Market Newsdesk

September 9, 2021 9:33 am

Lam Research to Open New Semiconductor Equipment Manufacturing Facility in Oregon

Hiring

is underway for hundreds of new roles in the City of Sherwood

FREMONT, Calif., Sept. 09, 2021 (GLOBE NEWSWIRE) — Lam Research Corp. (Nasdaq: LRCX) today announced the expansion of its manufacturing footprint in Oregon with a new 45,000 square foot facility in the city of Sherwood, planned to open in December 2021. Lam is one of the largest suppliers of semiconductor manufacturing equipment in the world, and this new site will supply chipmakers with the critical tools needed to build chips that power advanced electronic devices. The new facility is Lam’s fifth manufacturing site in the United States and will further enhance its resilience and ability to meet increasing customer demand, as chip suppliers seek to ramp up production globally.

Lam expects its new facility to create approximately 300 new jobs and career opportunities for residents of the Sherwood and Washington County communities, including armed forces veterans, college students and high school graduates. Many of the openings will be staffed through Lam’s contracted staffing agencies, including Acara Solutions and Randstad USA. Benefits are expected to include a multi-week paid training program that teaches highly sought-after skills for semiconductor and technology industry jobs, a sign-on bonus, competitive wages, paid time-off options, paid holidays, and healthcare coverage.

“We are building the manufacturing workforce of the future—from our comprehensive training program and next-generation manufacturing techniques, to our agile and collaborative work environment,” said Tim Archer, president and CEO of Lam Research. “As we continue to expand our manufacturing operations, we are pleased to open a second facility in Oregon. We appreciate the productive partnership with the city of Sherwood and look forward to being an active member of their business community.”

“We are excited to work with Lam Research as they expand into our city,” said Keith Mays, Mayor of Sherwood, Oregon. “Having a leading semiconductor manufacturing equipment company in Sherwood will create new high-quality jobs and bring significant economic impact to our community.”

New team members will start their training program at Lam’s nearby site in Tualatin, Oregon until the new manufacturing building opens in Sherwood. Available positions include assemblers, test technicians, engineering technicians, and material handlers.

Both Acara Solutions and Randstad USA are hosting ongoing virtual job fairs for the Lam manufacturing positions. Job candidates seeking more information can contact [email protected] or [email protected].

Lam Research is hiring across its other US-based facilities in Tualatin, Oregon, California, Ohio and around the world. For more information about available positions visit careers.lamresearch.com.

About Lam Research

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam’s equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com. (LRCX-B)

Caution Regarding Forward-Looking Statements

Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to but are not limited to: customer demand; the opening date for Lam’s new facility in Sherwood; the products or services to be produced at that facility; the impact of that facility on Lam’s resilience and fulfillment of customer demand; Lam’s manufacturing workforce; the expansion of Lam’s manufacturing operations; the number of jobs to be created or the employment opportunities that will be available; the expected benefits that job applicants or employees may receive; the capabilities or training to be received; the impact on Sherwood and its surrounding communities; where Lam employees may be trained; what positions may be available; and Lam’s future hiring plans at Sherwood or its other facilities. These statements are based on current expectations and are subject to risks, uncertainties, and changes in condition, significance, value and effect including those risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the Risk Factors described in our annual report on Form 10-K for the fiscal year ended June 27, 2021. These uncertainties and changes could materially affect the forward-looking statements and cause actual results to vary from expectations in a material way. The Company undertakes no obligation to update the information or statements made in this release.

Company Contacts:

Libra White
Media Relations
(510) 572-7725
[email protected]

Ram Ganesh
Investor Relations
(510) 572-1615
[email protected]

September 9, 2021 9:28 am

Novavax to Participate in Upcoming September Conferences

PR Newswire

GAITHERSBURG, Md., Sept. 9, 2021 /PRNewswire/ — Novavax, Inc. (Nasdaq: NVAX), a biotechnology company developing next-generation vaccines for serious infectious diseases, today announced that it will participate in two upcoming investor conferences. Novavax’ recombinant nanoparticle protein-based COVID-19 vaccine candidate, NVX-CoV2373, will be a topic of discussion.

H.C. Wainwright 23^rd Annual Global Investment Conference (Virtual) Fireside Chat
Date:	Monday, September 13, 2021
Time:	Available on-demand starting at 7:00 a.m. Eastern Time (ET)
Moderator:	Vernon Bernardino
Novavax participants:	Gregory M. Glenn, M.D., President, Research and Development and John J. Trizzino, Executive Vice President, Chief Commercial Officer and Chief Business Officer

Panel
Date:	Wednesday, September 15, 2021
Time:	Available on-demand starting at 12:00 p.m. Eastern Time (ET)
Panel Title:	Best Practices – Planning for the Next Pandemic
Moderator:	Scott Gottlieb, M.D., Physician; Former Commissioner FDA
Panelist:	John J. Trizzino, Executive Vice President, Chief Commercial Officer and Chief Business Officer

Morgan Stanley 19^th Annual Global Healthcare Conference (Virtual) Fireside Chat
Date:	Friday, September 10, 2021
Time:	2:00 – 2:30 p.m. Eastern Time (ET)
Moderator:	Jeffrey Hung
Novavax participants:	Gregory M. Glenn, M.D., President, Research and Development and John J. Trizzino, Executive Vice President, Chief Commercial Officer and Chief Business Officer

Recordings
All replays of the recorded fireside sessions will be available through the events page of the Company’s website at ir.novavax.com for 90 days from the date of the conference.

About Novavax
Novavax, Inc. (Nasdaq: NVAX) is a biotechnology company that promotes improved health globally through the discovery, development and commercialization of innovative vaccines to prevent serious infectious diseases. The company’s proprietary recombinant technology platform combines the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticles designed to address urgent global health needs. Novavax is conducting late-stage clinical trials for NVX-CoV2373, its vaccine candidate against SARS-CoV-2, the virus that causes COVID-19. NanoFlu™, its quadrivalent influenza nanoparticle vaccine, met all primary objectives in its pivotal Phase 3 clinical trial in older adults and will be advanced for regulatory submission. Both vaccine candidates incorporate Novavax’ proprietary saponin-based Matrix-M™ adjuvant to enhance the immune response and stimulate high levels of neutralizing antibodies.

For more information, visit www.novavax.com and connect with us on Twitter and LinkedIn.

Contacts:
Investors
Novavax, Inc.
Erika Schultz | 240-268-2022
[email protected]

Solebury Trout
Alexandra Roy | 617-221-9197
[email protected]

Media

Alison Chartan | 240-720-7804
Laura Keenan | 202-709-7521
[email protected]

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SOURCE Novavax, Inc.

September 9, 2021 9:23 am

Flywire Announces Flywire Forward, a Virtual Event Focused on the Future of FinTech

Flywire’s first-ever virtual industry event brings together business professionals across all industries

Three-time Olympian Dominique Dawes to keynote — “Determination, Dedication & Desire: Building an Olympic Mindset”

Intimate fireside chats with Flywire executives and experts from Nasdaq, Citi, Bain Capital Ventures and Money20/20

Flywire-exclusive research will unveil new trends in global commerce

BOSTON, Sept. 09, 2021 (GLOBE NEWSWIRE) — Flywire Corporation (NASDAQ: FLYW) (Flywire) a global payments enablement and software company, today announced its first-ever virtual industry event, Flywire Forward, which will bring together business professionals across a wide variety of industries to discuss the future of FinTech. The event, which is scheduled to take place on September 16^th, will include one-on-one and group discussions with different industry experts, inspiring keynote speakers, virtual networking and more. Flywire will also share exclusive research on the present- and future-state of payments.

Registration for the Flywire Forward is now open.
Flywire Forward is scheduled to take place from 9:30 am – 1:10 pm ET on September 16, 2021. Presentation content will be available to view online immediately following Flywire Forward.

In conjunction with Flywire Forward, Flywire will also unveil exclusive research that details some of the latest global payments trends emerging from the industries which Flywire supports. To register for early access to this new report, The Pulse on Payments, please sign up here.

Flywire Forward will bring to light the most pressing trends and issues shaping the FinTech ecosystem in a dynamic and engaging virtual program. In addition to Flywire executives, the event brings together expert speakers from Citi, Bain Capital Ventures and Money20/20 to discuss the future of payments, crypto, global commerce, and more.

“The rapid adaptation in e-commerce over recent years has shown the high standard of simplicity, ease and security that consumers and businesses expect in payments,” Mike Massaro, CEO, Flywire, said. “With Flywire Forward, our goal is to be an incubator for fresh perspectives and transformative ideas about FinTech and its increasingly vital role in business and organizational strategy.”

Dominique Dawes, three-time Olympian and Olympic Gold Medalist, will provide the keynote address and sit down for a Q&A session to discuss her personal motto – “Determination, Dedication & Desire: Building an Olympic Mindset.” Dawes will share personal stories from her years of competing on the world stage and will provide attendees with strategies to attain and sustain success in their personal and professional lives.

Additional Flywire Forward 2021 program tracks include:

Not Another FinTech IPO Story: A fireside chat with Flywire CEO Mike Massaro and Karen Snow, SVP of East Coast Listings and Capital Services at Nasdaq.
Pulse on Payments: Unveiling Top Global Payments Trend: A panel conversation with Flywire experts who will distill some of the latest trends taking shape across Flywire’s target industries – Education, Healthcare, Travel and B2B.
FinTech Forward: What Will the Future Hold?: An intimate roundtable with Matt Harris, Partner at Bain Capital Ventures; Vanessa Colella, Chief Innovation Officer at Citi, and Scarlett Sieber, Chief Strategy Officer at Money20/20. The experts will discuss what’s on the horizon for FinTech, as new categories and market needs continue to emerge.

Resources

Register for Flywire Forward online.
To register for early access to Flywire’s research, sign up here.

