UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 3, 2003
HOVNANIAN ENTERPRISES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 1-8551 22-1851059
(State or Other Commission File Number) (I.R.S. Employer
Jurisdiction Identification No.)
of Incorporation)
10 Highway 35, P.O. Box 500
Red Bank, New Jersey 07701
(Address of Principal Executive Offices) (Zip Code)
(732) 747-7800
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(c) Exhibits.
Exhibit 99.1 Earnings Press Release - Third Quarter Ended
July 31, 2003.
Item 12. Results of Operations and Financial Condition
This Current Report on Form 8-K/A of Hovnanian Enterprises, Inc.
amends Hovnanian Enterprises, Inc.'s Current Report on Form 8-K filed on
September 3, 2003. This Amendment is being filed solely to remedy formatting
problems of tables within Exhibit 99.1 contained in the initial 8-K filing.
There are no changes other than these formatting changes to the initial 8-K
filing and all content and information contained in this Amendment remains
the same as that which was contained in the initial 8-K filing. This
Amendment supersedes in its entirety the initial 8-K filing.
On September 3, 2003, Hovnanian Enterprises, Inc. issued a press
release announcing its preliminary financial results for the third quarter
ended July 31, 2003. A copy of the Earnings Press Release is attached as
Exhibit 99.1.
The information in this Current Report on Form 8-K/A and the
Exhibit attached hereto is being furnished and shall not be deemed "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), or otherwise subject to the liability of that section,
nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933,as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.
The Earnings Press Release contains information about EBITDA, a
non-GAAP financial measure. The most directly comparable GAAP financial
measure to EBITDA is net income. A reconciliation of EBITDA to net income is
contained in the Earnings Press Release.
Management believes EBITDA to be relevant and useful information
as EBITDA is a standard measure commonly reported and widely used by
analysts, investors and others to measure our financial performance and our
ability to service our debt obligation. EBITDA is also one of several
metrics used by our management to measure the cash generated from our
operations. EBITDA does not take into account substantial costs of doing
business, such as income taxes and interest expense. While many in the
financial community consider EBITDA to be an important measure of comparative
operating performance, it should be considered in addition to, but not as a
substitute for, income before income taxes, net income, cash flow provided by
operating activities and other measures of financial performance prepared in
accordance with accounting principles generally accepted in the United States
that are presented on the financial statements included in the Company's
reports filed with the SEC. Additionally, our calculation of EBITDA may be
different than the calculation used by other companies and, therefore,
comparability may be affected.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
HOVNANIAN ENTERPRISES, INC.
(Registrant)
By: /S/J. LARRY SORSBY
Name: J. Larry Sorsby
Title: Executive Vice President and
Chief Financial Officer
Date: September 3, 2003
INDEX TO EXHIBITS
Exhibit Number Exhibit
Exhibit 99.1 Earnings Press Release - Third Quarter Ended July 31, 2003.
3
2
4