News Details

Q1 revenue up 29% to 10.3 million from $8.0 million in Q1 2014

Pipeline of controlled land inventory up 74% to 1,146 lots from 657 lots in Q1 2014

WASHINGTON & RESTON, Va.--(BUSINESS WIRE)-- Comstock Holding Companies, Inc., (NASDAQ:CHCI), announced results for the first quarter ended March 31, 2015:

First Quarter 2015 Financial Results:

• Total revenue of $10.3 million for the three months ended March 31, 2015 compared to $8.0 million for the same period in 2014;
• Unit deliveries of 21, generating homebuilding revenue of $10.0 million for the three months ended March 31, 2015 compared to unit deliveries of 19 generating $7.8 million of homebuilding revenue for the same period in 2014;
• Net loss of $(0.9) million or $(0.04) per diluted share for the three months ended March 31, 2015 compared to $(1.6) million or $(0.08) per diluted share in 2014;
• Backlog at March 31, 2015 of 27 units valued at $14.3 million, compared to 41 units valued at $18.5 million at March 31, 2014;
• Controlled community count and open community count increased to 19 and 10, respectively at March 31, 2015 from 15 and 6, respectively at March 31, 2014; and
• Comstock's pipeline of controlled land inventory expanded to approximately 1,146 lots at March 31, 2015 from 657 lots at March 31, 2014.

Chairman and CEO, Christopher Clemente commented, "The performance metrics announced today are in line with the data provided in our April 1, 2015 pre-announcement. Moreover, Q1-15 results are ahead of our internal expectations for the period as many of the operational enhancements implemented during the past 12 months are beginning to have a positive impact on our Company's performance. Provided no significant market retraction occurs, we believe these enhancements position Comstock for an improved year. For instance, as previously reported, a key objective has been expansion of our homebuilding operations in the Washington, DC market to ensure we achieve the scale necessary to rationalize operating costs as soon as possible. Toward that end, we established a new land acquisition and development department during the second half of 2014, whose efforts are already having a positive impact on near-term and long-term visibility to revenue and earnings potential. Their impact is demonstrated by the increase of our pipeline of controlled land inventory which, as of March 31, 2015, is almost double what it was one year ago."

COMSTOCK COMMUNITIES NOW OPEN

• City Homes at the Hampshires (Washington DC) -- single-family homes priced from the mid $700s
• Townes at the Hampshires (Washington DC) -- townhomes priced from the low $500s
• Townes at Falls Grove (Manassas, VA, Prince William County) -- townhome style condominiums priced from the high $200s
• Townes at Shady Grove (Rockville, MD, Montgomery County) -- townhomes, adjacent to the Metro, priced from the low $600s
• Townes at Maxwell Square (Frederick, MD, Frederick County) -- townhomes in historic downtown Frederick priced from the high $300s
• Townes at Hallcrest (Sterling, VA, Loudoun County) -- townhomes priced from the mid $400s
• Estates at Falls Grove (Manassas, VA, Prince William County) -- single-family homes priced from the mid $400s
• Estates at Leeland, (Fredericksburg, VA, Stafford County) -- single-family homes priced from the mid $300s
• The Villas at Two Rivers (Odenton, MD, Anne Arundel County) - villas priced from the mid $400s

COMSTOCK COMMUNITIES COMING SOON

• The Estates at Popkins Lane (Alexandria, VA) -- single-family homes priced from the mid $800s with construction and sales activity beginning in the fall of 2016
• The Estates at Stone Ridge (Loudoun County, VA) -- single-family homes priced from the low $600s with construction and sales activity beginning in the fall of 2015

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 nearly 6,000 homes, together with our substantial experience in building a diverse range of products including apartments, single-family homes, townhomes, 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 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: completion of Comstock's financial accounting and review procedures; 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; adverse weather conditions or 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, 2014. 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.

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

Source: Comstock Holding Companies, Inc.

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