About Flywire

Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

Flywire supports more than 2,400 clients with diverse payment methods in more than 140 currencies across 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, and our objectives for future operations. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, Flywire’s future financial performance, including its expectations regarding our revenue, cost and operating expenses, including changes in technology and development, selling and marketing and general and administrative expenses (including any components of the foregoing), gross profit and Flywire’s ability to achieve, and maintain, future profitability; Flywire’s business plan and its ability to effectively manage its growth; Flywire’s market opportunity, including estimates regarding its total addressable payment volume; Flywire’s cross-border expansion plans and ability to expand internationally; anticipated trends, growth rates, and challenges in Flywire’s business and in the markets in which it operates; the sufficiency of Flywire’s cash and cash equivalents to meet its liquidity needs; political, economic, legal, social and health risks, including the recent COVID-19 pandemic and subsequent public health measures that may affect Flywire’s business or the global economy; beliefs and objectives for future operations; Flywire’s ability to develop and protect its brand; Flywire’s ability to maintain and grow the payment volume that it processes; Flywire’s ability to further attract, retain, and expand its client base; Flywire’s ability to develop new solutions and services and bring them to market in a timely manner; Flywire’s expectations concerning relationships with third parties, including strategic partners; the effects of increased competition in Flywire’s markets and its ability to compete effectively; future acquisitions or investments in complementary companies, products, services, or technologies; Flywire’s ability to enter new client verticals, including its relatively new B2B sector; Flywire’s expectations regarding anticipated technology needs and developments and its ability to address those needs and developments with its solutions; Flywire’s expectations regarding litigation and legal and regulatory matters; Flywire’s expectations regarding its ability to meet existing performance obligations and maintain the operability of its solutions; Flywire’s expectations regarding the effects of existing and developing laws and regulations, including with respect to payments and financial services, taxation, privacy and data protection; economic and industry trends, projected growth, or trend analysis; Flywire’s ability to attract and retain qualified employees; Flywire’s ability to maintain, protect, and enhance its intellectual property; Flywire’s ability to maintain the security and availability of its solutions; the future market price of Flywire’s common stock; and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Prospectus and Flywire’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, both of which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at

https://www.sec.gov/

.

Media Contacts

Sarah King

[email protected]

Prosek Partners

[email protected]

Investor Relations Contact:

ICR

[email protected]

September 9, 2021 9:23 am

China Liberal Enters into RMB25 Million Purchase and Sale Contract of All-in-one Machine AI-Space

PR Newswire

BEIJING, Sept. 9, 2021 /PRNewswire/ — China Liberal Education Holdings Limited (Nasdaq: CLEU) (“China Liberal”, the “Company”, or “we”), an educational services provider in China, providing, among other services, smart campus solutions, today announced that the Company entered into a definitive purchase and sale contract on September 7, 2021 (“Contract”) with Beijing Cloud Class Technology Co., Ltd. (“BCCT”), a talent incubation platform for technological innovation and creative industries in China.

Pursuant to the Contract, the Company agrees to sell 100 AI-Space machines, a type of all-in-one machine designed to provide highly integrated visualization solutions for various scenarios with strict reliability requirements (“AI-Space”), to BCCT for the construction and upgrading of about 100 smart classrooms in universities and colleges in the Inner Mongolia Autonomous Region and Shandong province in China. In consideration, BCCT agrees to pay RMB25 million (approximately US$3.85 million) for the machines, including an RMB2 million down payment paid on September 9, 2021.

AI-Space is China Liberal’s self-developed and patented all-in-one machine. It adopts the design concept of all-in-one, and integrates audio processor, seamless mixed video matrix unit, programmable central control unit, gigabit switch unit, cross-platform runtime, recording and broadcasting codec, video conference terminal and multi-party interactive Multipoint Control Unit (“MCU”). AI-Space can be applied to various scenarios including online-merge-offline integrated teaching, intelligent classroom management and control, and integrated campus management. The main functions include synchronized recording and broadcasting of courses, visualized teaching supervision, automatic tracking of portrait recognition, free switching of teaching screens, one-key touch of multimedia equipment, integrated management and control, remote operation and maintenance, ringing system, IP public broadcasting, campus security and other functions.

AI-Space has been implemented in several colleges and universities across China, including Beijing Foreign Studies University, Beijing Language and Culture University, and Straits Institute of Minjiang University.

Ms. Ngai Ngai Lam, Chairwoman and CEO of China Liberal, commented, “We are excited to have entered into the Contract, which demonstrates that our AI-Space has been recognized by the market and the industry. We expect that the cooperation with BCCT will leverage our strengths in exploring the development of education informatization, assist in the construction and upgrade of 100 smart classrooms in 12 colleges and universities in Inner Mongolia Autonomous Region, and promote the overall improvement of teaching quality.”

About
Beijing Cloud Class Technology Co., Ltd.

Beijing Cloud Class Technology Co., Ltd. (“BCCT”) operates a talent incubation platform for technological innovation and creative industry with focusing on the integration of production and education for higher education in China. Its core business includes the training of professional and technical personnel who are in short supply in strategic emerging industries, the innovation and application of educational information technology, the transformation of innovative and creative achievements, and the entrepreneurial services for college students. For more information, visit the company’s website at www.yunbanedu.com/index.html.

About China Liberal Education Holdings Limited

China Liberal, headquartered in Beijing, is an educational services provider in China. It provides a wide range of services, including those under Sino-foreign jointly managed academic programs; overseas study consulting services; technological consulting services for Chinese universities to improve their campus information and data management system and to optimize their teaching, operating and management environment, creating a “smart campus”; and tailored job readiness training to graduating students. For more information, visit the company’s website at ir.chinaliberal.com.

Forward-Looking Statements

This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Investor Relations Contact

China Liberal Education Holdings Limited
Email:[email protected]

Ascent Investor Relations LLC
Ms. Tina Xiao
Email:[email protected]
Tel: +1 917 609 0333

View original content:https://www.prnewswire.com/news-releases/china-liberal-enters-into-rmb25-million-purchase-and-sale-contract-of-all-in-one-machine-ai-space-301372139.html

SOURCE China Liberal Education Holdings Limited

September 9, 2021 9:23 am

Pantheon And 2022 Memberships Launch With Epic Thrills And Benefits At Busch Gardens® Williamsburg

Official opening announcement of world’s fastest multi-launch coaster, opening March 2022, headlines a year of the best theme park annual membership in Virginia, including new monthly benefits, events, and VIP experiences!

PR Newswire

WILLIAMSBURG, Va., Sept. 9, 2021 /PRNewswire/ — Busch Gardens® Williamsburg is thrilled to announce that its highly-anticipated, record-breaking new coaster, Pantheon®, will open in March 2022. Pantheon features two inversions, four launches, five air-time hills, a 95 degree drop, a height of 180 feet, and a record-breaking top speed of 73 miles per hour. This all-new coaster incorporates five mighty gods, including Pluto, Mercury, Jupiter, Minerva, and Neptune, with an aspect of the track reflecting their respective powers.

“Pantheon will be an incredible addition to our world class coaster lineup, and showcase our dedication to bringing innovative, exciting new rides to the park,” said park President, Kevin Lembke. “As with so many others, we faced unprecedented challenges over the past two years, resulting in delays to the scheduled opening. We are so grateful for the excitement and patience of our guests, as the March 2022 opening of Pantheon marks an exciting new page in the story of Busch Gardens.”

NEW 2022 Membership Plans Feature Unlimited Visits & Unbeatable Benefits
Busch Gardens is launching another incredible year for membership as the BEST VALUE annual theme park pass in Virginia with amazing benefits, ranging from no blockout dates, up to six free guest tickets, and access to NEW exclusive preview events for 2022. Plus, Busch Gardens members will be among the first to ride Pantheon in spring 2022!

Membership is organized in easy-to-use tiers and includes one-park and two-park Busch Gardens and Water Country USA® memberships, allowing guests to choose the membership, benefits, and parks that are the best fit. Additional benefits include FREE parking, FREE friend tickets, special savings on merchandise, food and beverage options, and ride quick queue, among other perks. Membership starts at an affordable $11.75 per month, plus tax, with no down payment required. For a full overview of the membership lineup, visit: buschgardens.com/williamsburg/annual-pass/

NEW Amazing Monthly Rewards:
Busch Gardens shows appreciation and love to our members year-round with extra rewards every month. Including all of the amazing benefits, members have access to special monthly discounts, offers, and rewards throughout the year, like extra samples during festivals, exclusive member merchandise, member ride nights, special giveaways, and more. For a sampling of upcoming 2022 offers, visit: buschgardens.com/williamsburg/annual-pass/monthly-offers/

NEW Passport to Thrills:
2022 members will be treated like VIPs as they are among the first to ride and experience Busch Gardens’ all-new, record-breaking multi-launch coaster, Pantheon, opening in March 2022. In addition to member exclusive first-to-ride preview days, members with at least three visits to Busch Gardens Williamsburg between September 10 and December 31, 2021 will receive their invitation to an exclusive Passport to Thrills Celebration, featuring Pantheon. This exclusive VIP event will include special entertainment, refreshments, and more. Details and enrollment information can be found here: https://buschgardens.com/williamsburg/annual-pass/passport-to-thrills/

Events All Year Long:
Members also have the opportunity to experience the park’s year-round line-up of events and festivals that are included with a membership, including immediate access to the upcoming 2021 events like Howl-O-Scream, beginning on Friday, September 10; the Count’s Spooktacular, beginning on Saturday, September 25; and Christmas Town, beginning on Friday, November 12. Busch Gardens’ 2022 event line-up features special family-friendly events all year, from Summer Nights and Christmas Town to fan favorites like Howl-O-Scream, Food & Wine Festival, and Bier Fest. NEW for 2022, the Food & Wine Festival adds more dates for even more opportunities to sip and savor all there is to enjoy, plus expanded experiences for the newest events, Winter Weekends, Mardi Gras, and St. Patrick’s Day Celebration. For a calendar of upcoming 2021 and 2022 events, visit: https://buschgardens.com/williamsburg/events/

About Busch Gardens Williamsburg

Busch Gardens® Williamsburg is an action-packed European-themed adventure park with 17th-century charm and 21st-century technology, boasting more than 100 acres of family fun. Home to top-rated roller coasters, more than 50 rides and attractions, live stage shows, monthly special events and delicious culinary experiences. Busch Gardens has been voted the World’s Most Beautiful Amusement Park every year since 1990. For more information, visit

www.BuschGardensWilliamsburg.com

. Busch Gardens is owned by SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company providing experiences that matter and inspiring guests to protect animals and the wild wonders of our world. The SeaWorld® rescue team has helped more than 38,000 animals in need over the Company’s history.

