Hovnanian says new home sales began to slow substantially starting in mid-march

Hovnanian enterprises inc - providing selected preliminary financial results for its fiscal q2 ended april 30.hovnanian enterprises inc - prelim q2 consolidated net contracts of 1,487 homes, down 3.8%.hovnanian enterprises inc - prelim q2 consolidated deliveries of 1,325 homes, up 22.1%.hovnanian enterprises inc - prelim contract backlog at quarter-end was 2,383 homes.hovnanian enterprises inc - new home sales began to slow substantially starting in mid-march.hovnanian enterprises inc - total liquidity as of april 30, 2020 was $247 million.hovnanian enterprises - on may 15, lucian t. smith iii, chief operating officer of co notified that he intends to retire effective nov. 30.hovnanian enterprises - will be taking measures to reduce overhead expenses through combination of furloughs, layoffs, other cost reduction measures.hovnanian enterprises - expects cost reduction measures to reduce its annualized overhead expense by about $20 million.hovnanian enterprises - expects to take a charge of about $3 million for severance & other related expenses in q3 of fiscal 2020.
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