• Comstock Holding Companies Reports Third Quarter 2021 Results

    ソース: Nasdaq GlobeNewswire / 15 11 2021 16:36:35   America/New_York

    WASHINGTON, D.C. and RESTON, Va., Nov. 15, 2021 (GLOBE NEWSWIRE) -- On November 15, 2021, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”), announced financial results for the three and nine months ended September 30, 2021:

    Highlights of Third Quarter 2021, as compared to Third Quarter 2020:

    • Total revenue from continuing operations increased by 73% to $10.2 million during the third quarter 2021, as compared to $5.9 million during the same period of the prior year.
    • Operating income from continuing operations increased by 525% to $3.1 million during the third quarter 2021, as compared to $0.5 million during the same period of the prior year.
    • Net income increased by 590% to $2.9 million during the third quarter 2021, as compared to $0.4 million during the same period of the prior year.

    Highlights of nine months ended September 30, 2021, as compared to nine months ended September 30, 2020:

    • Total revenue from continuing operations increased by 47% to $23.3 million during the nine months ended September 30, 2021, as compared to $15.8 million during the same period of the prior year.
    • Operating income from continuing operations increased by 116% to $4.1 million during the nine months ended September 30, 2021, as compared to $1.9 million during the same period of the prior year.
    • Net income increased by 803% to $14.4 million during the nine months ended September 30, 2021, as compared to $1.6 million during the same period of the prior year.

    “Comstock’s results this quarter further demonstrate the benefits of our asset-light, revenue generating strategy that is designed to provide above average return on invested capital with minimal exposure to market risks,” said Christopher Clemente, Chairman and CEO of Comstock Holding Companies, Inc. “I am confident that our experienced management team, our vertically integrated operating platform, and our market leading portfolio of strategically located transit-oriented assets in one of America’s best real estate markets positions Comstock well to continue delivering positive results. I look forward to reporting on our continued progress in coming periods.”

    About Comstock Holding Companies, Inc.

    Comstock Holding Companies, Inc. (“Comstock”) is a real estate investor, developer, operator, asset manager and real estate services company that, since 1985 has developed, constructed, acquired and managed several thousand residential units and millions of square feet of residential and mixed-use properties throughout the Washington, D.C. region and other markets in the southeastern United States. 

    Comstock is at the forefront of the urban transformation of Washington, DC’s Dulles Corridor, where its managed portfolio includes two of the largest transit-oriented, mixed-use developments in the Washington, D.C. area, Reston Station and Loudoun Station. Comprised of more than 3 million square feet of stabilized residential, retail and office properties and an additional approximately 4 million square feet of current and planned development, Comstock is a market leader in one of the best real estate markets in the nation.  

    In addition to its highly sought-after transit-oriented and mixed-use developments, Comstock acquires stabilized properties in partnership with institutional and high net worth real estate investors. Such ventures generally rely on Comstock’s vertically integrated real estate services and asset management platform pursuant to long-term asset management contracts that provide the company co-investment opportunities, current period income and performance-based incentives. 

    Comstock Holding Companies, Inc. is publicly traded on NASDAQ under symbol CHCI. For more information, visit www.ComstockCompanies.com. 

    Cautionary Statement Regarding Forward-Looking Statements

    This release may include "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 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. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements. Additional information concerning important risk factors and uncertainties can be found under the heading "Risk Factors" in our latest Annual Report on 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.

    Company:
    Comstock Holding Companies, Inc.
    Christopher Guthrie, 703-230-1292
    Chief Financial Officer

    Source: Comstock Holding Companies, Inc.

    COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except share and per share data)

     September 30,
    2021    		 December 31,
    2020
    ASSETS   
    Current assets:   
    Cash and restricted cash$9,054  $7,032 
    Trade receivables14  62 
    Trade receivables - related parties4,604  3,568 
    Prepaid and other assets342  215 
    Deposit for acquisition3,526  — 
    Current assets held for sale3,374  1,477 
    Total current assets20,914  12,354 
        
    Deferred income taxes, net11,310  — 
    Equity method investments at fair value3,168  6,307 
    Fixed assets, net196  170 
    Operating lease right-of-use assets7,415  7,914 
    Long term assets held for sale—  1,834 
    TOTAL ASSETS$43,003  $28,579 
        
    LIABILITIES AND STOCKHOLDERS’ EQUITY   
    Current liabilities:   
    Accrued personnel costs$2,320  $2,333 
    Accounts payable and accrued liabilities533  854 
    Short term operating lease liabilities604  569 
    Short term notes payable12  5 
    Current liabilities held for sale1,260  742 
    Total current liabilities4,729  4,503 
        
    Long term notes payable - due to affiliates5,500  5,500 
    Long term operating lease liabilities, net of current portion6,905  7,361 
    TOTAL LIABILITIES$17,134  $17,364 
        
    Commitments and contingencies (Note 9)   
        
    STOCKHOLDERS’ EQUITY   
    Series C preferred stock $0.01 par value, 20,000,000 shares authorized, 3,440,690 issued and outstanding and liquidation preference of $17,203 at September 30, 2021 and December 31, 2020$6,765  $6,765 
    Class A common stock, $0.01 par value, 59,779,750 shares authorized, 8,100,693 and 7,953,729 issued, and 8,015,123 and 7,868,159 outstanding at September 30, 2021 and December 31, 2020, respectively81  79 
    Class B common stock, $0.01 par value, 220,250 shares authorized, issued and outstanding at September 30, 2021 and December 31, 20202  2 
    Additional paid-in capital200,427  200,147 
    Treasury stock, at cost (85,570 shares Class A common stock)(2,662) (2,662)
    Accumulated deficit(178,744) (193,116)
    TOTAL STOCKHOLDERS' EQUITY$25,869  $11,215 
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$43,003  $28,579 


    COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amounts in thousands, except per share data)

     Three Months Ended September 30, Nine Months Ended September 30,
     2021 2020 2021 2020
            
    Revenues$10,164  $5,891  $23,328  $15,829 
            
    Operating expenses       
    Direct costs6,695  5,066  18,275  12,915 
    General and administrative329  323  960  1,029 
    Sales and marketing3  —  21  1 
    Operating income3,137  502  4,072  1,884 
    Interest expense(60) (60) (176) (286)
    Other income, net61  5  79  30 
    Income from continuing operations before income tax3,138  447  3,975  1,628 
    Income tax benefit (expense)(25) (1) 11,289  (15)
    Loss on equity method investments carried at fair value(56) (46) (168) (134)
    Income from continuing operations3,057  400  15,096  1,479 
    Income (loss) from discontinued operations, net of taxes(137) 23  (724) 112 
    Net income$2,920  $423  $14,372  $1,591 
            
    Income (loss) per share       
    Basic:       
    Continuing operations$0.37  $0.05  $1.84  $0.18 
    Discontinued operations$(0.02) $—  $(0.09) $0.01 
            
    Income (loss) per share       
    Diluted:       
    Continuing operations$0.34  $0.05  $1.67  $0.18 
    Discontinued operations$(0.02) $—  $(0.08) $0.01 
            
    Basic weighted average shares outstanding8,234  8,078  8,205  8,046 
    Diluted weighted average shares outstanding9,072  8,579  9,030  8,415 
            

     


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