12 months 12 months
ended ended
December December
($ amounts in 000s) 31, 2006 31, 2005 % change
----------- ----------- ----------
Net new orders 817 631 29.5%
Net new order revenue $ 198,700.0 $ 230,300.0 -13.7%
Average new order revenue $ 243.2 $ 365.0 -33.4%
Settlements 940 603 55.9%
Revenue (unaudited) $ 242,700.0 $ 216,300.0 12.2%
Backlog units 362 475 -23.8%
Backlog revenue $ 143,100.0 $ 190,400.0 -24.8%
The Company also reported results from its Eclipse at Potomac Yard
high rise condominium project as follows for the twelve months ended
December 31, 2006 and for the project from inception:
($ amounts in 000s) Project to Date
---------------
Gross new orders 436
Cancellations 44
Net new orders 392
Gross order revenue $ 178,900.0
Cancellation revenue $ 16,500.0
Net new order revenue $ 162,400.0
Settlements 134
Revenue from settlements $ 45,900.0
Backlog units 258
Backlog revenue $ 116,500.0
"Thanks to the tremendous effort of many we were able to begin
delivering units at the Eclipse during the fourth quarter," said
Christopher Clemente, Chairman and Chief Executive. "We believe that
the low number of cancellations experienced at the Eclipse is the
result of sophisticated consumers recognizing the inherent value of
owning a home in such a unique development. We exceeded the goal I
set in our last conference call of delivering at least 100 units by
year end and believe the development is on track to meet our
objectives for 2007."
About Comstock Homebuilding Companies, Inc.
Comstock is a production homebuilder that develops, builds, and
markets single-family homes, townhouses, mid-rise condominiums,
high-rise condominiums, mixed-use developments and condominium
conversions. The Company currently markets its products under the
Comstock brand in the Washington, D.C., Raleigh, North Carolina,
Atlanta, Georgia and parts of the Carolinas. The company targets a
diverse range of buyers of moderately priced homes. For more
information on Comstock, please visit
http://www.comstockhomebuilding.com.
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.
CONTACT:
Bryan L. Murray
+1-703-230-1450
SOURCE: Comstock Homebuilding Companies, Inc.