Comstock Holding Companies, Inc., (NASDAQ:CHCI), announced
results for the three and six months ended June 30, 2017:
Highlights of Second Quarter 2017, as compared to Second
Quarter 2016:
- Net income attributable to common
stockholders of $0.4 million, or $0.11 per diluted share for the
three months ended June 30, 2017, compared to net loss attributable
to common stockholders of $(2.0) million, or $(0.60) per diluted
share for the three months ended June 30, 2016;
- Total revenue of $10.5 million,
including $10.2 million from 23 home deliveries during the three
months ended June 30, 2017, as compared to $10.0 million, including
$9.7 million from 21 home deliveries during the three months ended
June 30, 2016;
- G&A expense of $1.2 million during
the three months ended June 30, 2017, as compared to $1.4 million
for the three months ended June 30, 2016;
Highlights of the first six months of 2017, as compared to
the first six months of 2016:
- Net income attributable to common
stockholders of $0.7 million, or $0.20 per diluted share for the
six months ended June 30, 2017, compared to net loss attributable
to common stockholders of $(3.8) million, or $(1.15) per diluted
share for the six months ended June 30, 2016;
- Total revenue of $20.8 million,
including $20.3 million from 48 home deliveries during the six
months ended June 30, 2017, as compared to $19.7 million, including
$19.2 million from 43 home deliveries during the six months ended
June 30, 2016;
- G&A expense of $2.5 million during
the six months ended June 30, 2017, as compared to $2.9 million for
the six months ended June 30, 2016;
Chairman and CEO, Christopher Clemente commented, “Comstock’s
Second Quarter 2017 results demonstrate our continued focus on
improving results. The number of qualified prospects visiting our
communities this year has improved when compared to the last few
years. With two consecutive quarters of positive results, and
generally improved market conditions, I am cautiously optimistic
that 2017 will prove successful and that it will position Comstock
to pursue new, attractive opportunities to enhance shareholder
value.”
COMSTOCK COMMUNITIES NOW OPEN
Comstock currently has 8 communities open for sale in Virginia,
Maryland, and Washington, D.C., including townhomes and
single-family homes priced from the high $200s to the $900s. For
further details, see the attached Pipeline Report as of June 30,
2017, the Form 10-Q filed by the company on August 14, 2017 or
visit www.ComstockHomes.com.
COMSTOCK COMMUNITIES COMING SOON
In addition to the open communities, Comstock has two additional
communities in various stages of planning and development. The
communities, located in Virginia, include townhomes to be priced
from the low $300s. For further details on the communities in
planning, see the attached Pipeline Report as of June 30, 2017 and
the Form 10-Q filed by the company on August 14, 2017 or
visit www.ComstockHomes.com.
About Comstock Holding Companies, Inc.
Comstock is a multi-faceted real estate development and services
company that builds a wide range of housing products under its
Comstock Homes brand through its wholly owned
subsidiary, Comstock Homes of Washington, LC. Our track record
of developing numerous successful new home communities and nearly
6,000 homes, together with our substantial experience in building a
diverse range of products including apartments, single-family
homes, townhomes, mid-rise condominiums, high-rise condominiums and
mixed-use (residential and commercial) developments has positioned
Comstock as a leading developer and homebuilder in
the Washington, D.C. metropolitan area. Comstock is a
publicly traded company, trading on NASDAQ under the
symbol CHCI. For more information about Comstock or its new home
communities, please visit www.comstockholding.com.
