Press Release: Harbor Custom Development, Inc. Releases Second Quarter Financial Results - Reports Increases in Gross Revenues of 70% and Net Income of 346% over 2020
Gig Harbor, Washington , Aug. 16, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. ("Harbor," "Harbor Custom Homes(R)," or the "Company"), (NASDAQ: HCDI; HCDIP; HCDIW), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that 2021 second quarter revenues were $14,132,400 with net income of $1,069,400. Second quarter revenues were 70% greater than the second quarter of 2020 and net income increased 346% over the same period. Harbor CEO, Sterling Griffin stated, "We are excited to achieve our first profitable quarter as a public company and look forward to building on this success for the balance of 2021 and beyond."
"I'm thrilled with the momentum we gained over the past six months, which serves as further validation of our development approach. We're able to serve multiple segments of the home buying market while also providing developed lot inventory for national public builders, which provides the Company a steady and diverse stream of revenue. With a business strategy rooted in disciplined analysis, agility and highly efficient operations, we are well positioned for continued growth. I'm very proud of our employees' diligent work that has led to significant progress across all segments of our business," further stated Mr. Griffin.
