-
2Q homebuilding revenue of $12.0 million compared to $3.8 million
in Q2 last year
-
2Q net income from continuing operations of $0.1 million compared
to net loss of $(1.9) million last year
-
Net new home orders increased to 77 for the first six months of
2013 compared to 34 in the prior year
-
Backlog of $18.8 million at quarter-end, up from $1.5 million one
year earlier
RESTON, Va.--(BUSINESS WIRE)--
Comstock Holding Companies, Inc. (NASDAQ: CHCI) ("Comstock" or the
"Company"), a homebuilding and multi-faceted real estate development and
services company in the Washington, D.C. metropolitan area, today
announced results for the second quarter of 2013, ended June 30.
Business Update
"For the second consecutive quarter, our homebuilding revenue for just
three months approximated the homebuilding revenue we generated for the
full year 2012," remarked Chairman and CEO Christopher Clemente. "These
results reflect the rebounding demand for new homes in the Washington,
D.C. area and the positive response to the new communities and products
Comstock is bringing to market.
"Sales at our open communities continue to reflect increased demand for
new homes and the reduced inventory of existing homes for sale. Our
robust sales in the first half of 2013 enabled us to generate total
first-half revenue of $23.8 million, significantly outpacing last year's
results, while generating current backlog as of August 13th of $23.2
million on 52 pre-sold units.
"However, delays in permitting for our newer projects and the
well-publicized shortage of skilled labor have resulted in what we
believe are temporary production cycle delays. We are now projecting
settlements of 125-130 units with a significant number of these
settlements to occur in the fourth quarter of 2013. As a result, we
expect to report revenue from our homebuilding operations to approximate
$64 million and break-even or marginal profitability for 2013."
Clemente added, "Returning Comstock to profitability for 2013 while
positioning for additional growth and profitability in 2014 remains a
top priority. We are confident in the steps we have taken to position
Comstock for further growth in 2014 and look forward to opening
additional communities that will build on the progress we have made this
year. Recently, we started site development at two new communities: The
Townes at Shady Grove Metro (36 townhouses located in Rockville, MD) and
Falls Grove (19 single family homes and 110 townhomes located in
Manassas, VA). We are also preparing to commence work on additional
projects in Loudoun County, VA and Frederick, MD, with the goal of
having seven active communities by early 2014.
"We anticipate that our production cycle will normalize by early 2014,
as critical subcontractor trades increase their workforce to meet the
resurgent demand in the Washington, D.C. market. The demonstrated demand
for our products, tightening inventory and improved market pricing
trends bode well for a 2014."
Second-Quarter 2013 Financial Results
Net new orders of homes increased to 44 for the three months ended June
30, 2013 from 14 in the prior year. For the six months ended June 30,
2013, net new orders increased to 77 from 34 in the prior year. The
improved order trends resulted in increased backlog of 43 units
(representing $18.8 million in revenue) for the six months ended June
30, 2013 compared to eight (representing $1.5 million in revenue) in the
prior year. Average backlog price increased to $438,000 from $187,000 in
the prior year.
Total revenue for the second quarter of 2013 totaled $12.2 million
($12.0 million from 22 home settlements) compared to $4.2 million ($3.8
million from 12 home settlements) for the 2012 second quarter. The
Company reported net income from continuing operations of $0.1 million
for the second quarter of 2013 compared to a net loss from continuing
operations of $(1.9) million for the same period in 2012. In the second
quarter of 2013, net loss attributable to Comstock Holding Companies
totaled $(0.8) million, or $(0.04) per diluted share, compared to $(3.1)
million, or $(0.15) per diluted share, in the prior-year period. The
2012 period included a loss of $(1.2) million within net (loss) income
from discontinued operations resulting from the tax impact of the $19.35
million sale of Cascades Apartments, the Company's first investment
grade multi-family property. The Company's first-quarter 2013 results
reflected the reversal of an impairment charge of $0.7 million
reflecting increased sales activity at its Eclipse project, which was
fully settled and exited by the Company in the second quarter of 2013.
