Summary of Sales and Settlement Results
Three months ended March 31, 2007
-----------------------------------------------
CHCI Totals Washington Atlanta Raleigh
----------- ----------- ----------- -----------
Traffic 1,860 704 515 373
Gross sales (1) 145 79 34 32
Cancellations (1) 74 58 9 7
Net new orders 71 21 25 25
Gross new order revenue 43,844,872 25,137,043 10,751,446 7,956,383
Cancellation revenue 27,772,668 23,076,414 2,569,624 2,126,630
Net new order revenue 16,072,204 2,060,629 8,181,822 5,829,753
Settlements 131 95 14 22
Settlement revenue (2) 43,024,815 33,740,461 4,245,810 5,038,544
Backlog units 285 211 25 49
Backlog revenue 117,052,186 92,957,994 8,656,012 15,438,180
The Company provided the following additional information related to
its Eclipse project at Potomac Yard in Arlington, Virginia:
Three months ended 03/31/07
----------------------------
CHCI net of
Eclipse Eclipse
Project (Traditional
(High-Rise) Homes)
Gross sales (1) 21 124
Cancellations (1) 36 38
Net new orders (15) 86
Gross new order revenue 8,931,654 34,913,218
Cancellation revenue 16,321,548 11,451,120
Net new order revenue (7,389,894) 23,462,098
Settlements 58 73
Settlement revenue (2) 23,800,193 19,224,622
Backlog units 185 100
Backlog revenue 85,361,028 31,691,158
(1) includes 8 cancellations and corresponding new orders with existing
customers changing unit selections.
(2) unaudited results
With respect to cancellations that occurred during the three months
ended March 31, 2007, the Company reported the following breakdown of
the aging of its cancellations:
Avg. Contract
Aging at
Cancellation Cancellation
1Q 2007 Cancellations Units Revenue (days)
------------ ------------ ---------------
Cancellations - Raleigh 7 $ 2,126,630 178.29
Cancellations - Atlanta 9 $ 2,569,624 61.22
Cancellations - Other DC Metro (3) 22 $ 6,754,866 138.41
Cancellations - Eclipse 36 $ 16,321,548 772.14
------------ ------------ ---------------
Total / Weighted Average 74 $ 27,772,668 441.09
============ ============ ===============
(3) includes 12 cancellations initiated by the company for approximately
$3.8 million of cancellation revenue from Barrington Park Condominiums
where the Company decided to temporarily manage the project as a
rental community.
"While market conditions remain difficult, we continue to be focused
on enhancing our balance sheet," said Christopher Clemente, Chairman
and CEO. "We believe steps we are taking now to protect liquidity,
reduce costs, and lower our exposure to land and unit inventories
will position Comstock to benefit from improving conditions in the
future."
The Company announced that it plans to hold a conference call for
investors on Friday, May 11th, 2007 at 1:00 pm EDT to review its 1Q
2007 results. This investor call will be available via live webcast
on the Comstock Homebuilding Companies' website at
http://www.comstockhomebuilding.com in the "Investor Relations"
section. To participate by telephone, the dial-in number is
888-603-6873 and the access code is 8696237. Investors are advised to
join at least five minutes prior to the call to register.
About Comstock Homebuilding Companies, Inc.
Established in 1985, Comstock Homebuilding Companies is a diversified
real estate development firm with a focus on moderately priced
for-sale residential products. Comstock builds and markets
single-family homes, townhouses, mid-rise condominiums, high-rise
condominiums, mixed-use urban communities and active adult
communities. The company currently markets its products under the
Comstock Homes brand in the Washington, D.C.; Raleigh, North
Carolina; and Atlanta, Georgia metropolitan areas. Comstock develops
mixed-use, urban communities and active-adult communities under the
Comstock Communities brand. Comstock Homebuilding Companies Inc.
trades on Nasdaq under the symbol CHCI. For more information on the
Company or its projects please visit
http://www.comstockhomebuilding.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are predictive in
nature, that depend upon or refer to future events or conditions, or
that include words such as "may," "will," "expects," "projects,"
"anticipates," "estimates," "believes," "intends," "plans," "should,"
"seeks," and similar expressions, including statements related to
Comstock's expected future financial results and anticipated growth
in the Washington, D.C. housing market, are forward-looking
statements. Forward-looking statements involve known and unknown
risks and uncertainties that may cause actual future results to
differ materially from those projected or contemplated in the
forward-looking statements. These risks and uncertainties include,
but are not limited to, economic, market and competitive conditions
affecting Comstock and its operations and products, risks and
uncertainties relating to the market for real estate generally and in
the areas where Comstock has projects, the availability and price of
land suitable for development, materials prices, labor costs,
interest rates, Comstock's ability to service its significant debt
obligations, fluctuations in operating results, anticipated growth
strategies, continuing relationships with affiliates, environmental
factors, government regulations, the impact of adverse weather
conditions or natural disasters and acts of war or terrorism.
Additional information concerning these and other important risks and
uncertainties can be found under the heading "Risk Factors" in the
prospectus from Comstock's initial public offering, as filed with the
Securities and Exchange Commission on December 15, 2004. Comstock
specifically disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise.
Media Contact:
Bryan Murray
703.230.1217
SOURCE: Comstock Homebuilding Companies, Inc.