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Building on a solid foundation since 1985.

Comstock Homebuilding Companies, Inc. (Comstock Homebuilding) is a publicly traded company listed on NASDAQ under the ticker symbol: CHCI. Comstock Homebuilding is a diversified real estate development and construction services company focused on the Washington, DC marketplace. Comstock Homebuilding develops residential and mixed-use communities as for-sale communities and as rental properties under the Comstock Homes brand. Our Comstock Contracting subsidiary provides a wide range of construction management and general contracting services to REO managers and other third party property owners.

The Comstock Homebuilding team has significant experience in all aspects of real estate development, construction, property management and finance. Having developed virtually every type of residential property, including single family, townhomes, mid-rise and high-rise condominium and apartment buildings, as well as mixed-use and community-use buildings, the Comstock Homebuilding team of professionals posses the experience necessary to manage the most complex real estate development situations and to develop solutions designed to create long term value for all stakeholders.

Our long record of success in developing solutions for complex real estate development challenges has positioned Comstock Homebuilding as a prominent real estate developer and homebuilder in the Washington, D.C. marketplace and earned the Comstock organization a reputation for producing results that are Worthy of the Investment.

 

Business Summary  

Comstock Homebuilding Companies, Inc., a real estate development company, engages in the development of for-sale residential and mixed use products in the United States. It builds a range of products, including single-family homes, townhouses, mid-rise condominiums, high-rise multi-family buildings, and residential and commercial developments. The company offers its services to first-time, early move-up, and secondary move-up buyers located primarily in Washington, D.C. As of December 31, 2009, it built and delivered approximately 5,200 homes. The company was formerly known as Comstock Companies, Inc. and changed its name to Comstock Homebuilding Companies, Inc. in June 2004. Comstock Homebuilding was founded in 1985 and is headquartered in Reston, Virginia.

Diversified Products for Diverse Markets
Comstock Homes offers a diverse range of products designed to meet the needs of a wide segment of the home buying community. In suburban areas we develop communities and build single family homes, townhomes, garden style condominiums and adult oriented communities. In urban settings City Style Living by Comstock offers urban styled townhomes, mid-rise condominiums, high-rise condominiums, and mixed-use communities.

Comstock Communities offers livable rental communities in the Washington, DC area. Each community is designed for the active life style of young professionals that choose to rent. The convenient locations of these high quality communities and the preferred customer status and special incentives available when you are ready to purchase a home ensure that every Comstock Properties residence is "Worthy of the Investment".

Building on a Solid Foundation since 1985
Since 1985 several thousand families have chosen to make a Comstock home, their home. Comstock is a leading homebuilder in the Washington, DC metropolitan area and the Raleigh-Durham area in North Carolina. With each new market that we enter our goal is to become a leading homebuilder by satisfying every Comstock customer and by making every home we build "Worthy of the Investment".

Comstock Homebuilding Companies Comstock Homebuilding Companies, Inc. is a diversified real estate development firm with a focus on moderately priced for-sale and rental residential products. Comstock Homebuilding Companies, Inc. trades on NASDAQ as CHCI.

Comstock Homebuilding Companies Inc.
11465 Sunset Hills Road
4th Floor
Reston, VA 20190
United States - http://maps.yahoo.com/maps_result?addr=11465%20Sunset%20Hills%20Road%204th%20Floor&csz=Reston%20VA%2020190&country=United%20States" rel="nofollow">Map
Phone: 703-883-1700 begin_of_the_skype_highlighting                 703-883-1700       end_of_the_skype_highlighting
Fax: 703-760-1520
Website: http://www.comstockhomes.com

Share Structure Float to approx 19.5 Million / 23% own by Institutions


11465 Sunset Hills Road
Reston, VA 20190
Phone: (703) 883-1700
Fax: (703) 760-1520
 

 

 

 

 

charting


 


May 31, 2011 click  on --> Investor Presentation

Financial Restructuring - Significant Improvement in Overall Financial Position
Comstock has restructured its balance sheet
Reduced debt load from a peak of over $340 million to less than $30 million in 2011
Only maturity in 2011 is $6.2 million Penderbrook secured loan which we believe we have the ability to
refinance
Eclipse secured $12 million loan was successfully refinanced Eclipse in February 2011
New lending relationship created with closing of $11 million construction/permanent loan for the Cascades
103 unit apartment development in February 2011
Management routinely explores additional debt and equity financing opportunities that could enhance
Comstock's ability to enhance results and shareholder value
Comstock has restructured its operations
Significant reductions in overhead: streamlined operations
Selling, general and administrative expenses down from $37.5 million in 2006 to $5.6 million in 2010
Experienced real estate management team remains with diverse financial and operating backgrounds
Management has reinvested in the business
Senior management has significant capital invested in the business, including recent investments
Recent capital raise for newly constructed Cascades apartment project has significant inside equity
ownership