Pipeline Update (see Exhibit 1 and Exhibit 2)
|
|
|
|
|
|
|
• Hampshires
|
|
|
|
73 townhome lots and 38 single-family lots in the Lamond Riggs
neighborhood in northeast Washington, D.C. Construction on the
single-family units began in August 2012, with the first closings
occurring in March 2013. Construction on the townhomes began in
April 2013 and the sales center opened in July 2013. There are eight
single family units currently in backlog, with average revenue of
$730,000. There are seven townhome units currently in backlog, with
average revenue of $550,000.
|
|
|
|
|
|
|
|
• Shady Grove
|
|
|
|
36 townhome lots and 117 multi-family lots across the street from
the Shady Grove Metro station in Rockville, MD (Montgomery County).
Closing on the property took place in March 2013 and site
development began on schedule in June.
|
|
|
|
|
|
|
|
• Falls Grove
|
|
|
|
110 townhome lots and 19 single family lots off Route 28 in
Manassas, VA (Prince William County). The Company purchased the
first seven single-family lots in 2011, closing on the remaining
lots in May 2013. Site development began on schedule in June 2013
and the community's sales center opened in July. There are nine
units currently in backlog with average revenue of $285,000.
|
|
|
|
|
|
|
|
• Eastgate
|
|
|
|
66 finished "six-plex" lots in Chantilly, VA (Loudoun County).
Construction on the units began in December 2012, with the first
closings occurring in March 2013. There are 28 units currently in
backlog, with average revenue of $390,000.
|
|
|
|
|
|
|
About Comstock Holding Companies, Inc.
Comstock is a homebuilding and multi-faceted real estate development and
services company that builds a wide range of housing products under its
Comstock Homes brand through its wholly owned subsidiary, Comstock Homes
of Washington, LC. Our track record of developing numerous successful
new home communities and more than 5,500 homes, together with our
substantial experience in building a diverse range of products including
apartments, single-family homes, townhouses, mid-rise condominiums,
high-rise condominiums and mixed-use (residential and commercial)
developments has positioned Comstock as a leading residential developer
and homebuilder in the Washington, D.C. metropolitan area. Comstock
Holding Companies, Inc. is a publicly traded company, trading on NASDAQ
under the symbol CHCI. For more information about Comstock or its new
home communities, please visit www.comstockhomes.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes "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 the 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. You should not place undue reliance on
any forward-looking statement, which speaks only as of the date made.
Some factors which may affect the accuracy of the forward-looking
statements apply generally to the real estate industry, while other
factors apply directly to us. Any number of important factors which
could cause actual results to differ materially from those in the
forward-looking statements include, without limitation: general economic
and market conditions, including interest rate levels; our ability to
service our debt; inherent risks in investment in real estate; our
ability to compete in the markets in which we operate; economic risks in
the markets in which we operate, including actions related to government
spending; delays in governmental approvals and/or land development
activity at our projects; regulatory actions; fluctuations in operating
results; our anticipated growth strategies; shortages and increased
costs of labor or building materials; the availability and cost of land
in desirable areas; natural disasters; our ability to raise debt and
equity capital and grow our operations on a profitable basis; and our
continuing relationships with affiliates. Additional information
concerning these and other important risk and uncertainties can be found
under the heading "Risk Factors" in our Annual Report on Form 10-K, as
filed with the Securities and Exchange Commission, for the fiscal year
ended December 31, 2012. Our actual results could differ materially from
these projected or suggested by the forward-looking statements. Comstock
claims the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995 for
all forward-looking statements contained herein. Comstock specifically
disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future developments
or otherwise.
