-
3Q homebuilding revenue of $9.2 million compared to $2.5 million in 3Q
last year
-
3Q net income from continuing operations of $0.3 million compared to
net loss of $(4.2) million 3Q last year
-
Net new home orders increased to 104 for the first nine months of 2013
compared to 47 in the first nine months of the prior year
-
Backlog of $22.5 million at quarter-end, up from $5.1 million one year
earlier
RESTON, Va.--(BUSINESS WIRE)--
Comstock Holding Companies, Inc. (NASDAQ:CHCI) ("Comstock" or the
"Company"), a homebuilding and multi-faceted real estate development and
services company in the Washington, D.C. metropolitan area, today
announced results for the third quarter of 2013, ended September 30.
"The significant increase in new orders, settlements and revenue
generated in the third quarter and the first nine months of 2013 is the
result of two primary factors; a meaningful increase in demand for new
homes in our core market of Washington, DC, and our focus on increasing
our open community count so that we can position Comstock to capitalize
on the increased demand" stated Chairman and CEO, Christopher Clemente.
"At year end 2012, we had two open communities. We expect to have six
open communities by year-end 2013. With additional increases planned for
2014, we expect to continue the progress we have made over the past year
towards our ultimate goal of generating consistently positive results.
Third-Quarter 2013 Financial Results
Net new orders of homes increased to 27 for the three months ended
September 30, 2013 from 13 in the same period last year. For the nine
months ended September 30, 2013, net new orders increased to 104 from 47
in the same period last year. Backlog totaled 50 units (representing
$22.5 million in revenue) as of September 30, 2013 compared to 9 units
(representing $5.1 million in revenue) as of September 30, 2012. Average
backlog price decreased to $449 from $568 in the same period last year,
which is largely related to product mix.
Total revenue for the third quarter of 2013 totaled $9.6 million ($9.2
million from 20 home settlements) compared to $3.5 million ($2.5 million
from 12 home settlements) for the third quarter of 2012. Total revenue
for the nine months ended September 30, 2013 totaled $33.3 million
($32.6 million from 63 home settlements) compared to $11.7 million ($9.5
million from 41 settlements) for the nine months ended September 30,
2012. The Company reported net income from continuing operations of $0.3
million for the third quarter of 2013 compared to a net loss from
continuing operations of $(4.2) million for the same period in 2012. In
the third quarter of 2013, net loss attributable to Comstock Holding
Companies totaled $(0.7) million, or $(0.03) per diluted share, compared
to $(4.5) million, or $(0.22) per diluted share, in the same period last
year. The 2012 period included a loss of $(0.4) million within net
(loss) income from discontinued operations resulting from the tax impact
of the $19.35 million sale of Cascades Apartments, the Company's first
investment grade multi-family property.
The Company's results for the nine months ended September 30, 2013
reflected the reversal of an impairment charge of $0.7 million
reflecting increased sales activity at its Eclipse project in the first
quarter of 2013, which was fully settled and exited by the Company in
the second quarter of 2013.
Backlog and 2013 Revenue Update (see Exhibit 1)
As of November 11, 2013, the Company has total backlog of $24.3 million
representing 51 units. Of these units in backlog, 46 representing $21.3
million in revenue are expected to close this year. Total revenue
settled to date as of November 11, 2013 is $37.6 million representing 73
units. Consequently, the Company estimates total homebuilding revenue
for 2013 will be approximately $60 million on 120 units settled. Backlog
detail by community is as follows:
|
|
|
|
|
|
|
|
|
•
|
|
Hampshires
|
|
73 townhome lots and 38 single-family lots in the Lamond Riggs
neighborhood in northeast Washington, D.C. Construction on the
single-family units began in August 2012, with the first closings
occurring in March 2013. Construction on the townhomes began in
April 2013 and the sales center opened in July 2013. There are seven
single family units currently in backlog, with average revenue of
$736,000. There are nine townhome units currently in backlog, with
average revenue of $542,000.
|
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|
|
|
|
|
|
|
|
•
|
|
Shady Grove |
|
36 townhome lots and 117 multi-family lots across the street from
the Shady Grove Metro station in Rockville, MD (Montgomery County).
