SECURITIES AND EXCHANGE COMMISSION
þ | Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 20-1164345 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
5th Floor
Reston, Virginia 20190
(703) 883-1700
YES þ NO o
YES o NO þ
FORM 10-Q
INDEX
Page | ||
PART I — FINANCIAL INFORMATION | 3 | |
ITEM 1. FINANCIAL STATEMENTS: | 3 | |
Consolidated Balance Sheets (unaudited) - | 3 | |
March 31, 2006 and December 31, 2005 | ||
Consolidated Statements of Operations (unaudited) - | 4 | |
Three Months Ended March 31, 2006 and 2005 | ||
Consolidated Statements of Cash Flows (unaudited) - | 5 | |
Three Months Ended March 31, 2006 and 2005 | ||
Notes to Consolidated Financial Statements | 6 | |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 16 | |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 23 | |
ITEM 4. CONTROLS AND PROCEDURES | 23 | |
PART II — OTHER INFORMATION | 24 | |
ITEM 1. LEGAL PROCEEDINGS | 24 | |
ITEM 1A. RISK FACTORS | 24 | |
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 24 | |
ITEM 3. DEFAULTS UPON SENIOR SECURITIES | 24 | |
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | 24 | |
ITEM 5. OTHER INFORMATION | 24 | |
ITEM 6. EXHIBITS | 25 | |
SIGNATURES | 26 |
2
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
March 31, 2006 | December 31, 2005 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 18,175 | $ | 42,167 | ||||
Restricted cash | 12,841 | 10,800 | ||||||
Receivables | 4,656 | 6,365 | ||||||
Note receivables | — | 1,250 | ||||||
Due from related parties | 3,138 | 2,899 | ||||||
Real estate held for development and sale | 412,514 | 263,802 | ||||||
Inventory not owned — variable interest entities | 78,787 | 89,890 | ||||||
Property, plant and equipment | 1,347 | 605 | ||||||
Investment in real estate partnerships | (62 | ) | (35 | ) | ||||
Deferred income tax | — | 2,545 | ||||||
Other assets | 9,993 | 11,031 | ||||||
TOTAL ASSETS | $ | 541,389 | $ | 431,319 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Accounts payable and accrued liabilities | 49,197 | 59,131 | ||||||
Due to related parties | 40 | 40 | ||||||
Obligations related to inventory not owned | 75,147 | 83,015 | ||||||
Notes payable | 262,844 | 142,994 | ||||||
Notes payable — related parties | 663 | 663 | ||||||
Deferred income tax | 6,889 | — | ||||||
TOTAL LIABILITIES | 394,781 | 285,843 | ||||||
Commitments and contingencies (Note 12) | ||||||||
Minority interest | 393 | 400 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Class A common stock, $0.01 par value, 77,266,500 shares authorized, | 117 | 115 | ||||||
11,478,218 issued and outstanding | ||||||||
Class B common stock, $0.01 par value, 2,733,500 shares authorized, | 27 | 27 | ||||||
2,733,500 issued and outstanding | ||||||||
Additional paid-in capital | 127,037 | 126,461 | ||||||
Treasury Stock, at cost (70,300 Class A Common Stock) | (678 | ) | — | |||||
Retained earnings (accumulated deficit) | 19,713 | 18,473 | ||||||
TOTAL SHAREHOLDERS’ EQUITY | 146,216 | 145,076 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | $ | 541,389 | $ | 431,319 | ||||
3
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share data)
Three Months Ended March 31, | ||||||||
2006 | 2005 | |||||||
Revenues | ||||||||
Sale of real estate — Homes | $ | 36,365 | $ | 28,465 | ||||
Other revenue | 230 | 264 | ||||||
Total revenue | 36,595 | 28,729 | ||||||
Expenses | ||||||||
Cost of sales of real estate | 27,161 | 17,591 | ||||||
Cost of sales of other | 10 | 11 | ||||||
Selling, general and administrative | 7,646 | 5,052 | ||||||
Operating income | 1,778 | 6,075 | ||||||
Other (income) expense, net | (233 | ) | (36 | ) | ||||
Income before minority interest and equity in earnings of real estate partnerships | 2,011 | 6,111 | ||||||
Minority interest | (7 | ) | 1 | |||||
Income before equity in earnings of real estate partnerships | 2,018 | 6,110 | ||||||
Equity in earnings of real estate partnerships | (27 | ) | 30 | |||||
Total pre tax income | 1,991 | 6,140 | ||||||
Income tax provision | 751 | 2,331 | ||||||
Net Income | $ | 1,240 | $ | 3,809 | ||||
Basic earnings per share | 0.09 | 0.33 | ||||||
Basic weighted average shares outstanding | 13,981 | 11,621 | ||||||
Diluted earnings per share | 0.09 | 0.32 | ||||||
