Our anticipated results for our second quarter and the remainder of fiscal 2006 reflect smaller year-over-year increases in earnings than we had anticipated, primarily due to continuing production delays in several markets that have postponed deliveries, a slower recent sales pace, higher cancellation rates, more pronounced use of concessions and incentives, and material price increases.

Ara Hovnanian

Anticipated Fiscal Increases Quarter Reflect Remainder Results Second Smaller Year

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