Closing on the property took place in March 2013 and site
development began on schedule in June. The sales center opened in
July 2013. There are five townhome units currently in backlog with
average revenue of $586,000.
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|
|
|
|
|
|
|
•
|
|
Falls Grove |
|
110 townhome lots and 19 single family lots off Route 28 in
Manassas, VA (Prince William County). The Company purchased the
first seven single-family lots in 2011, closing on the remaining
lots in May 2013. Site development began on schedule in June 2013
and the community's sales center opened in July. There are 8 units
currently in backlog with average revenue of $293,000.
|
|
|
|
|
|
|
|
|
|
•
|
|
Eastgate
|
|
66 finished "six-plex" lots in Chantilly, VA (Loudoun County).
Construction on the units began in December 2012, with the first
closings occurring in March 2013. There are 22 units currently in
backlog, with average revenue of $407,000.
|
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|
|
|
|
|
|
|
|
•
|
|
Maxwell Square |
|
45 townhome lots in the Historic district of Fredrick, MD. Closing
on the property took place in September 2013. The sales center
opened in October 2013. Development and construction is anticipated
to begin in the fourth quarter of 2013.
|
|
|
|
|
|
|
|
|
|
•
|
|
Hall Crest |
|
42 townhome lots in Sterling, VA. Closing on the property took place
in September 2013. Development and construction is anticipated to
begin in the first quarter of 2014.
|
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|
|
|
|
|
|
About Comstock Holding Companies, Inc.
Comstock is a homebuilding and multi-faceted real estate development and
services company that builds a wide range of housing products under its
Comstock Homes brand through its wholly owned subsidiary, Comstock Homes
of Washington, LC. Our track record of developing numerous successful
new home communities and more than 5,500 homes, together with our
substantial experience in building a diverse range of products including
apartments, single-family homes, townhouses, mid-rise condominiums,
high-rise condominiums and mixed-use (residential and commercial)
developments has positioned Comstock as a leading residential developer
and homebuilder in the Washington, D.C. metropolitan area. Comstock
Holding Companies, Inc. is a publicly traded company, trading on NASDAQ
under the symbol CHCI. For more information about Comstock or its new
home communities, please visit www.comstockhomes.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes "forward-looking" statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified by the use of words such as "anticipate," "believe,"
"estimate," "may," "intend," "expect," "will," "should," "seeks" or
other similar expressions. Forward-looking statements are based largely
on our expectations and involve inherent risks and uncertainties, many
of which are beyond our control. You should not place undue reliance on
any forward-looking statement, which speaks only as of the date made.
