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Thursday, 29 May 2003
May 29, 2003 Hovnanian Enterprises (HOV)
The market continues to push ahead this morning. Our stocks are doing fine except EXAC down a point today...on no news...and SYNO resting after a 30% gain in a week. Not too bad.

Hovnanian Enterprises (HOV)"designs, constructs and markets multi-family attached condominium apartments and townhouses and single-family detached homes in planned residential communities" according to CNN.money. The stock showed up on the greatest gainers in the market this morning trading at $56.29 up $3.98 or 7.61% at 9:45 am (cst).

Yesterday (5/28/03), HOV reported a 103% increase in earnings for the quarter ending April 30, 2003. Revenues increased 21% to $679.8 million. In addition, very importantly, management guided higher, "increasing its projection of fiscal 2003 earnings to the range of $6.50 to $6.75 per share from $5.25 to $5.50 per share...and is providing an initial projection of $7.50 in earnings per share for fiscal 2004" as reported by the NYTimes on the web.

Morningstar shows HOV with an excellent 5 year growth in revenues from $0.9 billion in 1998 to $0.9+ billion in 1999, $1.1 billion in 2000, $1.7 billion in 2001, $2.6 billion in 2002, and extrapolating the quarter....not very accurate in a somewhat seasonal business....but still....should be at least at 2.7 billion for 2003. Revenue growth in the prior four quarters (prior to just announced quarter) has grown by 54.94%, 39.55%, 38.37%, and 54.76%.

Interestingly, free cash flow has improved from a NEGATIVE 76 million in 2000 as reported in Morningstar.com, to a positive 30 million in 2001, and improving to a positive WHOPPING 242 million in 2002.

I don't own any shares at this time...but the whole picture is quite attractive especially with the stock selling at a p/e of 11.15.

I hope everyone has a great day and email me at bobsadviceforstocks@lycos.com if you have any questions or comments or go ahead and post them here.

Bob








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