For Media inquiries, please contact:
Matthew Klepeisz
[email protected]
757-253-3369

CLICK HERE FOR HI-RES IMAGES

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SOURCE Busch Gardens Parks

September 9, 2021 9:21 am

HSBC Global Wallet Expands Currency Offerings and Provides New Platform Capabilities

HSBC Global Wallet Expands Currency Offerings and Provides New Platform Capabilities

“Receive like a local” gives HSBC Global Wallet holders the ability to easily collect foreign currency into a US account, as if having an overseas account.

NEW YORK–(BUSINESS WIRE)–
HSBC Bank USA, N.A., (HSBC), announced new offerings today for current and new Business Banking customers who buy from or sell to international companies. With HSBC Global Wallet, small and medium sized businesses can now receive, pay, hold and transfer funds between currencies in the same FDIC-insured, US based business account. HSBC Global Wallet is distinguished as the first multi-currency digital wallet accessed from a major US bank’s main business banking platform with local payment and collections capabilities.

HSBC Global Wallet has expanded its currency offerings to include Chinese Yuan, Japanese Yen, Swiss Francs and Malaysian Ringgit and will continue to add currencies over time.

Since early adopters started using HSBC Global Wallet in May 2021, the platform has supported Euros, American Dollars, UK Pound Sterling, Hong Kong Dollars, Canadian Dollars, Singapore Dollars, Australian Dollars.

Now, HSBC Global Wallet will also allow customers to both pay and receive payment in multiple foreign currencies, as well as hold and transfer currencies, all from the same business account. The ability to “receive and pay like a local” saves clients time and money, reduces fees and ensures that international payments are made simple and efficient with a single-account solution.

“This innovative solution is fully integrated with HSBC’s existing business banking platform, bringing the strength of the HSBC international network to our small and medium-sized business US customers, supporting a much more efficient expansion of their international businesses,” said Drew Douglas, Head of Liquidity & Cash Management, US and Canada.

Sending money internationally is often a complex and time-consuming process, with foreign exchange rates frequently changing and high transaction fees. Targeted at small- and medium-sized US businesses with international supply chains, HSBC Global Wallet enables payments and collections US businesses the ability to operate globally with greater confidence.

Click here to learn more about HSBC Global Wallet, including a video illustrating the wallet’s functionality. HSBC Global Wallet provides instant access to currencies from within customers’ day-to-day banking platform, allowing for greater visibility of cash flow, and is backed by the trust and security of HSBC’s global network, with more than 1.3 million business customers in 53 markets.

Note to editors:

About HSBC

HSBC USA

HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. In the United States, deposit products are offered by HSBC Bank USA, N.A., Member FDIC, investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,976bn at 30 June 2021, HSBC is one of the world’s largest banking and financial services organisations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005643/en/

Media enquiries to:

Matt Kozar 631-482-6586 [email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

September 9, 2021 9:18 am

Celanese Announces Early Results of Cash Tender Offer for Celanese US Holdings LLC’s 1.125% Senior Notes Due 2023

Celanese Announces Early Results of Cash Tender Offer for Celanese US Holdings LLC’s 1.125% Senior Notes Due 2023

DALLAS–(BUSINESS WIRE)–
Celanese Corporation (NYSE: CE) (“Celanese”), a global chemical and specialty materials company, today announced the early results of the previously announced cash tender offer (the “Tender Offer”) by Celanese US Holdings LLC, a direct wholly-owned subsidiary of Celanese (the “Company”), to purchase up to an aggregate principal amount not to exceed €300,000,000 (the “Maximum Acceptance Amount”), of its outstanding 1.125% Senior Notes due 2023 (ISIN: XS1492691008) (the “Notes”), subject to the terms and conditions set forth in the Offer to Purchase dated August 25, 2021 (as it may be amended or supplemented from time to time, the “Offer to Purchase”). Capitalized terms used in this announcement but not defined have the meaning given to them in the Offer to Purchase.

The following table sets forth, among other things, the principal amount of Notes validly tendered and accepted for purchase as of 5:00 p.m., New York City Time, on September 8, 2021 (such date and time, the “Early Tender Time”):

Title of Security	ISIN	Outstanding Principal Amount	Maximum Acceptance Amount	Principal Amount Tendered	Principal Amount Accepted	Total Consideration⁽¹⁾
1.125% Senior Notes due 2023 (the “Notes”)*	XS1492691008	€750,000,000	€300,000,000	€412,941,000	€300,000,000	€1,027.35

* Listed on the New York Stock Exchange. The Notes may be redeemed by the Company at par plus accrued interest on any date from June 26, 2023.

(1) For each €1,000 principal amount of Notes tendered at or prior to the Early Tender Time and accepted for purchase. The Total Consideration shown includes the Early Tender Premium.

Since tenders of the Notes exceeded the Maximum Acceptance Amount, the Company is accepting Notes only on a prorated basis. The aggregate principal amount of each holder’s validly tendered Notes accepted was determined by multiplying the aggregate principal amount of Notes validly tendered by such holder by a proration factor of approximately 72.76667%, and subject to the rounding and further scaling provisions details in the Offer to Purchase.

Subject to satisfaction or waiver of the Financing Condition by such date, all Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Time and accepted for purchase will be purchased by the Company on the “Early Settlement Date,” which is currently expected to occur on September 13, 2021. Payment for the Notes that are purchased will include accrued and unpaid interest on such Notes, rounded to the nearest cent per €1,000 principal amount of Notes, from the last interest payment date up to, but not including, the Early Settlement Date. The Company expects the Financing Condition to be satisfied upon completion of the Company’s offering of €500,000,000 aggregate principal amount of its 0.625% Senior Notes due 2028, which is expected to close on or about September 10, 2021.

The Tender Offer is scheduled to expire at 11:59 p.m., New York City Time on September 22, 2021 (unless the Tender Offer is extended or terminated) (such date and time, the “Expiration Time”). Withdrawal rights expired at 5:00 p.m., New York City Time, on September 8, 2021. Notes that have been tendered may no longer be withdrawn. Since tenders of the Notes exceeded the Maximum Acceptance Amount, no additional Notes will be accepted for purchase after the Early Tender Time and prior to the Expiration Time.

Subject to applicable law and the terms and conditions of the Offer to Purchase, the Company may terminate the Tender Offer, waive any or all of the conditions of the Tender Offer prior to the Expiration Time, extend the Expiration Time or amend the terms of the Tender Offer.

The Company has retained Lucid Issuer Services Limited to act as Tender and Information Agent for the Tender Offer. Questions regarding the Tender Offer may be directed to:

Lucid Issuer Services Limited

Email: [email protected]

Offer Website: https://deals.lucid-is.com/celanese/

Tel: +44 2077040880

Attention: Arlind Bytyqi

The Dealer Managers for the Tender Offer are:

Citigroup Global Markets Inc.

388 Greenwich Street, Trading 4th Floor

New York, New York 10013

Attn: Liability Management Group

Collect: (212) 723-6106

Toll-Free: (800) 558-3745

Merrill Lynch International

2 King Edward Street

London, EC1A 1HQ

United Kingdom

E-mail: [email protected] London: +44 207 996 5420

U.S. Toll Free: +1 888 292 0070

Collect: +1 980 388 3646

UniCredit Bank AG

Arabellastrasse 12

Munich, 81925

Germany

E-mail: [email protected] Telephone: +49 171 306 6648

Attention: Liability Management

This news release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Tender Offer is only being made pursuant to the Offer to Purchase.

The distribution of announcement release in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required by each of the Company, Celanese, the Dealer Managers and the Tender and Information Agent to inform themselves about and to observe any such restrictions.

OFFER AND DISTRIBUTION RESTRICTIONS

Neither this news release nor the Offer to Purchase constitutes an invitation to participate in the Tender Offer in or from any jurisdiction in or from which, or to any person to or from whom, it is unlawful to make such invitation or for there to be such participation under applicable securities laws and regulations. The distribution of this news release and the Offer to Purchase in certain jurisdictions may be restricted by laws and regulations. Persons into whose possession this news release or the Offer to Purchase comes are required by each of the Company, Celanese, the Dealer Managers and the Tender and Information Agent to inform themselves about, and to observe, any such restrictions.

United Kingdom

The communication of this news release and any other documents or materials relating to the Tender Offer is not being made, and such documents or materials have not been approved, by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000, as amended (the “FSMA”). Accordingly, such documents or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents or materials is exempt from the restriction on financial promotions under Section 21 of the FSMA on the basis that it is only directed at and may be communicated to (i) persons who have professional experience in matters relating to investments, being investment professionals as defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”); (ii) persons who fall within Article 43(2) of the Financial Promotion Order; or (iii) any other persons to whom these documents or materials may lawfully be made under the Financial Promotion Order. Any investment or investment activity to which this news release relates is available only to such persons or will be engaged only with such persons and other persons should not rely on it.

Italy

None of the Tender Offer, this news release or any other document or materials relating to the Tender Offer have been or will be submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa (“CONSOB”) pursuant to Italian laws and regulations. The Tender Offer is being carried out in Italy as an exempted offer pursuant to article 101-bis, paragraph 3-bis of Legislative Decree No. 58 of 24 February 1998, as amended (the “Financial Services Act”) and article 35-bis, paragraph 3 of CONSOB Regulation No. 11971 of 14 May 1999, as amended. Holders or beneficial owners of the Notes that are located in Italy can tender Notes for purchase in the Tender Offer through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of 15 February 2018, as amended from time to time, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority.

France

The Tender Offer is not being made, directly or indirectly, to the public in the Republic of France (“France”). Neither this news release nor any other document or material relating to the Tender Offer has been or shall be distributed to the public in France and only qualified investors (investisseurs qualifies) within the meaning of Article 2(e) of the Regulation (EU) 2017/1129 (the “Prospectus Regulation”), are eligible to participate in the Tender Offer. This news release has not been and will not be submitted for clearance to nor approved by the Autorité des Marchés Financiers.

General

This news release does not constitute an offer to buy or the solicitation of an offer to sell Notes (and tenders of Notes in the Tender Offer will not be accepted from Holders) in any circumstances in which such offer or solicitation is unlawful. In those jurisdictions where the securities, blue sky or other laws require the Tender Offer to be made by a licensed broker or dealer and any Dealer Manager or any of the Dealer Managers’ respective affiliates is such a licensed broker or dealer in any such jurisdiction, the Tender Offer shall be deemed to be made by such Dealer Manager or affiliate, as the case may be, on behalf of the Company in such jurisdiction.