Some factors which may affect the accuracy of the forward-looking
statements apply generally to the real estate industry, while other
factors apply directly to us. Any number of important factors which
could cause actual results to differ materially from those in the
forward-looking statements include, without limitation: general economic
and market conditions, including interest rate levels; our ability to
service our debt; inherent risks in investment in real estate; our
ability to compete in the markets in which we operate; economic risks in
the markets in which we operate, including actions related to government
spending; delays in governmental approvals and/or land development
activity at our projects; regulatory actions; fluctuations in operating
results; our anticipated growth strategies; shortages and increased
costs of labor or building materials; the availability and cost of land
in desirable areas; natural disasters; our ability to raise debt and
equity capital and grow our operations on a profitable basis; and our
continuing relationships with affiliates. Additional information
concerning these and other important risk and uncertainties can be found
under the heading "Risk Factors" in our Annual Report on Form 10-K, as
filed with the Securities and Exchange Commission, for the fiscal year
ended December 31, 2012. Our actual results could differ materially from
these projected or suggested by the forward-looking statements. Comstock
claims the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995 for
all forward-looking statements contained herein. Comstock specifically
disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future developments
or otherwise.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 1
Settled Revenue by Community
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sept. 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community
|
|
|
|
|
Settled
|
|
|
|
|
Settled
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eastgate Villas |
|
|
|
|
13
|
|
|
|
|
$4,784,848 |
|
|
|
|
The Hampshires - Singles
|
|
|
|
|
3
|
|
|
|
|
2,173,990
|
|
|
|
|
The Hampshires - Towns
|
|
|
|
|
4
|
|
|
|
|
2,251,755
|
|
|
|
|
Penderbrook Square (Sold Out Q1)
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
The Eclipse (Sold Out Q2)
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
20
|
|
|
|
|
$9,210,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended Sept. 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community
|
|
|
|
|
Settled
|
|
|
|
|
Settled
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eastgate Villas |
|
|
|
|
24
|
|
|
|
|
$8,885,023 |
|
|
|
|
The Hampshires - Singles
|
|
|
|
|
13
|
|
|
|
|
9,683,517
|
|
|
|
|
The Hampshires - Towns
|
|
|
|
|
5
|
|
|
|
|
2,755,695
|
|
|
|
|
Penderbrook Square (Sold Out Q1)
|
|
|
|
|
2
|
|
|
|
|
365,000
|
|
|
|
|
The Eclipse (Sold Out Q2)
|
|
|
|
|
19
|
|
|
|
|
10,904,200
|
|
|
|
|
Total
|
|
|
|
|
63
|
|
|
|
|
$32,593,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
|
|
December 31,
2012
|
|
|
|
ASSETS
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
|
4,188
|
|
|
|
|
|
$
|
|
3,539
|
|
|
|
|
Restricted cash
|
|
|
|
|
|
|
3,707
|
|
|
|
|
|
|
|
3,203
|
|
|
|
|
Trade receivables
|
|
|
|
|
|
|
1,881
|
|
|
|
|
|
|
|
1,611
|
|
|
|
|
Real estate inventories
|
|
|
|
|
|
|
39,171
|
|
|
|
|
|
|
|
27,781
