- Net Income attributable to common
stockholders improved to $0.3 million, or $0.08 per diluted
share.
- Total Revenue Increased 5.8% to
$10.3 million.
- Homebuilding Revenue Increased 5.7%
to $10.1 million from 25 Home Deliveries.
- Backlog at March 31, 2017 expanded
47.1% to $23.9 million on 44 Units and has continued to expand in
the current period.
Comstock Holding Companies, Inc., (NASDAQ: CHCI), announced
results for the first quarter ended March 31, 2017:
Highlights of First Quarter 2017, as compared to First
Quarter 2016:
- Net income attributable to common
stockholders of $0.3 million, or $0.08 per diluted share, compared
to net loss attributable to common stockholders of $(1.8) million,
or $(0.55) per diluted share;
- Total revenue of $10.3 million,
including $10.1 million from 25 home deliveries, as compared to
$9.7 million, including $9.5 million from 22 home deliveries;
- Backlog of $23.9 million on 44 units,
compared to $16.3 million on 38 units;
- G&A expense of $1.2 million, as
compared to $1.5 million;
- Controlled and open community counts of
15 and 12, respectively, as compared to 17 and 10.
- The Series B Preferred Stock was
exchanged for Series C Preferred Stock, reducing the Company’s cost
of capital.
Chairman and CEO, Christopher Clemente commented, “Comstock’s
First Quarter 2017 results demonstrate our continued focus and
successes in reducing fixed operating expenses and costs of capital
while improving bottom line results. Traffic at our projects has
improved in quantity and quality this year, generating increases in
revenue and backlog, providing visibility to increasing future
revenue. Improving market fundamentals and our expanding pipeline
gives me reason to be optimistic about our ability to generate
improved results during 2017 and beyond.”
COMSTOCK COMMUNITIES NOW OPEN
Comstock currently has 12 communities open for sale in Virginia,
Maryland, and Washington, D.C., including townhomes, condominiums,
single-family homes and villas priced from the high $200s to the
$900s. For further details on the open communities, see the
attached Pipeline Report as of March 31, 2017 and the Form 10-Q
filed by the company on May 15, 2017.
COMSTOCK COMMUNITIES COMING SOON
In addition to the 12 communities already open, Comstock has
three communities in various stages of planning and development.
The communities, located in Maryland and Virginia, include
townhomes and single-family homes to be priced from the lower
$300s. For further details on the communities in planning, see the
attached Pipeline Report as of March 31, 2017 and the Form 10-Q
filed by the company on May 15, 2017.
About Comstock Holding Companies, Inc.
Comstock is a homebuilding and multi-faceted real estate
development and services company that builds a wide range of
housing products under its Comstock Homes brand through its wholly
owned subsidiary, Comstock Homes of Washington, LC. Our track
record of developing numerous successful new home communities and
nearly 6,000 homes, together with our substantial experience in
building a diverse range of products including apartments,
single-family homes, townhomes, mid-rise condominiums, high-rise
condominiums and mixed-use (residential and commercial)
developments has positioned Comstock as a leading developer and
homebuilder in the Washington, D.C. metropolitan area.
Comstock is a publicly traded company, trading
on NASDAQ under the symbol CHCI. For more information
about Comstock or its new home communities, please visit
www.comstockhomes.com.
Cautionary Statement Regarding Forward-Looking
Statements
This release includes "forward-looking" statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by use of words such as "anticipate," "believe,"
"estimate," "may," "intend," "expect," "will," "should," "seeks" or
other similar expressions. Forward-looking statements are based
largely on our expectations and involve inherent risks and
uncertainties, many of which are beyond our control. You should not
place undue reliance on any forward-looking statement, which speaks
only as of the date made. Some factors which may affect the
accuracy of the forward-looking statements apply generally to the
real estate industry, while other factors apply directly to us. Any
number of important factors which could cause actual results to
differ materially from those in the forward-looking statements
include, without limitation: completion of Comstock's financial
accounting and review procedures; general economic and market
conditions, including interest rate levels; our ability to service
our debt; inherent risks in investment in real estate; our ability
to compete in the markets in which we operate; economic risks in
the markets in which we operate, including actions related to
government spending; delays in governmental approvals and/or land
development activity at our projects; regulatory actions;
fluctuations in operating results; our anticipated growth
strategies; shortages and increased costs of labor or building
materials; the availability and cost of land in desirable areas;
adverse weather conditions or natural disasters; our ability to
raise debt and equity capital and grow our operations on a
profitable basis; and our continuing relationships with affiliates.
Additional information concerning these and other important risk
and uncertainties can be found under the heading "Risk Factors" in
our Annual Report on Form 10-K, as filed with the Securities
and Exchange Commission, for the fiscal year ended December
31, 2016. Our actual results could differ materially from these
projected or suggested by the forward-looking statements. Comstock
claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 for all forward-looking statements contained herein.
Comstock specifically disclaims any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future developments or otherwise.
