The company reported year-over-year revenue growth of 364% to approximately $53.8 million from $11.6 million in 2012, while new orders increased 147% to 126 units from 51 units in 2012. Unit deliveries also increased 138% to 107 from 45 in 2012. Comstock's pipeline of controlled land inventory grew to approximately 637 lots at the end of 2013 from 354 at the end of 2012.
"Improving market conditions in the Washington, DC region and a relatively stable and healthy employment picture helped us put Comstock back on a growth path in 2013," said Chairman and CEO Christopher Clemente in the company's statement. "We're especially proud of the nearly fourfold increase in homebuilding revenue that we generated. We believe the limited supply of housing, affordability provided by attractive mortgage rates and improving consumer confidence should contribute to Comstock's prospects for additional growth and enhanced results in 2014. We look forward to reporting our final financial results for the fourth quarter and full year 2013 in March 2014."
TheStreet Ratings team rates COMSTOCK HOLDING COS INC as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about its recommendation:
"We rate COMSTOCK HOLDING COS INC (CHCI) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, weak operating cash flow and poor profit margins."