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BUSINESS BRIEFS.(TO THE POINT)
BUILDING
Hovnanian buys Orlando builder
The New Jersey-based home builder expects to add 5 cents a share to its '05 earnings from buying the assets of Cambridge Homes, a privately held Orlando home builder. The deal gives Hovnanian a presence in the 9th largest U.S. housing market and expands its operations in Florida, where Hovnanian operates in Tampa. Cambridge delivered 599 homes with $166 mil in revenue last year. Shares rose 2% to 56.09.
William Lyon Homes' net doubles
The single-family home builder earned $8.58 a share in Q4, up 121%, boosted by higher prices. Revenue climbed 56% to $707.9 mil. But home orders fell 35% to 493 due to slower sales in Southern California blamed on bad weather, and weaker than expected demand in Las Vegas. William Lyon blamed escalating prices by rivals, which "created a negative reaction by home buyers." Shares rose 1% to 89.50.
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Martha Stewart Signature(TM) Specialty Brand Label...Furnishings Market marks the debut of Martha Stewart Signature(TM) Furniture with Bernhardt...design and decorating expertise of Martha Stewart Living Omnimedia, Inc with the manufacturing...