The document discusses the stability of the long-term US housing market. It argues that while the pace of housing demand and price increases may moderate in the short term, the long-term outlook remains positive. Demographic trends like household formation and population growth will continue to underpin housing demand. Regulatory restrictions keep housing supply below demand. The Brookings Institution estimates that US housing starts will need to average 2 million annually until 2030 to meet demand, above the average of 1.6 million since 1971.
1) The document provides a worksheet and instructions for calculating the taxable amount of recovered itemized deductions from prior years.
2) It explains that only the amount of a recovered deduction that reduced tax liability in the original year is taxable in the recovery year.
3) The worksheet walks through calculating standard deductions, adjusted gross income, taxable income, and recovery amounts to include in income for the current tax year.
This document provides instructions for filing a 2008 North Carolina individual income tax return using Form D-400. Some key points:
1. Filing requirements for North Carolina tax returns are different than federal, as NC does not adjust for inflation. Most taxpayers must file if their gross income exceeds thresholds based on filing status.
2. New in 2008, NC offers a refundable Earned Income Tax Credit equal to 3.5% of the federal credit. Bonus depreciation requires an addition on the NC return. The top income tax rate was reduced to 7.75%.
3. The instructions provide guidance on filing status, exemptions, deductions, credits, and forms
Governors, state legislators and officials, and citizens increasingly recognize energy efficiency---the kilowatt-hours and gallons of water or gasoline that we DON'T use, thanks to improved technologies and practices--- as the cheapest, cleanest and quickest energy resource to deploy.
(The 2010 State Energy Efficiency Scorecard--ACEEE) States continue to offer substantial financial incentives to help save consumers money, boost local economies by creating jobs, and improve the environment. An increasing number of states are raising energy efficiency budgets and funding levels; adopting energy efficient policies and improving building codes. Utility and public programs; combined heat & power applications, cash incentives, rebates and tax benefits are at an all time high level of availability. All of these contribute to improving the Return on Investment associated with new construction and major renovations. The time has never been more appropriate or more lucrative to incorporate energy efficiency and alternative energy resources into your energy portfolio.
Starbucks Corporation experienced strong financial growth from 1994 to 2004 as evidenced by increasing revenues, earnings, number of stores, and shareholders' equity over that period. In fiscal year 2004, Starbucks achieved record revenues and earnings, opened over 1,300 new stores globally, and saw its tenth consecutive year of double-digit comparable store sales growth. The company continued its strategy of rapid expansion, product innovation, and strengthening its ethical sourcing and social responsibility practices.
This document proposes a new global region-builder geo-code system to enable regional analysis across jurisdictions. The current Federal Information Processing Standards (FIPS) codes from the 1960s limit regional analysis by alphabetically coding states and counties. The proposed system addresses this by assigning numeric codes to increasingly larger geographic regions based on proximity, from continents down to counties. It includes examples applying the codes to analyze population changes in Virginia regions and densities excluding urban areas. The goal is to engage researchers and practitioners to develop this system for multi-regional data analysis and comparison over time.
Southwest Airlines reported its 33rd consecutive year of profitability in 2005, with net income of $548 million, up 75.1% from 2004. This was achieved through strong revenue growth of 16.1% and excellent cost controls, despite a 43% increase in fuel costs. Southwest's fuel hedging program saved the company an estimated $900 million. The results were driven by the efforts of Southwest employees. Looking ahead, higher fuel prices pose a challenge in 2006, though revenue growth and cost controls may help offset this.
Goldman Sachs Global Industrials Conference - Presentationfinance13
United Airlines presented financial information at the Goldman Sachs Global Industrials Conference in November 2007. The presentation included:
1) United showed improving unit earnings compared to peers, with mainline unit earnings excluding fuel costs up 13% from the previous year.
2) Free cash flow metrics for United were better than peers, with $11.08 of free cash flow per 1,000 available seat miles over the past 12 months.
3) Going forward, United planned to focus on generating value for stakeholders through strengthening operations, unlocking value from business units, and considering consolidation opportunities.
The Sub-State District/Regional Council as a Geospatial Unit of Analytical Ge...Tom Christoffel
This document proposes a new geospatial framework for regional analysis in the United States based on sub-state districts/regional councils. It notes limitations of existing frameworks like Metropolitan Statistical Areas and FIPS codes. The new framework assigns unique geo-codes to each state and region based on Census Bureau regions and divisions. This allows comparison of changes in regions over time and across state lines. It shows how regional councils could serve as standard units of analysis for measuring multi-jurisdictional regional trends and characteristics. The goal is to increase use of regional councils in research and practice and for redistricting based on regional communities.
1) The document provides a worksheet and instructions for calculating the taxable amount of recovered itemized deductions from prior years.
2) It explains that only the amount of a recovered deduction that reduced tax liability in the original year is taxable in the recovery year.
3) The worksheet walks through calculating standard deductions, adjusted gross income, taxable income, and recovery amounts to include in income for the current tax year.
This document provides instructions for filing a 2008 North Carolina individual income tax return using Form D-400. Some key points:
1. Filing requirements for North Carolina tax returns are different than federal, as NC does not adjust for inflation. Most taxpayers must file if their gross income exceeds thresholds based on filing status.
2. New in 2008, NC offers a refundable Earned Income Tax Credit equal to 3.5% of the federal credit. Bonus depreciation requires an addition on the NC return. The top income tax rate was reduced to 7.75%.
3. The instructions provide guidance on filing status, exemptions, deductions, credits, and forms
Governors, state legislators and officials, and citizens increasingly recognize energy efficiency---the kilowatt-hours and gallons of water or gasoline that we DON'T use, thanks to improved technologies and practices--- as the cheapest, cleanest and quickest energy resource to deploy.
(The 2010 State Energy Efficiency Scorecard--ACEEE) States continue to offer substantial financial incentives to help save consumers money, boost local economies by creating jobs, and improve the environment. An increasing number of states are raising energy efficiency budgets and funding levels; adopting energy efficient policies and improving building codes. Utility and public programs; combined heat & power applications, cash incentives, rebates and tax benefits are at an all time high level of availability. All of these contribute to improving the Return on Investment associated with new construction and major renovations. The time has never been more appropriate or more lucrative to incorporate energy efficiency and alternative energy resources into your energy portfolio.
Starbucks Corporation experienced strong financial growth from 1994 to 2004 as evidenced by increasing revenues, earnings, number of stores, and shareholders' equity over that period. In fiscal year 2004, Starbucks achieved record revenues and earnings, opened over 1,300 new stores globally, and saw its tenth consecutive year of double-digit comparable store sales growth. The company continued its strategy of rapid expansion, product innovation, and strengthening its ethical sourcing and social responsibility practices.
This document proposes a new global region-builder geo-code system to enable regional analysis across jurisdictions. The current Federal Information Processing Standards (FIPS) codes from the 1960s limit regional analysis by alphabetically coding states and counties. The proposed system addresses this by assigning numeric codes to increasingly larger geographic regions based on proximity, from continents down to counties. It includes examples applying the codes to analyze population changes in Virginia regions and densities excluding urban areas. The goal is to engage researchers and practitioners to develop this system for multi-regional data analysis and comparison over time.
Southwest Airlines reported its 33rd consecutive year of profitability in 2005, with net income of $548 million, up 75.1% from 2004. This was achieved through strong revenue growth of 16.1% and excellent cost controls, despite a 43% increase in fuel costs. Southwest's fuel hedging program saved the company an estimated $900 million. The results were driven by the efforts of Southwest employees. Looking ahead, higher fuel prices pose a challenge in 2006, though revenue growth and cost controls may help offset this.
Goldman Sachs Global Industrials Conference - Presentationfinance13
United Airlines presented financial information at the Goldman Sachs Global Industrials Conference in November 2007. The presentation included:
1) United showed improving unit earnings compared to peers, with mainline unit earnings excluding fuel costs up 13% from the previous year.
2) Free cash flow metrics for United were better than peers, with $11.08 of free cash flow per 1,000 available seat miles over the past 12 months.
3) Going forward, United planned to focus on generating value for stakeholders through strengthening operations, unlocking value from business units, and considering consolidation opportunities.
The Sub-State District/Regional Council as a Geospatial Unit of Analytical Ge...Tom Christoffel
This document proposes a new geospatial framework for regional analysis in the United States based on sub-state districts/regional councils. It notes limitations of existing frameworks like Metropolitan Statistical Areas and FIPS codes. The new framework assigns unique geo-codes to each state and region based on Census Bureau regions and divisions. This allows comparison of changes in regions over time and across state lines. It shows how regional councils could serve as standard units of analysis for measuring multi-jurisdictional regional trends and characteristics. The goal is to increase use of regional councils in research and practice and for redistricting based on regional communities.
This letter summarizes the company's performance in fiscal year 2007 and outlook for 2008. Key points:
- Fiscal 2007 was challenging with a net loss due to inventory and land impairments, though prior years saw strong growth and profitability.
- Housing market conditions remain difficult with falling home prices and tight credit. The company is reducing inventories and costs to weather the downturn.
- Positive signs include high community traffic, a successful sales promotion, and continued mortgage origination, indicating buyer interest once conditions stabilize.
- The company is managing for a difficult period but remains focused on the long term, with strategies like geographic and product diversity positioned for recovery.
The document is Hovnanian Enterprises' 2000 Annual Report. It discusses the company's strong financial performance in fiscal year 2000, with record revenues of over $1 billion and earnings per share of $1.50, up from $1.39 the previous year. It also outlines the company's growth strategies, including expanding into new markets through acquisitions and its largest acquisition to date, Washington Homes, which will make Hovnanian one of the largest homebuilders in the US. Looking ahead, the company believes housing demand will remain strong and it is well positioned for continued growth and success with its focus on customers, processes, and people.