Cautionary Statement Regarding Forward-Looking
Statements
This release includes "forward-looking" statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by use of words such as "anticipate," "believe,"
"estimate," "may," "intend," "expect," "will," "should," "seeks" or
other similar expressions. Forward-looking statements are based
largely on our expectations and involve inherent risks and
uncertainties, many of which are beyond our control. You should not
place undue reliance on any forward-looking statement, which speaks
only as of the date made. Some factors which may affect the
accuracy of the forward-looking statements apply generally to the
real estate industry, while other factors apply directly to us. Any
number of important factors which could cause actual results to
differ materially from those in the forward-looking statements
include, without limitation: completion of Comstock's financial
accounting and review procedures; general economic and market
conditions, including interest rate levels; our ability to service
our debt; inherent risks in investment in real estate; our ability
to compete in the markets in which we operate; economic risks in
the markets in which we operate, including actions related to
government spending; delays in governmental approvals and/or land
development activity at our projects; regulatory actions;
fluctuations in operating results; our anticipated growth
strategies; shortages and increased costs of labor or building
materials; the availability and cost of land in desirable areas;
adverse weather conditions or natural disasters; our ability to
raise debt and equity capital and grow our operations on a
profitable basis; and our continuing relationships with affiliates.
Additional information concerning these and other important risk
and uncertainties can be found under the heading "Risk Factors" in
our Annual Report on Form 10-K, as filed with the Securities
and Exchange Commission, for the fiscal year ended December
31, 2016. Our actual results could differ materially from these
projected or suggested by the forward-looking statements. Comstock
claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 for all forward-looking statements contained herein.
Comstock specifically disclaims any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future developments or otherwise.
COMSTOCK HOLDING COMPANIES, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and
per share data)
June
30,
December 31,
2017
2016
(unaudited)
ASSETS Cash and cash equivalents $ 2,619 $ 5,761
Restricted cash 1,513 1,238 Trade receivables 748 613 Real estate
inventories 49,724 49,842 Fixed assets, net 194 255 Other assets,
net 1,025 2,112 TOTAL ASSETS $ 55,823
$ 59,821
LIABILITIES AND STOCKHOLDERS’
EQUITY Accounts payable and accrued liabilities $ 8,943 $ 7,721
Notes payable - secured by real estate inventories, net of deferred
financing charges 26,883 26,927 Notes payable - due to affiliates,
unsecured, net of discount and deferred financing charges 14,757
15,866 Notes payable - unsecured, net of deferred financing charges
850 911 Income taxes payable - 19 TOTAL
LIABILITIES 51,433 51,444
Commitments and contingencies (Note 8) STOCKHOLDERS’ EQUITY
(DEFICIT) Series C preferred stock $0.01 par value, 3,000,000
shares authorized, 579,158 and 0 shares issued and liquidation
preference of $2,896 and $0 at June 30, 2017 and December 31, 2016,
respectively $ 442 $ - Series B preferred stock $0.01 par value,
3,000,000 shares authorized, 0 and 841,848 shares issued and
liquidation preference of $0 and $4,209 at June 30, 2017 and
December 31, 2016, respectively - 1,280
Class A common stock, $0.01 par value,
11,038,071 shares authorized, 3,237,468
and 3,035,922 issued, and outstanding,
respectively
32 30
Class B common stock, $0.01 par value,
220,250 and 390,500 shares authorized,
issued, and outstanding, at June 30, 2017
and December 31, 2016, respectively
2 4 Additional paid-in capital 177,209 176,251 Treasury stock, at
cost (85,570 shares Class A common stock) (2,662 ) (2,662 )
