1,231,766 1,052,707 expenses (1)(Loss) gain onextinguishment - (174 ) - 9,282 of debtIncome fromunconsolidated 2,641 6,221 4,557 7,761 joint venturesIncome (loss)before income 31,032 4,179 50,617 (3,257 )taxesIncome tax(benefit) (457,644 ) 100 (457,018 ) 1,812 provisionNet income $488,676 $4,079 $507,635 $(5,069 )(loss) Per share data:Basic: Net income (loss) per $71.11 $0.63 $74.00 $(0.82 ) common share Weighted average number of common 6,248 6,172 6,236 6,166 shares outstanding (2)Assuming dilution: Net income (loss) per $69.65 $0.60 $72.71 $(0.82 ) common share Weighted average number of common 6,368 6,432 6,331 6,166 shares outstanding (2)

(1) Includes inventory impairment loss and land option write-offs.(2) For periods with a net (loss), basic shares are used in accordance withGAAP rules.

Hovnanian Enterprises, Inc.April 30, 2021Reconciliation of income (loss) before income taxes excluding land-relatedcharges and loss (gain) on extinguishment of debt to income (loss) beforeincome taxes(In thousands)

Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 (Unaudited) (Unaudited)Income (loss)before income $31,032 $4,179 $50,617 $(3,257 )taxesInventoryimpairmentloss and land 81 1,010 1,958 3,838 optionwrite-offsLoss (gain) onextinguishment - 174 - (9,282 )of debtIncome (loss)before incometaxesexcludingland-related $31,113 $5,363 $52,575 $(8,701 )chargesandloss(gain) onextinguishmentof debt (1)

(1) Income (loss) before income taxes excluding land-related charges and loss(gain) on extinguishment of debt is a non-GAAP financial measure. The mostdirectly comparable GAAP financial measure is income (loss) before incometaxes.

Hovnanian Enterprises, Inc.April 30, 2021Gross margin(In thousands) Homebuilding Gross Margin Homebuilding Gross Margin Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 (Unaudited) (Unaudited)Sale of homes $679,515 $523,347 $1,230,880 $1,002,580 Cost of sales,excludinginterest expense 535,017 427,944 972,389 824,262 and land charges(1)Homebuildinggross margin,before cost of 144,498 95,403 258,491 178,318 sales interestexpenseandland charges (2)Cost of salesinterestexpense, 21,704 18,537 38,421 36,673 excluding landsales interestexpenseHomebuildinggross margin,after cost of 122,794 76,866 220,070 141,645 sales interestexpense,beforeland charges (2)Land charges 81 1,010 1,958 3,838 Homebuilding $122,713 $75,856 $218,112 $137,807 gross margin HomebuildingGross margin 18.1% 14.5% 17.7% 13.7% percentageHomebuildingGross marginpercentage,before cost of 21.3% 18.2% 21.0% 17.8% salesinterestexpense andlandcharges(2)HomebuildingGross marginpercentage,after cost of 18.1% 14.7% 17.9% 14.1% sales interestexpense, beforelandcharges(2)

Land Sales Gross Margin Land Sales Gross Margin Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 (Unaudited) (Unaudited)Land and lot $1,549 $50 $4,911 $75 salesLand and lotsales cost ofsales, excluding 1,517 83 3,783 120 interest andlandcharges(1)Land and lotsales grossmargin, 32 (33 ) 1,128 (45 )excludinginterest andland chargesLand and lot 21 52 469 52 sales interestLand and lotsales grossmargin,including $11 $(85 ) $659 $(97 )interest andexcludinglandcharges

(1) Does not include cost associated with walking away from land options orinventory impairment losses which are recorded as Inventory impairment loss andland option write-offs in the Condensed Consolidated Statements of Operations.

(2) Homebuilding gross margin, before cost of sales interest expense and landcharges, and homebuilding gross margin percentage, before cost of salesinterest expense and land charges, are non-GAAP financial measures. The mostdirectly comparable GAAP financial measures are homebuilding gross margin andhomebuilding gross margin percentage, respectively.