Home and building automation systems sun sliceDario Bonino
Home and building automation systems are computerized networks that monitor and control mechanical, electronic, and lighting systems in a building. They use wired or wireless technologies like KNX, Modbus, and ZigBee to automate functions for comfort, security, HVAC, and entertainment using networked devices that can be controlled remotely. Common systems provide automation of lighting, temperature, entertainment, appliances, and more for improved convenience, energy efficiency, and security.
On Friday June, 1st. 2012 we held a small seminar on Home and Building Automation Technologies, with a particular focus on peculiarities, issues and idiosyncrasies to account when starting to integrate a new technology in Dog.
After a first introduction on the general concepts of Home and Building Automation, the seminar focuses on 3 main technologies: MyOpen, KNX and Modbus and for each of them provides a short introduction highlighting the relevant features to account when integrating such technologies in Dog. The last part of the seminar analyzes the design and implementation choices driving the integration of such technologies in Dog, with a particular focus on the abstraction process.
The seminar is the first of 2 presentations on the Home and Building Automation topic. The next seminar will be held on Wednesday June 6th, 2012, and will focus on the Dog gateway, by providing a deep architecture analysis and by proposing several development guidelines.
An explanation of eCommerce Trends for 2015. Discussion of eCommerce on Mobile, Responsive Design, UPS and FedEx Dimensional Weight Changes, and advice for eCommerce Startups. Presented at #TechCampMemphis 2014 on November 1st, 2014.
Hovnanian Enterprises had a record year in 2001 with revenues reaching $1.7 billion, a 53% increase over 2000. Net income nearly doubled to $63.7 million. The acquisition of Washington Homes contributed significantly to the improved performance. Going forward, Hovnanian plans to continue growing through increasing market share, expanding communities internally, broadening product offerings such as active adult communities, and pursuing strategic acquisitions.
This annual report summarizes Hovnanian Enterprises' financial performance in fiscal year 2008. Some key points:
- Total revenues declined to $3.3 billion in 2008 from $4.8 billion in 2007. The company reported a net loss of $1.1 billion in 2008.
- Housing market conditions continued to be challenging in 2008 due to the economic recession and decline in the housing market.
- The company focused on preserving cash by lowering home prices, reducing land acquisitions, cutting costs and streamlining operations. It ended 2008 with $838 million in homebuilding cash.
- For the long term, the company is well positioned with strategies of geographic and product diversity and a
This annual report summarizes Dole Food Company's financial performance in 1997. Some key points:
- Revenues grew 13% to $4.3 billion and cash flow from operations grew 10% to $372 million.
- Net income grew 23% to $160.2 million, excluding a 1996 charge. Net debt was reduced by $154 million.
- The company focused on growing its core fresh fruit and vegetable business while liquidating underperforming assets.
- Looking forward, the company aims to continue expanding globally, particularly in Asia, to take advantage of new opportunities for growth.
United Health Group [PDF Document] UnitedHealth Group Financial Reviewfinance3
This document provides an overview of UnitedHealth Group's financial performance in 2004. Key points include:
- Revenues increased 29% to $37.2 billion, driven by acquisitions as well as 8% organic revenue growth.
- Net earnings increased 42% to $2.6 billion and operating cash flows grew 38% to $4.1 billion.
- The medical care ratio improved slightly to 80.6% due to premium rate increases slightly outpacing medical cost growth.
- Earnings from operations grew 40% to over $4.1 billion, with all business segments showing growth.
This annual report summarizes The Home Depot's performance in fiscal year 2005. Some key points:
- Sales reached a record $81.5 billion, up from $73.1 billion the previous year. Net earnings increased 16.7% to a record $5.8 billion.
- The company continued pursuing its strategy of enhancing its core business, extending into new areas like services, and expanding into new markets like the professional contractor segment.
- 21 acquisitions were completed in 2005 to help serve professional contractors better. The largest acquisition was Hughes Supply, to expand the company's presence in the professional market.
- Internationally, the company remains the top home improvement retailer in Canada
This annual report summarizes the financial highlights and strategic goals of Quest Diagnostics for 2007. Some key points:
- Revenues increased 7% to $6.7 billion, operating income was $1.1 billion, and net earnings per share were $2.84.
- The company aims to grow revenues above industry rates, expand operating margins to 20% of revenues, and derive 10% of revenues internationally within 5 years.
- The strategy focuses on putting patients first, driving growth, and investing in people. Diversification efforts include expanding offerings in cancer diagnostics, gene-based testing, and point-of-care testing.
- Information technology is highlighted as a key differentiator
Hovnanian Enterprises had a record-breaking fiscal year in 2002, with revenues reaching $2.6 billion, net earnings of $138 million, and home deliveries of 9,514 homes. The company maintained a strong balance sheet with low debt levels and a large inventory of developable land. Strong housing demand and market concentration in desirable regions contributed to the company's growth. Hovnanian aims to continue growing through both acquisitions and internal expansion while improving operating efficiency across its markets.
The 2001 annual report discusses Group 1 Automotive's record financial and operational results for the year. Revenues increased 11% to over $3.9 billion while earnings per share grew 38% to $2.59. The company benefited from a diversified revenue mix, with 40% of revenues and 85% of profits coming from areas other than new vehicle sales. Going forward, Group 1 plans to pursue additional acquisitions to take advantage of opportunities in the automotive retailing industry.
Starbucks Corporation experienced strong financial growth from 1994 to 2004 as evidenced by increasing revenues, earnings, number of stores, and shareholders' equity over that period. In fiscal year 2004, Starbucks achieved record revenues and earnings, opened over 1,300 new stores globally, and saw its tenth consecutive year of double-digit comparable store sales growth. The company continued its strategy of rapid expansion, product innovation, and strengthening its ethical sourcing and social responsibility practices.
Hovnanian Enterprises reported strong financial results for fiscal year 2004. Total revenues increased to $4.16 billion, up 30% from the prior year. Net income grew 35% to $348.7 million. Earnings per share increased 36% to $5.35. Stockholders' equity surpassed $1 billion for the first time, increasing 45% to $1.192 billion. The company benefited from leadership positions in expanding housing markets, a diverse product portfolio, and continuous process improvements. Hovnanian aims to continue growing revenues and profits through these strategies.
Monsanto reported record third quarter sales and net income. Sales increased 15% compared to the previous year's third quarter due to strong growth in the U.S. seeds and traits business, particularly corn and soybeans. Net income increased significantly due to higher revenues and a write-off in the previous year. The company also reported record sales and net income for the first nine months of the year, with sales up 19% and net income up significantly. Monsanto confirmed its full-year earnings per share guidance.
Monsanto reported record third quarter sales and net income. Sales increased 15% compared to the previous year's third quarter due to increased corn and soybean seed and traits sales in the US and the inclusion of sales from the recently acquired Seminis vegetable seed business. Net income increased significantly due to higher revenues and a prior year write-off related to acquisitions. For the first nine months of the year, sales increased 19% and net income increased significantly, driven by growth in US corn and soybean seed and traits and herbicide sales. Monsanto also confirmed its full year earnings per share guidance.
The document summarizes Regions Bank's 2007 annual shareholder meeting. It provides an overview of Regions' financial performance and position in 2007, including details on the successful integration of its merger. It also outlines challenges from the struggling housing market and strong capital position. Finally, it discusses Regions' strategic initiatives like growing Morgan Keegan and its focus on communities and social responsibility.
Bank of America Securities Annual Investment Conferencefinance14
This document provides forward-looking statements and discusses risk factors that could cause actual results to differ from projections. It includes references to adjusted operating earnings that exclude certain factors. The appendix includes a reconciliation of adjusted operating earnings to GAAP earnings. Exelon Corporation had 2007 operating earnings of $2.9 billion and EPS of $4.32, with assets of $46.8 billion and debt of $14.8 billion. It has a diverse portfolio of nuclear, fossil, hydro, and renewable generation assets across multiple regions.
SYNNEX Corporation is one of the largest IT supply chain services companies in the world. It provides distribution, contract assembly, and logistics management services to IT OEMs and resellers. In fiscal year 2003, SYNNEX generated over $4.1 billion in revenue with net income of $30 million. The company aims to maximize supply chain economics for its clients by building efficient operations and delivering value through transparency and seamless services. Looking ahead, SYNNEX seeks to continue innovating its operations and delivering the highest efficiency in the industry through strategic growth opportunities.
ArvinMeritor had a challenging fiscal year 2001 due to economic downturn and declining automotive sales. However, the company has taken steps to strengthen its position such as aggressively cutting costs, improving quality, and focusing on core competencies. While sales and profits decreased from the prior year, the company generated strong operating cash flow through emphasis on working capital reductions and debt paydown. Looking forward, ArvinMeritor is well positioned in key markets and believes systems integration will be an area of growth opportunity.
This letter summarizes the company's performance in fiscal year 2007 and outlook for 2008. Key points:
- Fiscal 2007 was challenging with a net loss due to inventory and land impairments, though prior years saw strong growth and profitability.
- Housing market conditions remain difficult with falling home prices and tight credit. The company is reducing inventories and costs to weather the downturn.
- Positive signs include high community traffic, a successful sales promotion, and continued mortgage origination, indicating buyer interest once conditions stabilize.
- The company is managing for a difficult period but remains focused on the long term, with strategies like geographic and product diversity positioned for recovery.
The document is Hovnanian Enterprises' 2000 Annual Report. It discusses the company's strong financial performance in fiscal year 2000, with record revenues of over $1 billion and earnings per share of $1.50, up from $1.39 the previous year. It also outlines the company's growth strategies, including expanding into new markets through acquisitions and its largest acquisition to date, Washington Homes, which will make Hovnanian one of the largest homebuilders in the US. Looking ahead, the company believes housing demand will remain strong and it is well positioned for continued growth and success with its focus on customers, processes, and people.
