Hovnanian Enterprises Reports Fiscal 2007 Results

The Company had 431 active selling communities on October 31, 2007, excluding unconsolidated joint ventures, a decline of 18 active communities from the end of the third quarter on July 31, 2007. The Company had 427 active selling communities on October 31, 2006, excluding unconsolidated joint ventures.

-- During fiscal 2007, the Company delivered 1,364 homes through unconsolidated joint ventures, compared with 2,261 homes last year.

The Company delivered 471 homes through unconsolidated joint ventures in the fourth quarter, compared with 566 homes in last year's fourth quarter.

-- The number of net contracts for fiscal 2007, excluding unconsolidated joint ventures, declined 20.0% to 11,006 contracts. For the fourth quarter, the Company recorded 2,781 net contracts excluding unconsolidated joint ventures, a decline of 10.3% from the fourth quarter of 2006. more