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): March 10, 2009
HOVNANIAN ENTERPRISES, INC.
(Exact Name of Registrant as Specified in Charter)
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| Delaware
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1-8551
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22-1851059 |
(State or Other
Jurisdiction
of Incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.) |
110 West Front Street
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)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On March 10, 2009, Hovnanian Enterprises, Inc. issued a press release announcing its
preliminary financial results for the fiscal first quarter ended January 31, 2009. A copy of the
press release is attached as Exhibit 99.
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 and Adjusted EBITDA, which are
non-GAAP financial measures. The most directly comparable GAAP financial measure is net income
(loss). The reconciliation of EBITDA and Adjusted EBITDA to net loss is contained in the Earnings
Press Release. The Earnings Press Release contains information about (Loss) Income Before Income
Taxes Excluding Land-Related Charges, Intangible Impairments and Gain on Extinguishment of Debt,
which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is Loss
Before Income Taxes. The reconciliation of (Loss) Income Before Income Taxes Excluding Land-Related
Charges, Intangible Impairments and Gain on Extinguishment of Debt to Loss Before Income Taxes 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 Securities and Exchange Commission. Additionally, our calculation
of EBITDA may be different than the calculation used by other companies, and, therefore,
comparability may be affected.
Management believes (Loss) Income Before Income Taxes Excluding Land-Related Charges,
Intangible Impairments and Gain on Extinguishment of Debt to be relevant and useful information
because it provides a better metric of the Company’s operating performance. (Loss) Income Before
Income Taxes Excluding Land-Related Charges, Intangible Impairments and Gain on Extinguishment of
Debt should be considered in addition to, but not as a substitute for, income before income taxes,
net income 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 Securities and Exchange Commission. Additionally,
our calculation of (Loss) Income Before Income Taxes Excluding Land-Related Charges, Intangible
Impairments and Gain on Extinguishment of Debt may be different than the calculation used by other
companies, and, therefore, comparability may be affected.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit 99 Earnings Press Release — First Fiscal Quarter Ended January 31, 2009.
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