Comstock Holding Companies, Inc., Reston, Va. and Washington D.C. (NASDAQ: CHCI) on Monday reported net income of $0.3 million, or $0.08 per diluted share for the first quarter ended March 31, 2017. The gain compared to a net loss attributable to common stockholders of $(1.8) million, or $(0.55) per diluted share, in the prior-year quarter. The company is not followed by analysts.
Revenue was $10.3 million, including $10.1 million from 25 home deliveries, up from $9.7 million, including $9.5 million from 22 home deliveries in the prior-year quarter. Backlog value was $23.9 million on 44 units, compared to $16.3 million on 38 units. G&A was $1.2 million, as compared to $1.5 million.
Comstock currently has 12 communities open for sale in Virginia, Maryland, and Washington, D.C., including townhomes, condominiums, single-family homes and villas priced from the high $200s to the $900s. For further details on the open communities, see the attached Pipeline Report as of March 31, 2017 and the Form 10-Q filed by the company on May 15, 2017.
In addition to the 12 communities already open, Comstock has three communities in various stages of planning and development. The communities, located in Maryland and Virginia, include townhomes and single-family homes to be priced from the lower $300s.
Chairman and CEO Christopher Clemente commented, “Traffic at our projects has improved in quantity and quality this year, generating increases in revenue and backlog, providing visibility to increasing future revenue. Improving market fundamentals and our expanding pipeline gives me reason to be optimistic about our ability to generate improved results during 2017 and beyond.”
