Comstock Homebuilding Companies Inc. (CHCI, Financial) filed Amended Quarterly Report for the period ended 2012-09-30.
Comstock Holding Co. Inc has a market cap of $26.2 million; its shares were traded at around $1.22 with and P/S ratio of 1.1.
The number of homes delivered for the three months ended September 30, 2012 increased to 12 as compared to 10 homes for the three months ended September 30, 2011. The number of homes delivered for the nine months ended September 30, 2012 increased to 41 as compared to 30 homes for the nine months ended September 30, 2011. Average revenue per home delivered decreased by approximately $75 to $211 for the three months ended September 30, 2012 as compared to $286 for the three months ended September 30, 2011. Average revenue per home delivered decreased by approximately $69 to $231 for the nine months ended September 30, 2012 as compared to $300 for the nine months ended September 30, 2011. The increase in settlements and decrease in average sales price is largely a function of the available product mix at condominium projects. As of September 30, 2012, there are 22 units remaining in our Eclipse project and 3 units remaining in our Penderbrook project. This compares to 33 units and 47 units, respectively, for Eclipse and Penderbrook for the period ended September 30, 2011.
Cost of sales homebuilding for the three months ended September 30, 2012 decreased by $0.5 million, to $2.1 million as compared to $2.6 million for the three months ended September 30, 2011. Cost of sales homebuilding for the nine months ended September 30, 2012 increased by $0.1 million, to $8.1 million as compared to $8.0 million for the nine months ended September 30, 2011. The unit mix of homes settled during the three months and nine months ended September 30, 2012 accounted for the decrease and increase, respectively, in the aggregate cost of sales figures. For the three months ended September 30, 2012, gross margins increased to 17% on units settled as compared to 11% for the three months ended September 30, 2011. For the nine months ended September 30, 2012, gross margins increased to 14% on units settled as compared to 11% for the nine months ended September 30, 2011. The increase in margins is attributable to an increase in traffic and absorption at the two condominium projects resulting in a slight increase in pricing across those units.
Cost of sales other decreased approximately $1.4 million to $1.1 million during the three months ended September 30, 2012 as compared to $2.5 million in the three months ended September 30, 2011. Cost of sales other decreased approximately $3.3 million to $3.0 million during the nine months ended September 30, 2012 as compared to $6.3 million in the nine months ended September 30, 2011. Included in cost of sales for the three months ended September 30, 2012, costs and gross profits totaled $439 and $398, respectively, related to rental operations at Penderbrook and Eclipse. Included in cost of sales other for the nine months ended September 30, 2012, costs and gross profits (losses) totaled $1,376 and $1,062, respectively, related to rental operations at Penderbrook and Eclipse. As a result of the continued absorption of the condominium units at Penderbrook and Eclipse, the number of units has been reduced to 3 and 22, respectively, as of September 30, 2012. For the same period in 2011, rental units remaining for Penderbrook and Eclipse were 49 and 33, respectively. Consequently, rental revenues have declined and the impact of fixed costs on gross profit has been more significant. The Company expects this trend to continue as the final units within the two remaining condominium projects are absorbed. Additionally, an increase in repairs and maintenance costs of $359, net of decreases related to home owners association fees and other costs has contributed to the increase in costs and gross profit decline.
Included in cost of sales other for the three months ended September 30, 2012, were costs and gross profits (losses) that totaled $705 and $178, respectively, related to our aforementioned general contracting projects. Included in cost of sales other for the nine months ended September 30, 2012, were costs and gross profits (losses) that totaled $1,531 and $304, respectively, related to our aforementioned general contracting projects. These decreases in three and nine months ended September 30, 2012 are directly related to the decrease in the number of ongoing general contracting projects. Consequently, the decline in revenues generated within the Real Estate Services segment and the impact relative to the fixed costs on gross profit has been more significant. The Company has two ongoing projects and continues to pursue opportunities to expand the Real Estate Services segment.
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Comstock Holding Co. Inc has a market cap of $26.2 million; its shares were traded at around $1.22 with and P/S ratio of 1.1.
