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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-1.07 | -13.88% | 6.64 | 6.62 | 7.49 | 7.60 | 6.11 | 7.60 | 63,417 | 22:16:45 |
Q4 2023
Fiscal Year 2023
Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced its financial results for the fourth quarter and fiscal year ended December 31, 2023.
“Our fiscal 2023 results underscore the strength and resiliency of the growth engine we’ve built at Comstock,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “It is our goal to provide best-in-class service to our clients and deliver value to our stakeholders. Our success in achieving that goal is evidenced by our ability to deliver higher comparative quarterly revenue for the 14th consecutive period, showcase 16% growth in Adjusted EBITDA, and generate over $9 million in cash from operations during 2023. With a streamlined, debt-free balance sheet and additional world-class properties slated for delivery in the next 12 to 24 months, we have clear visibility to near-term growth. Our robust pipeline of development assets continues to expand as well, positioning us for sustainable, long-term success.”
Key Performance Metrics1
($ in thousands, except per share and portfolio data)
Q4 2023
Q4 2022
FY 2023
FY 2022
Revenue
$
11,016
$
9,302
$
44,721
$
39,313
Income from operations
$
1,943
$
1,595
$
9,164
$
7,952
Net income
1,870
1,311
7,784
7,728
Adjusted EBITDA
$
2,165
$
1,857
$
10,423
$
8,994
Net income per share — diluted
$
0.18
$
0.13
$
0.77
$
1.02
2
Managed Portfolio - # of assets
49
41
49
41
1
All amounts represent continuing operations. Please see the included financial tables for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure.
2
Amount reflects $2.0 million positive impact of Q2 2022 Series C Preferred Stock redemption.
Additional Highlights
About Comstock
Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. With a managed portfolio that includes approximately 10 million square feet of stabilized, under construction, and planned assets that are strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in one of the nation’s best real estate markets. Comstock’s developments include some of the largest and most prominent mixed-use and transit-oriented projects in the mid-Atlantic region, as well as multiple large-scale public-private partnership developments. For more information, please visit Comstock.com.
Cautionary Statement Regarding Forward-Looking Statements
This release may include "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 any undue reliance on any forward-looking statement, which speaks only as of the date made. Any number of important factors could cause actual results to differ materially from those projected or suggested by the forward-looking statements. 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.
Consolidated Balance Sheets
(Unaudited; In thousands)
December 31,
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
18,788
$
11,722
Accounts receivable, net
496
504
Accounts receivable - related parties
4,749
3,291
Prepaid expenses and other current assets
353
264
Total current assets
24,386
15,781
Fixed assets, net
478
421
Intangible assets
144
144
Leasehold improvements, net
89
119
Investments in real estate ventures
7,077
7,013
Operating lease assets
6,790
7,625
Deferred income taxes, net
10,885
11,355
Deferred compensation plan assets
53
—
Other assets
37
15
Total assets
$
49,939
$
42,473
Liabilities and Stockholders' Equity
Current liabilities:
Accrued personnel costs
$
4,681
$
4,959
Accounts payable and accrued liabilities
838
742
Current operating lease liabilities
854
791
Total current liabilities
6,373
6,492
Deferred compensation plan liabilities
77
—
Operating lease liabilities
6,273
7,127
Total liabilities
12,723
13,619
Stockholders' equity:
Class A common stock
94
93
Class B common stock
2
2
Additional paid-in capital
202,112
201,535
Treasury stock
(2,662
)
(2,662
)
Accumulated deficit
(162,330
)
(170,114
)
Total stockholders' equity
37,216
28,854
Total liabilities and stockholders' equity
$
49,939
$
42,473
COMSTOCK HOLDING COMPANIES, INC.
Consolidated Statements of Operations
(Unaudited; In thousands, except per share data)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Revenue
$
11,016
$
9,302
$
44,721
$
39,313
Operating costs and expenses:
Cost of revenue
8,479
7,259
33,040
29,371
Selling, general, and administrative
594
391
2,305
1,784
Depreciation and amortization
—
57
212
206
Total operating costs and expenses
9,073
7,707
35,557
31,361
Income (loss) from operations
1,943
1,595
9,164
7,952
Other income (expense):
Interest income (expense), net
96
—
96
(222
)
Gain (loss) on real estate ventures
(467
)
(117
)
(1,187
)
121
Other income (expense), net
31
—
79
2
Income (loss) from continuing operations before income tax
1,603
1,478
8,152
7,853
Provision for (benefit from) income tax
(267
)
167
368
125
Net income (loss) from continuing operations
1,870
1,311
7,784
7,728
Net income (loss) from discontinued operations, net of tax
—
(5
)
—
(381
)
Net income (loss)
$
1,870
$
1,306
$
7,784
$
7,347
Impact of Series C preferred stock redemption
—
—
—
2,046
Net income (loss) attributable to common stockholders
$
1,870
$
1,306
$
7,784
$
9,393
Weighted-average common stock outstanding:
Basic
9,653
9,470
9,629
8,974
Diluted
10,169
10,055
10,108
9,575
Net income (loss) per share:
Basic - Continuing operations
$
0.19
$
0.14
$
0.81
$
1.09
Basic - Discontinued operations
—
—
—
(0.04
)
Basic net income (loss) per share
$
0.19
$
0.14
$
0.81
$
1.05
Diluted - Continuing operations
$
0.18
$
0.13
$
0.77
$
1.02
Diluted - Discontinued operations
—
—
—
(0.04
)
Diluted net income (loss) per share
$
0.18
$
0.13
$
0.77
$
0.98
COMSTOCK HOLDING COMPANIES, INC.
Non-GAAP Financial Measures
(Unaudited; In thousands)
Adjusted EBITDA
The following table presents a reconciliation of net income (loss) from continuing operations, the most directly comparable financial measure as measured in accordance with GAAP, to Adjusted EBITDA:
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Net income (loss) from continuing operations
$
1,870
$
1,311
$
7,784
$
7,728
Interest (income) expense, net
(96
)
—
(96
)
222
Income taxes
(267
)
167
368
125
Depreciation and amortization
—
57
212
206
Stock-based compensation
191
205
968
834
(Gain) loss on real estate ventures
467
117
1,187
(121
)
Adjusted EBITDA
$
2,165
$
1,857
$
10,423
$
8,994
We define Adjusted EBITDA as net income (loss) from continuing operations, excluding the impact of interest expense (net of interest income), income taxes, depreciation and amortization, stock-based compensation, and gain or loss on equity method investments in real estate ventures.
We use Adjusted EBITDA to evaluate financial performance, analyze the underlying trends in our business and establish operational goals and forecasts that are used when allocating resources. We expect to compute Adjusted EBITDA consistently using the same methods each period.
We believe Adjusted EBITDA is a useful measure because it permits investors to better understand changes over comparative periods by providing financial results that are unaffected by certain non-cash items that are not considered by management to be indicative of our operational performance.
While we believe that Adjusted EBITDA is useful to investors when evaluating our business, it is not prepared and presented in accordance with GAAP, and therefore should be considered supplemental in nature. Adjusted EBITDA should not be considered in isolation, or as a substitute, for other financial performance measures presented in accordance with GAAP. Adjusted EBITDA may differ from similarly titled measures presented by other companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240321778716/en/
Investor Contact Christopher Guthrie Executive Vice President & Chief Financial Officer cguthrie@comstock.com 703-230-1292
Media Contact publicrelations@comstock.com 301-785-6327
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