Harbor Custom Development, Inc. Provides Preliminary Fourth Quarter 2021 Financial Results and Announces Fourth Quarter Record Earnings Conference Call
March 10 2022 - 08:30AM
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 preliminary
financial results for the fourth quarter and full year ended
December 31, 2021. The Company also announced that its
corresponding earnings conference call is scheduled for Thursday,
March 24, 2022, at 9:30 a.m. PT.
Preliminary Financial Results
Fourth Quarter 2021 Financial Highlights Compared to Fourth
Quarter 2020
- Consolidated net sales of approximately $26.3 million compared
to $24.3 million
- Gross margin of approximately 41.2% compared to 1.5%
- Net income of approximately $5.6 million compared to a net loss
of $(1.9) million
Full Year 2021 Financial Highlights Compared to Full Year
2020
- Consolidated net sales of approximately $72.4 million compared
to $50.4 million
- Gross margin of approximately 30.3% compared to 4.0%
- Net income of approximately $8.9 million compared to a net loss
of $(3.8) million
Harbor’s President and CEO, Sterling Griffin,
stated “We are extremely pleased with our performance during the
fourth quarter and full year ended December 31, 2021. We remain
focused on long-term value creation and continue to take full
advantage of our distinct business model to monetize our real
estate assets at the most opportune time. We are confident that
momentum from the fourth quarter provides a strong platform for us
to reach our financial targets in 2022. We look forward to
providing a more comprehensive review of our performance during our
earnings conference call scheduled for March 24.”
Financial Results Conference Call
Details
Harbor will host a conference call on Thursday, March 24, 2022,
at 9:30 a.m. PT (12:30 p.m. ET) to elaborate on the fourth 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 “Harbor Custom
Development.” 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: 13726916.
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; Austin, Texas; and Punta Gorda,
Florida. As a land developer and builder of apartments,
condominiums, and single-family homes, 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 acquiring land with scenic
views to develop and sell residential lots, new home communities,
and multi-story condominium and apartment properties within a 20 to
60-minute commute of the nation's fastest-growing metro employment
corridors. Harbor is leading the real estate industry as the first
national land developer and home builder accepting payment in the
form of cryptocurrency for its listed properties. For more
information on Harbor Custom Development, Inc., please visit
https://harborcustomhomes.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. Forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or
quantified. These statements specifically include expectations of
future operating results and financial performance. In
general, 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. 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 RelationsHanover
InternationalIR@harborcustomdev.com 866-744-0974
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