Hovnanian Enterprises, Inc.April 30, 2021Reconciliation of adjusted EBITDA to net income (loss)(In thousands) Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 (Unaudited) (Unaudited)Net income $488,676 $4,079 $507,635 $(5,069 )(loss)Income tax(benefit) (457,644 ) 100 (457,018 ) 1,812 provisionInterest 43,758 45,458 84,898 88,597 expenseEBIT (1) 74,790 49,637 135,515 85,340 Depreciationand 1,484 1,263 2,822 2,542 amortizationEBITDA (2) 76,274 50,900 138,337 87,882 Inventoryimpairmentloss and land 81 1,010 1,958 3,838 optionwrite-offsLoss (gain) onextinguishment - 174 - (9,282 )of debtAdjusted $76,355 $52,084 $140,295 $82,438 EBITDA (3) Interest $41,870 $45,323 $83,327 $89,657 incurred AdjustedEBITDA to 1.82 1.15 1.68 0.92 interestincurred

(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAPfinancial measure is net income (loss). EBIT represents earnings beforeinterest expense and income taxes.

(2) EBITDA is a non-GAAP financial measure. The most directly comparable GAAPfinancial measure is net income (loss). EBITDA represents earnings beforeinterest expense, income taxes, depreciation and amortization.

(3) Adjusted EBITDA is a non-GAAP financial measure. The most directlycomparable GAAP financial measure is net income (loss). Adjusted EBITDArepresents earnings before interest expense, income taxes, depreciation,amortization, inventory impairment loss and land option write-offs and (loss)gain on extinguishment of debt.

HovnanianEnterprises, Inc.April 30, 2021 Interestincurred, expensed andcapitalized(In thousands) Three Months Ended Six Months Ended April 30, April 30, 2021 2020 2021 2020 (Unaudited) (Unaudited)Interestcapitalized at $65,327 $67,879 $65,010 $71,264 beginning ofperiodPlus interest 41,870 45,323 83,327 89,657 incurredLess interest 43,758 45,458 84,898 88,597 expensedLess interestcontributed tounconsolidated 3,667 - 3,667 4,580 joint venture(1)Interestcapitalized at $59,772 $67,744 $59,772 $67,744 end of period(2)

(1) Represents capitalized interest which was included as part of the assetscontributed to joint ventures the company entered into in April 2021 andDecember 2019 during the six months ended April 30, 2021 and 2020,respectively. There was no impact to the Condensed Consolidated Statement ofOperations as a result of these transactions.

(2) Capitalized interest amounts are shown gross before allocating any portionof impairments to capitalized interest.

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In Thousands)

April 30, October 31, 2021 2020 ASSETS (Unaudited) (1) Homebuilding: Cash and cash equivalents $218,321 $262,489 Restricted cash and cash equivalents 12,753 14,731 Inventories: Sold and unsold homes and lots under 1,029,089 921,594 developmentLand and land options held for future 102,370 91,957 development or saleConsolidated inventory not owned 125,414 182,224 Total inventories 1,256,873 1,195,775 Investments in and advances to 112,505 103,164 unconsolidated joint venturesReceivables, deposits and notes, net 34,102 33,686 Property, plant and equipment, net 17,828 18,185 Prepaid expenses and other assets 56,712 58,705 Total homebuilding 1,709,094 1,686,735 Financial services 169,708 140,607 Deferred tax assets, net 459,186 - Total assets $2,337,988 $1,827,342 LIABILITIES AND EQUITY Homebuilding: Nonrecourse mortgages secured by $113,861 $135,122 inventory, net of debt issuance costsAccounts payable and other liabilities 379,381 359,274 Customers? deposits 65,930 48,286 Liabilities from inventory not owned, net 90,430 131,204 of debt issuance costsSenior notes and credit facilities (net ofdiscounts, premiums and debt issuance 1,429,324 1,431,110 costs)Accrued Interest 35,321 35,563 Total homebuilding 2,114,247 2,140,559 Financial services 148,439 119,045 Income taxes payable 2,588 3,832 Total liabilities 2,265,274 2,263,436 Equity: Hovnanian Enterprises, Inc. stockholders' equity deficit:Preferred stock, $0.01 par value -authorized 100,000 shares; issued andoutstanding 5,600 shareswith a 135,299 135,299 liquidation preference of $140,000 atApril 30, 2021 and October 31, 2020Common stock, Class A, $0.01 par value -authorized 16,000,000 shares; issued 60 60 6,030,903 shares at April 30, 2021 and5,990,310 shares at October 31, 2020Common stock, Class B, $0.01 par value(convertible to Class A at time of sale) -authorized2,400,000 shares; issued 7 7 657,554 shares at April 30, 2021 and649,886 shares at October 31, 2020Paid in capital - common stock 719,347 718,110 Accumulated deficit (667,410 ) (1,175,045 )Treasury stock - at cost ? 470,430 sharesof Class A common stock and 27,669 shares (115,360 ) (115,360 )of Class Bcommon stock at April 30, 2021and October 31, 2020Total Hovnanian Enterprises, Inc. 71,943 (436,929 )stockholders? equity (deficit)Noncontrolling interest in consolidated 771 835 joint venturesTotal equity (deficit) 72,714 (436,094 )Total liabilities and equity $2,337,988 $1,827,342

