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Business Description
Hovnanian Enterprises, Inc. designs, constructs and markets single-family detached homes and attached condominium apartments and townhouses in planned residential developments in the United States. It primarily markets and builds homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active adult buyers and empty nesters. As of October 31, 2003 (fiscal year-end 2003), the Company was offering homes for sale in 257 communities in 23 markets throughout the United States. Its residential communities are generally located in suburban areas near major highways. Its communities are designed as neighborhoods that fit existing land characteristics. Hovnanian strives to create diversity within the overall planned community by offering a mix of homes with differing architecture, textures and colors. Recreational amenities such as swimming pools, tennis courts, clubhouses and tot lots are frequently included. In fiscal 2003, the Company delivered 11,531 homes.

Financial Information
For the fiscal year ended 10/31/04, revenues rose 30% to $4.16 billion. Net income rose 35% to $348.7 million. Revenues reflect an increase in sales of homes. Earnings also reflect improved gross margins and a decrease in corporate general and administrative expenses.