Highlight of Business Operations:
Gross new order revenue for the three months ended September 30, 2012 increased $3.0 million to $7.0 million on 16 units as compared to $4.0 million on 13 units for the three months ended September 30, 2011. Gross new order revenue for the nine months ended September 30, 2012 increased $3.6 million to $14.8 million on 50 units as compared to $11.2 million on 38 units for the nine months ended September 30, 2011. Net new order revenue for the three months ended September 30, 2012 increased $2.1 million to $6.1 million on 13 units as compared to $4.0 million on 13 units for the three months ended September 30, 2011. Net new order revenue for the nine months ended September 30, 2012 increased $3.1 million to $14.0 million on 47 units as compared to $10.8 million on 36 units for the nine months ended September 30, 2011. Average gross new order revenue per unit for three months ended September 30, 2012 increased $134 to $438, as compared to $304 for the three monthsThe number of homes delivered for the three months ended September 30, 2012 increased to 12 as compared to 10 homes for the three months ended September 30, 2011. The number of homes delivered for the nine months ended September 30, 2012 increased to 41 as compared to 30 homes for the nine months ended September 30, 2011. Average revenue per home delivered decreased by approximately $75 to $211 for the three months ended September 30, 2012 as compared to $286 for the three months ended September 30, 2011. Average revenue per home delivered decreased by approximately $69 to $231 for the nine months ended September 30, 2012 as compared to $300 for the nine months ended September 30, 2011. The increase in settlements and decrease in average sales price is largely a function of the available product mix at condominium projects. As of September 30, 2012, there are 22 units remaining in our Eclipse project and 3 units remaining in our Penderbrook project. This compares to 33 units and 47 units, respectively, for Eclipse and Penderbrook for the period ended September 30, 2011.
Cost of sales homebuilding for the three months ended September 30, 2012 decreased by $0.5 million, to $2.1 million as compared to $2.6 million for the three months ended September 30, 2011. Cost of sales homebuilding for the nine months ended September 30, 2012 increased by $0.1 million, to $8.1 million as compared to $8.0 million for the nine months ended September 30, 2011. The unit mix of homes settled during the three months and nine months ended September 30, 2012 accounted for the decrease and increase, respectively, in the aggregate cost of sales figures. For the three months ended September 30, 2012, gross margins increased to 17% on units settled as compared to 11% for the three months ended September 30, 2011. For the nine months ended September 30, 2012, gross margins increased to 14% on units settled as compared to 11% for the nine months ended September 30, 2011. The increase in margins is attributable to an increase in traffic and absorption at the two condominium projects resulting in a slight increase in pricing across those units.
Cost of sales other decreased approximately $1.4 million to $1.1 million during the three months ended September 30, 2012 as compared to $2.5 million in the three months ended September 30, 2011. Cost of sales other decreased approximately $3.3 million to $3.0 million during the nine months ended September 30, 2012 as compared to $6.3 million in the nine months ended September 30, 2011. Included in cost of sales for the three months ended September 30, 2012, costs and gross profits totaled $439 and $398, respectively, related to rental operations at Penderbrook and Eclipse. Included in cost of sales other for the nine months ended September 30, 2012, costs and gross profits (losses) totaled $1,376 and $1,062, respectively, related to rental operations at Penderbrook and Eclipse. As a result of the continued absorption of the condominium units at Penderbrook and Eclipse, the number of units has been reduced to 3 and 22, respectively, as of September 30, 2012. For the same period in 2011, rental units remaining for Penderbrook and Eclipse were 49 and 33, respectively. Consequently, rental revenues have declined and the impact of fixed costs on gross profit has been more significant. The Company expects this trend to continue as the final units within the two remaining condominium projects are absorbed. Additionally, an increase in repairs and maintenance costs of $359, net of decreases related to home owners association fees and other costs has contributed to the increase in costs and gross profit decline.
Included in cost of sales other for the three months ended September 30, 2012, were costs and gross profits (losses) that totaled $705 and $178, respectively, related to our aforementioned general contracting projects. Included in cost of sales other for the nine months ended September 30, 2012, were costs and gross profits (losses) that totaled $1,531 and $304, respectively, related to our aforementioned general contracting projects. These decreases in three and nine months ended September 30, 2012 are directly related to the decrease in the number of ongoing general contracting projects. Consequently, the decline in revenues generated within the Real Estate Services segment and the impact relative to the fixed costs on gross profit has been more significant. The Company has two ongoing projects and continues to pursue opportunities to expand the Real Estate Services segment.
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