Comstock Home Building Companies, Reston, Va. (NASDAQ:CHCI), disclosed in a Securities and Exhange Commission filing late Monday that it is delaying its fourth-quarter, 2016 earnings report.
In the filing, the company stated, “The company experienced unanticipated delays in the preparation of its year-end financial statements and disclosures primarily as a result of the recent exchange of its Series B Preferred Stock for shares of its newly created Series C Preferred Stock and the company’s repurchase of all of the Series C Preferred Stock owned by Investor Management, L.C., an entity owned by Gregory Benson, our former Chief Operating Officer pursuant to a Share Repurchase Agreement. The time, effort and staffing requirements necessary to complete the reviews of these transactions and related documents for proper disclosure in the 2016 Form 10-K, and the consolidated financial statements therein, have been greater than expected.”
In the filing, the company said it anticipates that total revenues for the fourth quarter of 2016 will total $8.8 million versus $26.2 million for the fourth quarter of 2015 and total revenues for the year ended December 31, 2016 will total $41.6 million versus $61.4 million for the year ended December 31, 2015. The company said it expects to report a net loss attributable to common stockholders of $(9.3) million or $(2.81) per diluted share in 2016 compared to $(4.6) million or $(1.43) per diluted share in 2015. Included in the 2016 and 2015 results are impairment charges, net of recovery, of $1.7 million or $(0.51) per diluted share and $2.8 million or $(0.86) per diluted share, respectively, related to feasibility, site securing, pre-development and carry costs for certain of our communities in the Washington, D.C. metropolitan area.
The deadline for the 10K reporting results was March 31. The company said it expects to file by April 15.
