Comstock Homebuilding Companies, Inc. Reports 71% Increase in Net Unit Sales for First Two Months of 2005
March 14 2005 - 4:54PM
PR Newswire (US)
Comstock Homebuilding Companies, Inc. Reports 71% Increase in Net
Unit Sales for First Two Months of 2005 RESTON, Va., March 14
/PRNewswire-FirstCall/ -- Comstock Homebuilding Companies, Inc.
(NASDAQ:CHCI) today announced that it has generated 166 net new
orders valued at $63.6 million for the first two months of 2005.
This was an increase of 69 units and $29.3 million as compared to
97 net new orders valued at $34.3 million for the first two months
of 2004. These increases represented a 71% year over year growth in
net new orders and an 86% increase in net new order value. The
company reported a backlog of 572 undelivered orders as of February
28, 2005 valued at $225.7 million as compared to 203 units at
February 29, 2004 valued at $65.8 million and 453 units at December
31, 2004 valued at $174.6 million. This represents a 182% increase
in units and a 243% increase in backlog contract value as compared
to February 29, 2004 and a 26% increase in units and a 29% increase
in backlog contract value as compared to December 31, 2004. The
company reaffirmed its guidance both for $2.15-$2.20 per share for
2005 and 50-60% revenue growth in 2006 over the previously
estimated $250-260 million in revenue for 2005. "Our results for
the first two months of 2005 are representative of the tremendous
demand for new homes in our core market of the greater Washington
DC area," said Christopher Clemente, founder and CEO, Comstock
Homebuilding. "The driving forces of demand for new homes are job
growth and population growth, not interest rates. Job growth in the
Washington area leads the nation and the population is estimated to
increase by over 800,000 over the next 5 years. There is a shortage
of new homes in the region and the current supply simply cannot
keep up with demand. Traffic at our projects remains strong. And,
as a result of our IPO, we are in a position to capitalize on some
of the best opportunities in the market. We expect that the greater
Washington, DC area will continue to be a great place to be in the
homebuilding business." 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/.
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, or , for Comstock Homebuilding
Companies, Inc. Web site: http://www.comstockhomebuilding.com/
Copyright
Comstock Holding Companies (NASDAQ:CHCI)
Historical Stock Chart
From May 2024 to Jun 2024
Comstock Holding Companies (NASDAQ:CHCI)
Historical Stock Chart
From Jun 2023 to Jun 2024