New orders during the first 3 months of 2005 totaled 246 units
representing an 86.4% increase over the first three months of 2004. New order
revenue for the three months ended March 31, 2005 was $103.3 million
representing a 119.2% increase in new order revenue as compared to the first
three months of 2004. Backlog revenue at March 31, 2005 was $248.2 million
which represented a 291.0% increase as compared to $63.5 million of backlog
revenue at March 31, 2004 and a 42.2% increase as compared to $174.6 million
of backlog revenue at December 31, 2004. Settlements during the three months
ended March 31, 2005 totaled 78 representing a 69.6% increase in settlements
as compared to the first three months of 2004.
The average new order price for the three months ended March 31, 2005 was
approximately $420,000 as compared to approximately $357,000 for the first
three months of 2004.
Three months ended March 31,
2005 2004 % Change
(numbers in 000s except units)
New Orders 246 132 86.4%
New Order Revenue 103,251 47,097 119.2%
Backlog 248,248 63,487 291.0%
Settlements 78 46 69.6%
"This is the best first quarter we have ever had and I believe that these
results and our recent land acquisitions position us well for an excellent
year," said Christopher Clemente, Founder and CEO. "We continue to experience
the benefits of our focus on the greater Washington, DC metropolitan area,
which was the nation's fastest growing job markets in terms of total new jobs
over the past five years. Our increases in both new orders and new order
revenue and the growth of our backlog during first quarter of 2005 are
indications of the strength of our core market. The opportunities in the
Washington, DC region are tremendous. Our recent initial public offering and
our diversified approach to homebuilding have positioned Comstock to take
advantage of some of the best opportunities in the market."
About Comstock Homebuilding Companies, Inc. Comstock is a production
homebuilder that develops, builds, and markets single-family homes,
townhouses, and condominiums. The Company currently operates in the
Washington, D.C. and Raleigh, North Carolina markets where it targets a
diverse range of buyers, including first-time, early move-up, secondary move-
up, empty nester move-down and active adult home buyers. For more information
on Comstock, please visit http://www.comstockhomebuilding.com.
The company will report operating results for the three months ended March
31, 2005 later this quarter.
This press release includes "forward-looking statements" within the
meaning of the federal securities laws, which involve uncertainties and risks.
These include statements regarding events or developments that the Company
expects or anticipates will occur in the future, such as statements about the
Company's strategies to improve operating performance. Please refer to the
Company's prospectus and its other filings with the Securities and Exchange
Commission for a complete discussion of these and other important factors that
could cause results to differ materially from those projected by these
forward-looking statements.
SOURCE Comstock Homebuilding Companies, Inc.
CONTACT: Al Black of Qorvis Communications, +1-703-744-7833, or
ablack@qorvis.com, for Comstock Homebuilding Companies, Inc.