Home and building automation systems sun sliceDario Bonino
Home and building automation systems are computerized networks that monitor and control mechanical, electronic, and lighting systems in a building. They use wired or wireless technologies like KNX, Modbus, and ZigBee to automate functions for comfort, security, HVAC, and entertainment using networked devices that can be controlled remotely. Common systems provide automation of lighting, temperature, entertainment, appliances, and more for improved convenience, energy efficiency, and security.
On Friday June, 1st. 2012 we held a small seminar on Home and Building Automation Technologies, with a particular focus on peculiarities, issues and idiosyncrasies to account when starting to integrate a new technology in Dog.
After a first introduction on the general concepts of Home and Building Automation, the seminar focuses on 3 main technologies: MyOpen, KNX and Modbus and for each of them provides a short introduction highlighting the relevant features to account when integrating such technologies in Dog. The last part of the seminar analyzes the design and implementation choices driving the integration of such technologies in Dog, with a particular focus on the abstraction process.
The seminar is the first of 2 presentations on the Home and Building Automation topic. The next seminar will be held on Wednesday June 6th, 2012, and will focus on the Dog gateway, by providing a deep architecture analysis and by proposing several development guidelines.
An explanation of eCommerce Trends for 2015. Discussion of eCommerce on Mobile, Responsive Design, UPS and FedEx Dimensional Weight Changes, and advice for eCommerce Startups. Presented at #TechCampMemphis 2014 on November 1st, 2014.
Hovnanian Enterprises had a record year in 2001 with revenues reaching $1.7 billion, a 53% increase over 2000. Net income nearly doubled to $63.7 million. The acquisition of Washington Homes contributed significantly to the improved performance. Going forward, Hovnanian plans to continue growing through increasing market share, expanding communities internally, broadening product offerings such as active adult communities, and pursuing strategic acquisitions.
This annual report summarizes Hovnanian Enterprises' financial performance in fiscal year 2008. Some key points:
- Total revenues declined to $3.3 billion in 2008 from $4.8 billion in 2007. The company reported a net loss of $1.1 billion in 2008.
- Housing market conditions continued to be challenging in 2008 due to the economic recession and decline in the housing market.
- The company focused on preserving cash by lowering home prices, reducing land acquisitions, cutting costs and streamlining operations. It ended 2008 with $838 million in homebuilding cash.
- For the long term, the company is well positioned with strategies of geographic and product diversity and a
This annual report summarizes Dole Food Company's financial performance in 1997. Some key points:
- Revenues grew 13% to $4.3 billion and cash flow from operations grew 10% to $372 million.
- Net income grew 23% to $160.2 million, excluding a 1996 charge. Net debt was reduced by $154 million.
- The company focused on growing its core fresh fruit and vegetable business while liquidating underperforming assets.
- Looking forward, the company aims to continue expanding globally, particularly in Asia, to take advantage of new opportunities for growth.
United Health Group [PDF Document] UnitedHealth Group Financial Reviewfinance3
This document provides an overview of UnitedHealth Group's financial performance in 2004. Key points include:
- Revenues increased 29% to $37.2 billion, driven by acquisitions as well as 8% organic revenue growth.
- Net earnings increased 42% to $2.6 billion and operating cash flows grew 38% to $4.1 billion.
- The medical care ratio improved slightly to 80.6% due to premium rate increases slightly outpacing medical cost growth.
- Earnings from operations grew 40% to over $4.1 billion, with all business segments showing growth.
This annual report summarizes The Home Depot's performance in fiscal year 2005. Some key points:
- Sales reached a record $81.5 billion, up from $73.1 billion the previous year. Net earnings increased 16.7% to a record $5.8 billion.
- The company continued pursuing its strategy of enhancing its core business, extending into new areas like services, and expanding into new markets like the professional contractor segment.
- 21 acquisitions were completed in 2005 to help serve professional contractors better. The largest acquisition was Hughes Supply, to expand the company's presence in the professional market.
- Internationally, the company remains the top home improvement retailer in Canada
This annual report summarizes the financial highlights and strategic goals of Quest Diagnostics for 2007. Some key points:
- Revenues increased 7% to $6.7 billion, operating income was $1.1 billion, and net earnings per share were $2.84.
- The company aims to grow revenues above industry rates, expand operating margins to 20% of revenues, and derive 10% of revenues internationally within 5 years.
- The strategy focuses on putting patients first, driving growth, and investing in people. Diversification efforts include expanding offerings in cancer diagnostics, gene-based testing, and point-of-care testing.
- Information technology is highlighted as a key differentiator
Hovnanian Enterprises had a record-breaking fiscal year in 2002, with revenues reaching $2.6 billion, net earnings of $138 million, and home deliveries of 9,514 homes. The company maintained a strong balance sheet with low debt levels and a large inventory of developable land. Strong housing demand and market concentration in desirable regions contributed to the company's growth. Hovnanian aims to continue growing through both acquisitions and internal expansion while improving operating efficiency across its markets.
The 2001 annual report discusses Group 1 Automotive's record financial and operational results for the year. Revenues increased 11% to over $3.9 billion while earnings per share grew 38% to $2.59. The company benefited from a diversified revenue mix, with 40% of revenues and 85% of profits coming from areas other than new vehicle sales. Going forward, Group 1 plans to pursue additional acquisitions to take advantage of opportunities in the automotive retailing industry.
Starbucks Corporation experienced strong financial growth from 1994 to 2004 as evidenced by increasing revenues, earnings, number of stores, and shareholders' equity over that period. In fiscal year 2004, Starbucks achieved record revenues and earnings, opened over 1,300 new stores globally, and saw its tenth consecutive year of double-digit comparable store sales growth. The company continued its strategy of rapid expansion, product innovation, and strengthening its ethical sourcing and social responsibility practices.
Hovnanian Enterprises reported strong financial results for fiscal year 2004. Total revenues increased to $4.16 billion, up 30% from the prior year. Net income grew 35% to $348.7 million. Earnings per share increased 36% to $5.35. Stockholders' equity surpassed $1 billion for the first time, increasing 45% to $1.192 billion. The company benefited from leadership positions in expanding housing markets, a diverse product portfolio, and continuous process improvements. Hovnanian aims to continue growing revenues and profits through these strategies.
Monsanto reported record third quarter sales and net income. Sales increased 15% compared to the previous year's third quarter due to strong growth in the U.S. seeds and traits business, particularly corn and soybeans. Net income increased significantly due to higher revenues and a write-off in the previous year. The company also reported record sales and net income for the first nine months of the year, with sales up 19% and net income up significantly. Monsanto confirmed its full-year earnings per share guidance.
Monsanto reported record third quarter sales and net income. Sales increased 15% compared to the previous year's third quarter due to increased corn and soybean seed and traits sales in the US and the inclusion of sales from the recently acquired Seminis vegetable seed business. Net income increased significantly due to higher revenues and a prior year write-off related to acquisitions. For the first nine months of the year, sales increased 19% and net income increased significantly, driven by growth in US corn and soybean seed and traits and herbicide sales. Monsanto also confirmed its full year earnings per share guidance.
The document summarizes Regions Bank's 2007 annual shareholder meeting. It provides an overview of Regions' financial performance and position in 2007, including details on the successful integration of its merger. It also outlines challenges from the struggling housing market and strong capital position. Finally, it discusses Regions' strategic initiatives like growing Morgan Keegan and its focus on communities and social responsibility.
Bank of America Securities Annual Investment Conferencefinance14
This document provides forward-looking statements and discusses risk factors that could cause actual results to differ from projections. It includes references to adjusted operating earnings that exclude certain factors. The appendix includes a reconciliation of adjusted operating earnings to GAAP earnings. Exelon Corporation had 2007 operating earnings of $2.9 billion and EPS of $4.32, with assets of $46.8 billion and debt of $14.8 billion. It has a diverse portfolio of nuclear, fossil, hydro, and renewable generation assets across multiple regions.
SYNNEX Corporation is one of the largest IT supply chain services companies in the world. It provides distribution, contract assembly, and logistics management services to IT OEMs and resellers. In fiscal year 2003, SYNNEX generated over $4.1 billion in revenue with net income of $30 million. The company aims to maximize supply chain economics for its clients by building efficient operations and delivering value through transparency and seamless services. Looking ahead, SYNNEX seeks to continue innovating its operations and delivering the highest efficiency in the industry through strategic growth opportunities.
ArvinMeritor had a challenging fiscal year 2001 due to economic downturn and declining automotive sales. However, the company has taken steps to strengthen its position such as aggressively cutting costs, improving quality, and focusing on core competencies. While sales and profits decreased from the prior year, the company generated strong operating cash flow through emphasis on working capital reductions and debt paydown. Looking forward, ArvinMeritor is well positioned in key markets and believes systems integration will be an area of growth opportunity.
1) The document is a letter to shareholders from ArvinMeritor discussing the company's 2001 performance and outlook.
2) In 2001, ArvinMeritor completed its first full year as a merged company but faced economic challenges including declining auto sales. The company reported lower sales and income compared to 2000.
3) To strengthen its position, ArvinMeritor plans to focus on core competencies, improve returns, conserve cash through partnerships, and implement cost cutting measures including job reductions and capital spending cuts. The company aims to emerge stronger from the economic downturn.
plains all american pipeline Annual Reports 2003finance13
Plains All American Pipeline (PAA) achieved its goals for 2003, exceeding operating and financial guidance, strengthening its balance sheet, increasing distributions to unitholders by 4.7%, and completing $160 million in acquisitions. PAA is positioned for continued growth in 2004 by meeting similar goals and expanding through $200-300 million in annual acquisitions. As North American crude oil supply and demand converge and inventories decline, PAA's stable fee-based assets and balanced business model are well-suited for increasing volatility in crude oil markets.
This investor presentation provides an overview of Jarden Corporation. In 3 sentences: Jarden is a diversified global consumer products company with a portfolio of over 100 brands across multiple segments. It has established processes for continuous improvement to drive organic growth and integrate acquisitions. The presentation discusses Jarden's strategy, brand strengths, growth approach, operating culture, and framework for ongoing process improvement.
