Comstock Homebuilding Companies, Inc. Acquires Three Developments in Virginia Worth $27 Million
March 07 2005 - 8:30AM
PR Newswire (US)
Comstock Homebuilding Companies, Inc. Acquires Three Developments
in Virginia Worth $27 Million RESTON, Va., March 7
/PRNewswire-FirstCall/ -- Comstock Homebuilding Companies, Inc.
(NASDAQ:CHCI) today announced that it has closed on three new
residential housing developments in the state of Virginia for a
total of $27 million. The three developments include: * Countryside
Villas, a 103 unit condominium conversion project located in
eastern Loudoun County, Virginia * Blake's Crossing, a 130 unit
townhome development to be built in Culpeper, Virginia, and *
Barrington Park, 134 unit condominium development to be built in
Manassas, Virginia. The Countryside condominium conversion project
will undergo a renovation valued at $5 million, and is scheduled to
open for sales in early spring, 2005. The Barrington Park
development is scheduled to open for sales in late summer, 2005,
with unit deliveries to begin in 2006. Finally, the Company will
begin processing the entitlements on the 28 acres it purchased at
Blake's Crossing. The land will be used to develop 130 townhouses.
These acquisitions follow up the recently announced $75 million
acquisition of the 424 unit Penderbrook development in Fairfax
County, Virginia. "These three projects are further examples of
Comstock's successful strategy of maximizing residential housing
potential in supply constrained locations while simultaneously
acquiring properties in the region," said Christopher Clemente,
founder and CEO. "These purchases were enabled by our strong cash
position made possible by our initial public offering in December
2004, and will be significant additions to our diverse suite of
residential living projects throughout the greater Washington DC
metropolitan and Raleigh, North Carolina areas." About Comstock
Homebuilding Companies, Inc. Comstock is a production homebuilder
that develops, builds, and markets single-family homes, townhouses,
and condominiums. The Company currently operates in the Washington,
D.C. and Raleigh, North Carolina markets where it targets a diverse
range of buyers, including first-time, early move-up, secondary
move-up, empty nester move-down and active adult home buyers. For
more information on Comstock, please visit
http://www.comstockhomebuilding.com/. Comstock Homebuilding
Companies, Inc. completed an initial public offering on December
14, 2004 priced at $16.00 per share. The stock closed on March 3,
2005 at $25.67. The company reported record operating results for
the year ended December 31, 2004. The contract value of new orders
for the year ended December 31, 2004 was $241.0 million on 665 new
orders as compared to $81.3 million on 258 new orders for the year
ended December 31, 2003, a 196 percent increase in the value of the
new orders and a 158 percent increase in new home orders. Total
revenue increased 73 percent, from $55.5 million in 2003 to $96.0
million in 2004, with $87.0 million of revenue from homebuilding in
2004 as compared to $49.1 in 2003. The Company delivered 263 new
homes at an average price of $328,000 in 2004 versus 162 new homes
at an average price of $303,000 in 2003. Operating income grew 150
percent, from $8.1 million for 2003 to $20.1 million for 2004, due
to a significant increase in operating margin from 14.5 percent to
20.9 percent. Net income after tax increased 141 percent from $5.9
million in 2003 to $14.3 million in 2004. On a proforma basis,
including its Raleigh operation, the Company delivered 328 new
homes in 2004 for combined revenue from homebuilding of $105.2
million (unaudited). This press release includes "forward-looking
statements" within the meaning of the federal securities laws,
which involve uncertainties and risks. These include statements
regarding events or developments that the Company expects or
anticipates will occur in the future, such as statements about the
Company's strategies to improve operating performance. Please refer
to the Company's prospectus and its other filings with the
Securities and Exchange Commission for a complete discussion of
these and other important factors that could cause results to
differ materially from those projected by these forward-looking
statements. DATASOURCE: Comstock Homebuilding Companies, Inc.
CONTACT: Al Black of Qorvis Communications, +1-703-744-7833, , for
Comstock Homebuilding Companies, Inc. Web site:
http://www.comstockhomebuilding.com/
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