"These results are leading indicators that suggest to us we are solidly on
track to achieve our new order revenue goals for the full year 2005," said
Chairman and CEO Christopher Clemente. "We believe that our inventory and
business model are well aligned with the demand trends in our core market."
The Company indicated that the quarter reflected growth in each category
reported as follows:
For the three months ended June 30,
(numbers in 000s except units) 2004 2005 % Change
New Orders 71 144 102.8%
New Order Revenue 26,063 51,585 97.9%
Settlements 88 123 39.8%
Backlog 60,433 268,624 344.5%
For the six months ended June 30,
(numbers in 000s except units) 2004 2005 % Change
New Orders 203 400 97.0%
New Order Revenue 73,160 159,841 118.5%
Settlements 134 201 50.0%
Backlog 60,433 268,624 344.5%
Average new order price 360.4 399.6 10.9%
In addition, the Company reported the following project-specific
information:
-- In April 2005 the Company opened for sales at its Penderbrook
condominium conversion project in Fairfax, Virginia. During the
first 30 days the Company sold exclusively to existing tenants.
After that the Company opened for sales to the general public.
During the second quarter the Company reported 86 new orders valued
at approximately $21.5 million. As of June 30, 2005 the Company had
settled 74 units;
-- 100% of released units have been sold at the Company's Eclipse at
Potomac Yard project. At June 30, 2005, backlog at the Company's
Eclipse on Potomac Yard project was approximately $146.2 million.
Remaining units are scheduled to be released later this year.
Deliveries are currently scheduled to begin in the second half of
2006;
-- Renovations at the Company's Villas at Countryside condominiums are
on schedule and sales will open in July to the existing tenants and
in August to the general public. Deliveries are expected to begin in
September of 2005.
"Our success with both the opening of Penderbrook and the closing of our
follow-on offering made this a very exciting quarter at Comstock," continued
Christopher Clemente. "We believe that the overwhelming success of our follow-
on offering supports our business model of demographic diversification through
an extensive product mix including both high-rise and mid-rise condominiums as
well as in-fill redevelopment projects and condominium conversions. Our
average new order price for the first half of the year was $399,600 which is
consistent with our goal of providing affordable upscale product to the first
time and early move-up buyers in our markets. I believe that these
preliminary results for the first half of the year establish a significant
foundation for the growth we are projecting for 2005 and beyond."
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 full operating results for the six months ended
June 30, 2005 after close of market on August 1, 2005.
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: Media Contact: Carrie Blewitt of Qorvis Communications,
+1-202-448-3129, cblewitt@qorvis.com, for Comstock Homebuilding Companies; or
Company Contact: Bruce Labovitz, Chief Financial Officer, Comstock
Homebuilding Companies, +1-703-883-1700 ext. 131,
bruce.labovitz@comstockcompanies.com