Improved Market Conditions and Robust Sales Contribute to Positive
Results and Prospects for Continued Growth
WASHINGTON & RESTON, Va.--(BUSINESS WIRE)--
Comstock Holding Companies, Inc., (NASDAQ:CHCI), announced preliminary
highlights for its homebuilding operation, including that new orders,
unit deliveries, revenue, and backlog increased substantially during
2013.
Preliminary performance highlights for 2013 include:
-
Homebuilding revenue increased 364% to approximately $53.8 million
from $11.6 million in 2012;
-
New orders increased 147% to 126 units, compared to 51 units in 2012;
-
Unit deliveries increased 138% to 107, compared to 45 unit deliveries
in 2012;
-
Backlog at year-end 2013 of 28 units valued at $12.3 million, compared
to nine units valued at $5.4 million at year-end 2012;
-
Community count increased to ten at year-end 2013 from five at
year-end 2012;
-
Comstock's pipeline of controlled land inventory expanded to
approximately 637 lots at year-end 2013 from 354 lots at year-end 2012.
"Improving market conditions in the Washington, DC region and a
relatively stable and healthy employment picture helped us put Comstock
back on a growth path in 2013," said Chairman and CEO Christopher
Clemente. "We're especially proud of the nearly fourfold increase in
homebuilding revenue that we generated. We believe the limited supply of
housing, affordability provided by attractive mortgage rates and
improving consumer confidence should contribute to Comstock's prospects
for additional growth and enhanced results in 2014. We look forward to
reporting our final financial results for the fourth quarter and full
year 2013 in March 2014."
Comstock continues to expand homebuilding operations in its core market
of Washington, DC, focusing on highly desirable locations throughout the
metropolitan region (Virginia, Maryland, and Washington, DC) where it is
able to deliver a wide variety of reasonably priced housing products.
COMSTOCK COMMUNITIES NOW OPEN
-
City Homes at the Hampshires (Washington DC) -- single-family homes
priced from $699,900
-
Townes at the Hampshires (Washington DC) -- townhomes priced from
$479,900
-
Villas at East Gate (Chantilly, VA, Fairfax County) -- townhome-style
flats priced from the high $300s
-
Townes at Falls Grove (Manassas, VA, Prince William County) --
townhome style condominiums priced from $279,900
-
Townes at Shady Grove (Rockville, MD, Montgomery County) -- townhomes,
adjacent to the Metro, priced from the high $500s
-
Townes at Maxwell Square (Frederick, MD, Frederick County) --
townhomes in historic downtown Frederick priced from the mid $300s
COMSTOCK COMMUNITIES COMING SOON
-
Momentum at Shady Grove (Rockville, MD, Montgomery County) -- mid-rise
condominiums, adjacent to the Metro, priced from the mid $200s
-
Townes at Hallcrest (Sterling, VA, Loudoun County) -- townhomes priced
from the $400s
-
Executive Homes at Falls Grove (Manassas, VA, Prince William County)
-- single-family homes priced from the high $400s
-
Executive Homes at Leland Estates, (Fredericksburg, VA, Stafford
County) -- single-family homes priced from the upper $300s.
The financial results referenced herein are subject to completion of
Comstock's financial and accounting closing and review procedures.
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 contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. The forward-looking statements include,
but are not limited to, any statement regarding any of Comstock's
preliminary fourth-quarter and full-year 2013 financial results or
performance as well as anticipated performance in 2014. 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 including the
finalization of financial and operating results for the fourth quarter
of 2013 and the audit of full-year 2013 results by our independent
registered public accounting firm, incurring substantial indebtedness
with respect to projects, the diversion of management's attention and
other negative consequences. Additional information concerning these and
other important risks and uncertainties can be found under the heading
"Risk Factors" in the Company's most recent Form 10-K, as filed with the
Securities and Exchange Commission. Comstock specifically disclaims any
obligation to update or revise any forward-looking statements, whether
as a result of new information, future developments or otherwise.
Comstock Holding Companies, Inc.
Joe Squeri, 703-230-1229
Chief
Financial Officer
jsqueri@comstockholding.com
or
Investor
Relations
LHA
Harriet Fried/Jody Burfening
212-838-3777
hfried@lhai.com
Source: Comstock Holding Companies, Inc.
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