(1)Derived from the audited balance sheet as of October 31, 2020.

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In Thousands Except Per Share Data)(Unaudited)

Three Months Ended April 30, Six Months Ended April 30, 2021 2020 2021 2020 Revenues: Homebuilding: Sale of homes $679,515 $523,347 $1,230,880 $1,002,580 Land sales and 1,919 643 5,721 1,452 other revenuesTotal 681,434 523,990 1,236,601 1,004,032 homebuildingFinancial 21,728 14,361 41,225 28,375 servicesTotal revenues 703,162 538,351 1,277,826 1,032,407 Expenses: Homebuilding: Cost of sales,excluding 536,534 428,027 976,172 824,382 interestCost of sales 21,725 18,589 38,890 36,725 interestInventoryimpairment loss 81 1,010 1,958 3,838 and land optionwrite-offsTotal cost of 558,340 447,626 1,017,020 864,945 salesSelling, generaland 42,204 40,605 82,429 81,279 administrativeTotalhomebuilding 600,544 488,231 1,099,449 946,224 expenses Financial 11,361 9,630 21,715 19,184 servicesCorporategeneral and 40,382 15,275 63,865 35,019 administrativeOther interest 22,033 26,869 46,008 51,872 Other operations 451 214 729 408 Total expenses 674,771 540,219 1,231,766 1,052,707 (Loss) gain onextinguishment - (174 ) - 9,282 of debtIncome fromunconsolidated 2,641 6,221 4,557 7,761 joint venturesIncome (loss)before income 31,032 4,179 50,617 (3,257 )taxesState andfederal income tax (benefit)provision:State (91,374 ) 100 (90,748 ) 1,812 Federal (366,270 ) - (366,270 ) - Total income (457,644 ) 100 (457,018 ) 1,812 taxesNet income $488,676 $4,079 $507,635 $(5,069 )(loss) Per share data: Basic: Net income(loss) per $71.11 $0.63 $74.00 $(0.82 )common shareWeighted-averagenumber of common 6,248 6,172 6,236 6,166 sharesoutstandingAssuming dilution:Net income(loss) per $69.65 $0.60 $72.71 $(0.82 )common shareWeighted-averagenumber of common 6,368 6,432 6,331 6,166 sharesoutstanding

HOVNANIAN ENTERPRISES, INC.(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)

