RESTON, VA, May 02, 2006 (MARKET WIRE via COMTEX News Network) -- Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI) ("Comstock or
the "Company"), today announced preliminary new order and settlement
results for the three months ended March 31, 2006 as follows:
Three months ended
(Dollars in 000s except units) March 31, 2006
Settlements 112
Net new orders 187
Net new order revenue 60,217
Average net new order price 331.3
Backlog units 554
Backlog 215,738
Average backlog revenue 389.4
Note: new orders includes backlog acquired from Parker Chandler
"While the results shown above are not indicative of Comstock's
tremendous rate of growth over the past year, we are confident that
we are well positioned to produce positive revenue and earnings
growth for the year," said Christopher Clemente, Chairman and CEO.
"We have begun, and are continuing, our geographic diversification
into strong homebuilding markets throughout the Southeast. In January
we completed our first acquisition thereby expanding our footprint to
include Atlanta, Charlotte, and Myrtle Beach. We continue to explore
attractive strategic opportunities in the Southeast and hope to
announce additional expansion plans in the coming months."
"I believe that Comstock will benefit from our increasing geographic
diversity and the resulting diversification of our product offerings,"
continued Clemente. "The acquisitions help balance our product
offerings while maintaining our focus on middle market price points
and our exposure to shifting demand in any one market is reduced as a
result of the geographic diversity. Our strong backlog of sales
provides a foundation for continued growth in 2006 and beyond. While
we are proud of our recent recognition as the fastest growing mid-size
public company headquartered in the Washington, DC area we recognize
that our shareholders are interested in our ability to continue to
deliver positive results. Accordingly, our main focus is on enhancing
our balance sheet, diversifying our operations, and delivering on the
expectations of our shareholders. I am confident that the experience
our management team has dealing with changing market conditions over
the past 20 years, and our focus on moderately priced products will
enhance Comstock's ability to navigate the shifting real estate
landscape."
The Company expects to report operating results for the three months
ended March 31, 2006 on or about May 10, 2006. When available, the
details of the release date and corresponding investor conference
call will be available on the Company's website under the Investor
Relations section. Due to the acquisition of Parker Chandler Homes
in January of this year the Company will likely exercise its right to
an automatic five day extension on the filing of its 10-Q in order to
fully integrate the acquisition of Parker Chandler Homes into its
disclosures.
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
markets its products under the Comstock brand in the Washington, D.C.
and Raleigh, North Carolina markets and under the Parker Chandler
Homes brand in Atlanta, Georgia and parts of the Carolinas. The
company targets a diverse range of buyers of moderately priced homes.
For more information on Comstock, please visit
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 most recent
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.
Media Contact:
Bryan Murray
703.883.1700 ext 217
SOURCE: Comstock Homebuilding Companies, Inc.