Comstock Holding Companies, Inc., Washgionton D.C. and Reston, (NASDAQ:CHCI), late Monday reported net income of $0.4 million, or $0.11 per share, for the quarter ended June 30. The gain compares with a loos of $2 million, or $0.60 per share, for the same quarter last year. The company is not followed by Wall Street.
Total revenue of $10.5 million, including $10.2 million from 23 home deliveries during the three months ended June 30, 2017, as compared to $10.0 million, including $9.7 million from 21 home deliveries during the three months ended June 30, 2016.
G&A expense was $1.2 million during the three months ended June 30, 2017, as compared to $1.4 million for the three months ended June 30, 2016.
Chairman and CEO Christopher Clemente commented, “Comstock’s Second Quarter 2017 results demonstrate our continued focus on improving results. The number of qualified prospects visiting our communities this year has improved when compared to the last few years. With two consecutive quarters of positive results, and generally improved market conditions, I am cautiously optimistic that 2017 will prove successful and that it will position Comstock to pursue new, attractive opportunities to enhance shareholder value.”
Comstock currently has 8 communities open for sale in Virginia, Maryland, and Washington, D.C., including townhomes and single-family homes priced from the high $200s to the $900s. In addition to the open communities, Comstock has two additional communities in various stages of planning and development. The communities, located in Virginia, include townhomes to be priced from the low $300s.