Contracts (1) Deliveries Contract Three Months Ended Three Months Ended Backlog April 30, April 30, April 30, 2021 2020 % Change 2021 2020 % Change 2021 2020 % ChangeNortheast (NJ, PA) Home 64 66 (3.0)% 42 94 (55.3) 142 106 34.0% % Dollars $49,948 $23,266 114.7% $28,686 $46,791 (38.7) $105,828 $50,771 108.4% % Avg. $780,438 $352,515 121.4% $683,000 $497,777 37.2% $745,268 $478,972 55.6% PriceMid-Atlantic (DE, MD, VA, Home 242 247 (2.0)% 216 168 28.6% 585 429 36.4% WV) Dollars $152,237 $128,652 18.3% $112,124 $89,677 25.0% $350,183 $228,622 53.2% Avg. $629,079 $520,858 20.8% $519,093 $533,792 (2.8)% $598,603 $532,918 12.3% PriceMidwest (IL, OH) Home 225 174 29.3% 203 184 10.3% 673 468 43.8% Dollars $80,541 $54,501 47.8% $64,010 $56,543 13.2% $208,841 $132,523 57.6% Avg. $357,960 $313,224 14.3% $315,320 $307,299 2.6% $310,314 $283,169 9.6% PriceSoutheast (FL, GA, SC) Home 153 109 40.4% 167 127 31.5% 392 287 36.6% Dollars $66,485 $48,508 37.1% $80,863 $56,317 43.6% $185,139 $131,695 40.6% Avg. $434,542 $445,028 (2.4)% $484,210 $443,441 9.2% $472,293 $458,868 2.9% PriceSouthwest (AZ, TX) Home 829 582 42.4% 633 515 22.9% 1,416 765 85.1% Dollars $319,618 $187,493 70.5% $217,165 $170,485 27.4% $540,321 $262,634 105.7% Avg. $385,546 $322,153 19.7% $343,073 $331,039 3.6% $381,583 $343,312 11.1% PriceWest (CA) Home 258 309 (16.5) 357 237 50.6% 689 328 110.1% % Dollars $151,571 $139,418 8.7% $176,667 $103,534 70.6% $384,089 $151,812 153.0% Avg. $587,484 $451,191 30.2% $494,866 $436,852 13.3% $557,459 $462,841 20.4% PriceConsolidated Total Home 1,771 1,487 19.1% 1,618 1,325 22.1% 3,897 2,383 63.5% Dollars $820,400 $581,838 41.0% $679,515 $523,347 29.8% $1,774,401 $958,057 85.2% Avg. $463,241 $391,282 18.4% $419,972 $394,979 6.3% $455,325 $402,038 13.3% PriceUnconsolidatedJoint Ventures (2)(excluding KSA Home 189 155 21.9% 155 188 (17.6) 476 303 57.1% JV) % Dollars $109,806 $82,890 32.5% $91,067 $112,196 (18.8) $266,673 $175,817 51.7% % Avg. $580,984 $534,774 8.6% $587,529 $596,787 (1.6)% $560,238 $580,254 (3.4)% PriceGrand Total Home 1,960 1,642 19.4% 1,773 1,513 17.2% 4,373 2,686 62.8% Dollars $930,206 $664,728 39.9% $770,582 $635,543 21.2% $2,041,074 $1,133,874 80.0% Avg. $474,595 $404,828 17.2% $434,620 $420,055 3.5% $466,745 $422,142 10.6% Price

KSA JV Only Home 146 284 (48.6) 0 0 0.0% 1,451 581 149.7% % Dollars $22,805 $44,393 (48.6) $0 $0 0.0% $227,851 $91,551 148.9% % Avg. $156,199 $156,317 (0.1)% $0 $0 0.0% $157,030 $157,575 (0.3)% Price

DELIVERIES INCLUDE EXTRASNotes:(1) Contracts are defined as new contracts signed during the period for thepurchase of homes, less cancellations of prior contracts.(2) Represents home deliveries, home revenues and average prices for ourunconsolidated homebuilding joint ventures for the period. We provide this dataas a supplement to our consolidated results as an indicator of the volumemanaged in our unconsolidated homebuilding joint ventures. Our proportionateshare of the income or loss of unconsolidated homebuilding and land developmentjoint ventures is reflected as a separate line item in our consolidatedfinancial statements under ?Income from unconsolidated joint ventures?.