This investor presentation provides an overview of Jarden Corporation. In 3 sentences: Jarden is a diversified global consumer products company with a portfolio of over 100 brands across multiple segments. It has established resilient business platforms and market-leading brands. Jarden's growth strategy focuses on organic growth through increased investment and acquisitions of core, tuck-in businesses that strategically fit with its international focus.
Alltrista Corporation is a leading provider of niche consumer products used for home food preservation. In 2001, Alltrista undertook strategic initiatives to focus on its core consumer products business, including the divestiture of non-core businesses. As a result, Alltrista reported a net loss of $85.4 million for 2001 due to special charges associated with divestitures and restructuring costs. However, the divestitures and restructuring positioned Alltrista to focus on growing its consumer products business through the planned acquisition of Tilia International, which would make Alltrista the market leader in home vacuum packaging systems.
Alltrista sold off non-core businesses in 2001 to focus on consumer products, especially those related to home food preservation. This included brands for canning and vacuum packaging. The divestitures removed financial burdens and generated tax refunds. Alltrista also closed an office to reduce costs. Going forward, the strategy is to leverage leadership in niche consumer product markets to drive growth, with an acquisition of Tilia planned to expand into vacuum packaging.
This document is Jarden Corporation's 2002 Annual Report. It provides an overview of the company's performance in 2002 including financial highlights and summaries of its main business segments: branded consumables, home vacuum packaging, plastic consumables, and other. It discusses the company's acquisition of Tilia and strategic direction to build a world-class consumer products company with leading market shares in niche branded consumable products.
This document is Jarden Corporation's 2002 Annual Report. It provides an overview of the company's performance in 2002 including financial highlights and summaries of its main business segments: branded consumables, home vacuum packaging, plastic consumables, and other. It discusses the company's acquisition of Tilia and strategic direction to build a world-class consumer products company with leading market shares in niche branded consumable products.
The 2003 annual report summarizes Jarden Corporation's financial and operating results for the year. It discusses record financial performance with revenues surpassing $500 million and cash flow from operations exceeding $70 million. It also highlights the acquisitions of Diamond Brands and Lehigh Consumer Products, which added over $250 million in annual revenue. The Chairman expresses optimism that 2004 will be another record year as the company continues executing its strategy of building a portfolio of market-leading consumer brands.
The 2003 annual report summarizes Jarden Corporation's financial and operating results for the year. It discusses record financial performance with revenues surpassing $500 million and cash flow from operations exceeding $70 million. It also highlights the acquisitions of Diamond Brands and Lehigh Consumer Products, which added over $250 million in annual revenue. The Chairman expresses optimism that this is just the beginning and that Jarden will continue executing its strategy to deliver strong growth.
The document summarizes Jarden Corporation's 2004 annual report. It discusses record financial results in 2004, including 5% organic sales growth and 18% EBITDA margins. It also highlights acquisitions of The United States Playing Card Company and American Household, Inc., owner of brands like Coleman and Sunbeam. The acquisition of American Household tripled Jarden's revenue base and provides opportunities for margin expansion and earnings growth.
The document is Jarden Corporation's 2004 annual report. It discusses Jarden's record financial results in 2004, including organic sales growth of 5% and EBITDA margins of 18% excluding non-cash charges. It also summarizes two acquisitions completed in 2004 - The United States Playing Card Company and American Household, Inc. - and how they will help Jarden expand its business and drive margin improvement towards a target of 15% over five years. The report highlights the company's focus on innovation through new product introductions and maintaining financial flexibility.
This annual report summarizes Jarden Corporation's financial performance in 2005. It discusses the company's acquisition of American Household and The Holmes Group, which expanded its consumer solutions segment. It also highlights initiatives across its various business segments, including new product introductions, employee programs, and efforts to improve operations. The Chairman expresses pride in the company's strong growth and record results in 2005, with revenues reaching $3.2 billion, nearly halfway to its goal of doubling EPS within 3 to 5 years.
This annual report summarizes Jarden Corporation's financial performance in 2005. It discusses the company's acquisition of American Household and The Holmes Group, which expanded its consumer solutions segment. It also highlights initiatives across its various business segments, including new product introductions, employee programs, and efforts to improve operations. The Chairman expresses pride in the company's strong growth and record results in 2005, with revenues reaching $3.2 billion, nearly halfway to its goal of doubling EPS within 3 to 5 years.
Jarden Corporation reported record financial performance in 2006, with net sales increasing 21% to $3.85 billion and consolidated segment earnings growing 23% to $442 million. The annual report provides an overview of the company's three business segments - Branded Consumables, Consumer Solutions, and Outdoor Solutions - and their financial contributions. It also highlights new products, operational efficiencies, and initiatives around veterans hiring, outdoor recreation, and sustainability. Chairman Martin Franklin expressed confidence that the company is on track to double adjusted earnings per share within three to five years.
Chiquita Brands experienced a difficult year in 1999 due to severe banana price declines in Europe resulting from an overallocation of EU banana import licenses. Weak economies in Eastern Europe and Russia also negatively impacted pricing. Operating income declined compared to 1998. However, the company's Processed Foods business saw improved earnings. Chiquita completed a workforce reduction to streamline operations and generate annual savings. The EU banana import regime remains in noncompliance with international trade laws and continues to be challenged at the WTO.
Chiquita Brands International announced a proposed restructuring of $862 million in publicly-held debt discussed in the annual report. If successful, the restructuring would convert a significant portion of the debt into common equity, diluting existing shareholders. The restructuring process is still in the early stages and will continue past the customary May date for the annual shareholder meeting, which has been rescheduled for September 12, 2001. Shareholders will receive proxy materials in advance of the September meeting. The company's website and SEC filings provide information on the restructuring, operations, and other developments.
This document provides an update on Chiquita's progress against its three-year strategic plan to focus on its core banana business, drive better performance through cost reductions, and strengthen its balance sheet. Some key updates include selling non-core assets to focus on bananas, implementing cost saving programs with a target of $70 million in annual savings by 2005, reducing debt by over $100 million in 2002, and plans to invest cash flow into new growth opportunities once debt targets are met.
This document is Chiquita Brands International's 2003 annual report. It summarizes the company's financial performance and operational highlights for 2003. The key points are:
- Operating income doubled to $140 million compared to previous periods, due in part to asset sales. Debt was reduced by $122 million, achieving a $400 million target early.
- Productivity increased 12% on owned banana farms and a new fresh cut fruit business was successfully launched. Labor and food safety certifications were also earned.
- The company aims to leverage its brand and expand into higher-margin fruit businesses, targeting 30% of revenues from new businesses in 5 years. Transformation will include a focus on marketing and new talent.
Chiquita Brands International is a leading marketer and producer of bananas and other fresh produce. In 2004, the company achieved several financial and operational goals including 18% sales growth to $3.1 billion, a 23% increase in operating cash flow to $92 million, and an 11% reduction in total debt. The CEO discusses the company's strategy to strengthen its core banana business, pursue profitable growth through new acquisitions and segments, build a high-performance organization, and improve profitability in North America. Key goals for 2005 include completing the acquisition of Fresh Express to diversify product offerings and integrating the new leadership team to execute the long-term strategy.
This document is Chiquita Brands International's 2005 Annual Report. Some key highlights include:
- Net sales grew 27% to a record $3.9 billion in 2005. Operating income increased 66% to $188 million and net income grew 138% to $131 million.
- The company continued strengthening its management team and board. It also acquired Fresh Express, the US market leader in value-added salads.
- In Europe, Chiquita reinforced its brand leadership in the face of a controversial new EU banana import regime. In North America, it achieved its first meaningful increase in banana pricing in over 15 years.
- Fresh Express accelerated its market leadership in retail value-added salads to a
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3. hovnanian communities
Founded in 1959,
Hovnanian Enterprises, Inc.,
designs, constructs and
markets a variety of for-sale
housing in 367 residential
communities in 17 states.
Hovnanian ranks among the
largest homebuilding
companies in the U.S., with
total revenues of $5.3 billion
on 16,274 home deliveries
in fiscal 2005.
COMMUNITIES ACTIVE PROPOSED
Arizona 16 19
California 52 53
Delaware 2 14
Florida 28 49
Illinois 1 10
Maryland 34 49
Michigan “On-Your-Lot” Operation
Minnesota 7 6
New Jersey 34 111
New York 1 7
North Carolina 45 26
Ohio 17 9
Pennsylvania 5 10
South Carolina 5 0
Texas 86 38
Virginia 30 57
West Virginia 4 10
T O TA L 367 468
4. financial highlights
➤
financial Highlights T O TA L R E V E N U E S
hovnanian communities
Dollars in Billions
➤
$5.3
$4.2
$3.2
$2.6
$1.7
REVENUES AND INCOME Dollars in Millions
2005 2004 2003 2002 2001
Total Revenues $5,348.4 $4,153.9 $3,201.9 $2,551.1 $1,742.0 01 02 03 04 05
Pre-tax Income $ 780.6 $ 549.8 $ 411.5 $ 225.7 $ 106.4
Net Income Available to
EARNINGS PER
Common Stockholders $ 469.1 $ 348.7 $ 257.4 $ 137.7 $ 63.7
COMMON SHARE
$7.16
EBITDA (1) $ 928.0 $ 677.8 $ 500.6 $ 311.0 $ 170.7 Fully Diluted
Return on Average Common $5.35
Stockholders’ Equity 33.5% 35.3% 38.1% 29.3% 19.3%
$3.93
$2.14
ASSETS, DEBT AND EQUITY Dollars in Millions
$1.15
Total Assets $4,720.0 $3,156.3 $2,332.4 $1,678.1 $ 1,064.3
Total Recourse Debt $1,498.7 $1,017.7 $ 802.2 $ 661.4 $ 396.5 01 02 03 04 05
Total Stockholders’ Equity $1,791.4 $1,192.4 $ 819.7 $ 562.5 $ 375.6
T O TA L S T O C K H O L D E R S ’
EQUITY
$1.8
Dollars in Billions
EARNINGS PER COMMON SHARE Shares in Thousands
Fully Diluted
Earnings Per Common Share $ 7.16 $ 5.35 $ 3.93 $ 2.14 $ 1.15 $1.2
Fully Diluted $0.8
Weighted Average Common
$0.6
Shares Outstanding 65,549 65,133 65,538 64,310 55,584
$0.4
(1)
See description of EBITDA in footnote (1) on page 14.
