Hovnanian Enterprises Company History Timeline

1959
Founded by Kevork S. Hovnanian in 1959, the enterprise was still under his control 40 years later.
1959 Kevork Hovnanian emigrates from Iraq and forms Hovnanian Brothers, Inc., in New Jersey.
1964
By 1964, however, Hovnanian had switched from custom-built homes to condominiums, which were still a rarity in the region.
In 1964 Jirair Hovnanian split off from his brothers' company and founded his own construction business, J.S. Hovnanian Sons, of Mount Laurel Township, New Jersey.
1969
Hirair and Vahak also left the company by 1969 to found their own enterprises.
1970
1970 The company expands geographically for the first time, entering the Florida construction market.
1979
The founder's son, Ara, a graduate of the University of Pennsylvania's Wharton School, joined the firm as executive vice-president in 1979.
1980
He had to stretch out his loans, which he would pay off entirely by the end of 1980.
1982
To expedite its mortgage processing procedures, the firm acquired R.E. Scott Co., a mortgage brokerage concern, in 1982.
1983
Get the sales first, and with the sales you'll get volume and a profit, was what Hovnanian told Howard Rudnitsky of Forbes in 1983.
When the company went public in 1983, most of the shares remained in the hands of the founder and other family members.
In a New York Times interview in 1983, Hovnanian explained his reasoning for marketing low cost homes in developments without community amenities, There are limited recreation facilities going in because people have little time for socialization.
1984
In early 1984 Hovnanian Enterprises had 15 communities under development, nine of them in Florida and New Jersey, consisting of almost 6,000 units priced from 31,450 to 81,450.
1985
Although Florida sales were flat, Hovnanian recorded revenues of 163.9 million in 1985 and record net income of 6.6 million.
1986
Discussing the reason for the change in a 1986 interview with Thomas J. Lueck of the New York Times, Hovnanian recalled that he couldn't estimate the costs of custom-built homes properly, which irritated me no end.
Revenues reached 228.2 million and net income 11.5 million in 1986.
1987
The company s revolving-credit line had reached 150 million by 1987.
1989
In 1989 Hovnanian ranked 18th among the nation s top 100 home builders and first among builders of attached for-sale homes.
Hovnanian Enterprises had built and sold more than 30,000 homes and condos by 1989.
1990
In December 1990 Hovnanian announced it would take a 19 million write down on unsold properties in New Hampshire, New York, and Florida, auctioning the condominiums at bargain prices.
1991
The 10 largest construction firms controlled 9 percent of the nation s homebuilding market in 1991.
1992
A settlement announced in 1992 allowed 11,000 owners of Hovnanian-built homes in the state to pay only an estimated 200 to 400 each to cover the 2,000 cost of replacing their roofs.
By fiscal 1992, Hovnanian Enterprises was profitable again.
1993
In 1993 Hovnanian Enterprises launched its first large development of single family detached homes for affluent buyers.
1996
Imposing a stringent measurement and reporting methodology on each of the 150 process improvement teams operating within the company, this new quality management program was said to have achieved a bottom line return of 1.2 million to the company in fiscal 1996.
1997
Much farther afield, the company also began homebuilding in Poland in 1997.
Kevork Hovnanian yielded the position of chief executive officer to his son in 1997, while continuing as chairman of the board.
1998
The campaign touched off in 1998 with the purchase of P.C. Homes and Domain Builders, which strengthened its presence in Washington, D.C., and northern Virginia.
1998 The company launches an expansion campaign that will include more than a dozen acquisitions in the next eight years.
1999
Ara Hovnanian is a graduate of The University of Pennsylvania Wharton School and led the company through 19 acquisitions of smaller builders from 1999 through the early stages of the housing crisis.
2001
In 2001, through a unit called Private Homes Portfolio, Hovnanian Enterprises began building homes for customers in New Jersey who opted to tear down their existing homes and erect new structures on their lots, a decision driven by the scarcity of land in the eastern United States.
2002
In 2002, he looked to the west, acquiring Forecast Homes, a Rancho, Cucamonga, California-based builder.
2003
Next, the company acquired Parkside Homes and Brighton Homes in 2003, expanding its operations in Texas and securing entry into the Houston market.
2004
In 2004, Hovnanian Enterprises entered the Tampa, Florida, market with the purchase of Windward Homes.
2005
The march into new markets continued in 2005, a busy year on the acquisition front.
2006
In 2006, the company entered the coastal markets of South Carolina and Georgia by acquiring Craftbuilt Homes.
Hovnanian Enterprises, along with other national home-builders, began suffering from anemic market conditions in mid-2006, as sales shrank and cancellation rates increased.
However, falling property prices has forced the company to write off more than 2.6 billion of its value since 2006.
2009
However, he remained the chairman of the company's board of directors until his death in 2009.
2012
Rising Demand Eases Loss for New Jersey Home BuilderHovnanian Enterprises, the largest home builder in the state, benefited from new single-family home sales that beat analysts expectations.By Bloomberg NewsMarch 7, 2012.
2018
As of October 2018, the company's debt load is 1.5 billion and interest payments amount to about 40 million per quarter.
Founded
1959
Company Founded
Headquarters
Matawan, NJ
Company Headquarter

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