HOVNANIAN ENTERPRISES, INC.(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)

Contracts (1) Deliveries Contract Six Months Ended Six Months Ending Backlog April 30, April 30, April 30, 2021 2020 % Change 2021 2020 % Change 2021 2020 % ChangeNortheast (NJ, PA) Home 107 129 (17.1) 95 175 (45.7) 142 106 34.0% % % Dollars $83,618 $56,269 48.6% $59,902 $92,055 (34.9) $105,828 $50,771 108.4% % Avg. $781,477 $436,194 79.2% $630,547 $526,029 19.9% $745,268 $478,972 55.6% PriceMid-Atlantic (DE, MD, VA, Home 471 430 9.5% 392 323 21.4% 585 429 36.4% WV) Dollars $296,718 $222,354 33.4% $205,035 $177,266 15.7% $350,183 $228,622 53.2% Avg. $629,975 $517,102 21.8% $523,048 $548,811 (4.7)% $598,603 $532,918 12.3% PriceMidwest (IL, OH) Home 463 361 28.3% 386 343 12.5% 673 468 43.8% Dollars $159,927 $112,777 41.8% $120,603 $102,935 17.2% $208,841 $132,523 57.6% Avg. $345,417 $312,402 10.6% $312,443 $300,102 4.1% $310,314 $283,169 9.6% PriceSoutheast (FL, GA, SC) Home 363 264 37.5% 269 224 20.1% 392 287 36.6% Dollars $164,679 $115,666 42.4% $126,511 $92,997 36.0% $185,139 $131,695 40.6% Avg. $453,661 $438,129 3.5% $470,301 $415,165 13.3% $472,293 $458,868 2.9% PriceSouthwest (AZ, TX) Home 1,565 1,110 41.0% 1,215 1,008 20.5% 1,416 765 85.1% Dollars $587,443 $365,926 60.5% $407,347 $334,188 21.9% $540,321 $262,634 105.7% Avg. $375,363 $329,663 13.9% $335,265 $331,536 1.1% $381,583 $343,312 11.1% PriceWest (CA) Home 580 515 12.6% 646 488 32.4% 689 328 110.1% Dollars $325,685 $230,250 41.4% $311,482 $203,139 53.3% $384,089 $151,812 153.0% Avg. $561,524 $447,087 25.6% $482,170 $416,268 15.8% $557,459 $462,841 20.4% PriceConsolidated Total Home 3,549 2,809 26.3% 3,003 2,561 17.3% 3,897 2,383 63.5% Dollars $1,618,070 $1,103,242 46.7% $1,230,880 $1,002,580 22.8% $1,774,401 $958,057 85.2% Avg. $455,923 $392,753 16.1% $409,883 $391,480 4.7% $455,325 $402,038 13.3% PriceUnconsolidatedJoint Ventures (2)(excluding KSA Home 373 325 14.8% 274 337 (18.7) 476 303 57.1% JV) % Dollars $211,713 $189,807 11.5% $162,180 $198,545 (18.3) $266,673 $175,817 51.7% % Avg. $567,598 $584,022 (2.8)% $591,898 $589,154 0.5% $560,237 $580,254 (3.4)% PriceGrand Total Home 3,922 3,134 25.1% 3,277 2,898 13.1% 4,373 2,686 62.8% Dollars $1,829,783 $1,293,049 41.5% $1,393,060 $1,201,125 16.0% $2,041,074 $1,133,874 80.0% Avg. $466,544 $412,587 13.1% $425,102 $414,467 2.6% $466,745 $422,142 10.6% Price

KSA JV Only Home 359 379 (5.3)% 0 0 0.0% 1,451 581 149.7% Dollars $56,178 $59,234 (5.2)% $0 $0 0.0% $227,851 $91,551 148.9% Avg. $156,485 $156,290 0.1% $0 $0 0.0% $157,030 $157,575 (0.3)% Price

DELIVERIES INCLUDE EXTRASNotes:(1) Contracts are defined as new contracts signed during the period for thepurchase of homes, less cancellations of prior contracts.(2) Represents home deliveries, home revenues and average prices for ourunconsolidated homebuilding joint ventures for the period. We provide this dataas a supplement to our consolidated results as an indicator of the volumemanaged in our unconsolidated homebuilding joint ventures. Our proportionateshare of the income or loss of unconsolidated homebuilding and land developmentjoint ventures is reflected as a separate line item in our consolidatedfinancial statements under ?Income from unconsolidated joint ventures?.