Exhibit 1
Settled Revenue by Community
|
|
|
Three Months Ended June 30, 2013
|
|
|
|
|
|
|
|
Community
|
|
|
Settled
|
|
|
Settled
Revenue
|
|
Eastgate Villas |
|
|
6
|
|
|
$2,268,835 |
|
The Hampshires - Singles
|
|
|
4
|
|
|
3,039,877
|
|
The Hampshires - Towns
|
|
|
1
|
|
|
503,940
|
|
Penderbrook Square (Sold Out Q1)
|
|
|
-
|
|
|
-
|
|
The Eclipse
|
|
|
11
|
|
|
6,174,500
|
|
Total
|
|
|
22
|
|
|
$11,987,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2013
|
|
|
|
|
|
|
|
Community
|
|
|
Settled
|
|
|
Settled
Revenue
|
|
Eastgate Villas |
|
|
11
|
|
|
$4,100,175 |
|
The Hampshires - Singles
|
|
|
10
|
|
|
7,509,527
|
|
The Hampshires - Towns
|
|
|
1
|
|
|
503,940
|
|
Penderbrook Square (Sold Out Q1)
|
|
|
2
|
|
|
365,000
|
|
The Eclipse
|
|
|
19
|
|
|
10,904,200
|
|
Total
|
|
|
43
|
|
|
$23,382,842 |
|
|
|
|
|
|
|
|
|
|
|
COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(Amounts in thousands, except per share
data)
|
|
|
|
|
|
|
|
June 30, 2013
|
|
|
December 31, 2012
|
|
ASSETS
|
|
|
|
(unaudited)
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
11,411
|
|
|
|
$
|
3,539
|
|
|
Restricted cash
|
|
|
|
|
3,575
|
|
|
|
|
3,203
|
|
|
Trade receivables
|
|
|
|
|
1,675
|
|
|
|
|
1,611
|
|
|
Real estate held for development and sale
|
|
|
|
|
28,427
|
|
|
|
|
27,781
|
|
|
Property, plant and equipment, net
|
|
|
|
|
266
|
|
|
|
|
222
|
|
|
Other assets
|
|
|
|
|
2,329
|
|
|
|
|
2,343
|
|
|
TOTAL ASSETS
|
|
|
|
$
|
47,683
|
|
|
|
$
|
38,699
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
$
|
7,314
|
|
|
|
$
|
4,691
|
|
|
Notes payable - secured by real estate held for development and sale
|
|
|
|
|
16,784
|
|
|
|
|
19,492
|
|
|
Notes payable - due to affiliates, unsecured
|
|
|
|
|
4,956
|
|
|
|
|
5,041
|
|
|
Notes payable - unsecured
|
|
|
|
|
2,838
|
|
|
|
|
3,096
|
|
|
Income taxes payable
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
TOTAL LIABILITIES
|
|
|
|
|
31,892
|
|
|
|
|
32,320
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 10)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Class A common stock, $0.01 par value, 77,266,500 shares authorized,
18,395,978
|
|
|
|
|
|
|
|
|
and 17,969,345 issued and outstanding, respectively
|
|
|
|
|
184
|
|
|
|
|
176
|
|
|
Class B common stock, $0.01 par value, 2,733,500 shares authorized,
issued and outstanding
|
|
|
|
|
27
|
|
|
|
|
27
|
|
|
Additional paid-in capital
|
|
|
|
|
170,535
|
|
|
|
|
170,070
|
|
|
Treasury stock, at cost (426,633 shares Class A common stock)
|
|
|
|
|
(2,480
|
)
|
|
|
|
(2,480
|
)
|
|
Accumulated deficit
|
|
|
|
|
(162,464
|
)
|
|
|
|
(162,349
|
)
|
|
TOTAL COMSTOCK HOLDING COMPANIES, INC. EQUITY
|
|
|
|
|
5,802
|
|
|
|
|
5,444
|
|
|
Non-controlling interest
|
|
|
|
|
9,989
|
|
|
|
|
935
|
|
|
TOTAL EQUITY
|
|
|
|
|
15,791
|
|
|
|
|
6,379
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
$
|
47,683
|
|
|
|
$
|
38,699
|
|
|
|
|
|
|
COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
|
2013
|
|
|
2012
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue—homebuilding
|
|
|
|
|
|
|
$
|
11,987
|
|
|
|
$
|
3,766
|
|
|
|
|
$
|
23,383
|
|
|
|
$
|
6,952
|
|
|
Revenue—other
|
|
|
|
|
|
|
|
226
|
|
|
|
|
478
|
|
|
|
|
|
387
|
|
|
|
|
1,227
|
|
|
Total revenue
|
|
|
|
|
|
|
|
12,213
|
|
|
|
|
4,244
|
|
|
|
|
|
23,770
|
|
|
|
|
8,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales—homebuilding
|
|
|
|
|
|
|
|
9,621
|
|
|
|
|
3,302
|
|
|
|
|
|
18,417
|
|
|
|
|
6,056
|
|
|
Cost of sales—other
|
|
|
|
|
|
|
|
276
|