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
|
|
|
250
|
|
|
|
|
|
|
|
222
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
1,952
|
|
|
|
|
|
|
|
2,343
|
|
|
|
|
TOTAL ASSETS
|
|
|
|
|
$
|
|
51,149
|
|
|
|
|
|
$
|
|
38,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
$
|
|
8,697
|
|
|
|
|
|
$
|
|
4,691
|
|
|
|
|
Notes payable - secured by real estate inventories
|
|
|
|
|
|
|
18,938
|
|
|
|
|
|
|
|
19,492
|
|
|
|
|
Notes payable - due to affiliates, unsecured
|
|
|
|
|
|
|
4,797
|
|
|
|
|
|
|
|
5,041
|
|
|
|
|
Notes payable - unsecured
|
|
|
|
|
|
|
2,709
|
|
|
|
|
|
|
|
3,096
|
|
|
|
|
Income taxes payable
|
|
|
|
|
|
|
197
|
|
|
|
|
|
|
|
-
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
|
|
|
|
35,338
|
|
|
|
|
|
|
|
32,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 10)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock, $0.01 par value, 77,266,500 shares authorized,
18,445,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and 17,944,503 issued and outstanding, respectively
|
|
|
|
|
|
|
184
|
|
|
|
|
|
|
|
176
|
|
|
|
|
Class B common stock, $0.01 par value, 2,733,500 shares authorized,
issued and outstanding
|
|
|
|
|
|
|
27
|
|
|
|
|
|
|
|
27
|
|
|
|
|
Additional paid-in capital
|
|
|
|
|
|
|
170,672
|
|
|
|
|
|
|
|
170,070
|
|
|
|
|
Treasury stock, at cost (426,633 shares Class A common stock)
|
|
|
|
|
|
|
(2,480
|
)
|
|
|
|
|
|
|
(2,480
|
)
|
|
|
|
Accumulated deficit
|
|
|
|
|
|
|
(163,203
|
)
|
|
|
|
|
|
|
(162,349
|
)
|
|
|
|
TOTAL COMSTOCK HOLDING COMPANIES, INC. EQUITY
|
|
|
|
|
|
|
5,200
|
|
|
|
|
|
|
|
5,444
|
|
|
|
|
Non-controlling interest
|
|
|
|
|
|
|
10,611
|
|
|
|
|
|
|
|
935
|
|
|
|
|
TOTAL EQUITY
|
|
|
|
|
|
|
15,811
|
|
|
|
|
|
|
|
6,379
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
$
|
|
51,149
|
|
|
|
|
|
$
|
|
38,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
|
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue—homebuilding
|
|
|
|
|
|
$
|
9,211
|
|
|
|
$
|
2,527
|
|
|
|
$
|
32,594
|
|
|
|
$
|
9,479
|
|
Revenue—other
|
|
|
|
|
|
|
361
|
|
|
|
|
956
|
|
|
|
|
748
|
|
|
|
|
2,183
|
|
Total revenue
|
|
|
|
|
|
|
9,572
|
|
|
|
|
3,483
|
|
|
|
|
33,342
|
|
|
|
|
11,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales—homebuilding
|
|
|
|
|
|
|
6,850
|
|
|
|
|
2,093
|
|
|
|
|
25,267
|
|
|
|
|
8,149
|
|
Cost of sales—other
|
|
|
|
|
|
|
59
|
|
|
|
|
1,144
|
|
|
|
|
556
|
|
|
|
|
2,951
|
|
Impairment charge (reversal) (Note 16)
|
|
|
|
|
|
|
-
|
|
|
|
|
2,358
|
|
|
|
|
(722
|
)
|
|
|
|
2,358
|
|
Sales and marketing
|
|
|
|
|
|
|
477
|
|
|
|
|
181
|
|
|
|
|
1,434
|
|
|
|
|
465
|
|
General and administrative
|
|
|
|
|
|
|
1,719
|
|
|
|
|
2,002
|
|
|
|
|
4,974
|
|
|
|
|
5,700
|
|
Interest, real estate taxes and indirect costs related to inactive
projects
|
|
|
|
|
|
|
61
|
|
|
|
|
190
|
|
|
|
|
405
|
|
|
|
|
1,982
|
|
Operating income (loss)
|
|
|
|
|
|
|
406
|
|
|
|
|
(4,485
|
)
|
|
|
|
1,428
|
|
|
|
|
(9,943
|
)
|
Other income (expense), net
|
|
|
|
|
|
|
41
|
|
|
|
|
(45
|
)
|
|
|
|
199
|
|
|
|
|
(8
|
)
|
Income (loss) before income tax (expense) benefit
|
|
|
|
|
|
|
447
|
|
|
|
|
(4,530
|
)
|
|
|
|
1,627
|
|
|
|
|
(9,951
|
)
|
Income tax (expense) benefit
|
|
|
|
|
|
|
(197
|
)
|
|
|
|
364
|
|
|
|
|
(197
|
)
|
|
|
|
2,478
|
|
Net income (loss) from continuing operations
|
|
|
|
|
|
|
250
|
|
|
|
|
(4,166
|
)
|
|
|
|
1,430
|
