The Company also announced that it was revising previously issued 2005
diluted earnings per share guidance to $2.75 based on an estimate weighted
average share count for 2005 of approximately 13.1 million shares. Previous
guidance for 2005 was $2.68 to $2.73. In addition, the Company announced
first time guidance of $3.95 to $4.05 diluted earnings per share for fiscal
2006.
"We are confident in the strength of the greater Washington, DC market and
in our business plan," said Christopher Clemente, Chairman and CEO. "We
believe that our inventory is well positioned to deliver results into 2007 and
we are confident about our ability to execute. Major projects such as The
Eclipse at Potomac Yard are progressing on schedule. The strength of our
balance sheet has given us an advantage when competing for land deals and we
have been adding to the inventory which we control. Sales in September were
weaker than we had hoped because we had fewer projects actually open and
selling during the month. By the end of the year we plan to open six new
projects and resume selling at four existing projects where we had either sold
through existing releases or were waiting for development to catch up to
sales. The management team and I remain focused on our business and as a team
we are committed to executing on our projections."
About Comstock Homebuilding Companies, Inc. Comstock is a production
homebuilder that develops, builds, and markets single-family homes,
townhouses, mid-rise condominiums, high-rise condominiums, mixed-use
developments and condominium conversions. The Company currently operates in
the Washington, D.C. and Raleigh, North Carolina markets where it targets a
diverse range of buyers, including first-time, early move-up, secondary move-
up, empty nester move-down and active adult home buyers. For more information
on Comstock, please visit http://www.comstockhomebuilding.com.
This press release includes "forward-looking statements" within the
meaning of the federal securities laws, which involve uncertainties and risks.
These include statements regarding events or developments that the Company
expects or anticipates will occur in the future, such as statements about the
Company's strategies to improve operating performance. Please refer to the
Company's prospectus and its other filings with the Securities and Exchange
Commission for a complete discussion of these and other important factors that
could cause results to differ materially from those projected by these
forward-looking statements.
SOURCE Comstock Homebuilding Companies, Inc.
CONTACT: Media: Carrie Blewitt of Qorvis Communications,
+1-202-448-3129, cblewitt@qorvis.com, for Comstock Homebuilding Companies; or
Bruce Labovitz, Chief Financial Officer of Comstock Homebuilding Companies,
+1-703-883-1700 ext. 131, blabovitz@comstockhomes.com