Summary of Sales and Settlement Results
(unaudited)
Three months ended June 30, 2007
-------------------------------------------
Washington Raleigh
(dollars in thousands) CHCI - All (1) Atlanta (2)
---------- ---------- ---------- ----------
New Traffic 1,665 744 492 429
Gross sales 494 410 31 53
Cancellations 33 22 6 5
Net new orders 461 388 25 48
Gross new order revenue $ 99,095 $ 76,179 $ 9,509 $ 13,407
Cancellation revenue $ 13,241 $ 9,761 $ 1,858 $ 1,623
Net new order revenue $ 85,853 $ 66,418 $ 7,651 $ 11,784
Settlements 505 443 30 32
Settlement revenue $ 110,275 $ 93,116 $ 9,328 $ 7,831
Backlog units 241 156 20 65
Backlog revenue $ 92,763 $ 66,312 $ 7,022 $ 19,430
Six months ended June 30, 2007
-------------------------------------------
Washington
(dollars in thousands) CHCI - All (1) Atlanta Raleigh
---------- ---------- ---------- ----------
New Traffic 3,257 1,448 1,007 802
Gross sales 639 489 65 85
Cancellations 107 80 15 12
Net new orders 532 409 50 73
Gross new order revenue $ 142,909 $ 101,285 $ 20,260 $ 21,364
Cancellation revenue $ 41,014 $ 32,837 $ 4,427 $ 3,750
Net new order revenue $ 101,895 $ 68,448 $ 15,833 $ 17,614
Settlements 636 538 44 54
Settlement revenue $ 153,300 $ 126,856 $ 13,571 $ 12,869
Backlog units 241 156 20 65
Backlog revenue $ 92,763 $ 66,312 $ 7,022 $ 19,430
(1) Includes the sale of the 316 units at the Bellemeade condominium
project for approximately $47.5 million on June 28, 2007.
(2) Does not include approximately $3.6 million sale of developed lots
or the approximately $3.8 million sale of a partnership interest in
North Shore condominiums.
The Company provided the following additional information
specifically regarding its Eclipse at Potomac Yard project in
Arlington, Virginia:
Three months ended Project to Date as
(dollars in thousands) June 30, 2007 of June 30, 2007
------------------ ------------------
Traffic 204 1709
Gross sales 25 481
Cancellations 14 93
Net new orders 11 388
Gross new order revenue $ 9,063 $ 196,941
Cancellation revenue $ 7,332 $ 39,826
Net new order revenue $ 1,731 $ 157,116
Settlements 72 264
Settlement revenue $ 29,562 $ 99,510
Backlog units 124 124
Backlog revenue $ 57,605 $ 57,605
With respect to cancellations that occurred during the three months
ended June 30, 2007 the Company reported the following breakdown of
its
cancellations:
Avg. Contract
2Q 2007 Cancellations Cancellation Aging at
(dollars in thousands) Units Revenue Cancellation
------------- ------------- -------------
Cancellations - Raleigh 5 $ 1,623 128
Cancellations - Atlanta 6 $ 1,858 123
Cancellations - Washington Metro 22 $ 9,761 516
------------- ------------- -------------
Total / Weighted Average 33 $ 13,241 386
============= ============= =============
"We are pleased with the progress made during the second quarter on
several fronts," said Christopher Clemente, Chairman and CEO. "We
substantially completed construction of the second high rise building
of the Eclipse project and settled the first 50 units in that
building, we closed the sale of the 316 unit Bellemeade condo
project, sold our interest in the North Shore joint venture, and
reduced our level of debt and the interest cost burden associated
with land and unit inventories. Additionally, our cost reduction
initiatives are beginning to lower our production and other costs. We
remain focused on enhancing our balance sheet and positioning
Comstock for positive results in future periods. Because of these
accomplishments and the continuing momentum of deliveries at the
Eclipse, we believe we are moving in the right direction."
The Company will discuss the results of the second quarter in detail
during its earnings conference call in August.
About Comstock Homebuilding Companies, Inc.
Established in 1985, Comstock Homebuilding Companies is a diversified
real estate development firm with a focus on moderately priced
for-sale residential products. Comstock builds and markets
single-family homes, townhouses, mid-rise condominiums, high-rise
condominiums, mixed-use urban communities and active adult
communities. The company currently markets its products under the
Comstock Homes brand in the Washington, D.C.; Raleigh, North
Carolina; and Atlanta, Georgia metropolitan areas. Comstock develops
mixed-use, urban communities and active-adult communities under the
Comstock Communities brand. Comstock Homebuilding Companies Inc.
trades on Nasdaq under the symbol CHCI. For more information on the
Company or it projects please visit
http://www.comstockhomebuilding.com.
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. Statements that are predictive in
nature, that depend upon or refer to future events or conditions, or
that include words such as "may," "will," "expects," "projects,"
"anticipates," "estimates," "believes," "intends," "plans," "should,"
"seeks," and similar expressions, including statements related to
Comstock's expected future financial results and anticipated growth
in the Washington, D.C. housing market, are forward-looking
statements. 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. These risks and uncertainties include,
but are not limited to, economic, market and competitive conditions
affecting Comstock and its operations and products, risks and
uncertainties relating to the market for real estate generally and in
the areas where Comstock has projects, the availability and price of
land suitable for development, materials prices, labor costs,
interest rates, Comstock's ability to service its significant debt
obligations, fluctuations in operating results, anticipated growth
strategies, continuing relationships with affiliates, environmental
factors, government regulations, the impact of adverse weather
conditions or natural disasters and acts of war or terrorism.
Additional information concerning these and other important risks and
uncertainties can be found under the heading "Risk Factors" in the
prospectus from Comstock's initial public offering, as filed with the
Securities and Exchange Commission on December 15, 2004. 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:
Bryan Murray
Email Contact
703.230.1450
SOURCE: Comstock Homebuilding Companies, Inc.
http://www2.marketwire.com/mw/emailprcntct?id=F3AB7970FBAE6ACB