In addition to the representations referred to above in respect of the United States, each Holder participating in the Tender Offer will also be deemed to give certain representations in respect of the other jurisdictions referred to above and generally as set out in “The Offer—Procedures for Participating in the Offer” in the Offer to Purchase. Any tender of Notes for purchase pursuant to the Tender Offer from a Holder that is unable to make these representations will not be accepted. Each of the Company, each Dealer Manager and the Tender and Information Agent reserves the right, in its absolute discretion, to investigate, in relation to any tender of Notes for purchase pursuant to the Tender Offer, whether any such representation given by a Holder is correct and, if such investigation is undertaken and as a result the Company determines (for any reason) that such representation is not correct, such tender shall not be accepted.

About Celanese

Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our businesses use the full breadth of Celanese’s global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation.

Forward-Looking Statements: This release may contain “forward-looking statements,” which include information concerning the completion of the Tender Offer, and other information that is not historical information. When used in this release, the words “outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that Celanese will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the forward-looking statements contained in this release. Numerous other factors, many of which are beyond Celanese’s control, could cause actual results to differ materially from those expressed as forward-looking statements. Other risk factors include those that are discussed in Celanese’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and Celanese undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005627/en/

Celanese Contacts:

Investor Relations

Brandon Ayache

+1 972 443 8509

[email protected]

Media Relations – Global

W. Travis Jacobsen

+1 972 443 3750

[email protected]

Media Relations Europe (Germany)

Petra Czugler

+49 69 45009 1206

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Chemicals/Plastics Manufacturing

MEDIA:

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September 9, 2021 9:18 am

The Alkaline Water Company to Present at H.C. Wainwright 23rd Annual Global Investment Conference

The Alkaline Water Company to Present at H.C. Wainwright 23^rd Annual Global Investment Conference

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–
The Alkaline Water Company Inc. (NASDAQ and CSE: WTER) (the “Company”), the country’s largest independent alkaline water company and The Clean Beverage Company™, announced today that President and CEO Ricky Wright will present at the virtual H.C. Wainwright 23^rd Annual Global Investment Conference which will take place September 13-15, 2021.

Mr. Wright’s presentation, highlighting the Company’s most recent updates and future outlook, will be available to conference attendees starting at 7:00 EDT on Monday, September 13^th. Management will also be available for virtual meetings with qualified investors attending the conference.

Please visit the conference website for more information.

About The Alkaline Water Company:

The Alkaline Water Company is The Clean Beverage Company™ making a difference in the water you drink and the world we share.

Founded in 2012, The Alkaline Water Company (NASDAQ and CSE: WTER) is headquartered in Scottsdale, Arizona. Its flagship product, Alkaline88^®, is a leading premier alkaline water brand available in bulk and single-serve sizes along with eco-friendly aluminum packaging options. With its innovative, state-of-the-art proprietary electrolysis process, Alkaline88^® delivers perfect 8.8 pH balanced alkaline drinking water with trace minerals and electrolytes and boasts our trademarked label “Clean Beverage.” Quickly being recognized as a growing lifestyle brand, Alkaline88^® launched A88 Infused™ in 2019 to meet consumer demand for flavor-infused products. A88 Infused™ flavored water is available in six unique all-natural flavors, with new flavors coming soon. In 2021, The Alkaline Water Company was pleased to welcome Shaquille O’Neal to its board of advisors and to serve as the celebrity brand ambassador for the Alklaine88® and A88 Infused™ brands.

The Alkaline88^® flagship brand of premium alkaline water is now available in 75,000 stores across all trades in the U.S.

For more information, visit www.thealkalinewaterco.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005114/en/

The Alkaline Water Company Inc.

Jeff Wright

Director of Investor Relations

866-242-0240

[email protected]

Media

Jessica Starman

888-461-2233

[email protected]

KEYWORDS: United States North America Arizona

INDUSTRY KEYWORDS: Retail Professional Services Food/Beverage Finance

MEDIA:

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September 9, 2021 9:18 am

Chicken Soup for the Soul Entertainment Premieres Taboo on Crackle

Second Major Series fr
om Acquired Sonar Library
Premieres on Crackle

From the Creator of ‘Peaky Blinders’ and Starring Tom Hardy,

‘Taboo’
Will Debut
on Crackle as an AVOD Exclusive

COS COB, Conn., Sept. 09, 2021 (GLOBE NEWSWIRE) — Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced that all eight episodes of season one of the Emmy-nominated gritty, period drama series Taboo will be exclusively available for free on Crackle beginning Wednesday, September 15th.

Taboo is one of the many series acquired from Sonar Entertainment by Chicken Soup for the Soul Entertainment. This is the second series that will premiere on Crackle from the Sonar library. The first was The Temptations, which quickly shot to the #1 series on the network.

“We are quickly integrating the Sonar library content into our Crackle Plus offerings and are finding that they are performing exceptionally well with our viewers,” said Philippe Guelton, President of Crackle Plus. “We plan to continue to highlight other Sonar series and films over the coming months.”

Set in the year 1814, Taboo follows James Keziah Delaney (Tom Hardy), a man who has been to the ends of the earth and comes back irrevocably changed. Believed to be long dead, he returns home to London from Africa to inherit what is left of his father’s shipping empire and rebuild a life for himself. But his father’s legacy is a poisoned chalice, and with enemies lurking in every corner, James must navigate increasingly complex territories to avoid his own death sentence. Encircled by conspiracy, murder and betrayal, a dark family mystery unfolds in a combustible tale of love and treachery.

Created by Steven Knight (Locke, Peaky Blinders), Tom Hardy (Mad Max: Fury Road, Venom, Peaky Blinders) and his father, Edward “Chips” Hardy, the eight-part mysterious and dark drama is based on a story written by Tom Hardy and Chips Hardy. Led by Tom Hardy, Taboo boasts an all-star ensemble cast that includes Jessie Buckley (Chernobyl, Fargo), Oona Chaplin (Game of Thrones, Black Mirror), Stephen Graham (The Irishman, Greyhound), Tom Hollander (Bohemian Rhapsody, The Night Manager), Michael Kelly (The Comey Rule, Jack Ryan), Franka Potente (Bourne Supremacy, American Horror Story: Asylum), and Jonathan Pryce (Game of Thrones, upcoming The Crown).

Taboo garnered two Emmy nominations in 2017 for Outstanding Music Composition for a Series for composer Max Richter (Ad Astra, Black Mirror), and Outstanding Special Visual Effects in a Supporting Role. The series is executive produced by Ridley Scott and Kate Crowe for Scott Free, Tom Hardy and Dean Baker for Hardy Son & Baker, and Steven Knight, with Timothy Bricknell producing.

As one of the only AVODs continually adding original and exclusive programming that uplifts, entertains, and inspires audiences, Crackle adds Taboo alongside original and AVOD exclusive titles including PROMISELAND, The Machine, Playing With Power: The Nintendo Story, Cagefighter,After the Murder of Albert Lima, Lennox Lewis: The Untold Story, Insomnia, The Clearing, Anything is Possible: The Serge Ibaka Story, Bucket List, and the award-winning Going From Broke, which recently premiered its second season.

Taboo is distributed in North America by Screen Media, a Chicken Soup for the Soul Entertainment, Inc. company and the supplier of exclusive and original content to Crackle Plus.

The Crackle Plus networks are currently distributed through 50 touch points in the U.S., with announced plans to expand to over 64 touch points including Amazon FireTV, RokuTV, Apple TV, Smart TVs (Samsung, LG, Vizio), gaming consoles (PS4 and XBoxOne), Plex, iOS and Android mobile devices and on desktops at Crackle.com. Crackle is also available in approximately 500,000 hotel rooms in the Marriott Bonvoy chain.

ABOUT CHICKEN SOUP FOR THE SOUL ENTERTAINMENT, INC.

Chicken Soup for the Soul Entertainment, Inc. (Nasdaq: CSSE) operates streaming video-on-demand networks (VOD). The company owns Crackle Plus, which owns and operates a variety of ad-supported and subscription-based VOD networks including Crackle, Popcornflix, Popcornflix Kids, Truli, Pivotshare, Españolflix and FrightPix. The company also acquires and distributes video content through its Screen Media subsidiary and produces original long and short-form content through Landmark Studio Group, Chicken Soup for the Soul Unscripted, APlus.com and Halcyon Television. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famous book series and produces super-premium pet food under the Chicken Soup for the Soul brand name.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are statements that are not historical facts. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Such assumptions involve a number of known and unknown risks and uncertainties, including but not limited to our core strategy, operating income and margin, seasonality, liquidity, including cash flows from operations, available funds, and access to financing sources, free cash flows, revenues, net income, profitability, stock price volatility, future regulatory changes, price changes, the ability of the Company’s content offerings to achieve market acceptance, the Company’s success in retaining or recruiting officers, key employees, or directors, the ability to protect intellectual property, the ability to complete strategic acquisitions, the ability to manage growth and integrate acquired operations, the ability to pay dividends, regulatory or operational risks, and general market conditions impacting demand for the Company’s services. For a more complete description of these and other risks and uncertainties, please refer the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 31, 2021, and for further information regarding our recent acquisition of the Sonar library and related assets, please see our Current Reports on Form 8-K, as amended, filed with the SEC on May 27, 2021 and July 1, 2021. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

INVESTOR RELATIONS

Taylor Krafchik
Ellipsis
[email protected]
(646) 776-0886

MEDIA CONTACT

Kate Barrette
RooneyPartners LLC
[email protected]
(212) 223-0561

September 9, 2021 9:18 am

Hovnanian Enterprises Reports Fiscal 2021 Third Quarter Results

Pretax Profit Increased 281% to $62 Million

Gross Margin Percentage Increased 560 Basis Points Year-over-Year

42% Year-over-Year Increase in Consolidated Backlog Dollars to $1.75 Billion

Paid Off $111 Million of Senior Secured Notes in the Third Quarter and an Additional $70 Million Early in the Fourth Quarter

MATAWAN, N.J., Sept. 09, 2021 (GLOBE NEWSWIRE) — Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal third quarter and nine-month period ended July 31, 2021.