Well Positioned For Return To Profitability
Focused on Washington, DC market, widely regarded as best real estate market in nation
Experienced management team with unique operating model, ability to develop wide range of housing
products, including single family homes in suburban areas to mixed-use and high density products in urban
areas where high density products are favored
Positioned to quickly and effectively identify, pursue and execute against strategic opportunities
Key assets (Eclipse and Penderbrook) provide cash flow to support operating activities
Creating new value through new business units (rental apartments and contracting/real estate services)
Eclipse judgment award (approximately $12.5 million), when collected, will provide additional growth capital
(assuming the pending appeal of the award is concluded in a manner favorable to us)
Comstock has deferred tax asset of NOL's that is estimated to be $72 million gross or $27 million of tax
savings (subject to IRC sec. 382 limitations) which may be available to offset future taxable income


The housemarket in the USA bottomed





Great News for Q4  2011:
 

October 31, 2011

Comstock Announces Sale of Multi-Family Project for $19.75 Million

Focus on Multi-Family Having Positive Impact on Results

 

RESTON, Va., Oct. 31, 2011 (GLOBE NEWSWIRE) -- Comstock Homebuilding Companies, Inc. ("Comstock" or "Company") (Nasdaq:CHCI) announced that on October 31, 2011, Comstock Cascades II L.C., an entity in which the Company has a controlling interest, entered into a definitive agreement ("Agreement") with CAPREIT, Inc. and/or its affiliates ("Purchaser") whereby Comstock agreed to sell CAPREIT its Potomac Square Apartment project ("Property") for approximately $19.75 million.

Comstock developed the 103-unit Class A apartment project within the Cascades master planned community located in Loudoun County, Virginia. Construction began during the first quarter of 2011 and was completed in the third quarter, with initial occupancies beginning in July. Cardinal Bank of Tysons Corner, Virginia provided a $10.5 million construction loan for the project. The transaction is expected to close during the fourth quarter of 2011, subject to a customary due diligence period, during which the Purchaser is entitled to cancel the transaction.

"We continue to leverage our core operating strengths to capitalize on attractive development opportunities in what is arguably the best real estate market in America. Expanding our focus to include the development of institutional investment grade multi-family rental properties will have a positive impact on results in the near term," commented Christopher Clemente, Comstock's Chairman and Chief Executive Officer. "The rapid construction, lease up, sale and overall performance of the Potomac Square Apartment project, and the significant institutional demand for such properties, demonstrate the opportunity that exists in the market today, and our ability to identify and capitalize on such opportunities. We will continue working to bring such assets to market while focusing our near term for-sale homebuilding investments on select opportunities with significant upside potential."

About Comstock Homebuilding Companies, Inc.

Established in 1985, Comstock is a multi-faceted real estate development and services company. Our substantial experience in building a diverse range of products and track record of developing successful projects has positioned Comstock as a prominent real estate development and services company in the Washington, DC market. Comstock Homebuilding Companies, Inc. trades on NASDAQ under the symbol CHCI. For more information on the Company or its projects, please visit www.comstockhomebuilding.com.

The Comstock Homebuilding Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5034

Cautionary Statement Regarding Forward-Looking Statements

This release contains "forward-looking" statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual future results to differ materially from those projected or contemplated in the forward-looking statements. Additional information concerning these and other important risks and uncertainties can be found under the heading "Risk Factors" in the Company's most recent Form 10-K, as filed with the Securities and Exchange Commission. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

  CONTACT: Joe Squeri           Chief Financial Officer           703.230.1229 




 

November 14, 2011

Comstock Homebuilding Companies, Inc. Reports Results for Three Months and Nine Months Ended September 30, 2011

 

RESTON, Va., Nov. 14, 2011 (GLOBE NEWSWIRE) -- Comstock Homebuilding Companies, Inc. (Nasdaq:CHCI) ("Comstock" or the "Company"), a multi-faceted real estate development and services company focused on the Washington, D.C. market, announced net income for its third quarter ended September 30, 2011 of $6.7 million or $0.33 per diluted share. Net income and diluted net income per share for the third quarter of 2011 compares to net loss of $(3.4) million or $(0.18) earnings per diluted share for the comparable 2010 quarter. Total revenue for the third quarter of 2011 was $5.4 million compared to $5.6 million for the comparable 2010 quarter. Net income and diluted net income per share for the nine months ended September 30, 2011 was $4.2 million or $0.19 earnings per diluted share which compares to a net loss of $(6.2) million and $(0.34) earnings per diluted share for the same period a year ago. Net income for the three months and nine months ended September 30, 2011 includes a net gain of $9.4 million (or $0.47 earnings per diluted share for both the three and nine month period ended September 30, 2011) from the previously announced settlement of long running litigation concerning the Eclipse condominium project. Total revenue for the nine months ended September 30, 2011 was $15.9 million, which compares to $21.2 million for the comparable 2010 period.

