comstock holding companies (CHCI) Snapshot

Comstock Holding Companies, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenue of $11,557,000 compared to $3,935,000 a year ago. Operating income was $1,039,000 compared to operating loss of $2,369,000 a year ago. Income before income tax benefit was $1,066,000 compared to loss before income tax benefit of $2,340,000 a year ago. Net income from income from continuing operations was $1,066,000 or $0.03 per diluted share compared to net loss from continuing operations of $1,428,000 or $0.07 per basic and diluted share a year ago. Net income attributable to company was $723,000 or $0.03 per diluted share compared to $3,951,000 or $0.19 per basic and diluted share a year ago. Net cash provided by operating activities was $4,079,000 compared to net cash used in operating activities of $1,095,000 a year ago. Purchase of property, plant and equipment was $26,000. For the quarter, the company reported impairments (reversals) of $722,000. The company is increasing its revenue forecast for the year to a range of $64 million to $69 million based on an upward revision of its projected home settlements to 125-140. At this higher revenue level, the company is even more confident that it will restore Comstock to profitability in 2013, which is its primary objective for the year.

Comstock Homebuilding Companies Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net loss $2.0 million or $0.10 per basic and diluted share on total revenue of $2.6 million as compared to a net loss for its fourth quarter ended December 31, 2011 of $2.7 million or $0.14 per basic and diluted share on total revenue of $6.1 million. For the year, the company reported a net loss of $5.7 million or $0.28 per basic and diluted share on total revenue of $14.3 million as compared to a net income of $1.1 million or $0.05 per basic and diluted share on total revenue of $21.9 million for year ended December 31, 2011. Net cash used in operating activities was $16.0 million compared to net cash provided by operating activities of $12.7 million for 2011. Operating loss was $12.0 million against $7.8 million a year ago. Total pre-tax loss was $12.0 million against total pre-tax income of $2.2 million a year ago. Net loss from continuing operations was $9.5 million or $0.47 per basic and diluted share against income of $2.1 million or $0.10 per basic and diluted share a year ago. Purchase of property, plant and equipment was $0.158 million against $0.078 million a year ago.

Comstock Holding Companies, Inc. announced plans for a new residential project in Rockville, Maryland immediately adjacent to the Shady Grove Metro Station, the terminus of DC's Red Line. The development will deliver upscale townhomes as well as luxury apartments. The Townes at Shady Grove Metro will feature 36 luxury townhomes, each with approximately 2,400 square feet over 4-stories, a two-car garage and a rooftop deck. The roof top decks will provide private outdoor space with expansive views eastward over a lush canopy of trees. The BLVD | Shady Grove Metro will feature 117 luxury apartments situated in a secure 4-story building above 2 levels of private parking. The apartments will be approximately 1,000 square feet and will have access to private amenity spaces. Prices will be released in the coming months as Comstock prepares the site for construction. Comstock acquired the subject land on December 27, 2012. Land development is expected to commence this spring. Sales of the homes will begin in mid-2013 with first deliveries expected in late 2013. Leasing of the apartments will commence in 2014. Acquisition, development and construction financing is being provided by Eagle Bank.