|
|
|
|
(7,473
|
)
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations
|
|
|
|
|
|
|
-
|
|
|
|
|
(6
|
)
|
|
|
|
(4
|
)
|
|
|
|
(112
|
)
|
Gain on sale of real estate from discontinued operations
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
6,466
|
|
Income tax expense from discontinued operations
|
|
|
|
|
|
|
-
|
|
|
|
|
(364
|
)
|
|
|
|
-
|
|
|
|
|
(2,478
|
)
|
Net (loss) income from discontinued operations
|
|
|
|
|
|
|
-
|
|
|
|
|
(370
|
)
|
|
|
|
(4
|
)
|
|
|
|
3,876
|
|
Net income (loss)
|
|
|
|
|
|
|
250
|
|
|
|
|
(4,536
|
)
|
|
|
|
1,426
|
|
|
|
|
(3,597
|
)
|
Less: Net income (loss) from continuing operations attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to non-controlling interests
|
|
|
|
|
|
|
989
|
|
|
|
|
(40
|
)
|
|
|
|
2,280
|
|
|
|
|
(40
|
)
|
Less: Net income from discontinued operations attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to non-controlling interests
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
103
|
|
Net loss attributable to Comstock Holding Companies, Inc. |
|
|
|
|
|
$
|
(739
|
)
|
|
|
$
|
(4,496
|
)
|
|
|
$
|
(854
|
)
|
|
|
$
|
(3,660
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.20
|
)
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.36
|
)
|
Discontinued operations
|
|
|
|
|
|
|
-
|
|
|
|
|
(0.02
|
)
|
|
|
|
-
|
|
|
|
|
0.18
|
|
Net loss per share
|
|
|
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.22
|
)
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per share from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.20
|
)
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.36
|
)
|
Discontinued operations
|
|
|
|
|
|
|
-
|
|
|
|
|
(0.02
|
)
|
|
|
|
-
|
|
|
|
|
0.18
|
|
Net loss per share
|
|
|
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.22
|
)
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding
|
|
|
|
|
|
|
20,739
|
|
|
|
|
20,653
|
|
|
|
|
20,646
|
|
|
|
|
20,433
|
|
Diluted weighted average shares outstanding
|
|
|
|
|
|
|
20,739
|
|
|
|
|
20,653
|
|
|
|
|
20,646
|
|
|
|
|
20,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Comstock Holding Companies, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
|
|
|
|
|
|
$
|
(739
|
)
|
|
|
$
|
(4,126
|
)
|
|
|
$
|
(850
|
)
|
|
|
$
|
(7,433
|
)
|
(Loss) income from discontinued operations
|
|
|
|
|
|
|
-
|
|
|
|
|
(370
|
)
|
|
|
|
(4
|
)
|
|
|
|
3,773
|
|
Net loss
|
|
|
|
|
|
$
|
(739
|
)
|
|
|
$
|
(4,496
|
)
|
|
|
$
|
(854
|
)
|
|
|
$
|
(3,660
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
|
|
|
$
|
|
1,426
|
|
|
|
|
$
|
|
(3,597
|
)
|
|
|
|
Adjustment to reconcile net income to net cash used in operating
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of loan discount and deferred financing fees
|
|
|
|
|
|
|
|
|
359
|
|
|
|
|
|
|
1,234
|
|
|
|
|
Depreciation expense
|
|
|
|
|
|
|
|
|
47
|
|
|
|
|
|
|
107
|
|
|
|
|
Provision for bad debt
|
|
|
|
|
|
|
|
|
(22
|
)
|
|
|
|
|
|
-
|
|
|
|
|
(Gain) loss on extinguishment of notes payable
|
|
|
|
|
|
|
|
|
(27
|
)
|
|
|
|
|
|
73
|
|
|
|
|
Undistributed earnings from unconsolidated joint venture
|
|
|
|
|
|
|
|
|
(16
|
)
|
|
|
|
|
|
-
|
|
|
|
|
Gain on sale of operating real estate, net
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(6,466
|
)
|
|
|
|
Impairment (reversal) charge
|
|
|
|
|
|
|
|
|
(722
|
)
|
|
|
|
|
|
2,358
|
|
|
|
|
Loss on disposal of property, plant and equipment