Accumulated deficit (185,038 ) (184,778 ) TOTAL
COMSTOCK HOLDING COMPANIES, INC. DEFICIT (10,015 ) (9,875 )
Non-controlling interests 14,405 18,252
TOTAL EQUITY 4,390 8,377 TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY $ 55,823 $ 59,821
COMSTOCK HOLDING COMPANIES, INC. AND
SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Amounts in thousands, except per share
data)
Three Months Ended June 30, Six Months Ended June
30, 2017 2016 2017
2016 Revenues Revenue—homebuilding $ 10,235 $ 9,699 $ 20,299
$ 19,222 Revenue—other 285 279
489 462 Total revenue 10,520 9,978 20,788
19,684 Expenses Cost of sales—homebuilding 9,221 9,185
18,322 17,830 Cost of sales—other 296 153 520 244 Sales and
marketing 340 403 721 886 General and administrative 1,226 1,373
2,472 2,915 Interest and real estate tax expense -
306 - 522 Operating loss
(563 ) (1,442 ) (1,247 ) (2,713 ) Other income, net 28
13 48 21 Loss
before income tax expense (535 ) (1,429 ) (1,199 ) (2,692 ) Income
tax expense - (32 ) - (57
) Net loss (535 ) (1,461 ) (1,199 ) (2,749 ) Net (loss) income
attributable to non-controlling interests (922 ) 448
(939 ) 884 Net income (loss)
attributable to Comstock Holding Companies, Inc. 387 (1,909 ) (260
) (3,633 ) Paid-in-kind dividends on Series B Preferred Stock -
86 78
172 Extinguishment of Series B Preferred Stock -
- (1,011 ) - Net income (loss)
attributable to common stockholders $ 387 $ (1,995 ) $ 673
$ (3,805 ) Basic net income (loss) per share $ 0.12 $
(0.60 ) $ 0.20 $ (1.15 ) Diluted net income (loss) per share $ 0.11
$ (0.60 ) $ 0.20 $ (1.15 ) Basic weighted average shares
outstanding 3,359 3,319 3,351 3,312 Diluted weighted average shares
outstanding 3,397 3,319 3,403 3,312
Pipeline
Report as of June 30, 2017
Total Units
Average
Estimated
Units
Owned,
New Order
Product
Units at
Units
Owned
Units Under
Unsettled and
Revenue Per
Project State
Type (1)
Completion
Settled
Backlog (8)
Unsold
Control (2)
Under Control
Unit to Date
City Homes at the Hampshires DC SF
38
38
-
-
-
-
$
747
Townes at the Hampshires (3) DC TH 73 73 - - - - $ 551 Estates at
Falls Grove VA SF 19 19 - - - - $ 545 Townes at Falls Grove VA TH
110 103 7 - - 7 $ 304 Townes at Shady Grove Metro MD TH 36 27 - 9 -
9 $ 583 Townes at Shady Grove Metro (4) MD SF 3 3 - - - - $ -
Momentum | Shady Grove Metro (5) MD Condo 110 - - 110 - 110 $ -
Estates at Emerald Farms MD SF 84 83 1 - - 1 $ 426 Townes at
Maxwell Square MD TH 45 45 - - - - $ 421 Townes at Hallcrest VA TH
42 42 - - - - $ 465 Estates at Leeland VA SF 24 10 4 10 - 14 $ 447
Villas | Preserve at Two Rivers 28' MD TH 6 6 - - - - $ 458 Villas
| Preserve at Two Rivers 32' MD TH 10 10 - - - - $ 504 Marrwood
East (7) VA SF 35 5 20 10 - 30 $ 644 Townes at Totten Mews (6) DC
TH 40 - 3 37 - 40 $ 635 The Towns at 1333 VA TH 18 1 - 17 - 17 $
995 The Woods at Spring Ridge MD SF 21 - 4 17 - 21 $ 658 Solomons
Choice MD SF 56 - - 56 - 56 $ - Townes at Richmond Station VA TH
104 - - - 104 104 $ - Condominiums at Richmond Station VA MF 54
- - - 54
54 $ -
Total 928
465 39
266 158 463
(1) "SF" means single family home, "TH" means
townhouse, "Condo" means condominium, "MF" means multi-family. (2)
Under land option purchase contract, not owned. (3) 3 of these
units are subject to statutory affordable dwelling unit program.
(4) Units are subject to statutory moderately priced dwelling unit
program; not considered a separate community. (5) 16 of these units
are subject to statutory moderately priced dwelling unit program.
(6) 5 of these units are subject to statutory affordable dwelling
unit program. (7) 1 of these units is subject to statutory
affordable dwelling unit program. (8) "Backlog" means we have an
executed order with a buyer but the settlement did not occur prior
to report date.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170814005985/en/
Company:Comstock Holding Companies, Inc.Christopher
Conover, 703-230-1985Chief Financial OfficerorInvestor
Relations:LHAJody Burfening / Harriet Fried,
212-838-3777hfried@lhai.com
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