Harbor Custom Development, Inc. Releases Third Quarter Financial Results and Reports Record Net Income of $3.6 Million
November 01 2021 - 9:30AM
Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,”
or the “Company”), (NASDAQ: HCDI; HCDIP; HCDIW, HCDIZ), an
innovative and market leading real estate company involved in all
aspects of the land development cycle, today announced the 2021
third quarter revenues were $18 million with an estimated net
income of $3.6 million.
Harbor President and CEO, Sterling Griffin
stated, “We are extremely pleased with our third quarter results
which represent a significant step forward for the Company. We will
provide additional financial details for the quarter and a preview
of our 2022 business objectives during our earnings conference
call.”
Harbor will host a conference call and webcast
on Monday, November 15, 2021, at 9 a.m. PT (12 p.m. ET) to
elaborate on the third quarter results and the Company’s outlook.
The public may access the conference call through a live audio
webcast available at
https://investors.harborcustomhomes.com/events. Those who would
like to submit written questions in advance, please email:
IR@harborcustomdev.com. The conference call will be available
by telephone at 1-877-407-0789 (for international callers, dial
1-201-689-8562), and refer to “Harbor” or conference ID: 13723841.
A replay of the conference call will be available for two weeks at
1-844-512-2921 (for international callers, dial 1-412-317-6671)
using the replay PIN: 13723841.
About Harbor Custom Development, Inc.
Harbor Custom Development, Inc. is a real estate
development company involved in all aspects of the land development
cycle including land acquisition, entitlements, construction of
project infrastructure, home building, marketing, sales, and
management of various residential projects in Western Washington's
Puget Sound region; Sacramento, California; and Austin, Texas.
Harbor has active or recently sold-out residential communities in
Gig Harbor, Bremerton, Silverdale, Bainbridge Island, Belfair,
Allyn, Port Orchard, Lacey, Burien, Yelm and Blaine in the state of
Washington. In addition, Harbor has acquired land and will begin
constructing homes in three new markets. In the Sacramento metro
market, Harbor will be constructing homes in completed subdivisions
in both Rocklin and Auburn, California. In the Austin metro market,
Harbor has acquired developed lot inventory in Dripping Springs,
Driftwood, and Horseshoe Bay, Texas. The Company recently acquired
property in Punta Gorda, Florida, and plans to begin construction
of oceanfront condominiums there in 2022. Harbor Custom
Development’s business strategy is to acquire and develop land
strategically, based on an understanding of population growth
patterns, entitlement restrictions, infrastructure development, and
geo-economic forces. Harbor focuses on real estate within target
markets with convenient access to metropolitan areas that are
generally characterized by diverse economic and employment bases
and increasing populations. For more information on Harbor Custom
Development, Inc., please visit www.harborcustomdev.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements relate to, but are not
limited to, expectations of future operating results and financial
performance, including GAAP and non-GAAP guidance for quarterly and
annual periods during the year ending December 31, 2021, the
calculation of certain of our key financial and operating metrics
and expectations regarding sales of inventory, as well as
assumptions relating to the foregoing. Forward-looking
statements are inherently subject to risks and uncertainties, some
of which cannot be predicted or quantified. In some cases, you
can identify forward-looking statements by terminology such as
“may,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,”
“estimate, “predict,” “target,” “project,” “intend,” “potential,”
“would,” “continue,” “ongoing,” or the negative of these terms or
other comparable terminology that concerns our expectations,
strategy, priorities, plans, or intentions. You should not put
undue reliance on any forward-looking statements.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved, if at all. These forward-looking
statements are subject to various risks and uncertainties,
including without limitation complications due to COVID-19 which
could cause delays in dates of completion or closings, and those
risks and uncertainties set forth in the Company’s filings with the
Securities and Exchange Commission. Thus, actual results
could be materially different. This document includes
statements of summarized financial projections. There will be
differences between the projected and actual results because events
and circumstances frequently do not occur as expected and those
differences may be material. The Company expressly disclaims
any obligation to update or alter statements whether as a result of
new information, future events or otherwise, except as required by
law.
Investor Relations
Hanover International
IR@harborcustomdev.com
866-744-0974
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