Notable Events

  • Improved financial position - As a result of the recently announced strategic alliance with SunBridge Capital Management, LLC and the settlement of the Eclipse lawsuit, the Company ended the September 30, 2011 quarter with $6.5 million of unrestricted cash on hand and total equity of approximately $15 million. This compares to $0.5 million of unrestricted cash on hand and total equity of approximately $7 million for the year ended December 31, 2010.
  • Cascades Apartment Project - On October 31, 2011, Comstock Cascades II L.C., an entity in which the Company has a controlling interest, entered into a definitive agreement to sell its Potomac Square Apartment project ("Property") for approximately $19.75 million. Comstock developed the 103-unit Class A apartment project within the Cascades master planned community located in Loudoun County, Virginia. Construction began during the first quarter of 2011 and was completed in the third quarter, with initial occupancies beginning in July. Cardinal Bank of Tysons Corner, Virginia provided a $10.5 million construction loan for the project. The transaction is expected to close during the fourth quarter of 2011, subject to a customary due diligence period, during which the purchaser is entitled to cancel the transaction. The Company anticipates approximately $6 million of cash proceeds will be available from the sale after repayment of debt and project specific equity financing.
  • Ongoing monetization of real estate assets - Comstock continues to monetize inventory units from its Eclipse and Penderbrook projects. Total units delivered in the third quarter of 2011 were 10. An additional 4 units were delivered during the month of October. There are 31 units remaining for sale at the Eclipse and 47 units remaining for sale at Penderbrook.

"The Washington, DC market continues to be one of the best real estate markets in the nation," said Christopher Clemente, Chairman and Chief Executive Officer. "As demonstrated by the overall performance of the Potomac Square Apartment project, expanding our focus to include development of institutional grade investment properties is beginning to yield dividends. We will continue to focus our core operating capabilities on opportunities that have the best potential for driving earnings in the near term as we work to maximize shareholder value."

About Comstock Homebuilding Companies, Inc.

Established in 1985, Comstock is a multi-faceted real estate development and services company. Our substantial experience in building a diverse range of products including multi-family, single-family homes, townhouses, mid-rise condominiums, high-rise condominiums and mixed-use (residential and commercial) developments has positioned Comstock as a prominent real estate developer and services company in the Washington, D.C. market place. Comstock Homebuilding Companies, Inc. trades on NASDAQ under the symbol CHCI. For more information on the Company or its projects please visit www.comstockhomebuilding.com.

The Comstock Homebuilding Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5034

Cautionary Statement Regarding Forward-Looking Statements

This release contains "forward-looking" statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual future results to differ materially from those projected or contemplated in the forward-looking statements including incurring substantial indebtedness with respect to projects, the diversion of management's attention and other negative consequences. Additional information concerning these and other important risks and uncertainties can be found under the heading "Risk Factors" in the Company's most recent Form 10-K, as filed with the Securities and Exchange Commission and other filings with the Securities and Exchange Commission. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

 
COMSTOCK HOMEBUILDING COMPANIES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)
     
     
  September 30, December 31,
  2011 2010
ASSETS    
Cash and cash equivalents $ 6,488 $ 475
Restricted cash 3,142 5,201
Real estate held for development and sale 24,083 34,008
Operating real estate, net 6,215 0
Construction in process 5,505 0
     
Property, plant and equipment, net 88 50
Other assets 3,475 1,194
     
     
TOTAL ASSETS $ 48,996 $ 40,928
     
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable and accrued liabilities $ 3,505 $ 5,884
Notes payable - secured by real estate held for development and sale, net of discount 11,459 18,853
Notes payable - secured by construction in process and operating real estate 9,794 0
Notes payable - due to affiliates, unsecured 5,008 5,008
Notes payable - unsecured 4,309 4,515
Income taxes payable 81 0
     