01 02 03 04 05
5. Letter to Our Shareholders and Associates:
kevork s. hovnanian and ara k. hovnanian
page 2 ➤
How much longer can the strong housing market continue?
j. larry sorsby discusses industry stability
stability
page 6 ➤
How will Hovnanian continue to grow and generate strong returns as housing prices begin to stabilize?
tom pellerito discusses the importance of enhancing efficiency
efficiency
page 8 ➤
What are the core product and market strategies that distinguish Hovnanian from other homebuilders?
diversification
bobby ray discusses the benefits of diversification
page 10 ➤
How will Hovnanian maintain growth momentum as markets become increasingly concentrated and competitive?
joe riggs discusses our ongoing commitment to innovation
innovation
page 12 ➤
–1–
6. hovnanian enterprises, inc.
To Our Shareholders and Associates:
Fiscal 2005 was another successful year for our Company. Hovnanian in the Fortune 500, where we ranked second on the list based on
recorded strong growth in both revenues and earnings, and we five-year annual rate of total return to investors. For the fourth
delivered 17,783 homes, including homes from unconsolidated joint consecutive year, Forbes magazine named Hovnanian to its Platinum
ventures. We continued to create substantial value for our shareholders, 400, an annual listing of “America’s Best Big Companies.” Hovnanian
with an after-tax return on beginning common equity of 39% and ranked fifth on the list based on five-year annualized total return.
an after-tax return on beginning capital of 24%. Just as importantly, Barron’s ranked Hovnanian fifth on its “Barron’s 500” list, an
we continued to position our Company for continued growth and annual ranking of the biggest U.S. companies based on “significant
“We debuted in the
profitability, building on our established strengths as well as new stock-market gains and consistently strong cash flow.” Fortune
Fortune 500, where we ranked
strategies that foster innovation and enhanced quality. magazine also recognized Hovnanian as one of the 100 fastest-growing
second on the list based on
In fiscal 2005, our net income available to common stockholders companies in the U.S. for a fourth consecutive year.
five-year annual rate of
increased 35% to $469 million, or $7.16 per diluted share, after
Outpacing the Industry total return to investors.”
growing 35% in fiscal 2004. For each of the last three years, our organic
This superior performance is the result of the efforts of our
earnings growth has exceeded 90%. Net earnings have grown at a
6,084 talented associates, the best team in the homebuilding
compound annual rate of 50% over the past three years and at a rate of
industry. Of course, we continued to benefit from a strong housing
70% over the past five years. Our revenues grew 29% to $5.3 billion
market nationwide. However, it is important to keep in mind
in fiscal 2005.
that Hovnanian has positioned itself to thrive even in a less robust
Over the past twelve months, our strong track record was
housing market, with a strong land position acquired only after
acknowledged by several leading business publications. We debuted
–2–
7. hovnanian enterprises, inc.
kevork s. hovnanian, Founder and Chairman (left)
ara k. hovnanian, President and Chief Executive Officer (right)
rigorous analysis of new community acquisitions with a focus on will continue to underpin demand for housing. At the same time,
strong returns. By emphasizing efficiency, productivity and continuous the regulatory environment in many markets keeps the supply of
innovation, we have built a strong but nimble organization. Since 2000, new homes artificially below demand. The Brookings Institution esti-
Hovnanian has outpaced the industry in earnings per share growth, mates that total U.S. housing starts will need to average two million
with a compound annual growth rate of 57% through 2005. homes annually until 2030 just to keep pace with demand. This level of
activity would represent a further increase over recent production levels,
“The Brookings Institution
A Stable Long-term Market
and represents more than the average annual 1.6 million U.S. housing
estimates that total
The ongoing strength of the U.S. housing market continues to give rise
starts since 1971. But it is not surprising given the number of new
U.S. housing starts will
to questions about the direction of the market over the next few years
households that are projected to form each year and the need to replace
need to average
and what it will portend for large builders like Hovnanian. We believe
homes due to their age and obsolescence, as well as the demand for
two million homes annually
that, while the pace of housing demand and price increases may moder-
second homes by affluent baby boomers.
until 2030 just to
ate in the short term, the long-term outlook remains very positive, and
Our economy continues to show signs of strength, which is
keep pace with demand.”
we are confident in our ability to continue to perform well over the
positive for housing. While interest rates rose modestly during 2005,
next few years. As of the start of fiscal 2006 in November, we had more
economists do not foresee a dramatic uptick in the near term. What’s
than 48% of our projected deliveries for the year in backlog, and the
more, consumers today have a broad range of mortgage options that
remainder of the deliveries will come from our controlled land position,
enhance affordability under a variety of interest-rate scenarios.
where the land costs are already locked in. Over the longer term, demo-
graphic trends, driven by household formation and population growth,
–3–
8. hovnanian enterprises, inc.
B A C K L O G AT O C T O B E R 3 1 ,
Dollars in Billions $5.1
+91%
$2.7
04 05
Finally, the homebuilding industry continues to undergo In the Midwest, Hovnanian entered the Chicago and Minnesota
consolidation, with the ten largest homebuilders now commanding markets, with the acquisition of Town & Country Homes, the 52nd
approximately 24% of the total market, up from just 10% in 1997. largest homebuilder nationally. This acquisition also gave us an entry
This consolidation, which shows no sign of abating, will benefit into the strong growth market of southeast Florida. By structuring
the larger players, including Hovnanian, who can leverage significant the ownership of Town & Country in a joint venture with a financial
economies and powers of scale in our regional markets. partner, we were able to limit our debt leverage at the corporate level,
while we continue to participate in a higher percentage of any improve-
Successful Acquisitions
“We have a track record of
ment in performance. As a result, the venture structure enhances our
Over the past year, Hovnanian was active in acquiring homebuilders
successfully combining
returns on capital.
and integrating them into our family of companies. We entered the
acquired companies
We have already made significant progress in integrating these and
high-growth Orlando market with the acquisition of Cambridge
and then accelerating
earlier acquisitions. In fact, integration of acquired operations is a
Homes, the 88th largest builder in the U.S., which delivered 599
their growth.”
core strength of our Company. We have a track record of successfully
homes during 2004. Our Florida operations grew further with
combining acquired companies and then accelerating their growth.
the subsequent acquisition of First Home Builders of Florida, ranked
We are very excited about the addition of these new associates and
number one in the greater Fort Meyers-Cape Coral market and 51st
expect great contributions from each operation in the future. We will
nationally. We also acquired Oster Homes, located just west of
continue to consider strategic acquisition opportunities, maintaining
Cleveland, Ohio, complementing our Ohio-based “on-your-own-lot”
a very disciplined approach to evaluating and selecting candidates.
homebuilding operations.
–4–
9. hovnanian enterprises, inc.
Building the Future We will continue to drive operational efficiency throughout our
Moving forward, we will continue to implement the strategies that organization, implementing best practices in each of our subsidiaries.
have worked well for Hovnanian in the past. We will focus on achieving Standardized products and processes will help to drive down costs
top-tier market positions in each of the geographic regions in which and improve quality.
we operate. Market concentration provides attractive opportunities for Finally, we continue to look to our associates to build an even
efficiency and growth. We will maintain a diverse product line, includ- stronger company. Their unwavering commitment to delivering quality
“Our product diversity,
ing first-time, move-up, urban infill, and active adult homes, and service to American home buyers has been, and will always be, the
combined with our
as well as an increasing capability in mid-rise and high-rise condo foundation of our Company’s success.
geographic range,
development. Our product diversity, combined with our geographic
enables us to capitalize
range, enables us to capitalize on market and demographic trends
on market and demographic
and cushions the Company from exposure to any one segment.
trends and cushions
We will continue to maintain a competitive land position,
the Company from exposure
leveraging option contracts rather than direct ownership to limit risk
to any one segment.”
and maximize available capital. At the end of fiscal 2005, Hovnanian Kevork S. Hovnanian Ara K. Hovnanian
Founder and Chairman President and Chief Executive Officer
controlled 116,083 lots, approximately 74% under option contracts,
providing enough land to meet our needs for more than five years,
on average.
–5–
10. hovnanian enterprises, inc.
How much longer can the strong housing market continue?
Our view, which is supported by several third-party studies,
stability
is that, in the long-term, the housing market will remain
STABLE as a result of demographics and household formation.
j. larry sorsby
Chief Financial Officer
The U.S. housing market has been very housing markets. As noted in “The State of growth are more important to the demand for
healthy over the past decade, but national America’s Housing 2005”, a report of the housing in terms of unit volume. The current
housing starts have only increased at a pace Joint Center for Housing Studies at Harvard economic climate appears strong and is
in line with population and household growth. University, “members of this generation are expected to continue to show steady growth.
However, home prices have increased signifi- likely to out-earn their parents and thus What’s more, the most likely scenario for
cantly in some areas of the country primarily become an even greater source of housing increased interest rates will come with a
due to artificial restrictions on new home con- demand in the next two decades.” stronger economy, which will mean that more
struction in certain heavily regulated markets. The aging of the American population Americans will be financially secure and able
Such substantial increases in prices have will also contribute to housing stability. The to afford the purchase of a home.
inevitably raised the question of sustainability. number of Americans over 65 years old will
We believe that several key trends will double between 2000 and 2030, climbing to
continue to support a strong housing market. 70 million. According to a Brookings
STRONG GROWTH IN A STABLE INDUSTRY
Institution report, the elderly will represent 2,500 18,000
hovnanian Larger builders will likely continue to gain market share and
Long-term Demographics
the fastest-growing segment of the housing total cagr achieve growth, regardless of changes in total housing starts.
starts 30%
Housing demand is driven by household cagr
total u.s. housing starts
2,000 14,500
market. Elderly households will account for
5%
formation and population growth. Due in {left axis; in thousands}
about half of the 40 million increase in house-
large part to immigration, household growth
holds projected between 2000 and 2030.
