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Comstock Homebuilding Companies, Inc. Announces Record New
Orders, Settlements and Backlog for Q1 2005
RESTON, Va., April 11, 2005 -- Comstock Homebuilding Companies, Inc. (CHCI),
a leading regional homebuilder, today announced preliminary results for new
orders, new order revenue, backlog revenue, and settlements for the three
months ended March 31, 2005. The company announced record growth in every
category reported.
New orders during the first 3 months of 2005 totaled 246 units representing
an 86.4% increase over the first three months of 2004. New order revenue for
the three months ended March 31, 2005 was $103.3 million representing a
119.2% increase in new order revenue as compared to the first three months
of 2004. Backlog revenue at March 31, 2005 was $248.2 million which
represented a 291.0% increase as compared to $63.5 million of backlog
revenue at March 31, 2004 and a 42.2% increase as compared to $174.6 million
of backlog revenue at December 31, 2004. Settlements during the three months
ended March 31, 2005 totaled 78 representing a 69.6% increase in settlements
as compared to the first three months of 2004.
The average new order price for the three months ended March 31, 2005 was
approximately $420,000 as compared to approximately $357,000 for the first
three months of 2004.
Three months ended March 31,
Three months ended March 31,
2005 2004 %
Change
(numbers in 000s except units)
New Orders
246 132 86.4%
New Order Revenue 103,251
47,097 119.2%
Backlog
248,248 63,487 291.0%
Settlements
78 46
69.6%
"This is the best first quarter we have ever had and I believe that these
results and our recent land acquisitions position us well for an excellent
year," said Christopher Clemente, Founder and CEO. "We continue to
experience the benefits of our focus on the greater Washington, DC
metropolitan area, which was the nation's fastest growing job markets in
terms of total new jobs over the past five years. Our increases in both new
orders and new order revenue and the growth of our backlog during first
quarter of 2005 are indications of the strength of our core market. The
opportunities in the Washington, DC region are tremendous. Our recent
initial public offering and our diversified approach to homebuilding have
positioned Comstock to take advantage of some of the best opportunities in
the market."
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 operating results for the three months ended March
31, 2005 later this quarter.
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.
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