     
TOTAL LIABILITIES 34,156 34,260
     
     
Commitments and contingencies (Note 10)    
SHAREHOLDERS' EQUITY    
Class A common stock, $0.01 par value, 77,266,500 shares authorized, 17,716,271 and
17,120,467 issued and outstanding, respectively
177 171
Class B common stock, $0.01 par value, 2,733,500 shares authorized, 2,733,500 issued and
outstanding
27 27
Additional paid-in capital 168,306 166,700
     
Treasury stock, at cost (391,400 shares Class A common stock) (2,439) (2,439)
Accumulated deficit (153,951) (157,791)
     
     
TOTAL COMSTOCK HOMEBUILDING EQUITY 12,120 6,668
Non-controlling interest  2,720 0
     
     
TOTAL EQUITY 14,840 6,668
     
     
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 48,996 $ 40,928
     
The accompanying notes are an integral part of these consolidated financial statements
 
 
COMSTOCK HOMEBUILDING COMPANIES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
         
         
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2011 2010 2011 2010
Revenues        
Revenue - homebuilding $ 2,864 $ 5,153 $ 9,003 $ 16,766
Revenue - apartment buildings and real estate services 2,530 436 6,880 4,390
         
         
Total revenue 5,394 5,589 15,883 21,156
Expenses        
Cost of sales - homebuilding 2,551 5,774 8,010 17,138
Cost of sales - apartment buildings and real estate services 2,585 382 6,485 3,666
Impairments and write-offs 0 1,548 0 1,548
Selling, general and administrative 1,681 1,341 4,999 4,202
Interest, real estate taxes and indirect costs related to inactive projects 1,068 143 1,887 1,812
         
         
Operating loss (2,491) (3,599) (5,498) (7,210)
Gain on debt restructuring (73) 0 (219) 0
Gain on legal settlement, net (9,434) 0  (9,434) 0
Other (income) loss, net 273 (171) (137) (1,047)
         
         
Income (loss) before income taxes 6,743 (3,428) 4,292 (6,163)
Income taxes expense 82 0 82 0
         
         
Net income (loss) 6,661 (3,428) 4,210 (6,163)
Less: Net income (loss) attributable to non-controlling interests 120 0 370 0
         
         
Net income attributable to Comstock Homebuilding Co., Inc. $ 6,541 $ (3,428) $ 3,840 $ (6,163)
         
         
Basic income (loss) per share $ .33 $ (.18) $ .20 $ (.34)
         
         
Diluted income (loss) per share $ .33 $ (.18) $ .19 $ (.34)
         
         
Basic weighted average shares outstanding 19,774 18,567 19,614 18,299
         
         
Diluted weighted average shares outstanding 20,125 18,567 20,008 18,299
         
The accompanying notes are an integral part of these consolidated financial statements        
 
 
 
COMSTOCK HOMEBUILDING COMPANIES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands, except per share data)
     
     
  Nine Months Ended September 30,
  2011 2010
Cash flows from operating activities:    
Net income (loss) including net income attributable to non-controlling interest $ 4,210 $ (6,163)
Adjustment to reconcile net income ( loss) to net cash provided by operating activities    
     
Amortization and depreciation 656 92
Provision for bad debt 3 (13
Impairments and write-offs 0 1,548
Amortization of stock compensation 667 704
Gain on debt restructuring (219) 0
Gain on trade payable settlements (152) (860)
Changes in operating assets and liabilities:    
Restricted cash (41) 156
Real estate held for development and sale 7,425 17,982
Other assets (1,402 113
Accrued Interest 365 0
Accounts payable and accrued liabilities (127) 592
Income taxes payable 81 0
     
     
Net cash provided by operating activities 11,466 14,151
     
     
Cash flows from investing activities:    
Investment in construction in process and operating real estate  (9,281) 0
Purchase of property, plant and equipment (53) (4)
     
     
Net cash used in investing activities (9,334) (4)
     
     
Cash flows from financing activities:    
Proceeds from notes payable 33,520 823
Payments on notes payable (31,792) (15,917)
 Loan financing costs (1,142)  
Proceeds from SunBridge warrant issuance 945 0
Proceeds from warrant exercise 0 621
Proceeds from Cascades Private Placement 2,350 0
     
     
Net cash provided by (used in) financing activities 3,881 (14,473)
     
     
Net increase (decrease) in cash and cash equivalents 6,013 (326)
Cash and cash equivalents, beginning of period 475 1,085
     
     
Cash and cash equivalents, end of period $ 6,488 $ 759
  CONTACT:  Joe Squeri            Chief Financial Officer            703.230.1229 



 