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
1
|
|
|
|
|
Amortization of stock compensation
|
|
|
|
|
|
|
|
|
392
|
|
|
|
|
|
|
928
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
|
|
|
|
|
(504
|
)
|
|
|
|
|
|
(118
|
)
|
|
|
|
Trade receivables
|
|
|
|
|
|
|
|
|
(248
|
)
|
|
|
|
|
|
930
|
|
|
|
|
Real estate inventories
|
|
|
|
|
|
|
|
|
(10,825
|
)
|
|
|
|
|
|
1,154
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
(36
|
)
|
|
|
|
|
|
(340
|
)
|
|
|
|
Accrued interest
|
|
|
|
|
|
|
|
|
(13
|
)
|
|
|
|
|
|
(596
|
)
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
|
|
|
|
4,006
|
|
|
|
|
|
|
(777
|
)
|
|
|
|
Income taxes payable
|
|
|
|
|
|
|
|
|
197
|
|
|
|
|
|
|
(28
|
)
|
|
|
|
Net cash used in operating activities
|
|
|
|
|
|
|
|
|
(5,986
|
)
|
|
|
|
|
|
(5,137
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in unconsolidated joint venture
|
|
|
|
|
|
|
|
|
(7
|
)
|
|
|
|
|
|
-
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
|
|
|
|
|
|
(75
|
)
|
|
|
|
|
|
(106
|
)
|
|
|
|
Proceeds from sale of Cascades Apartments - operating real estate,
net
|
|
|
|
|
|
|
|
|
279
|
|
|
|
|
|
|
18,882
|
|
|
|
|
Net cash provided by investing activities
|
|
|
|
|
|
|
|
|
197
|
|
|
|
|
|
|
18,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from notes payable
|
|
|
|
|
|
|
|
|
22,984
|
|
|
|
|
|
|
13,662
|
|
|
|
|
Payments on notes payable
|
|
|
|
|
|
|
|
|
(23,893
|
)
|
|
|
|
|
|
(25,283
|
)
|
|
|
|
Loan financing costs
|
|
|
|
|
|
|
|
|
(188
|
)
|
|
|
|
|
|
(338
|
)
|
|
|
|
Distribution to non-controlling interests
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(2,944
|
)
|
|
|
|
Contribution from non-controlling interests
|
|
|
|
|
|
|
|
|
614
|
|
|
|
|
|
|
67
|
|
|
|
|
Proceeds from Comstock Investor VII, L.C. private placement
|
|
|
|
|
|
|
|
|
7,295
|
|
|
|
|
|
|
-
|
|
|
|
|
Distribution to Comstock Investor VII, L.C. investors
|
|
|
|
|
|
|
|
|
(367
|
)
|
|
|
|
|
|
-
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
-
|
|
|
|
|
Taxes paid related to net share settlement of equity awards
|
|
|
|
|
|
|
|
|
(8
|
)
|
|
|
|
|
|
-
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
|
|
|
|
|
|
6,438
|
|
|
|
|
|
|
(14,836
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
|
|
|
|
649
|
|
|
|
|
|
|
(1,197
|
)
|
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
|
|
|
|
3,539
|
|
|
|
|
|
|
5,639
|
|
|
|
|
Cash and cash equivalents, end of period
|
|
|
|
|
|
|
$
|
|
4,188
|
|
|
|
|
$
|
|
4,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure for non-cash activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest paid, net of interest capitalized
|
|
|
|
|
|
|
$
|
|
184
|
|
|
|
|
$
|
|
1,308
|
|
|
|
|
Reduction in proceeds from sale of Cascades Apartment and increase
in other assets
related to amounts placed in escrow upon settlement of Cascades
Apartments sale
|
|
|
$
|
|
-
|
|
|
|
|
$
|
|
418
|
|
|
|
|
Increase in class A common stock par value in connection with
issuance of stock
compensation and warrants exercise
|
|
|
|
|
|
|
$
|
|
8
|
|
|
|
|
$
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|

Comstock Holding Companies, Inc.
Joe Squeri, 703-230-1229
Chief
Financial Officer
or
Investor Relations:
LHA
Jody
Burfening / Harriet Fried
212-838-3777
hfried@lhai.com
Source: Comstock Holding Companies, Inc.
News Provided by Acquire Media