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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
| 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:
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
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
"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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