Comstock Homebuilding Companies, Inc. Issues Guidance for Q4 2005
December 05 2005 - 7:15AM
PR Newswire (US)
Company's board of directors authorizes a one million share buyback
program RESTON, Va., Dec. 5 /PRNewswire-FirstCall/ -- Comstock
Homebuilding Companies, Inc. (NASDAQ:CHCI) ("Comstock or the
"Company") today issued guidance for the fourth quarter of 2005 of
$1.01 to $1.10 diluted earnings per share on an estimated 14.3
million shares outstanding and adjusted its guidance for fiscal
year 2005 to $2.50 to $2.60 diluted earnings per share based on an
estimated 13.1 million weighted average shares outstanding. The
Company noted that while this amount is slightly lower than
previous guidance, it is still greater than the initial guidance
provided by the Company on March 1, 2005 of $2.15 which when
adjusted for the current estimated weighted average share count for
2005 equates to approximately $1.98 per share. Accordingly, the
revised guidance remains significantly above initial guidance for
2005. The Company also reported that its board of directors has
authorized a one million share buyback program to be administered
by management. No shares have been redeemed to date under this
authorization. In addition, the Company reported that it has begun
planning an expansion in certain markets outside its core market of
Washington DC. "We have accomplished a great deal in our first year
as a public company," said Christopher Clemente, Chairman and CEO.
"Our achievements in 2005 will surpass our initial expectations for
the year and position Comstock for tremendous additional growth in
2006 and beyond. Our backlog of sales remains very strong and will
provide a solid foundation for organic growth during 2006 and 2007
in our core markets, while our access to capital will enable
Comstock to generate additional growth through expansion into other
strong housing markets. We have several initiatives in process and
will be outlining our expansion plans further in the first quarter.
We will stay true to our strategy of providing a diverse selection
of affordably priced products in all of our operations because we
believe it minimizes the impact of shifting market conditions."
About Comstock Homebuilding Companies, Inc. Comstock is a
production homebuilder and real estate developer that develops,
builds, and markets single-family homes, townhouses, mid-rise
condominiums and high-rise 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/.
Cautionary Statement Regarding Forward-Looking Statements This
release contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are predictive in
nature, that depend upon or refer to future events or conditions,
or that include words such as "may," "will," "expects," "projects,"
"anticipates," "estimates," "believes," "intends," "plans,"
"should," "seeks," and similar expressions, including statements
related to Comstock's expected future financial results and
anticipated growth in the Washington, D.C. housing market, are
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties that may cause actual
future results to differ materially from those projected or
contemplated in the forward-looking statements. These risks and
uncertainties include, but are not limited to, economic, market and
competitive conditions affecting Comstock and its operations and
products, risks and uncertainties relating to the market for real
estate generally and in the areas where Comstock has projects, the
availability and price of land suitable for development, materials
prices, labor costs, interest rates, Comstock's ability to service
its significant debt obligations, fluctuations in operating
results, anticipated growth strategies, continuing relationships
with affiliates, environmental factors, government regulations, the
impact of adverse weather conditions or natural disasters and acts
of war or terrorism. Additional information concerning these and
other important risks and uncertainties can be found under the
heading "Risk Factors" in the prospectus from Comstock's initial
public offering, as filed with the Securities and Exchange
Commission on December 15, 2004. Comstock specifically disclaims
any obligation to update or revise any forward-looking statements,
whether as a result of new information, future developments or
otherwise. DATASOURCE: Comstock Homebuilding Companies, Inc.
CONTACT: Carrie Blewitt, +1-202-448-3129, Web site:
http://www.comstockhomebuilding.com/
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