PRZOOM - /newswire/ -
Winston-Salem, NC, United States, 2013/05/15 - SmallCapReview.com, a leading site for news and information on small caps, penny stocks and microcaps is adding Comstock Holdings (CHCI) to its list of stocks "On the Radar".
Comstock Holdings (CHCI) operates as a real estate development and services company. The company operates through three segments: Homebuilding, Apartment Buildings, and Real Estate Services. The company builds apartments, single-family homes, townhouses, mid-rise condominiums, high-rise multi-family condominiums, and mixed-use residential and commercial developments. It also provides real estate management services, including strategic planning, land development, entitlement, property management, sales and marketing, workout and turnaround strategies, financing, and general construction services; and construction management, general contracting, and other real estate related services to other property owners.
Comstock has developed more than 5,500 homes, positioning them as a leading residential developer and homebuilder in the Washington, D.C. metropolitan area.
CHCI Investor Highlights
Earnings - Total revenue for the first quarter of 2013 totaled $11.6 million ($11.4 million from 21 home settlements) compared to $3.9 million for the 2012 first quarter.
Reported net income from continuing operations of $1.1 million for the first quarter 2013 compared to a net loss from continuing operations of $(1.4) million for the same period in 2012.
Comeback - "For the first time in a number of years there is clear and convincing evidence that the housing market has rebounded and will continue to improve," said Christopher Clemente, Comstock's Chairman and CEO. "The inventory of existing homes on the market has dropped to levels not seen in decades, while the number of days on market has dropped to pre-recession levels."
Growth - "Based on the increased demand for new homes in the D.C. market, and our scheduled openings of additional communities, we anticipate 2013 homebuilding revenue and home settlements to be exponentially higher than in 2012," continued Clemente. "As a result, we are projecting a return to profitability for 2013. Furthermore, we believe the rebounding housing market in the D.C. area will provide an opportunity for additional growth beyond this year. Accordingly, we anticipate generating additional growth in home settlements and revenue with the goal of reaching 250-300 settlements and $125M - $150M of revenue by 2015."
Gross new order revenue for the year ended December 31, 2012 increased $4.4 million to $18.9 million on 57 homes as compared to $14.5 million on 50 homes for the year ended December 31, 2011.
Condos Selling - During 2012, the Company continued to monetize existing inventory at the Penderbrook Square condominium project, where it settled 37 units reducing remaining inventory to 2 units (out of a total of 424 units) at year-end and at the Eclipse condominium project where it settled 8 units reducing remaining inventory to 19 (out of a total of 465 units).
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