RESULTS FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED JULY 31, 2021:

Total revenues increased 10.0% to $690.7 million in the third quarter of fiscal 2021, compared with $628.1 million in the same quarter of the prior year. For the nine months ended July 31, 2021, total revenues increased 18.5% to $1.97 billion compared with $1.66 billion in the same period during the prior fiscal year.
Homebuilding gross margin percentage, after cost of sales interest expense and land charges, increased 560 basis points to 19.2% for the three months ended July 31, 2021 compared with 13.6% during the same period a year ago. During the first nine months of fiscal 2021, homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 18.3%, up 460 basis points, compared with 13.7% during the same period last year.
Homebuilding gross margin percentage, before cost of sales interest expense and land charges, increased 460 basis points to 22.1% during the fiscal 2021 third quarter compared with 17.5% in last year’s third quarter. For the nine months ended July 31, 2021, homebuilding gross margin percentage, before cost of sales interest expense and land charges, was 21.4%, up 370 basis points, compared with 17.7% in the same period of the previous fiscal year.
Total SG&A was $60.3 million, or 8.7% of total revenues, in the fiscal 2021 third quarter compared with $59.9 million, or 9.5% of total revenues, in the previous year’s third quarter. During the first nine months of fiscal 2021, total SG&A was $206.6 million, or 10.5% of total revenues, compared with $176.2 million, or 10.6% of total revenues, in the same period of the prior fiscal year.
Total interest expense declined 21.5% to $38.4 million for the third quarter of fiscal 2021 compared with $48.9 million during the third quarter of fiscal 2020. For the nine months ended July 31, 2021, total interest expense was $123.3 million compared with $137.5 million during the same period last year.
Income from unconsolidated joint ventures was $5.0 million for the third quarter ended July 31, 2021 compared with $5.7 million in the fiscal 2020 third quarter. For the first nine months of fiscal 2021, income from unconsolidated joint ventures was $9.6 million compared with $13.4 million in the same period a year ago.
Income before income taxes for the third quarter of fiscal 2021 was $61.8 million, up 281.1% or $45.6 million, compared with $16.2 million in the third quarter of the prior fiscal year. For the first nine months of fiscal 2021, income before income taxes increased 767.5% to $112.4 million compared with $13.0 million during the same period of fiscal 2020.
Net income was $47.7 million, or $6.72 per diluted common share, for the three months ended July 31, 2021 compared with net income of $15.4 million, or $2.16 per diluted common share, in the third quarter of the previous fiscal year. For the first nine months of fiscal 2021, net income, including the $468.6 million benefit from the valuation allowance reduction, was $555.3 million, or $78.51 per diluted common share, compared with $10.3 million, or $1.44 per diluted common share, in the same period during fiscal 2020.
EBITDA increased 52.7% to $101.5 million for the third quarter of fiscal 2021 compared with $66.5 million in the same quarter of the prior year. For the first nine months of fiscal 2021, EBITDA was $239.8 million, a 55.4% increase, compared with $154.3 million in the first nine months of fiscal 2020.
Financial services income before income taxes was $8.6 million for the third quarter of fiscal 2021 compared with $10.8 million in the third quarter of fiscal 2020. For the first nine months of fiscal 2021, financial services income before income taxes increased 40.6% to $28.1 million compared with $20.0 million in the same period one year ago.

Consolidated contracts per community decreased 38.9% to 11.6 contracts per community for the third quarter ended July 31, 2021 compared with the unprecedented COVID-19 surge in home demand of 19.0 contracts per community in last year’s third quarter. However, consolidated contracts per community for the third quarter of fiscal 2021 were up slightly compared to the more historically average pace of 11.0 contracts per community in the fiscal 2019 third quarter. Contracts per community, including domestic unconsolidated joint ventures⁽¹⁾, decreased 35.4% to 11.5 for the third quarter of fiscal 2021 compared with 17.8 for the third quarter of fiscal 2020, but increased compared to 10.6 for the fiscal 2019 third quarter.
As a result of metering sales, selling out of communities ahead of schedule, COVID-19 related delays for new community openings and unprecedented demand after the initial COVID-19 shutdown last year, consolidated contract dollars decreased 31.0% in the third quarter of fiscal 2021 to $609.1 million (1,211 homes) compared with $882.3 million (2,226 homes) in the same quarter last year. Contract dollars, including domestic unconsolidated joint ventures, for the three months ended July 31, 2021, decreased 27.6% to $716.2 million (1,376 homes) compared with $989.2 million (2,415 homes) in the third quarter of fiscal 2020.
For the nine months ended July 31, 2021, consolidated contract dollars increased 12.2% to $2.23 billion (4,760 homes) compared with $1.99 billion (5,035 homes) in the same period of the prior year. Contract dollars, including domestic unconsolidated joint ventures, for the first nine months of fiscal 2021 increased 11.6% to $2.55 billion (5,298 homes) compared with $2.28 billion (5,549 homes) in the same period of fiscal 2020.
Due to consciously metering sales in many of our communities in recent months and a difficult comparison to a very strong August last year, consolidated contracts per community for August 2021 decreased 43.9% to 3.7 compared with the unprecedented COVID demand surge of 6.6 for the same month one year ago. That said, consolidated contracts per community for August 2021 still represented an increase compared to a more typical 3.2 for August 2019. The dollar value of August 2021 consolidated contracts decreased 36.3% to $203.1 million compared with $318.8 million in August last year. The dollar value of August 2021 consolidated contracts represented an increase compared to $166.7 million in August 2019.
The dollar value of consolidated contract backlog, as of July 31, 2021, increased 41.8% to $1.75 billion compared with $1.23 billion as of July 31, 2020. The dollar value of contract backlog, including domestic unconsolidated joint ventures, as of July 31, 2021, increased 43.8% to $1.99 billion compared with $1.39 billion as of July 31, 2020.
Consolidated deliveries decreased 3.5% to 1,498 homes in the fiscal 2021 third quarter compared with 1,553 homes in the previous year’s third quarter. For the fiscal 2021 third quarter, deliveries, including domestic unconsolidated joint ventures, decreased 5.8% to 1,677 homes compared with 1,781 homes during the third quarter of fiscal 2020.
For the first nine months of fiscal 2021, consolidated deliveries increased 9.4% to 4,501 homes compared with 4,114 homes in the first nine months of the previous year. For the first nine months of fiscal 2021, deliveries, including domestic unconsolidated joint ventures, increased 5.9% to 4,954 homes compared with 4,679 homes during the same period of fiscal 2021.
The contract cancellation rate for consolidated contracts was 16% for the third quarter ended July 31, 2021 compared with 18% in the fiscal 2020 third quarter. The contract cancellation rate for contracts including domestic unconsolidated joint ventures was 15% for the third quarter of fiscal 2021 compared with 18% in the third quarter of the prior year.

⁽

¹⁾
When we refer to “Domestic Unconsolidated Joint Ventures”, we are excluding results from our single community unconsolidated joint venture in the Kingdom of Saudi Arabia (KSA).

LIQUIDITY AND INVENTORY AS OF JULY 31, 2021:

During the third quarter of fiscal 2021, land and land development spending was $177.6 million, an increase of 9.2% compared with $162.6 million in last year’s third quarter. For the first nine months of fiscal 2021, land and land development spending was $531.2 million, an increase of 34.5% compared with $394.9 million in the same period one year ago.
After paying off in full with cash on hand the remaining balance of $111 million of our 10.0% senior secured notes due July 2022, the total liquidity at the end of the third quarter of fiscal 2021 was $307.7 million, well above our targeted liquidity range of $170 million to $245 million.
On August 2, 2021, we paid off in full with cash on hand the remaining $70 million principal amount of our 10.5% senior secured notes due July 2024 at a purchase price of 102.625% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the redemption date. Other than our undrawn senior secured revolving credit facility, we do not have any bond issuances maturing before the first quarter of fiscal 2026.
In the third quarter of fiscal 2021, approximately 4,900 lots were put under option or acquired in 35 consolidated communities.
As of July 31, 2021, the total controlled consolidated lots increased 20.4% to 31,002 compared with 25,748 lots at the end of the previous year’s third quarter. Based on trailing twelve-month deliveries, the current position equaled a 5.1 years’ supply.

FINANCIAL GUIDANCE

⁽

²⁾

:

Financial guidance for both the fourth quarter and full year for fiscal 2021 assumes no adverse changes in current market conditions and excludes further impact to SG&A expenses from phantom stock expense related solely to stock price movements from the closing price of $104.39 at July 30, 2021. Every $4 increase or decrease in common stock price from the end of the third quarter, results in an approximate $1 million increase or decrease, respectively, of phantom stock expense.

For the fourth quarter of fiscal 2021, total revenues are expected to be between $830 million and $880 million, adjusted pretax income is expected to be between $60 million and $75 million and adjusted EBITDA is expected to be between $100 million and $115 million.
For all of fiscal 2021, we are increasing our guidance. Total revenues are expected to be between $2.80 billion and $2.85 billion, adjusted pretax income to be between $175 million and $190 million and adjusted EBITDA to be between $345 million and $360 million.
On October 31, 2021, we expect our community count, including domestic unconsolidated joint ventures, to grow from 120 as of the end of our third quarter to roughly the same level of 135 communities open at the end of the fourth quarter last year. Community count is expected to continue to grow in fiscal 2022.

⁽

²

⁾
The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. These items include, but are not limited to, land-related charges, inventory impairment loss and land option write-offs and loss (gain) on extinguishment of debt. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.

COMMENTS FROM MANAGEMENT:

“Given the significant COVID-19 supply chain disruptions and labor challenges our industry has been experiencing, we are very pleased with our strong performance during the third quarter of fiscal 2021. We exceeded our third quarter guidance on almost every financial metric,” stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. “As expected, sales have slowed to a more historically typical sales pace following our efforts to meter homes available for sale and through significant home price increases. The average price in our deliveries went from $390,000 in last year’s third quarter, to $443,000 in this year’s third quarter. Our third quarter average price for new contracts increased even further to $503,000. Those efforts, combined with a slowdown in demand from the white-hot sales pace we experienced last year, have allowed us to better align starting home construction with our sales pace. Last year’s COVID-19 sales frenzy has given way to a more rational sales pace, which we believe is more sustainable.”