1,500 11,000 hovnanian deliveries
{right axis}
is likely to remain solid and could even
accelerate over the next 10 years. The children Strength of the Economy 1,000 7,500
of immigrants who arrived in the 1980s and Although low interest rates helped make
00 01 02 03 04 05
1990s are becoming a force of their own in homes more affordable, GDP and job-market
–6–
11. hovnanian enterprises, inc.
Cycles have Moderated running at less than half their 1986 level, an environment. Continued industry consoli-
Housing has always been a cyclical industry, despite sharply increased demand due to dation in a slowdown would allow us to
stability
but over time the cycles have moderated. increased population and job growth. In continue to achieve reasonable growth, just as
Since 1971, through economic recessions and markets such as California, Florida, Maryland, we’ve achieved phenomenal growth in the
booms, U.S. housing starts have averaged New Jersey and Virginia, the imbalance recent housing expansion. From 2000 through
1.6 million homes annually. According to created by government regulations has driven 2005, Hovnanian deliveries have grown by
the Harvard study, national housing starts prices higher. In fact, the process of securing a compound annual growth rate of 30%, far
since 2000 “appear to be roughly in line with building permits continues to lengthen in outpacing the 5% growth rate of total U.S.
household demand.” nearly all our markets. housing starts. Thus, a strategy of expansion
and market share gains has been a key factor
Regulatory Environment Consolidation
to our growth. Accompanying this expansion
In many of our markets, however, state and Although it is reasonable to expect that U.S.
has been—and will continue to be—an
local regulations have kept the supply of new housing starts may decline modestly over the
unrelenting commitment to operational
homes artificially below demand. For example, next few years, we expect our company will
efficiency and financial controls.
in coastal California, housing permits are continue to exhibit profitable growth in such
These long-term trends will continue to
provide strength and stability to the housing
In any economy, owning a home will remain a
market. The Brookings Institution estimates
building block of the American Dream. that two million housing starts annually are
Pictured: a Hovnanian estate home in New Jersey’s
Preserve at Randolph.
needed to meet expected demand until 2030.
The Harvard study reports that the inventory
of new homes for sale relative to the pace of
home sales is near its lowest level ever. “Given
this small backlog,” the study notes, “new
home sales would have to retreat by more than
a third— and stay there for a year or more—
to create anywhere near a buyer’s market.”
–7–
12. hovnanian enterprises, inc.
How will Hovnanian continue to grow and generate strong returns as housing prices begin to stabilize?
Thanks to our ongoing commitment to EFFICIENCY
and productivity, we are positioned to remain strong
in any market cycle.
tom pellerito
Group President
Although we expect demand for housing to Florida, Illinois, Minnesota, North Carolina our strong local presence, local trade partners
remain strong, housing prices will inevitably and Texas, Hovnanian is ranked in the top ten. typically provide their best pricing while
efficiency
begin to return to a more normalized rate This strategy of market leadership results in ensuring the highest quality service and work-
of appreciation. However, our company’s substantial operational efficiencies. In each of manship. We have very high name recognition
financial feasibility analysis for new land our markets, we have strong relationships with in each of our markets, and we command the
acquisitions allows the company to generate land owners and developers, affording us the most desirable placements in local real estate
unleveraged 30% internal rates of return on best opportunities to acquire land. Because of listings. We are also perceived as the employer
our invested capital without any home price
increases. In addition, Hovnanian has imple- In Florida, Hovnanian is a top homebuilder in each
mented a focus on operational efficiency and of the markets in which we are active. This leadership
position brings substantial operational efficiencies,
financial controls that over time can enhance enabling us to build quality homes as economically as
our margins further without price increases. possible. Pictured: an entry-level home in Ft. Myers
at our Super Model Center.
Productivity Through Leadership
In each of our geographical markets,
Hovnanian has built a strong competitive
position. We are the leading homebuilder in
New Jersey and number two in the Metro DC
market and North Carolina. In many of the
markets in which we build in California,
–8–
13. hovnanian enterprises, inc.
SIGNIFICANT CASH-FLOW GENERATION
operations, we also work hard to instill our are standardized across the company to drive
$1,536.8
Dollars in Millions corporate best practices across all of our busi- down costs and improve quality.
ebitda* ness units, ensuring that improvements in Finally, we continue to maintain rigorous
change in land
quality and efficiency are achieved in every financial controls and a disciplined approach
*See description of EBITDA in footnote (1) on page 14. $1,045.5 region. As our track record demonstrates, to capital management. Our focus on return
$826.9
integrating acquisitions is a core Hovnanian on investment (ROI) has led to “industry-
$525.6 strength, and one we will look to for contin- leading” returns on equity and capital. We
$273.1 ued strength in any market environment. achieve target ROIs through a combination
$135.1
of inventory turnover management and
efficiency
00 01 02 03 04 05 Option Strategy
profitability management. We maintain an
Our approach to purchasing land also
average net recourse debt-to-capital ratio
enhances our returns. We maintain a strategy
below 50%, a position that minimizes risk and
of choice in many of our markets, which of controlling land through lot option con-
affords us maximum flexibility to take advan-
enables us to attract the best people to design, tracts, rather than direct ownership. More
tage of expansion opportunities as they arise.
build and market our homes. than 74% of the lots we hold for future devel-
While our audited cash flow statement
opment are controlled under option contracts.
Successful Acquisitions shows negative operating cash flow, it is largely
This strategy reduces risk and frees up capital,
An important component of Hovnanian’s due to growing our inventories in line with
which we can deploy efficiently to attain our
commitment to efficiency and productivity has the growth of our company. The amount of
growth objectives. It also gives us the flexibility
been our success in integrating newly acquired this increase is largely discretionary, subject
to renegotiate price and terms if the returns we
companies. We have acquired 14 companies to our control in seeking out and acquiring
are achieving from a community on a particu-
since 1998, and have successfully incorporated additional communities. If appropriate, we
lar parcel of land should fall for a sustained
each of them into our Company-wide opera- can slow down and defer further acquisitions
period of time.
tions. In 2005 we made four acquisitions of land in order to increase our net cash flow.
In our drive to enhance productivity, we
which enhanced our geographic diversification In fact, in past downturns, we were able to
emphasize national contracts and evenflow
in Florida, Illinois, Minnesota and Ohio. pay down debt significantly and reduce our
production, and we are testing vertical integra-
Although we leverage the local brands and leverage ratio.
tion and supply-chain optimization strategies.
local management expertise of our regional
Where it makes sense, products and processes
–9–
14. hovnanian enterprises, inc.
What are the core product and market strategies that distinguish Hovnanian from other homebuilders?
Two key factors set us apart: our DIVERSE array of products
for a broad range of home buyers, and our success in combining
geographic diversity and market concentration.
bobby ray
Group President
One key factor that sets us apart from many company growth. Our urban infill communi- Our expertise in these niche product areas gives
competitors is the broad range of homes ties meet the needs of consumers who want the us competitive advantages that contribute to
we offer. Today, Hovnanian offers one of excitement and amenities of urban areas, while our industry-leading growth and returns.
the most diversified product portfolios in making homes more affordable through Our expanding presence in the highly
the industry. Utilizing the latest design tech- higher-density products. For more than 20 attractive Dallas market illustrates the success
nologies, construction and materials, our years, we’ve been a leader in urban infill loca- of our diversification strategy. We entered
experienced architects, designers and planners tions, redeveloping older residential areas and the market in 1999 with the acquisition of
create dazzling high-rise downtown penthouse sites previously deemed unsuitable for housing. Goodman Homes, a leader in the “move-up”
diversification
suites; beautiful suburban townhouse commu-
nities; charming active adult communities; and
traditional enclaves of suburban single-family Hovnanian builds homes to meet the needs of a diverse
detached and attached homes. array of consumers, from first-time buyers to active
adults. Pictured: a Hovnanian “move-up” home at
Our product diversity enables us to meet Cambridge Place at Russell Creek in Plano, Texas.
the disparate and ever-changing needs of the
American homebuyer. For example, our active
adult communities target the growing popula-
tion of Americans aged 55 and over. As we
continue to roll out our active adult product
into new markets, active adult deliveries
will continue to grow faster than our overall
– 10 –
15. hovnanian enterprises, inc.
Hovnanian’s active adult communities,
like Four Seasons at Historic Virginia, set the
standard for lifestyle, fulfillment and value.
and luxury segments. With this foundation,
we successfully penetrated the first-time and
active adult segments. In just six years,
Hovnanian has steadily grown its ranking as a
top-ten homebuilder in Dallas, offering a wide
spectrum of attractive housing alternatives.
And in markets such as New Jersey, Southern
Coastal California and Washington, DC, we
have an even broader product offering which
has resulted in returns that are consistently Geographic Expansion Our expansions into Bakersfield, CA, and
Market diversity also sets us apart from other
diversification
above company averages. Tucson, AZ, in 2005 are examples of adding
homebuilders. Hovnanian has operations larger concentric circles of growth to existing
in 17 states, from New Jersey to California, division infrastructures to leverage our
from Florida to Minnesota. We strive to be a geographic reach. As in the past, we will take
We are an industry leader in urban infill locations, leader in each of our markets, a strategy that a highly disciplined approach to acquisitions,
redeveloping older residential areas and sites previously
deemed unsuitable for housing. Shown here: A rendering affords us many operational and marketing carefully evaluating a company’s track record,
of the high-rise component of National at Old City in efficiencies. Our geographic expansion has management team, operating culture, market
Philadelphia, currently under construction.
resulted from a combination of company position and financial returns.
acquisitions and organic growth. We will
continue to look to acquisitions as an effective
means of entering new markets, as well as to
expand our penetration of existing markets.
