Comstock Homebuilding Companies, Inc. Reports 98% Growth in New Order Revenue For Second Quarter 2005
July 07 2005 - 5:00PM
PR Newswire (US)
Comstock Homebuilding Companies, Inc. Reports 98% Growth in New
Order Revenue For Second Quarter 2005 Company Says Its New Orders
for the Six Months Ended June 30, 2005 Keep It on Track to Achieve
Record Breaking New Order Revenue in 2005 RESTON, Va., July 7
/PRNewswire-FirstCall/ -- Comstock Homebuilding Companies, Inc.
(NASDAQ:CHCI), said today that the continued strength of its core
market of the Greater Washington, DC area combined with its
aggressive growth efforts since its IPO in December 2004 have
resulted in a more than doubling of new orders in the second
quarter of 2005 as compared to the same quarter of 2004. Backlog
revenue at June 30, 2005, reached $268.6 million versus $60.4
million on the same date last year. "These results are leading
indicators that suggest to us we are solidly on track to achieve
our new order revenue goals for the full year 2005," said Chairman
and CEO Christopher Clemente. "We believe that our inventory and
business model are well aligned with the demand trends in our core
market." The Company indicated that the quarter reflected growth in
each category reported as follows: For the three months ended June
30, (numbers in 000s except units) 2004 2005 % Change New Orders 71
144 102.8% New Order Revenue 26,063 51,585 97.9% Settlements 88 123
39.8% Backlog 60,433 268,624 344.5% For the six months ended June
30, (numbers in 000s except units) 2004 2005 % Change New Orders
203 400 97.0% New Order Revenue 73,160 159,841 118.5% Settlements
134 201 50.0% Backlog 60,433 268,624 344.5% Average new order price
360.4 399.6 10.9% In addition, the Company reported the following
project-specific information: -- In April 2005 the Company opened
for sales at its Penderbrook condominium conversion project in
Fairfax, Virginia. During the first 30 days the Company sold
exclusively to existing tenants. After that the Company opened for
sales to the general public. During the second quarter the Company
reported 86 new orders valued at approximately $21.5 million. As of
June 30, 2005 the Company had settled 74 units; -- 100% of released
units have been sold at the Company's Eclipse at Potomac Yard
project. At June 30, 2005, backlog at the Company's Eclipse on
Potomac Yard project was approximately $146.2 million. Remaining
units are scheduled to be released later this year. Deliveries are
currently scheduled to begin in the second half of 2006; --
Renovations at the Company's Villas at Countryside condominiums are
on schedule and sales will open in July to the existing tenants and
in August to the general public. Deliveries are expected to begin
in September of 2005. "Our success with both the opening of
Penderbrook and the closing of our follow-on offering made this a
very exciting quarter at Comstock," continued Christopher Clemente.
"We believe that the overwhelming success of our follow- on
offering supports our business model of demographic diversification
through an extensive product mix including both high-rise and
mid-rise condominiums as well as in-fill redevelopment projects and
condominium conversions. Our average new order price for the first
half of the year was $399,600 which is consistent with our goal of
providing affordable upscale product to the first time and early
move-up buyers in our markets. I believe that these preliminary
results for the first half of the year establish a significant
foundation for the growth we are projecting for 2005 and beyond."
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/. The
company will report full operating results for the six months ended
June 30, 2005 after close of market on August 1, 2005. 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: Media Contact: Carrie Blewitt of Qorvis
Communications, +1-202-448-3129, , for Comstock Homebuilding
Companies; or Company Contact: Bruce Labovitz, Chief Financial
Officer, Comstock Homebuilding Companies, +1-703-883-1700 ext. 131,
Web site: http://www.comstockhomebuilding.com/
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