“On a positive note, lumber prices have begun to decline substantially. We expect the recent decrease in lumber costs to benefit gross margins on homes we are starting now for future deliveries, including many of the homes that are currently in backlog for 2022 deliveries. Due to a strong economy, positive long-term demographic trends and our strong cash flow, we continue to invest in land and are making strong progress on acquiring additional land parcels which bodes well for future community count growth. We believe that we are well positioned to take advantage of these positive long-term trends. We continue to expect fiscal 2021 to be an outstanding year. As we look forward, we believe that today’s more rational, healthy contract pace, which has higher home prices and gross margins, along with an increase in community count, should lead to further growth in both total revenues and adjusted pretax income in fiscal 2022,” concluded Mr. Hovnanian.

WEBCAST INFORMATION:

Hovnanian Enterprises will webcast its fiscal 2021 third quarter financial results conference call at 11:00 a.m. E.T. on Thursday, September 9, 2021. The webcast can be accessed live through the “Investor Relations” section of Hovnanian Enterprises’ website at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the “Past Events” section of the Investor Relations page on the Hovnanian website at http://www.khov.com. The archive will be available for 12 months.

ABOUT HOVNANIAN ENTERPRISES, INC.:

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company’s homes are marketed and sold under the trade name K. Hovnanian^® Homes. Additionally, the Company’s subsidiaries, as developers of K. Hovnanian’s^® Four Seasons communities, make the Company one of the nation’s largest builders of active lifestyle communities.

Additional information on Hovnanian Enterprises, Inc. can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian’s investor e-mail list, please send an e-mail to [email protected] or sign up at http://www.khov.com.

NON-GAAP FINANCIAL MEASURES:

Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairment loss and land option write-offs and loss (gain) on extinguishment of debt (“Adjusted EBITDA”) are not U.S. generally accepted accounting principles (GAAP) financial measures. The most directly comparable GAAP financial measure is net income. The reconciliation for historical periods of EBIT, EBITDA and Adjusted EBITDA to net income is presented in a table attached to this earnings release.

Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. The reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.

Adjusted pretax income, which is defined as income before income taxes excluding land-related charges and loss (gain) on extinguishment of debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes. The reconciliation for historical periods of adjusted pretax income to income before income taxes is presented in a table attached to this earnings release.

Total liquidity is comprised of $172.7 million of cash and cash equivalents, $10.0 million of restricted cash required to collateralize letters of credit and $125.0 million availability under the senior secured revolving credit facility as of July 31, 2021.

FORWARD-LOOKING STATEMENTS

All statements in this press release that are not historical facts should be considered as “Forward-Looking Statements” within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company’s goals and expectations with respect to its financial results for future financial periods. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) the outbreak and spread of COVID-19 and the measures that governments, agencies, law enforcement and/or health authorities implement to address it; (2) changes in general and local economic, industry and business conditions and impacts of a significant homebuilding downturn; (3) adverse weather and other environmental conditions and natural disasters; (4) the seasonality of the Company’s business; (5) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (6) shortages in, and price fluctuations of, raw materials and labor, including due to changes in trade policies and the imposition of tariffs and duties on homebuilding materials and products and related trade disputes with, and retaliatory measures taken by, other countries; (7) reliance on, and the performance of, subcontractors; (8) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (9) increases in cancellations of agreements of sale; (10) fluctuations in interest rates and the availability of mortgage financing; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (13) levels of competition; (14) utility shortages and outages or rate fluctuations; (15) information technology failures and data security breaches; (16) negative publicity; (17) high leverage and restrictions on the Company’s operations and activities imposed by the agreements governing the Company’s outstanding indebtedness; (18) availability and terms of financing to the Company; (19) the Company’s sources of liquidity; (20) changes in credit ratings; (21) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (22) operations through unconsolidated joint ventures with third parties; (23) significant influence of the Company’s controlling stockholders; (24) availability of net operating loss carryforwards; (25) loss of key management personnel or failure to attract qualified personnel; and (26) certain risks, uncertainties and other factors described in detail in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2020 and the Company’s Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 2021 and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

Hovnanian Enterprises, Inc.
July 31, 2021
Statements of consolidated operations
(In thousands, except per share data)
			Three Months Ended						Nine Months Ended
			July 31,						July 31,
				2021			2020			2021			2020
			(Unaudited)						(Unaudited)
Total revenues			$690,683			$628,136			$1,968,509			$1,660,543
Costs and expenses (1)				633,589			621,633			1,865,355			1,674,340
(Loss) gain on extinguishment of debt				(306	)		4,055			(306	)		13,337
Income from unconsolidated joint ventures				5,011			5,658			9,568			13,419
Income before income taxes				61,799			16,216			112,416			12,959
Income tax provision (benefit)				14,097			853			(442,921	)		2,665
Net income			$47,702			$15,363			$555,337			$10,294

Per share data:
Basic:
	Net income per common share		$6.85			$2.27			$80.02			$1.52
	Weighted average number of
		common shares outstanding		6,315			6,201			6,263			6,178
Assuming dilution:
	Net income per common share		$6.72			$2.16			$78.51			$1.44
	Weighted average number of
		common shares outstanding		6,434			6,518			6,370			6,502

(1) Includes inventory impairment loss and land option write-offs.



Hovnanian Enterprises, Inc.
July 31, 2021
Reconciliation of income before income taxes excluding land-related charges and loss (gain) on extinguishment of debt to income before income taxes
(In thousands)
			Three Months Ended						Nine Months Ended
			July 31,						July 31,
				2021			2020			2021			2020
			(Unaudited)						(Unaudited)
Income before income taxes			$61,799			$16,216			$112,416			$12,959
Inventory impairment loss and land option write-offs				1,309			2,364			3,267			6,202
Loss (gain) on extinguishment of debt				306			(4,055	)		306			(13,337	)
Income before income taxes excluding land-related
	charges and loss (gain) on extinguishment of debt (1)		$63,414			$14,525			$115,989			$5,824

(1) Income before income taxes excluding land-related charges and loss (gain) on extinguishment of debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes.

Hovnanian Enterprises, Inc.
July 31, 2021
Gross margin
(In thousands)
	Homebuilding Gross Margin						Homebuilding Gross Margin
	Three Months Ended						Nine Months Ended
	July 31,						July 31,
		2021			2020			2021			2020
	(Unaudited)						(Unaudited)
Sale of homes	$663,279			$605,933			$1,894,159			$1,608,513
Cost of sales, excluding interest expense and land charges (1)		516,530			499,654			1,488,919			1,323,916
Homebuilding gross margin, before cost of sales interest expense and land charges (2)		146,749			106,279			405,240			284,597
Cost of sales interest expense, excluding land sales interest expense		17,821			21,794			56,242			58,467
Homebuilding gross margin, after cost of sales interest expense, before land charges (2)		128,928			84,485			348,998			226,130
Land charges		1,309			2,364			3,267			6,202
Homebuilding gross margin	$127,619			$82,121			$345,731			$219,928

Homebuilding Gross margin percentage		19.2	%		13.6	%		18.3	%		13.7	%
Homebuilding Gross margin percentage, before cost of sales interest expense and land charges (2)		22.1	%		17.5	%		21.4	%		17.7	%
Homebuilding Gross margin percentage, after cost of sales interest expense, before land charges (2)		19.4	%		13.9	%		18.4	%		14.1	%

	Land Sales Gross Margin						Land Sales Gross Margin
	Three Months Ended						Nine Months Ended
	July 31,						July 31,
		2021			2020			2021			2020
	(Unaudited)						(Unaudited)
Land and lot sales	$6,819			$25			$11,730			$100
Land and lot sales cost of sales, excluding interest and land charges (1)		5,338			41			9,121			161
Land and lot sales gross margin, excluding interest and land charges		1,481			(16	)		2,609			(61	)
Land and lot sales interest		1,419			20			1,888			72
Land and lot sales gross margin, including interest and excluding land charges	$62			$(36		)	$721			$(133		)


(1) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations.
(2) Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively.

Hovnanian Enterprises, Inc.
July 31, 2021
Reconciliation of adjusted EBITDA to net income
(In thousands)
	Three Months Ended					Nine Months Ended
	July 31,					July 31,
		2021		2020			2021			2020
	(Unaudited)					(Unaudited)
Net income	$47,702		$15,363			$555,337			$10,294
Income tax provision (benefit)		14,097		853			(442,921	)		2,665
Interest expense		38,398		48,886			123,296			137,483
EBIT (1)		100,197		65,102			235,712			150,442
Depreciation and amortization		1,269		1,355			4,091			3,897
EBITDA (2)		101,466		66,457			239,803			154,339
Inventory impairment loss and land option write-offs		1,309		2,364			3,267			6,202
Loss (gain) on extinguishment of debt		306		(4,055	)		306			(13,337	)
Adjusted EBITDA (3)	$103,081		$64,766			$243,376			$147,204

Interest incurred	$39,181		$45,140			$122,508			$134,797

Adjusted EBITDA to interest incurred		2.63		1.43			1.99			1.09


(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBIT represents earnings before interest expense and income taxes.
(2) EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization.
(3) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairment loss and land option write-offs and (loss) gain on extinguishment of debt.


Hovnanian Enterprises, Inc.
July 31, 2021
Interest incurred, expensed and capitalized
(In thousands)
	Three Months Ended					Nine Months Ended
	July 31,					July 31,
		2021		2020			2021			2020
	(Unaudited)					(Unaudited)
Interest capitalized at beginning of period	$59,772		$67,744			$65,010			$71,264
Plus interest incurred		39,181		45,140			122,508			134,797
Less interest expensed		38,398		48,886			123,296			137,483
Less interest contributed to unconsolidated joint venture (1)		–		–			3,667			4,580
Plus interest acquired from unconsolidated joint venture (2)		3,118		–			3,118			–
Interest capitalized at end of period (3)	$63,673		$63,998			$63,673			$63,998

(1) Represents capitalized interest which was included as part of the assets contributed to joint ventures the company entered into in April 2021 and December 2019 during the nine months ended July 31, 2021 and 2020, respectively. There was no impact to the Condensed Consolidated Statement of Operations as a result of this transaction.
(2) Represents capitalized interest which was included as part of the assets purchased from a joint venture the company exited out of in June 2021 during the nine months ended July 31, 2021. There was no impact to the Condensed Consolidated Statement of Operations as a result of this transaction.
(3) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest.