|
|
|
|
743
|
|
|
|
|
|
497
|
|
|
|
|
1,807
|
|
|
Impairment reversal (Note 2)
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
(722
|
)
|
|
|
|
-
|
|
|
Selling, general and administrative
|
|
|
|
|
|
|
|
2,215
|
|
|
|
|
2,096
|
|
|
|
|
|
4,212
|
|
|
|
|
3,982
|
|
|
Interest, real estate taxes and indirect costs related to inactive
projects
|
|
|
|
|
|
|
|
118
|
|
|
|
|
1,192
|
|
|
|
|
|
344
|
|
|
|
|
1,792
|
|
|
Operating (loss) income
|
|
|
|
|
|
|
|
(17
|
)
|
|
|
|
(3,089
|
)
|
|
|
|
|
1,022
|
|
|
|
|
(5,458
|
)
|
|
Other income, net
|
|
|
|
|
|
|
|
131
|
|
|
|
|
8
|
|
|
|
|
|
158
|
|
|
|
|
37
|
|
|
Income (loss) before income tax benefit
|
|
|
|
|
|
|
|
114
|
|
|
|
|
(3,081
|
)
|
|
|
|
|
1,180
|
|
|
|
|
(5,421
|
)
|
|
Income tax benefit
|
|
|
|
|
|
|
|
-
|
|
|
|
|
1,202
|
|
|
|
|
|
-
|
|
|
|
|
2,114
|
|
|
Net income (loss) from continuing operations
|
|
|
|
|
|
|
|
114
|
|
|
|
|
(1,879
|
)
|
|
|
|
|
1,180
|
|
|
|
|
(3,307
|
)
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations
|
|
|
|
|
|
|
|
-
|
|
|
|
|
16
|
|
|
|
|
|
(4
|
)
|
|
|
|
(106
|
)
|
|
(Loss) gain on sale of real estate from discontinued operations
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(50
|
)
|
|
|
|
|
-
|
|
|
|
|
6,466
|
|
|
Income tax expense from discontinued operations
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(1,202
|
)
|
|
|
|
|
-
|
|
|
|
|
(2,114
|
)
|
|
Net (loss) income from discontinued operations
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(1,236
|
)
|
|
|
|
|
(4
|
)
|
|
|
|
4,246
|
|
|
Net income (loss)
|
|
|
|
|
|
|
|
114
|
|
|
|
|
(3,115
|
)
|
|
|
|
|
1,176
|
|
|
|
|
939
|
|
|
Less: Net income from continuing operations attributable to
non-controlling interests
|
|
952
|
|
|
|
|
-
|
|
|
|
|
|
1,291
|
|
|
|
|
-
|
|
|
Less: Net income from discontinued operations attributable to
non-controlling interests
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
103
|
|
|
Net (loss) income attributable to Comstock Holding Companies, Inc. |
|
|
|
|
|
|
$
|
(838
|
)
|
|
|
$
|
(3,115
|
)
|
|
|
|
$
|
(115
|
)
|
|
|
$
|
836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) income per share from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(0.16
|
)
|
|
Discontinued operations
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(0.06
|
)
|
|
|
|
|
-
|
|
|
|
|
0.20
|
|
|
Net (loss) income per share
|
|
|
|
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income per share from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(0.16
|
)
|
|
Discontinued operations
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(0.06
|
)
|
|
|
|
|
-
|
|
|
|
|
0.20
|
|
|
Net (loss) income per share
|
|
|
|
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding
|
|
|
|
|
|
|
|
20,674
|
|
|
|
|
20,431
|
|
|
|
|
|
20,599
|
|
|
|
|
20,359
|
|
|
Diluted weighted average shares outstanding
|
|
|
|
|
|
|
|
20,674
|
|
|
|
|
20,431
|
|
|
|
|
|
20,599
|
|
|
|
|
20,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Comstock Holding Companies, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations
|
|
|
|
|
|
|
$
|
(838
|
)
|
|
|
$
|
(1,879
|
)
|
|
|
|
$
|
(111
|
)
|
|
|
$
|
(3,307
|
)
|
|
(Loss) income from discontinued operations
|
|
|
|
|
|
|
|
-
|
|
|
|
|
(1,236
|
)
|
|
|
|
|
(4
|
)
|
|
|
|
4,143
|
|
|
Net (loss) income
|
|
|
|
|
|
|
$
|
(838
|
)
|
|
|
$
|
(3,115
|
)
|
|
|
|
$
|
(115
|
)
|
|
|
$
|
836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in
thousands, except per share data)
