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Hovnanian Enterprises Completes Acquisition of Forecast Homes.

Publication: PR Newswire
Publication Date: 11-JAN-02 		Format: Online - approximately 1080 words
Delivery: Immediate Online Access

Article Excerpt
RED BANK, N.J. -- Hovnanian Enterprises, Inc. , a leading national homebuilder, announced that it closed yesterday the acquisition of the California homebuilding operations of The Forecast Group, L.P., a privately held, single family homebuilder headquartered in Rancho Cucamonga, California. The combination, which was announced in December, is expected to rank Hovnanian Enterprises as the eighth largest homebuilder in the United States, with fiscal 2002 revenue expected to climb more than 20% to approximately $2.1 billion and deliveries anticipated to exceed 8,500 homes.

"The price of the transaction represents only 3.1 times our expected EBITDA for Forecast Homes over the next 12 months," said Ara K. Hovnanian, President and Chief Executive Officer. "After taking into account the estimated effects of purchase accounting adjustments, the acquisition is expected to be approximately $0.50 accretive to earnings per share in fiscal 2002. As long as market conditions remain similar to what we have been experiencing, we expect our earnings per share in fiscal 2002...

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