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)

	July 31,				October 31,
	2021				2020
ASSETS	(Unaudited)				(1)
Homebuilding:
Cash and cash equivalents		$172,748				$262,489
Restricted cash and cash equivalents			15,100				14,731
Inventories:
Sold and unsold homes and lots under development			1,119,876				921,594
Land and land options held for future development or sale			95,416				91,957
Consolidated inventory not owned			98,053				182,224
Total inventories			1,313,345				1,195,775
Investments in and advances to unconsolidated joint ventures			68,900				103,164
Receivables, deposits and notes, net			37,735				33,686
Property, plant and equipment, net			17,974				18,185
Prepaid expenses and other assets			58,571				58,705
Total homebuilding			1,684,373				1,686,735

Financial services			180,218				140,607

Deferred tax assets, net			447,453				–
Total assets		$2,312,044				$1,827,342

LIABILITIES AND EQUITY
Homebuilding:
Nonrecourse mortgages secured by inventory, net of debt issuance costs		$118,020				$135,122
Accounts payable and other liabilities			401,283				359,274
Customers’ deposits			76,729				48,286
Liabilities from inventory not owned, net of debt issuance costs			69,627				131,204
Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)			1,317,524				1,431,110
Accrued Interest			47,460				35,563
Total homebuilding			2,030,643				2,140,559

Financial services			158,226				119,045
Income taxes payable			2,484				3,832
Total liabilities			2,191,353				2,263,436

Equity:
Hovnanian Enterprises, Inc. stockholders’ equity deficit:
Preferred stock, $0.01 par value – authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at July 31, 2021 and October 31, 2020			135,299				135,299
Common stock, Class A, $0.01 par value – authorized 16,000,000 shares; issued 6,064,070 shares at July 31, 2021 and 5,990,310 shares at October 31, 2020			61				60
Common stock, Class B, $0.01 par value (convertible to Class A at time of sale) – authorized 2,400,000 shares; issued 686,888 shares at July 31, 2021 and 649,886 shares at October 31, 2020			7				7
Paid in capital – common stock			719,770				718,110
Accumulated deficit			(619,708	)			(1,175,045	)
Treasury stock – at cost – 470,430 shares of Class A common stock and 27,669 shares of Class B common stock at July 31, 2021 and October 31, 2020			(115,360	)			(115,360	)
Total Hovnanian Enterprises, Inc. stockholders’ equity (deficit)			120,069				(436,929	)
Noncontrolling interest in consolidated joint ventures			622				835
Total equity (deficit)			120,691				(436,094	)
Total liabilities and equity		$2,312,044				$1,827,342

(1) Derived from the audited balance sheet as of October 31, 2020.

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands Except Per Share Data)
(Unaudited)

	Three Months Ended July 31,							Nine Months Ended July 31,
	2021				2020			2021				2020
Revenues:
Homebuilding:
Sale of homes		$663,279				$605,933			$1,894,159				$1,608,513
Land sales and other revenues			7,559				908			13,280				2,360
Total homebuilding			670,838				606,841			1,907,439				1,610,873
Financial services			19,845				21,295			61,070				49,670
Total revenues			690,683				628,136			1,968,509				1,660,543

Expenses:
Homebuilding:
Cost of sales, excluding interest			521,868				499,695			1,498,040				1,324,077
Cost of sales interest			19,240				21,814			58,130				58,539
Inventory impairment loss and land option write-offs			1,309				2,364			3,267				6,202
Total cost of sales			542,417				523,873			1,559,437				1,388,818
Selling, general and administrative			42,988				40,608			125,417				121,887
Total homebuilding expenses			585,405				564,481			1,684,854				1,510,705

Financial services			11,238				10,493			32,953				29,677
Corporate general and administrative			17,284				19,321			81,149				54,340
Other interest			19,158				27,072			65,166				78,944
Other operations			504				266			1,233				674
Total expenses			633,589				621,633			1,865,355				1,674,340
(Loss) gain on extinguishment of debt			(306	)			4,055			(306	)			13,337
Income from unconsolidated joint ventures			5,011				5,658			9,568				13,419
Income before income taxes			61,799				16,216			112,416				12,959
State and federal income tax provision (benefit):
State			1,476				853			(89,272	)			2,665
Federal			12,621				–			(353,649	)			–
Total income taxes			14,097				853			(442,921	)			2,665
Net income		$47,702				$15,363			$555,337				$10,294

Per share data:
Basic:
Net income per common share		$6.85				$2.27			$80.02				$1.52
Weighted-average number of common shares outstanding			6,315				6,201			6,263				6,178
Assuming dilution:
Net income per common share		$6.72				$2.16			$78.51				$1.44
Weighted-average number of common shares outstanding			6,434				6,518			6,370				6,502

See notes to condensed consolidated financial statements (unaudited).

HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)

		Contracts (1)					Deliveries					Contract
		Three Months Ended					Three Months Ended					Backlog
		July 31,					July 31,					July 31,
			2021		2020	% Change		2021		2020	% Change		2021		2020	% Change
Northeast
(NJ, PA)	Home		62		102	(39.2)%		44		95	(53.7)%		160		113	41.6%
	Dollars	$52,066		$51,586		0.9%	$35,255		$41,354		(14.7)%	$122,638		$61,002		101.0%
	Avg. Price	$839,774		$505,745		66.0%	$801,250		$435,305		84.1%	$766,488		$539,841		42.0%
Mid-Atlantic
(DE, MD, VA, WV)	Home		176		307	(42.7)%		189		213	(11.3)%		572		523	9.4%
	Dollars	$117,341		$152,511		(23.1)%	$106,195		$111,160		(4.5)%	$361,329		$269,972		33.8%
	Avg. Price	$666,710		$496,775		34.2%	$561,878		$521,878		7.7%	$631,694		$516,199		22.4%
Midwest
(IL, OH)	Home		165		263	(37.3)%		190		197	(3.6)%		648		534	21.3%
	Dollars	$56,848		$79,394		(28.4)%	$60,588		$62,901		(3.7)%	$205,101		$149,016		37.6%
	Avg. Price	$344,533		$301,878		14.1%	$318,884		$319,294		(0.1)%	$316,514		$279,056		13.4%
Southeast
(FL, GA, SC)	Home		124		172	(27.9)%		139		155	(10.3)%		440		304	44.7%
	Dollars	$58,522		$79,846		(26.7)%	$61,978		$65,595		(5.5)%	$211,859		$145,947		45.2%
	Avg. Price	$471,952		$464,221		1.7%	$445,885		$423,194		5.4%	$481,498		$480,089		0.3%
Southwest
(AZ, TX)	Home		469		814	(42.4)%		593		641	(7.5)%		1,292		938	37.7%
	Dollars	$196,481		$260,891		(24.7)%	$212,773		$214,608		(0.9)%	$524,029		$308,918		69.6%
	Avg. Price	$418,936		$320,506		30.7%	$358,808		$334,802		7.2%	$405,595		$329,337		23.2%
West
(CA)	Home		215		568	(62.1)%		343		252	36.1%		561		644	(12.9)%
	Dollars	$127,872		$258,067		(50.5)%	$186,490		$110,315		69.1%	$325,472		$299,564		8.6%
	Avg. Price	$594,753		$454,343		30.9%	$543,703		$437,758		24.2%	$580,164		$465,161		24.7%
Consolidated Total
	Home		1,211		2,226	(45.6)%		1,498		1,553	(3.5)%		3,673		3,056	20.2%
	Dollars	$609,130		$882,295		(31.0)%	$663,279		$605,933		9.5%	$1,750,428		$1,234,419		41.8%
	Avg. Price	$502,998		$396,359		26.9%	$442,776		$390,169		13.5%	$476,566		$403,933		18.0%
Unconsolidated Joint Ventures (2)
(excluding KSA JV)	Home		165		189	(12.7)%		179		228	(21.5)%		399		264	51.1%
	Dollars	$107,111		$106,857		0.2%	$102,262		$132,014		(22.5)%	$241,346		$150,660		60.2%
	Avg. Price	$649,158		$565,381		14.8%	$571,296		$579,009		(1.3)%	$604,877		$570,682		6.0%
Grand Total
	Home		1,376		2,415	(43.0)%		1,677		1,781	(5.8)%		4,072		3,320	22.7%
	Dollars	$716,241		$989,152		(27.6)%	$765,541		$737,947		3.7%	$1,991,774		$1,385,079		43.8%
	Avg. Price	$520,524		$409,587		27.1%	$456,494		$414,344		10.2%	$489,139		$417,192		17.2%

KSA JV Only
	Home		215		185	16.2%		0		0	0.0%		1,666		766	117.5%
	Dollars	$33,802		$29,012		16.5%	$0		$0		0.0%	$261,653		$120,562		117.0%
	Avg. Price	$157,219		$156,821		0.3%	$0		$0		0.0%	$157,055		$157,392		(0.2)%

DELIVERIES INCLUDE EXTRAS
Notes:
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.
(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)