– 11 –
16. hovnanian enterprises, inc.
How will Hovnanian maintain growth momentum as markets become increasingly concentrated and competitive?
Our people, our culture of INNOVATION and our ongoing
emphasis on quality and customer satisfaction will sustain
our momentum moving forward.
joe riggs
Group President
We view our associates— architects, commu- people are our most valuable asset, the reason acquisitions and integrate new ones.
nity managers, land acquisition specialists, we have come as far as we have and the reason During 2005, we continued to test and
sales and marketing professionals, financial we will continue to grow and prosper. measure the benefits from identifying and
experts and others — as pivotal in ensuring implementing opportunities for vertical
Culture of Innovation
our long-term success. We are an industry
We have a long-standing commitment to con-
leader in implementing innovative training
tinuous process improvement. The passion to
and development programs, including career
find and implement innovative ways to
path development and succession planning
improve operational performance is ingrained A focus on continuous improvement in all areas
programs. We provide our associates with rich of our business, including construction, has made
in our culture and permeates our organization. Hovnanian an industry innovator.
opportunities to learn and to grow, because
We have a team of senior professionals who
we understand that we can only grow as fast
are focused on process improvement in such
as the number of talented people we have on
areas as customer relations, purchasing, home
our team.
production and quality assurance. They work
We offer a wide range of programs
with our operating managers in each of our
designed to train and devlope our associates,
from new hire training programs, such as the subsidiaries to identify and analyze the best
innovation
Community Construction Management ways to run our business and then adopt these
Development Program to a Leadership practices across the company. This relentless
Development Program and Executive focus on process improvement and innovation
Coaching. Our commitment to training and will enable us to reap greater benefits from
development is built on the recognition that economies of scale as we consolidate past
– 12 –
17. hovnanian enterprises, inc.
will reduce costs, produce homes faster, and consumers’ need for conveniently located new
Because of our ongoing commitment to customer
satisfaction, many home buyers have remained with us improve the quality of the homes we deliver. homes. In the Fort Myers, Florida market,
as they progress from their first Hovnanian home or Currently, our operations in Fort Myers, we build through a scattered lot operation,
move to an active adult community.
Florida, and our “on-your-lot” operations in where home buyers first pick a model from
Ohio have vertically integrated several trade our “Super Center” and then choose the lot
subcontractors into their operations. they want to build it on.
These two operations also extend innova-
Focus on Quality
tion to our product offerings as well as the
Our continued success will also be fueled by
geographic reach of our operations. For
an ongoing focus on quality improvement and
example, in Ohio we offer an “on-your-lot”
customer satisfaction. A strong commitment
program for first-time and move-up buyers
to quality is fundamental to our success.
who already own a home site. This program
Thorough inspections at each phase of con-
integration of selected subcontractors. By enables us to expand our presence in areas
struction ensure that workmanship and
incorporating certain construction trades into where our traditional high-volume production
building techniques are of the finest quality.
our existing operations, we anticipate that we operations may not be feasible, while meeting
Our high sales volume, large number of new
communities and relationships with industry
professionals allow us to purchase the best
Hovnanian training programs cover virtually every
area of our operations, from construction management materials, in quantity, from the most reliable
to leadership development. sources. This enables us to deliver a superior
quality home at the best possible value.
innovation
– 13 –
18. hovnanian enterprises, inc.
five year financial review
Years Ended October 31,
(In Thousands Except Number of Homes and Per-Share Data) 2005 2004 2003 2002 2001
S TAT E M E N T O F O P E R AT I O N S D ATA :
Total Revenues $ 5,348,417 $ 4,153,890 $ 3,201,944 $ 2,551,106 $ 1,741,990
Income from Unconsolidated Joint Ventures $ 35,039 $ 4,791 $ (87) – –
Pre-tax Income $ 780,585 $ 549,772 $ 411,518 $ 225,730 $ 106,354
Net Income Available to Common Stockholders $ 469,089 $ 348,681 $ 257,380 $ 137,696 $ 63,686
Fully Diluted Earnings Per Common Share $ 7.16 $ 5.35 $ 3.93 $ 2.14 $ 1.15
Weighted Average Common Shares Outstanding 65,549 65,133 65,538 64,310 55,584
B A L A N C E S H E E T D ATA :
Cash $ 229,499 $ 78,024 $ 128,221 $ 269,990 $ 16,149
Total Inventories $ 3,436,620 $ 2,467,309 $ 1,660,044 $ 1,081,582 $ 740,114
Total Assets $ 4,719,955 $ 3,156,267 $ 2,332,371 $ 1,678,128 $ 1,064,258
Total Recourse Debt $ 1,498,739 $ 1,017,737 $ 802,166 $ 661,390 $ 396,544
Total Non-Recourse Debt $ 73,012 $ 50,638 $ 44,505 $ 14,867 $ 13,490
Total Stockholders’ Equity $ 1,791,357 $ 1,192,394 $ 819,712 $ 562,549 $ 375,646
S U P P L E M E N TA L F I N A N C I A L D ATA :
EBIT(1) $ 870,306 $ 624,814 $ 475,176 $ 286,101 $ 157,800
EBITDA(1) $ 928,006 $ 677,842 $ 500,638 $ 311,027 $ 170,704 (1)
EBIT and EBITDA are not financial measures calculated in accor-
Cash Flow (Used In) Provided by Operating Activities $ (23,942) $ (180,313) $ (182,606) $ 248,540 $ 37,069 dance with generally accepted accounting principles (GAAP). The
Interest Incurred $ 102,930 $ 87,674 $ 66,332 $ 57,406 $ 47,272 most directly comparable GAAP financial measure is net income.
EBIT (earnings before interest and taxes) equals net income before
EBIT/Interest Incurred 8.5X 7.1X 7.2X 5.0X 3.3X
(a) previously capitalized interest expensed with homes sold and
EBITDA/Interest Incurred 9.0X 7.7X 7.5X 5.4X 3.6X other interest expense; and (b) income taxes. EBITDA
(earnings before interest, taxes, depreciation and amortization) is
F I N A N C I A L S TAT I S T I C S :
calculated by adding depreciation, amortization and non-recurring
Average Net Debt/Capitalization(2) 44.5% 48.2% 47.6% 52.3% 57.2% asset write-offs for the period to EBIT. EBIT and EBITDA should
Homebuilding Inventory Turnover(3) 1.5X 1.6X 1.8X 2.0X 1.8X not be considered alternatives to net income determined in accor-
Homebuilding Gross Margin(4) 26.4% 25.5% 25.5% 22.0% 20.6% dance with GAAP as an indicator of operating performance, nor
EBIT Margin 16.3% 15.0% 14.8% 11.2% 9.1% an alternative to cash flows from operating activities determined
Return on Average Common Equity 33.5% 35.3% 38.1% 29.3% 19.3% in accordance with GAAP as a measure of liquidity. Because some
analysts and companies may not calculate EBIT and EBITDA
O P E R AT I N G S TAT I S T I C S : in the same manner as Hovnanian Enterprises, the EBIT and
Net Sales Contracts – Homes 16,831 15,801 12,285 9,394 6,722 EBITDA information presented above may not be comparable
to similar presentations by others.
Net Sales Contracts – Dollars $ 5,579,946 $ 4,714,722 $ 3,294,605 $ 2,432,404 $ 1,619,370
(2)
Debt excludes CMOs, mortgage warehouse debt and non-recourse
Deliveries – Homes 16,274 14,586 11,531 9,514 6,791
debt and is net of cash balances.
Deliveries – Dollars $ 5,177,655 $ 4,082,263 $ 3,129,830 $ 2,462,095 $ 1,693,717 (3)
Derived by dividing total home and land cost of sales by average
Backlog – Homes 12,591 7,552 5,761 3,857 3,033 homebuilding inventory, excluding inventory not owned.
Backlog – Dollars $ 4,058,222 $ 2,484,770 $ 1,530,404 $ 1,076,728 $ 773,074 (4)
Excludes interest related to homes sold.
– 14 –
19. hovnanian enterprises, inc.
Financial highlights
DELIVERIES – HOMES T O TA L R E V E N U E S P R E - TA X I N C O M E
Dollars in Billions Dollars in Millions $780.6
GR GR $5.3 GR
CA 16,274 CA CA $549.8
% % %
24 14,586
33 $4.2
65
11,531 $3.2 $411.5
9,514 $2.6
6,791 $1.7 $225.7
$106.4
01 02 03 04 05 01 02 03 04 05 01 02 03 04 05
H O M E B U I L D I N G G R O S S M A R G I N (1) E B I T M A R G I N (2) RETURN ON
25.5% 25.5% 26.4% 16.3% B E G I N N I N G C A P I TA L
14.8% 15.0%
22.0% 24.3% 24.4% 23.7%
20.6% 22.6%
11.2%
9.1%
14.3%
01 02 03 04 05 01 02 03 04 05 01 02 03 04 05
T O TA L S T O C K H O L D E R S ’ $1.8
EBITDA/INTEREST AV E R A G E N E T R E C O U R S E
EQUITY I N C U R R E D (2) 9.0X D E B T T O C A P I TA L (3)
Dollars in Billions 7.7X 57.2%
GR
7.5X
52.3%
CA $1.2 47.6% 48.2% 44.5%
4 6% 5.4X
$0.8
3.6X
$0.6
$0.4
Compound Annual Growth Rate (CAGR).
(1)
Excludes interest related to homes sold.
(2)
See description of EBITDA in footnote (1) on page 14.
01 02 03 04 05 01 02 03 04 05 01 02 03 04 05
(3)
Debt excludes CMOs, mortgage warehouse debt and
non-recourse debt and is net of cash balances.
