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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Comstock Holding Companies Inc | NASDAQ:CHCI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.41 | -5.66% | 6.83 | 4.61 | 14.80 | 7.374 | 6.75 | 7.16 | 21,429 | 05:00:00 |
Comstock Holding Companies, Inc., (NASDAQ: CHCI), announced 2016 results and provided preliminary highlights on the first quarter 2017 performance:
2016 year-end financial results:
2017 1st quarter preliminary highlights:
Chairman and CEO, Christopher Clemente commented, “The volume of qualified traffic and demand for new homes has increased in the Washington, D.C. market. We believe this is due in part to the dramatic rise in the value of the stock market since the 2016 elections, as well as concerns about interest rates rising this year. Based on these conditions continuing, coupled with the impact of the subsequent events discussed in this press release, we expect 2017 may prove to be a positive year for Comstock. We believe that the significant steps we have taken to reduce operating costs over the last few years, recent steps we have taken to thoroughly re-evaluate the earnings potential of our current portfolio and generally improving market fundamentals in the Washington, D.C. market, position Comstock to generate earnings in near term future periods.”
COMSTOCK COMMUNITIES NOW OPEN
Comstock currently has 10 communities open for sale in Virginia and Maryland, including townhomes, condominiums, single-family homes and villas priced from the high $200s to the $900s. For further details on the open communities, see the attached Pipeline Report as of December 31, 2016 and the Form 10-K filed by the company on April 17, 2017.
COMSTOCK COMMUNITIES COMING SOON
In addition to the 10 communities already open, Comstock has four communities in various stages of planning and development. The communities, located in Maryland and Virginia, include townhomes, single-family homes and condominium units to be priced from the lower $300s. For further details on the communities in planning, see the attached Pipeline Report as of December 31, 2016 and the Form 10-K filed by the company on April 17, 2017.
About Comstock Holding Companies, Inc.
Comstock is a homebuilding and 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.comstockhomes.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)
December 31, 2016
December 31, 2015
ASSETS Cash and cash equivalents $ 5,761 $ 12,448 Restricted cash 1,238 2,566 Trade receivables 613 332 Real estate inventories 49,842 38,223 Fixed assets, net 255 394 Other assets, net 2,112 4,197 TOTAL ASSETS $ 59,821 $ 58,160 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued liabilities $ 7,721 $ 7,638 Notes payable - secured by real estate inventories, net of deferred financing charges 26,927 24,692 Notes payable - due to affiliates, unsecured, net of discount and deferred financing charges 15,866 19,028 Notes payable - unsecured, net of deferred financing charges 911 1,361 Income taxes payable 19 - TOTAL LIABILITIES 51,444 52,719 Commitments and contingencies (Note 14) STOCKHOLDERS’ EQUITY (DEFICIT) Series B preferred stock, $0.01 par value, 3,000,000 shares authorized, 841,848 and 772,210 shares issued and liquidation preference of $4,209 and $3,861 at December 31, 2016 and 2015, respectively $ 1,280 $ 1,174 Class A common stock, $0.01 par value, 11,038,071 shares authorized, 3,035,922 and 2,997,437 issued and outstanding, respectively 30 30 Class B common stock, $0.01 par value, 390,500 shares authorized, issued and outstanding 4 4 Additional paid-in capital 176,251 175,963 Treasury stock, at cost (85,570 shares Class A common stock) (2,662 ) (2,662 ) Accumulated deficit (184,778 ) (175,785 ) TOTAL COMSTOCK HOLDING COMPANIES, INC. DEFICIT (9,875 ) (1,276 ) Non-controlling interests 18,252 6,717 TOTAL EQUITY 8,377 5,441 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 59,821 $ 58,160COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
For the years ended December 31, 2016 2015 Revenues Revenue—homebuilding $ 40,696$
60,132
Revenue—other 884 1,244 Total revenue 41,580 61,376 Expenses Cost of sales—homebuilding 38,236 51,583 Cost of sales—other 427 551 Impairment charges and recovery, net 1,703 2,765 Sales and marketing 1,606 2,076 General and administrative 5,586 7,410 Interest and real estate tax expense 886 547 Operating loss (6,864 ) (3,556 ) Other income, net 157 861 Loss before income tax expense (6,707 ) (2,695 ) Income tax (expense) benefit (55 ) 732 Net loss (6,762 ) (1,963 ) Net income attributable to non-controlling interests 2,231 2,604 Net loss attributable to Comstock Holding Companies, Inc. (8,993 ) (4,567 ) Paid-in-kind dividends on Series B Preferred Stock 348 - Net loss attributable to common stockholders $ (9,341 ) $ (4,567 ) Basic loss per share $ (2.81 ) $ (1.43 ) Diluted loss per share $ (2.81 ) $ (1.43 ) Basic weighted average shares outstanding 3,321 3,198 Diluted weighted average shares outstanding 3,321 3,198 Pipeline Report as of December 31, 2016 Project StateProductType (1)
EstimatedUnits atCompletion
UnitsSettled
Backlog (8)UnitsOwnedUnsold
UnitsUnderControl (2)
Total UnitsOwned,Unsettled andUnder Control
AverageNewOrderRevenuePer Unitto Date(in 000's)
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 18 - 1 - 1 $ 546 Townes at Falls Grove VA TH 110 80 9 21 - 30 $ 302 Townes at Shady Grove Metro MD TH 36 26 - 10 - 10 $ 581 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 78 5 1 - 6 $ 431 Townes at Maxwell Square MD TH 45 45 - - - - $ 421 Townes at Hallcrest VA TH 42 36 6 - - 6 $ 464 Estates at Leeland VA SF 24 5 5 14 - 19 $ 461 Villas | Preserve at Two Rivers 28' MD TH 6 5 - 1 - 1 $ 458 Villas | Preserve at Two Rivers 32' MD TH 10 9 - 1 - 1 $ 506 Marrwood East (6) VA SF 35 1 8 26 - 34 $ 638 Townes at Totten Mews (7) DC TH 40 - 1 39 - 40 $ 650 The Towns at 1333 VA TH 18 - - 18 - 18 $ - The Woods at Spring Ridge MD SF 21 - 1 20 - 21 $ 645 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 928 417 35 262 214 511 (1) "SF" means single family home, "TH" means townhouse, "Condo" means condominium and "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. (5) 16 of these units are subject to statutory moderately priced dwelling unit program. (6) 1 of these units is subject to statutory affordable dwelling unit program. (7) 5 of these units are subject to statutory inclusionary zoning 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/20170417005943/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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