		Contracts (1)					Deliveries					Contract
		Nine Months Ended					Nine Months Ended					Backlog
		July 31,					July 31,					July 31,
			2021		2020	% Change		2021		2020	% Change		2021		2020	% Change
Northeast
(NJ, PA)	Home		169		231	(26.8)%		139		270	(48.5)%		160		113	41.6%
	Dollars	$135,684		$107,855		25.8%	$95,157		$133,409		(28.7)%	$122,638		$61,002		101.0%
	Avg. Price	$802,864		$466,905		72.0%	$684,583		$494,107		38.5%	$766,488		$539,841		42.0%
Mid-Atlantic
(DE, MD, VA, WV)	Home		647		737	(12.2)%		581		536	8.4%		572		523	9.4%
	Dollars	$414,059		$374,865		10.5%	$311,230		$288,426		7.9%	$361,329		$269,972		33.8%
	Avg. Price	$639,968		$508,636		25.8%	$535,680		$538,108		(0.5)%	$631,694		$516,199		22.4%
Midwest
(IL, OH)	Home		628		624	0.6%		576		540	6.7%		648		534	21.3%
	Dollars	$216,775		$192,171		12.8%	$181,191		$165,836		9.3%	$205,101		$149,016		37.6%
	Avg. Price	$345,183		$307,966		12.1%	$314,568		$307,104		2.4%	$316,514		$279,056		13.4%
Southeast
(FL, GA, SC)	Home		487		436	11.7%		408		379	7.7%		440		304	44.7%
	Dollars	$223,201		$195,512		14.2%	$188,489		$158,592		18.9%	$211,859		$145,947		45.2%
	Avg. Price	$458,318		$448,422		2.2%	$461,983		$418,449		10.4%	$481,498		$480,089		0.3%
Southwest
(AZ, TX)	Home		2,034		1,924	5.7%		1,808		1,649	9.6%		1,292		938	37.7%
	Dollars	$783,924		$626,817		25.1%	$620,120		$548,796		13.0%	$524,029		$308,918		69.6%
	Avg. Price	$385,410		$325,788		18.3%	$342,987		$332,805		3.1%	$405,595		$329,337		23.2%
West
(CA)	Home		795		1,083	(26.6)%		989		740	33.6%		561		644	(12.9)%
	Dollars	$453,557		$488,317		(7.1)%	$497,972		$313,454		58.9%	$325,472		$299,564		8.6%
	Avg. Price	$570,512		$450,893		26.5%	$503,511		$423,586		18.9%	$580,164		$465,161		24.7%
Consolidated Total
	Home		4,760		5,035	(5.5)%		4,501		4,114	9.4%		3,673		3,056	20.2%
	Dollars	$2,227,200		$1,985,537		12.2%	$1,894,159		$1,608,513		17.8%	$1,750,428		$1,234,419		41.8%
	Avg. Price	$467,899		$394,347		18.7%	$420,831		$390,985		7.6%	$476,566		$403,933		18.0%
Unconsolidated Joint Ventures (2)
(excluding KSA JV)	Home		538		514	4.7%		453		565	(19.8)%		399		264	51.1%
	Dollars	$318,824		$296,664		7.5%	$264,442		$330,559		(20.0)%	$241,346		$150,660		60.2%
	Avg. Price	$592,610		$577,167		2.7%	$583,757		$585,060		(0.2)%	$604,877		$570,682		6.0%
Grand Total
	Home		5,298		5,549	(4.5)%		4,954		4,679	5.9%		4,072		3,320	22.7%
	Dollars	$2,546,024		$2,282,201		11.6%	$2,158,601		$1,939,072		11.3%	$1,991,774		$1,385,079		43.8%
	Avg. Price	$480,563		$411,281		16.8%	$435,729		$414,420		5.1%	$489,139		$417,192		17.2%

KSA JV Only
	Home		574		564	1.8%		0		0	0.0%		1,666		766	117.5%
	Dollars	$89,980		$88,246		2.0%	$0		$0		0.0%	$261,653		$120,562		117.0%
	Avg. Price	$156,760		$156,465		0.2%	$0		$0		0.0%	$157,055		$157,392		(0.2)%

DELIVERIES INCLUDE EXTRAS
Notes:
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.
(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)

		Contracts (1)					Deliveries					Contract
		Three Months Ended					Three Months Ended					Backlog
		July 31,					July 31,					July 31,
			2021		2020	% Change		2021		2020	% Change		2021		2020	% Change
Northeast
(unconsolidated joint ventures)	Home		10		39	(74.4)%		16		67	(76.1)%		8		33	(75.8)%
(excluding KSA JV)	Dollars	$14,506		$33,759		(57.0)%	$21,845		$50,895		(57.1)%	$10,500		$31,571		(66.7)%
(NJ. PA)	Avg. Price	$1,450,600		$865,615		67.6%	$1,365,313		$759,627		79.7%	$1,312,500		$956,697		37.2%
Mid-Atlantic
(unconsolidated joint ventures)	Home		41		36	13.9%		45		33	36.4%		123		48	156.3%
(DE, MD, VA, WV)	Dollars	$26,890		$17,349		55.0%	$24,726		$16,665		48.4%	$77,565		$23,817		225.7%
	Avg. Price	$655,854		$481,917		36.1%	$549,467		$505,000		8.8%	$630,610		$496,188		27.1%
Midwest
(unconsolidated joint ventures)	Home		0		1	(100.0)%		0		4	(100.0)%		0		0	0.0%
(IL, OH)	Dollars	$0		$461		(100.0)%	$0		$1,825		(100.0)%	$0		$0		0.0%
	Avg. Price	$0		$461,000		(100.0)%	$0		$456,250		(100.0)%	$0		$0		0.0%
Southeast
(unconsolidated joint ventures)	Home		92		66	39.4%		70		74	(5.4)%		231		129	79.1%
(FL, GA, SC)	Dollars	$55,830		$31,843		75.3%	$32,842		$35,528		(7.6)%	$137,907		$64,865		112.6%
	Avg. Price	$606,848		$482,470		25.8%	$469,171		$480,108		(2.3)%	$597,000		$502,829		18.7%
Southwest
(unconsolidated joint ventures)	Home		0		31	(100.0)%		21		31	(32.3)%		0		46	(100.0)%
(AZ, TX)	Dollars	$(8)		$17,928		(100.0)%	$12,750		$20,141		(36.7)%	$0		$27,759		(100.0)%
	Avg. Price	$0		$578,323		(100.0)%	$607,143		$649,710		(6.6)%	$0		$603,457		(100.0)%
West
(unconsolidated joint ventures)	Home		22		16	37.5%		27		19	42.1%		37		8	362.5%
(CA)	Dollars	$9,893		$5,517		79.3%	$10,099		$6,960		45.1%	$15,374		$2,648		480.6%
	Avg. Price	$449,682		$344,813		30.4%	$374,037		$366,316		2.1%	$415,514		$331,000		25.5%
Unconsolidated Joint Ventures (2)
(excluding KSA JV)	Home		165		189	(12.7)%		179		228	(21.5)%		399		264	51.1%
	Dollars	$107,111		$106,857		0.2%	$102,262		$132,014		(22.5)%	$241,346		$150,660		60.2%
	Avg. Price	$649,158		$565,381		14.8%	$571,296		$579,009		(1.3)%	$604,877		$570,682		6.0%

KSA JV Only
	Home		215		185	16.2%		0		0	0.0%		1,666		766	117.5%
	Dollars	$33,802		$29,012		16.5%	$0		$0		0.0%	$261,653		$120,562		117.0%
	Avg. Price	$157,219		$156,821		0.3%	$0		$0		0.0%	$157,055		$157,392		(0.2)%

DELIVERIES INCLUDE EXTRAS
Notes:
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.
(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)

		Contracts (1)					Deliveries					Contract
		Nine Months Ended					Nine Months Ended					Backlog
		July 31,					July 31,					July 31,
			2021		2020	% Change		2021		2020	% Change		2021		2020	% Change
Northeast
(unconsolidated joint ventures)	Home		37		130	(71.5)%		47		173	(72.8)%		8		33	(75.8)%
(excluding KSA JV)	Dollars	$49,318		$104,142		(52.6)%	$63,353		$136,250		(53.5)%	$10,500		$31,571		(66.7)%
(NJ, PA)	Avg. Price	$1,332,919		$801,092		66.4%	$1,347,936		$787,572		71.2%	$1,312,500		$956,697		37.2%
Mid-Atlantic
(unconsolidated joint ventures)	Home		90		70	28.6%		108		64	68.8%		123		48	156.3%
(DE, MD, VA, WV)	Dollars	$55,178		$35,223		56.7%	$57,050		$32,381		76.2%	$77,565		$23,817		225.7%
	Avg. Price	$613,089		$503,182		21.8%	$528,241		$505,953		4.4%	$630,610		$496,188		27.1%
Midwest
(unconsolidated joint ventures)	Home		1		11	(90.9)%		1		14	(92.9)%		0		0	0.0%
(IL, OH)	Dollars	$409		$5,109		(92.0)%	$409		$6,394		(93.6)%	$0		$0		0.0%
	Avg. Price	$409,000		$464,455		(11.9)%	$409,000		$456,714		(10.4)%	$0		$0		0.0%
Southeast
(unconsolidated joint ventures)	Home		336		185	81.6%		191		179	6.7%		231		129	79.1%
(FL, GA, SC)	Dollars	$182,950		$90,547		102.0%	$93,394		$86,255		8.3%	$137,907		$64,865		112.6%
	Avg. Price	$544,494		$489,442		11.2%	$488,974		$481,872		1.5%	$597,000		$502,829		18.7%
Southwest
(unconsolidated joint ventures)	Home		4		76	(94.7)%		50		75	(33.3)%		0		46	(100.0)%
(AZ, TX)	Dollars	$3,127		$47,147		(93.4)%	$29,930		$47,706		(37.3)%	$0		$27,759		(100.0)%
	Avg. Price	$781,750		$620,355		26.0%	$598,600		$636,080		(5.9)%	$0		$603,457		(100.0)%
West
(unconsolidated joint ventures)	Home		70		42	66.7%		56		60	(6.7)%		37		8	362.5%
(CA)	Dollars	$27,842		$14,496		92.1%	$20,306		$21,573		(5.9)%	$15,374		$2,648		480.6%
	Avg. Price	$397,743		$345,143		15.2%	$362,607		$359,550		0.9%	$415,514		$331,000		25.5%
Unconsolidated Joint Ventures (2)
(excluding KSA JV)	Home		538		514	4.7%		453		565	(19.8)%		399		264	51.1%
	Dollars	$318,824		$296,663		7.5%	$264,442		$330,559		(20.0)%	$241,346		$150,660		60.2%
	Avg. Price	$592,610		$577,167		2.7%	$583,757		$585,060		(0.2)%	$604,877		$570,682		6.0%

KSA JV Only
	Home		574		564	1.8%		0		0	0.0%		1,666		766	117.5%
	Dollars	$89,980		$88,246		2.0%	$0		$0		0.0%	$261,653		$120,562		117.0%
	Avg. Price	$156,760		$156,465		0.2%	$0		$0		0.0%	$157,055		$157,392		(0.2)%

DELIVERIES INCLUDE EXTRAS
Notes:
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.
(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.


Contact:	J. Larry Sorsby	Jeffrey T. O’Keefe
	Executive Vice President & CFO	Vice President, Investor Relations
	732-747-7800	732-747-7800