Comstock Homebuilding Companies, Inc. Issues Guidance for Third Quarter 2005 of $0.80 Diluted EPS
October 10 2005 - 6:10PM
PR Newswire (US)
Company Issues Revised Diluted Earnings Per Share Guidance for 2005
of $2.75 and Issues Guidance for 2006 of $3.95-$4.05 Diluted
Earnings Per Share RESTON, Va., Oct. 10 /PRNewswire-FirstCall/ --
Comstock Homebuilding Companies, Inc. (NASDAQ:CHCI), today
announced that it was issuing guidance for the three months ended
September 30, 2005 of $0.80 diluted earnings per share. Previous
diluted earnings per share guidance as adjusted for the Company's
June 2005 follow-on offering was $0.77 to $0.80. The Company also
announced that it was revising previously issued 2005 diluted
earnings per share guidance to $2.75 based on an estimate weighted
average share count for 2005 of approximately 13.1 million shares.
Previous guidance for 2005 was $2.68 to $2.73. In addition, the
Company announced first time guidance of $3.95 to $4.05 diluted
earnings per share for fiscal 2006. "We are confident in the
strength of the greater Washington, DC market and in our business
plan," said Christopher Clemente, Chairman and CEO. "We believe
that our inventory is well positioned to deliver results into 2007
and we are confident about our ability to execute. Major projects
such as The Eclipse at Potomac Yard are progressing on schedule.
The strength of our balance sheet has given us an advantage when
competing for land deals and we have been adding to the inventory
which we control. Sales in September were weaker than we had hoped
because we had fewer projects actually open and selling during the
month. By the end of the year we plan to open six new projects and
resume selling at four existing projects where we had either sold
through existing releases or were waiting for development to catch
up to sales. The management team and I remain focused on our
business and as a team we are committed to executing on our
projections." About Comstock Homebuilding Companies, Inc. Comstock
is a production homebuilder that develops, builds, and markets
single-family homes, townhouses, mid-rise condominiums, high-rise
condominiums, mixed-use developments and condominium conversions.
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: Media: Carrie Blewitt of
Qorvis Communications, +1-202-448-3129, , for Comstock Homebuilding
Companies; or Bruce Labovitz, Chief Financial Officer of Comstock
Homebuilding Companies, +1-703-883-1700 ext. 131, Web site:
http://www.comstockhomebuilding.com/
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