Comstock Holding Companies, Inc. (NASDAQ:CHCI) (“Comstock” or the “Company”), a homebuilding and multi-faceted real estate development and services company in the Washington, D.C. metropolitan area, today announced results for the third quarter of 2013, ended September 30.
“The significant increase in new orders, settlements and revenue generated in the third quarter and the first nine months of 2013 is the result of two primary factors; a meaningful increase in demand for new homes in our core market of Washington, DC, and our focus on increasing our open community count so that we can position Comstock to capitalize on the increased demand” stated Chairman and CEO, Christopher Clemente. “At year end 2012, we had two open communities. We expect to have six open communities by year-end 2013. With additional increases planned for 2014, we expect to continue the progress we have made over the past year towards our ultimate goal of generating consistently positive results.
Third-Quarter 2013 Financial Results
Net new orders of homes increased to 27 for the three months ended September 30, 2013 from 13 in the same period last year. For the nine months ended September 30, 2013, net new orders increased to 104 from 47 in the same period last year. Backlog totaled 50 units (representing $22.5 million in revenue) as of September 30, 2013 compared to 9 units (representing $5.1 million in revenue) as of September 30, 2012. Average backlog price decreased to $449 from $568 in the same period last year, which is largely related to product mix.
Total revenue for the third quarter of 2013 totaled $9.6 million ($9.2 million from 20 home settlements) compared to $3.5 million ($2.5 million from 12 home settlements) for the third quarter of 2012. Total revenue for the nine months ended September 30, 2013 totaled $33.3 million ($32.6 million from 63 home settlements) compared to $11.7 million ($9.5 million from 41 settlements) for the nine months ended September 30, 2012. The Company reported net income from continuing operations of $0.3 million for the third quarter of 2013 compared to a net loss from continuing operations of $(4.2) million for the same period in 2012. In the third quarter of 2013, net loss attributable to Comstock Holding Companies totaled $(0.7) million, or $(0.03) per diluted share, compared to $(4.5) million, or $(0.22) per diluted share, in the same period last year. The 2012 period included a loss of $(0.4) million within net (loss) income from discontinued operations resulting from the tax impact of the $19.35 million sale of Cascades Apartments, the Company’s first investment grade multi-family property.