Comstock Holding Companies Reports Third Quarter 2016 Results

Comstock Holding Companies, Inc., (NASDAQ:CHCI), announced results for the three and nine month periods ended September 30, 2016:

Highlights of Third Quarter 2016:
  • Unit deliveries of 33, generating homebuilding revenue of $12.9 million for the three months ended September 30, 2016 compared to unit deliveries of 24 generating $12.0 million of homebuilding revenue for the same period in 2015;
  • Unit deliveries of 76, generating homebuilding revenue of $32.1 million for the nine months ended September 30, 2016 compared to unit deliveries of 70 generating $34.2 million of homebuilding revenue for the same period in 2015;
  • Controlled community count and open community count of 15 and 12, respectively, at September 30, 2016 compared to 19 and 10, respectively at September 30, 2015;
  • Comstock has begun development and sales of three new projects in Virginia, Maryland, and Washington, D.C. during recent months, which collectively represent more than $52 million of potential future revenues;
  • During the Quarter, the Company completed its most recent private placement offering, Comstock Investors X, L.C., providing $14.5 million of new capital at a fixed preferred return of 6%. This capital will be utilized in connection with the development of certain projects scheduled to begin generating revenue in 2017.
  • The Company recognized impairment recoveries of $0.7 million, related to the recovery of previously written off land contract deposits, and write-offs of $0.8 million, related to deposits and entitlement costs determined to be non-recoverable, in the three and nine-months ended September 30, 2016.

Chairman and CEO, Christopher Clemente commented, "Our effort to reduce operating costs over the past few years has substantially rationalized overhead expenses. During the three month period ended September 30, 2016, our fixed operating costs decreased $0.6 million (33%) as compared to the same period in 2015 and for the nine months ending September 30, 2016, our fixed operating costs decreased $1.5 million (27%) as compared to the same period in 2015. These efforts together with the lower cost of capital provided through recent private placement offerings, position Comstock to enhance results in future periods."

If you liked this article you might like

3 Stocks Pushing The Industrial Goods Sector Lower

3 Stocks Pushing The Materials & Construction Industry Lower

3 Stocks Pushing The Industrial Goods Sector Lower

3 Stocks Pushing The Materials & Construction Industry Lower

3 Materials & Construction Stocks Pushing Industry Growth