HOVNANIAN ENTERPRISES, INC.(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)(UNAUDITED)

Contracts (1) Deliveries Contract Three Months Ended Three Months Ended Backlog April 30, April 30, April 30, 2021 2020 % Change 2021 2020 % Change 2021 2020 % ChangeNortheast

(unconsolidated Home 14 34 (58.8)% 17 56 (69.6)% 14 61 (77.0)% joint ventures)(excluding KSA Dollars $16,977 $25,083 (32.3)% $23,813 $48,259 (50.7)% $17,839 $48,707 (63.4)% JV)(NJ, PA) Avg. $1,212,643 $737,735 64.4% $1,400,765 $861,768 62.5% $1,274,214 $798,475 59.6% PriceMid-Atlantic

(unconsolidated Home 26 17 52.9% 33 19 73.7% 127 45 182.2% joint ventures)(DE, MD, VA, Dollars $14,962 $8,609 73.8% $17,923 $9,536 88.0% $75,401 $23,133 225.9% WV) Avg. $575,462 $506,412 13.6% $543,121 $501,895 8.2% $593,709 $514,067 15.5% PriceMidwest (100.0) (100.0) (100.0)(unconsolidated Home 0 4 % 0 6 % 0 3 % joint ventures)(IL, OH) Dollars $0 $1,754 (100.0) $0 $2,859 (100.0) $0 $1,363 (100.0) % % % Avg. $0 $438,500 (100.0) $0 $476,667 (100.0) $0 $454,333 (100.0) Price % % %Southeast

(unconsolidated Home 127 82 54.9% 70 60 16.7% 272 137 98.5% joint ventures)(FL, GA, SC) Dollars $69,362 $37,309 85.9% $33,510 $27,678 21.1% $145,096 $68,550 111.7% Avg. $546,157 $454,988 20.0% $478,714 $461,300 3.8% $533,441 $500,365 6.6% PriceSouthwest (100.0)(unconsolidated Home 0 10 % 14 27 (48.1)% 21 46 (54.3)% joint ventures)(AZ, TX) Dollars $(17) $7,421 (100.2) $8,441 $17,026 (50.4)% $12,758 $29,973 (57.4)% % Avg. $0 $742,100 (100.0) $602,929 $630,593 (4.4)% $607,524 $651,587 (6.8)% Price %West

(unconsolidated Home 22 8 175.0% 21 20 5.0% 42 11 281.8% joint ventures)(CA) Dollars $8,522 $2,714 214.0% $7,380 $6,838 7.9% $15,579 $4,091 280.8% Avg. $387,364 $339,250 14.2% $351,429 $341,900 2.8% $370,929 $371,909 (0.3)% PriceUnconsolidatedJoint Ventures (2)(excluding KSA Home 189 155 21.9% 155 188 (17.6)% 476 303 57.1% JV) Dollars $109,806 $82,890 32.5% $91,067 $112,196 (18.8)% $266,673 $175,817 51.7% Avg. $580,984 $534,774 8.6% $587,529 $596,787 (1.6)% $560,237 $580,254 (3.4)% Price

KSA JV Only Home 146 284 (48.6)% 0 0 0.0% 1,451 581 149.7% Dollars $22,805 $44,393 (48.6)% $0 $0 0.0% $227,851 $91,551 148.9% Avg. $156,199 $156,317 (0.1)% $0 $0 0.0% $157,030 $157,575 (0.3)% Price

DELIVERIES INCLUDE EXTRASNotes:(1) Contracts are defined as new contracts signed during the period for thepurchase of homes, less cancellations of prior contracts.(2) Represents home deliveries, home revenues and average prices for ourunconsolidated homebuilding joint ventures for the period. We provide this dataas a supplement to our consolidated results as an indicator of the volumemanaged in our unconsolidated homebuilding joint ventures. Our proportionateshare of the income or loss of unconsolidated homebuilding and land developmentjoint ventures is reflected as a separate line item in our consolidatedfinancial statements under ?Income from unconsolidated joint ventures?.