– 15 –
20. hovnanian enterprises, inc.
board of directors
Kevork S. Hovnanian (82) Arthur M. Greenbaum, Esq. (80) John J. Robbins* (66)
Mr. Hovnanian is the founder of the Mr. Greenbaum has been a senior partner Mr. Robbins was a managing partner of
Company and has served as Chairman of of Greenbaum, Rowe, Smith & Davis, the New York Office of Kenneth Leventhal
the Board since its original incorporation LLP, a New Jersey legal firm, since 1950. & Company and executive committee
in 1967. He served as Chief Executive Mr. Greenbaum has been a Director of the partner, retiring from the firm in 1992.
Officer from 1967 through July 1997. In 1996, the New Company since 1992. He was made a partner of Kenneth Leventhal & Company
Jersey Institute of Technology awarded Mr. Hovnanian a in 1973. Mr. Robbins has been a Trustee of Keene Creditors
Edward A. Kangas*• (61)
President’s Medal for Distinguished Achievement to an Trust since 1996. He is also Director and Chairman of the
Mr. Kangas was Chairman and Chief
Outstanding Entrepreneur. In 1992, Mr. Hovnanian was Audit Committee of Raytech Corporation since May 2003.
Executive Officer of Deloitte Touche
granted one of five nationwide Harvard Dively Awards Mr. Robbins was elected as a Director of the Company
Tohmatsu from December 1989 to May
for Leadership in Corporate Public Initiatives. in January 2001, and is a member of the Company’s
2000, when he retired. He also serves on
Audit Committee.
Ara K. Hovnanian (48) the Boards of Electronic Data Systems, Inc. (NYSE),
Mr. Hovnanian has been Chief Executive Eclipsys, Inc. (NASDAQ), Tenet Healthcare Corporation, J. Larry Sorsby (50)
Officer since 1997, after being appointed Inc. (NYSE), and Oncology Therapeutics Network, Inc. Mr. Sorsby has been Chief Financial
President in 1988 and Executive Vice Mr. Kangas is also Chairman of the Board of the National Officer of the Company since 1996 and
President in 1983. Mr. Hovnanian joined the Multiple Sclerosis Society. Mr. Kangas was elected as a Executive Vice President since November
Company in 1979 and has been a Director of the Company Director of the Company in September 2002, is Chairman 2000. From March 1991 to November
since 1981. In 1985, Governor Kean appointed Mr. Hovnanian of the Company’s Audit Committee and a member of the 2000, he was Senior Vice President, and from March 1991
to The Council on Affordable Housing and he was reappointed Company’s Compensation Committee. to July 2000, he was Treasurer. Mr. Sorsby was elected as
to the Council in 1990 by Governor Florio. In 1994, Governor a Director of the Company in 1997.
Desmond P. McDonald* (78)
Whitman appointed him as a member of the Governor’s
Mr. McDonald was a Director of Midlantic Stephen D. Weinroth*• (67)
Economic Master Plan Commission. Mr. Hovnanian serves
Bank, N.A. from 1976 to December Mr. Weinroth is a Managing Member of
as Member of the Advisory Council of PNC Bank and the
1995, Executive Committee Chairman Hudson Capital Advisors, LLC, a private
Monmouth Real Estate Investment Corporation, and he is
of Midlantic Bank, N.A. from August equity merchant banking firm, and a
on the Boards of a variety of charitable organizations.
1992 to December 1995 and President of Midlantic Bank, Managing Director and Board Member
Geaton A. DeCesaris, Jr. (50) N.A. from 1976 to June 1992. He was also a Director of of Kline Hawkes & Co., a manager of private equity funds.
Mr. DeCesaris, Jr. has served as President of Midlantic Corporation to December 1995 and Vice From 1989 to 2003, he served as co-Chairman and head
the Hovnanian Land Investment Group since Chairman from June 1990 to July 1992. Mr. McDonald of the investment committee at First Britannia Mezzanine
July 2003. Prior to this position, Mr. has been a Director of the Company since 1982 and is a N.V., a European private investment firm. He is Chairman
DeCesaris, Jr. was President of Homebuilding member of the Company’s Audit Committee. of the Board Emeritus of Core Laboratories, N.V. (NYSE),
Operations and Chief Operating Officer since January 2001. a global oil field services company where he was Chairman
Prior to joining the Company in 2001, Mr. DeCesaris, Jr. of the Board. He is Vice Chair of the Central Asian
served as Chairman, President and Chief Executive Officer of American Enterprise Fund and Chairman of the Board
Washington Homes, Inc. Mr. Decesaris, Jr. was honored as the of The Joyce Theatre Foundation Inc., as well as a Trustee
Washington, D.C. area’s Entrepreneur of the Year in the real of the Horace Mann School. Mr. Weinroth has been a
estate category in 1994, sponsored by Inc. magazine and Ernst Director of the Company since 1982, and is a member of
& Young. Mr. DeCesaris, Jr. also serves on the board of Anne the Company’s Audit and Compensation Committees.
Arundel Medical Center Foundation as well as other nonprofit
organizations. Mr. DeCesaris, Jr. was elected as a Director of * Member of the Audit Committee
the Company in January 2001. • Member of the Compensation Committee
– 16 –
21. hovnanian enterprises, inc.
Communities Under Development – Twelve Months – 10/31/05
(Dollars In Thousands Except Avg. Price) (Unaudited)
NET CONTRACTS (1)
DELIVERIES CONTRACT BACKLOG
percent percent percent
Twelve Months Ended October 31, 2005 2004 change 2005 2004 change 2005 2004 change
NorthEast Region(2)
All statements in this Annual Report that are not historical facts
Homes 2,854 3,282 (13.0%) 2,928 3,188 (8.2%) 2,164 2,312 (6.4%)
should be considered as “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
Dollars 1,034,653 1,112,264 (7.0%) 1,073,557 1,027,356 4.5% 783,883 774,016 1.3%
statements involve known and unknown risks, uncertainties and other Avg. Price 362,527 338,898 7.0% 366,652 322,257 13.8% 362,238 334,782 8.2%
factors that may cause actual results, performance or achievements SouthEast Region(3)
of the Company to be materially different from any future results, Homes 5,771 4,038 42.9% 5,348 3,976 34.5% 7,378 2,399 207.5%
performance or achievements expressed or implied by the forward-
Dollars 2,043,901 1,161,514 76.0% 1,654,268 1,066,474 55.1% 2,206,105 770,804 186.2%
looking statements. Such risks, uncertainties and other factors include,
but are not limited to, (1) changes in general and local economic
Avg. Price 354,168 287,646 23.1% 309,325 268,228 15.3% 299,011 321,302 (6.9%)
and business conditions, (2) adverse weather conditions and natural SouthWest Region
disasters, (3) changes in market conditions, (4) changes in home Homes 4,255 3,810 11.7% 3,883 3,875 0.2% 1,296 924 40.3%
prices and sales activity in the markets where the Company builds Dollars 839,339 674,115 24.5% 738,417 681,083 8.4% 283,739 164,655 72.3%
homes, (5) government regulation, including regulations concerning
Avg. Price 197,259 176,933 11.5% 190,167 175,763 8.2% 218,935 178,198 22.9%
development of land, the home building, sales and customer financing
processes and the environment, (6) fluctuations in interest rates and
West Region
the availability of mortgage financing, (7) shortages in, and price Homes 3,951 4,671 (15.4%) 4,115 3,547 16.0% 1,753 1,917 (8.6%)
fluctuations of, raw materials and labor, (8) the availability and cost Dollars 1,662,053 1,766,829 (5.9%) 1,711,413 1,307,350 30.9% 784,495 775,295 1.2%
of suitable land and improved lots, (9) levels of competition, Avg. Price 420,666 378,255 11.2% 415,896 368,579 12.8% 447,516 404,431 10.7%
(10) availability of financing to the Company, (11) utility shortages
Consolidated Total
and outages or rate fluctuations, (12) geopolitical risks, terrorist acts
and other acts of war and (13) other factors described in detail in
Homes 16,831 15,801 6.5% 16,274 14,586 11.6% 12,591 7,552 66.7%
the Company’s Form 10-K for the year ended October 31, 2005, Dollars 5,579,946 4,714,722 18.4% 5,177,655 4,082,263 26.8% 4,058,222 2,484,770 63.3%
which is included in this Annual Report. Avg. Price 331,528 298,381 11.1% 318,155 279,875 13.7% 322,311 329,021 (2.0%)
Unconsolidated Joint Ventures(4)
Notes:
Homes 1,907 347 449.6% 1,509 84 1,696.4% 2,340 299 682.6%
(1)
Net contracts are defined as new contracts signed during the period
for the purchase of homes, less cancellations of prior contracts.
Dollars 854,355 204,897 317.0% 529,944 36,555 1,349.7% 1,030,801 184,220 459.5%
(2)
The number and the dollar amount of net contracts in the Avg. Price 448,010 590,482 (24.1%) 351,189 435,179 (19.3%) 440,513 616,121 (28.5%)
Northeast in 2005 include the effect of the Oster Homes acquisi- Total
tion, which closed in August 2005. Homes 18,738 16,148 16.0% 17,783 14,670 21.2% 14,931 7,851 90.2%
(3)
The number and the dollar amount of net contracts in the
Dollars 6,434,301 4,919,619 30.8% 5,707,599 4,118,818 38.6% 5,089,023 2,668,990 90.7%
Southeast in 2005 include the effects of the Cambridge Homes and
First Home Builders of Florida acquisitions, which closed in March
Avg. Price 343,382 304,658 12.7% 320,958 280,765 14.3% 340,836 339,955 0.3%
2005 and August 2005, respectively.
(4)
The number and the dollar amount of net contracts in DELIVERIES INCLUDE EXTRAS
Unconsolidated Joint Ventures in 2005 include the effect of the
Town & Country Homes acquisition, which closed in March 2005.
– 17 –