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
2013
|
|
|
2012
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
1,176
|
|
|
|
$
|
939
|
|
|
Adjustment to reconcile net income to net cash provided by (used in)
operating activities
|
|
|
|
|
|
|
|
|
Amortization of loan discount and deferred financing fees
|
|
|
|
|
305
|
|
|
|
|
1,424
|
|
|
Depreciation expense
|
|
|
|
|
25
|
|
|
|
|
99
|
|
|
Provision for bad debt
|
|
|
|
|
2
|
|
|
|
|
-
|
|
|
Earnings from unconsolidated joint venture
|
|
|
|
|
42
|
|
|
|
|
-
|
|
|
Gain on sale of operating real estate, net
|
|
|
|
|
-
|
|
|
|
|
(6,466
|
)
|
|
Loss on disposal of property, plant and equipment
|
|
|
|
|
-
|
|
|
|
|
1
|
|
|
Impairment reversals
|
|
|
|
|
(722
|
)
|
|
|
|
-
|
|
|
Amortization of stock compensation
|
|
|
|
|
278
|
|
|
|
|
599
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
|
(372
|
)
|
|
|
|
(32
|
)
|
|
Trade receivables
|
|
|
|
|
(66
|
)
|
|
|
|
1,162
|
|
|
Real estate held for development and sale
|
|
|
|
|
132
|
|
|
|
|
4,294
|
|
|
Other assets
|
|
|
|
|
(482
|
)
|
|
|
|
(952
|
)
|
|
Accrued interest
|
|
|
|
|
(116
|
)
|
|
|
|
(709
|
)
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
2,623
|
|
|
|
|
(1,398
|
)
|
|
Income taxes payable
|
|
|
|
|
-
|
|
|
|
|
(10
|
)
|
|
Net cash provided by (used in) operating activities
|
|
|
|
|
2,825
|
|
|
|
|
(1,049
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Investment in unconsolidated joint venture
|
|
|
|
|
(7
|
)
|
|
|
|
-
|
|
|
Purchase of property, plant and equipment
|
|
|
|
|
(69
|
)
|
|
|
|
-
|
|
|
Proceeds from sale of Cascades Apartments - operating real estate,
net
|
|
|
|
|
279
|
|
|
|
|
18,400
|
|
|
Net cash provided by investing activities
|
|
|
|
|
203
|
|
|
|
|
18,400
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from notes payable
|
|
|
|
|
16,235
|
|
|
|
|
9,960
|
|
|
Payments on notes payable
|
|
|
|
|
(19,170
|
)
|
|
|
|
(22,995
|
)
|
|
Loan financing costs
|
|
|
|
|
(123
|
)
|
|
|
|
-
|
|
|
Contribution from non-controlling interests
|
|
|
|
|
614
|
|
|
|
|
-
|
|
|
Distribution to non-controlling interests holders
|
|
|
|
|
-
|
|
|
|
|
(2,944
|
)
|
|
Proceeds from Comstock Investor VII, L.C. private placement
|
|
|
|
|
7,295
|
|
|
|
|
-
|
|
|
Proceeds from exercise of stock options
|
|
|
|
|
1
|
|
|
|
|
-
|
|
|
Taxes paid related to net share settlement of equity awards
|
|
|
|
|
(8
|
)
|
|
|
|
-
|
|
|
Net cash provided by (used in) financing activities
|
|
|
|
$
|
4,844
|
|
|
|
|
(15,979
|
)
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
|
7,872
|
|
|
|
|
1,372
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
3,539
|
|
|
|
|
5,639
|
|
|
Cash and cash equivalents, end of period
|
|
|
|
$
|
11,411
|
|
|
|
$
|
7,011
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure for non-cash activity:
|
|
|
|
|
|
|
|
|
Interest paid, net of interest capitalized
|
|
|
|
$
|
212
|
|
|
|
$
|
1,334
|
|
|
Reduction in proceeds from sale of Cascades Apartment and increase
in other assets related to amounts placed in escrow upon
settlement
of Cascades Apartments sale
|
|
|
|
$
|
-
|
|
|
|
$
|
950
|
|
|
Increase in class A common stock par value in connection with
issuance of stock compensation and warrants exercise
|
|
|
|
$
|
8
|
|
|
|
$
|
-
|
|
Company:
Comstock Holding Companies, Inc.
Joe Squeri,
703-230-1229
Chief Financial Officer
or
Investor
Relations:
LHA
Jody Burfening / Harriet Fried
212-838-3777
hfried@lhai.com
Source: Comstock Holding Companies, Inc.
News Provided by Acquire Media