HOVNANIAN ENTERPRISES, INC.(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)(UNAUDITED)

Contracts (1) Deliveries Contract Six Months Ended Six Months Ended Backlog April 30, April 30, April 30, 2021 2020 % Change 2021 2020 % Change 2021 2020 % ChangeNortheast (70.3) (70.8)(unconsolidated Home 27 91 % 31 106 % 14 61 (77.0)% joint ventures)(excluding KSA Dollars $34,812 $70,383 (50.5) $41,508 $85,355 (51.4) $17,839 $48,707 (63.4)% JV) % %(NJ, PA) Avg. $1,289,333 $773,440 66.7% $1,338,968 $805,236 66.3% $1,274,214 $798,475 59.6% PriceMid-Atlantic

(unconsolidated Home 49 34 44.1% 63 31 103.2% 127 45 182.2% joint ventures)(DE, MD, VA, Dollars $28,288 $17,874 58.3% $32,324 $15,716 105.7% $75,401 $23,133 225.9% WV) Avg. $577,306 $525,706 9.8% $513,079 $506,968 1.2% $593,709 $514,067 15.5% PriceMidwest (90.0) (90.0) (100.0)(unconsolidated Home 1 10 % 1 10 % 0 3 % joint ventures)(IL, OH) Dollars $409 $4,648 (91.2) $409 $4,569 (91.0) $0 $1,363 (100.0) % % % Avg. $409,000 $464,800 (12.0) $409,000 $456,900 (10.5) $0 $454,333 (100.0) Price % % %Southeast

(unconsolidated Home 244 119 105.0% 121 105 15.2% 272 137 98.5% joint ventures)(FL, GA, SC) Dollars $127,120 $58,704 116.5% $60,552 $50,727 19.4% $145,096 $68,550 111.7% Avg. $520,984 $493,311 5.6% $500,430 $483,114 3.6% $533,441 $500,365 6.6% PriceSouthwest (91.1) (34.1)(unconsolidated Home 4 45 % 29 44 % 21 46 (54.3)% joint ventures)(AZ, TX) Dollars $3,135 $29,219 (89.3) $17,180 $27,565 (37.7) $12,758 $29,973 (57.4)% % % Avg. $783,750 $649,311 20.7% $592,414 $626,477 (5.4)% $607,524 $651,587 (6.8)% PriceWest (29.3)(unconsolidated Home 48 26 84.6% 29 41 % 42 11 281.8% joint ventures)(CA) Dollars $17,949 $8,979 99.9% $10,207 $14,613 (30.2) $15,579 $4,091 280.8% % Avg. $373,938 $345,346 8.3% $351,966 $356,415 (1.2)% $370,929 $371,909 (0.3)% PriceUnconsolidatedJoint Ventures (2)(excluding KSA Home 373 325 14.8% 274 337 (18.7) 476 303 57.1% JV) % Dollars $211,713 $189,807 11.5% $162,180 $198,545 (18.3) $266,673 $175,817 51.7% % Avg. $567,595 $584,022 (2.8)% $591,898 $589,154 0.5% $560,237 $580,254 (3.4)% Price

KSA JV Only Home 359 379 (5.3)% 0 0 0.0% 1,451 581 149.7% Dollars $56,178 $59,234 (5.2)% $0 $0 0.0% $227,851 $91,551 148.9% Avg. $156,485 $156,290 0.1% $0 $0 0.0% $157,030 $157,575 (0.3)% Price

DELIVERIES INCLUDE EXTRASNotes:(1) Contracts are defined as new contracts signed during the period for thepurchase of homes, less cancellations of prior contracts.(2) Represents home deliveries, home revenues and average prices for ourunconsolidated homebuilding joint ventures for the period. We provide this dataas a supplement to our consolidated results as an indicator of the volumemanaged in our unconsolidated homebuilding joint ventures. Our proportionateshare of the income or loss of unconsolidated homebuilding and land developmentjoint ventures is reflected as a separate line item in our consolidatedfinancial statements under ?Income from unconsolidated joint ventures?.

Contact: J. Larry Sorsby Jeffrey T. O?Keefe Executive Vice President & CFO Vice President, Investor Relations 732-747-7800 732-747-7800