The Company also reported 328 home deliveries in 2004 as compared to 211
in 2003. This represents a year over year increase of 117 units, or 55%.
The Company reported a backlog of 453 undelivered orders as of December
31, 2004 valued at $174.6 million as compared to 113 units at December 31,
2003 valued at $36.4 million. This represents a 301% increase in units and a
380% increase in backlog contract value.
"These results validate the hard work this year of everyone at Comstock
and represent a record year for us on all three fronts," said Chris Clemente,
founder and CEO. "With the success of our recent IPO and the strong job growth
in our core market, the greater Washington, DC metropolitan area, we are
enthusiastic about our opportunities in the near future."
About Comstock Homebuilding Companies, Inc.
Comstock is a production homebuilder that develops, builds, and markets
single-family homes, townhouses, and condominiums. 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.
Comstock Homebuilding Companies, Inc. completed an initial public offering
on December 14, 2004. The Company will report operating results for the year
ended December 31, 2004 later this quarter.
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: Al Black of Qorvis Communications, +1-703-744-7833, or
ablack@qorvis.com, for Comstock Homebuilding Companies, Inc.
Web site: http://www.comstockhomebuilding.com