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PostSubject
#431   CHCI bullish 2.12 stocktrademan 09/03/16 04:32:06 PM
#430   $CHCI recent news/filings stocktrademan 09/14/15 03:38:08 PM
#429   Fancy seeing you here. Picked this one alphaInvestor2 05/21/15 12:20:20 AM
#428   $CHCI recent news/filings stocktrademan 05/19/15 02:49:31 PM
#427   GREAT NUMBERS GREAT COMPANY WITH BIG FUTURE WHY FINDSTOCKER 12/19/14 06:22:29 AM
#426   ANY BODY HOME FINDSTOCKER 12/03/14 11:48:27 AM
#425   All I know is, this thing's headed for richrichrich 03/09/14 08:55:12 PM
#424   indeed awesome. I bought more this morn. big_island 02/07/14 10:13:50 AM
#423   CHCI } awesome numbers. The DC area real hacksaw 02/07/14 10:03:25 AM
#422   HCI moving manana...hog hogfan2 08/13/13 07:27:06 PM
#421   yes chci is a nice one 10bags 07/25/13 12:23:27 PM
#420   I'm in here at 2.82. Chart looks wound BennySlots 07/24/13 10:49:42 PM
#419   I like the CHCI stock, better than the pattiofurniture 05/15/13 03:27:16 PM
#418   CHCI. pennystockresearch.com likes CHCI. Says it's a comer. the streak 04/12/13 07:51:25 PM
#417   Nice pop today, doing DD now. BillBadaass 03/27/13 01:21:27 PM
#416   Liking the PM volume. Looking for a break otcbloodhound 03/27/13 09:23:09 AM
#415   <<< $CHCI Links! >>> ~ MAC's Quick DD Penny Roger$ 03/28/12 05:58:21 AM
#414   ~ Friday! $CHCI ~ Earnings posted, pending or Penny Roger$ 03/28/12 05:57:42 AM
#413   Looks like the next leg starting here...could push Redlegs 03/13/12 12:35:25 PM
#412   The National Association of Realtors' Pending Home Sales 10bags 02/15/12 11:53:19 PM
#411   in march we will get earnings and i 10bags 02/13/12 02:54:07 PM
#410   Feb 2$ break will come 10bags 02/09/12 02:49:12 PM
#409   a little bi me consolidation till next leg 10bags 02/07/12 12:28:49 AM
#408   close near hod on a friday very nice 10bags 02/03/12 04:20:26 PM
#407   close at hod were nice 10bags 02/03/12 03:59:07 PM
#406   chci move up again next leg this will 10bags 02/03/12 11:40:58 AM
#405   Bottom in with bid support showing up now...will Redlegs 02/01/12 10:15:42 AM
#404   New shows a lot of revenue generating project Redlegs 01/27/12 03:11:02 PM
#403   nice news 10bags 01/27/12 12:53:32 PM
#402   NEWS Nice progress being made. hornettt 01/27/12 11:35:59 AM
#401   CHCI news out! Redlegs 01/27/12 11:35:16 AM
#400   nice chart bought today more in germany 10bags 01/26/12 12:03:31 PM
#399   Looks ready to go again. Redlegs 01/26/12 10:02:57 AM
#398   CHCI just taking a breather...chart says 1 red Redlegs 01/24/12 08:34:29 PM
#397   Could get a jolt here tomorrow morning depending The Rainmaker 01/24/12 07:03:53 PM
#396   Nice day here today CHCI! Nice consolidation Redlegs 01/23/12 05:14:37 PM
#395   i think the down on friday is just 10bags 01/23/12 10:07:53 AM
#394   There must have been some kind of options The Rainmaker 01/23/12 10:05:39 AM
#393   CHCI looking strong again...end of week sellers gave Redlegs 01/23/12 10:04:07 AM
#392   up she goess 10bags 01/23/12 10:02:14 AM
#391   i will take all chance of weakness to 10bags 01/20/12 06:22:41 PM
#390   so rainmaker read the calculation DD an you 10bags 01/19/12 11:30:38 AM
#389   $1.86 printed, Homebuilders Report came out today, other The Rainmaker 01/19/12 09:52:41 AM
#388   CHCI Kaboom out of the gate! Something Redlegs 01/19/12 09:33:53 AM
#387   my DD on this one tell me easy 10bags 01/19/12 12:04:20 AM
#386   You ride em until they buck you and The Rainmaker 01/18/12 09:51:39 PM
#385   nice close here could see 2$ this week 10bags 01/18/12 05:05:27 PM
#384   Sure is buddy! She's a Beaut! Redlegs 01/18/12 04:24:41 PM
#383   What a great chart this stock has The Rainmaker 01/18/12 04:22:52 PM
#382   ame i found out, 10bags 01/18/12 02:41:49 PM
PostSubject