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RESTON, Va., March 26, 2013 (GLOBE NEWSWIRE) -- In a press release issued by Comstock Holding Companies, Inc. (Nasdaq:CHCI) with the same headline, please note that the financial results are for the three and twelve months ended December 31, 2012, not four and twelve months ended December 31, 2012 as originally stated on the headline. The full and corrected release follows:
Comstock Holding Companies, Inc. (Nasdaq:CHCI) ("Comstock" or the "Company"), a home building and multi-faceted real estate development and services company in the Washington, D.C. metropolitan area, announced a net loss for its fourth quarter ended December 31, 2012 of ($2.0) million or ($0.10) per basic and diluted share on total revenue of $2.6 million as compared to a net loss for its fourth quarter ended December 31, 2011 of ($2.7) million or ($0.14) per basic and diluted share on total revenue of $6.1 million. For the year ended December 31, 2012, the Company reported a net loss of ($5.7) million or ($0.28) per basic and diluted share on total revenue of $14.3 million as compared to a net income of $1.1 million or $0.05 per basic and diluted share on total revenue of $21.9 million for year ended December 31, 2011. The 2012 results include impairment charges of $2.4 million on the Company's one remaining legacy project, the Eclipse, while results for 2011 include a one-time gain on legal settlement of $9.4 million. During 2012, the Company also reported a gain of $6.5 million within net income from discontinued operations as a result of the $19.35 million sale of the Cascades apartment project in the first quarter.
"For the first time in a number of years there is clear and convincing evidence that the housing market has rebounded and will continue to improve," said Christopher Clemente, Comstock's Chairman and CEO. "The inventory of existing homes on the market has dropped to levels not seen in decades, while the number of days on market has dropped to pre-recession levels. Further, historically low interest rates are contributing to the affordability of new homes, while residential rental rates continue to climb. Although the results we reported for 2012 are disappointing, our primary focus during 2012 was securing and positioning new projects to generate positive results in 2013 and beyond. Based upon our early sales success at our recently opened new communities, 2013 is off to a great start, with unit sales and revenue in the first quarter of 2013 expected to approximate the revenue levels for all of 2012."