COMSTOCK HOLDING COMPANIES, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and
per share data)
March 31, 2017
December 31, 2016
(unaudited)
ASSETS Cash and cash equivalents $ 3,702 $ 5,761
Restricted cash 1,519 1,238 Trade receivables 144 613 Real estate
inventories 49,438 49,842 Fixed assets, net 219 255 Other assets,
net 1,374 2,112 TOTAL ASSETS $ 56,396
$ 59,821
LIABILITIES AND STOCKHOLDERS’
EQUITY Accounts payable and accrued liabilities $ 6,935 $ 7,721
Notes payable - secured by real estate inventories, net of deferred
financing charges 26,665 26,927 Notes payable - due to affiliates,
unsecured, net of discount and deferred financing charges 15,944
15,866 Notes payable - unsecured, net of deferred financing charges
959 911 Income taxes payable 19 19
TOTAL LIABILITIES 50,522 51,444
Commitments and contingencies (Note 8) STOCKHOLDERS’ EQUITY
(DEFICIT) Series C preferred stock $0.01 par value, 3,000,000
shares authorized, 772,210 and 0 shares issued and liquidation
preference of $3,861 and $0 at March 31, 2017 and December 31,
2016, respectively $ 588 $ - Series B preferred stock $0.01 par
value, 3,000,000 shares authorized, 0 and 841,848 shares issued and
liquidation preference of $0 and $4,209 at March 31, 2017 and
December 31, 2016, respectively - 1,280 Class A common stock, $0.01
par value, 11,038,071 shares authorized, 3,050,746 and 3,035,922
issued, and outstanding, respectively 30 30 Class B common stock,
$0.01 par value, 390,500 shares authorized, issued, and outstanding
4 4 Additional paid-in capital 177,012 176,251 Treasury stock, at
cost (85,570 shares Class A common stock) (2,662 ) (2,662 )
Accumulated deficit (185,425 ) (184,778 ) TOTAL
COMSTOCK HOLDING COMPANIES, INC. DEFICIT (10,453 ) (9,875 )
Non-controlling interests 16,327 18,252
TOTAL EQUITY 5,874 8,377 TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY $ 56,396 $ 59,821
COMSTOCK HOLDING COMPANIES, INC. AND
SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Amounts in thousands, except per share
data)
Three Months Ended March 31,
2017 2016 Revenues Revenue—homebuilding
$ 10,064 $ 9,523 Revenue—other 204 183
Total revenue 10,268 9,706 Expenses Cost of
sales—homebuilding 9,101 8,645 Cost of sales—other 224 91 Sales and
marketing 381 483 General and administrative 1,246 1,542 Interest
and real estate tax expense - 216
Operating loss (684 ) (1,271 ) Other income, net 20
8 Loss before income tax expense (664 ) (1,263 )
Income tax expense - (25 ) Net loss (664 )
(1,288 ) Net (loss) income attributable to non-controlling
interests (17 ) 436 Net loss attributable to
Comstock Holding Companies, Inc. (647 ) (1,724 ) Paid-in-kind
dividends on Series B Preferred Stock 78
86 Extinguishment of Series B Preferred Stock (1,011 )
- Net income (loss) attributable to common
stockholders $ 286 $ (1,810 ) Basic net income (loss)
per share $ 0.09 $ (0.55 ) Diluted net income (loss) per share $
0.08 $ (0.55 ) Basic weighted average shares outstanding
3,343 3,304 Diluted weighted average shares outstanding 3,373 3,304
Pipeline Report as of March 31,
2017 Project State
ProductType (1)
EstimatedUnits atCompletion
UnitsSettled
Backlog (8)
UnitsOwnedUnsold
Units UnderControl (2)
Total UnitsOwned,Unsettled andUnder
Control
AverageNew OrderRevenue PerUnit to
Date
City Homes at the Hampshires DC SF 38 38
- - - - $ 747 Townes at the
Hampshires (3) DC TH 73 73 - - - - $ 551 Estates at Falls Grove VA
SF 19 18 - 1 - 1 $ 543 Townes at Falls Grove VA TH 110 92 9 9 - 18
$ 303 Townes at Shady Grove Metro MD TH 36 27 - 9 - 9 $ 583 Townes
at Shady Grove Metro (4) MD SF 3 3 - - - - $ - Momentum | Shady
Grove Metro (5) MD Condo 110 - - 110 - 110 $ - Estates at Emerald
Farms MD SF 84 82 2 - - 2 $ 426 Townes at Maxwell Square MD TH 45
45 - - - - $ 421 Townes at Hallcrest VA TH 42 42 - - - - $ 465
Estates at Leeland VA SF 24 6 6 12 - 18 $ 446 Villas | Preserve at
Two Rivers 28' MD TH 6 5 1 - - 1 $ 458 Villas | Preserve at Two
Rivers 32' MD TH 10 9 1 - - 1 $ 504 Marrwood East (7) VA SF 35 2 17
16 - 33 $ 641 Townes at Totten Mews (6) DC TH 40 - 3 37 - 40 $ 627
The Towns at 1333 VA TH 18 - 1 17 - 18 $ 995 The Woods at Spring
Ridge MD SF 21 - 4 17 - 21 $ 644 Solomons Choice MD SF 56 - - 56 -
56 $ - Townes at Richmond Station VA TH 104 - - - 104 104 $ -
Condominiums at Richmond Station VA MF 54 - -
- 54 54 $ -
Total 928
442 44 284 158
486 (1) "SF" means single family home,
"TH" means townhouse, "Condo" means condominium, "MF" means
multi-family. (2) Under land option purchase contract, not owned.
(3) 3 of these units are subject to statutory affordable dwelling
unit program. (4) Units are subject to statutory moderately priced
dwelling unit program; not considered a separate community. (5) 16
of these units are subject to statutory moderately priced dwelling
unit program. (6) 5 of these units are subject to statutory
affordable dwelling unit program. (7) 1 of these units is subject
to statutory affordable dwelling unit program. (8) "Backlog" means
we have an executed order with a buyer but the settlement did not
occur prior to report date.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170515005442/en/
Company:Comstock Holding Companies, Inc.Christopher
Conover, 703-230-1985Chief Financial OfficerorInvestor
Relations:LHAJody Burfening / Harriet Fried,
212-838-3777hfried@lhai.com
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