Diluted weighted average shares outstanding | 14,071 | 11,769 | ||||||
4
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands, except share data)
Three Months Ended March 31, | ||||||||
2006 | 2005 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 1,240 | $ | 3,809 | ||||
Adjustment to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation | 73 | 39 | ||||||
Loss on disposal of assets | — | 8 | ||||||
Minority interest | (7 | ) | 1 | |||||
Equity in earnings of real estate partnerships | 27 | (30 | ) | |||||
Amortization of stock compensation | 540 | 535 | ||||||
Deferred income tax | (170 | ) | (188 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Restricted cash | (2,041 | ) | (3,120 | ) | ||||
Receivables | 1,935 | 165 | ||||||
Note receivables | 1,250 | — | ||||||
Due from related parties | (239 | ) | (156 | ) | ||||
Real estate held for development and sale | (66,589 | ) | (106,884 | ) | ||||
Other assets | 5,256 | 4,145 | ||||||
Accounts payable and accrued liabilities | (15,095 | ) | (706 | ) | ||||
Income tax payable | — | 2,172 | ||||||
Due to related parties | — | 1 | ||||||
Net cash (used in) provided by operating activities | (73,820 | ) | (100,209 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of property, plant, and equipment | (747 | ) | (55 | ) | ||||
Distributions of capital from investments in real estate partnerships | — | 30 | ||||||
Acquisition of Parker Chandler Homes, net of cash acquired | (9,937 | ) | — | |||||
Net cash (used in) provided by investing activities | (10,684 | ) | (25 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from notes payable | 95,607 | 93,458 | ||||||
Proceeds from related party notes payable | — | 200 | ||||||
Payments on notes payable | (34,455 | ) | (16,336 | ) | ||||
Payments on related party notes payable | — | (2,002 | ) | |||||
Contribution from minority shareholders | — | 79 | ||||||
Distributions paid to minority shareholders | — | (2,409 | ) | |||||
Distributions paid to shareholders | — | (2,978 | ) | |||||
Proceeds from shares issued under employee stock purchase plan | 38 | — | ||||||
Purchase of treasury stock | (678 | ) | ||||||
Net cash provided by (used in) financing activities | 60,512 | 70,012 | ||||||
Net increase (decrease) in cash and cash equivalents | (23,992 | ) | (30,222 | ) | ||||
Cash and cash equivalents, beginning of period | 42,167 | 67,559 | ||||||
Cash and cash equivalents, end of period | $ | 18,175 | $ | 37,337 | ||||
5
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share data)
6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share data)
March 31, | December 31, | |||||||
2006 | 2005 | |||||||
Land and land development costs | $ | 239,861 | $ | 119,530 | ||||
Cost of construction (including capitalized interest and real estate taxes) | 172,653 | 144,272 | ||||||
$ | 412,514 | $ | 263,802 | |||||
7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share data)
Three Months Ended March 31, | ||||||||
2006 | 2005 | |||||||
Balance at beginning of period | $ | 1,206 | $ | 916 | ||||
Additions | 300 | 156 | ||||||
Releases and/or charges incurred | (196 | ) | (118 | ) | ||||
Balance at end of period | $ | 1,310 | $ | 954 | ||||
Three Months Ended March 31, | ||||||||
2006 | 2005 | |||||||
Total interest incurred | $ | 4,769 | $ | 2,551 | ||||
Beginning interest capitalized | 11,590 | $ | 4,524 | |||||
Plus: Interest incurred on notes payable | 4,749 | 2,103 | ||||||
Plus: Interest incurred on related party notes payable | 20 | 81 | ||||||
Less: Interest expensed as a component of cost of sales | (797 | ) | (721 | ) | ||||
Ending interest capitalized | $ | 15,562 | $ | 5,987 | ||||
8
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share data)
Three Months Ended March 31, | ||||||||
2006 | 2005 | |||||||
Basic earnings per share | ||||||||
Net income | $ | 1,240 | $ | 3,809 | ||||
Basic weighted-average shares outstanding | 13,981 | 11,621 | ||||||
Per share amounts | $ | 0.09 | $ | 0.33 | ||||
Dilutive earnings per share | ||||||||
Net income | $ | 1,240 | $ | 3,809 | ||||
Basic weighted-average shares outstanding | 13,981 | 11,621 | ||||||
Stock options and restricted stock grants | 90 | 148 | ||||||
Dilutive weighted-average shares outstanding | 14,071 | 11,769 | ||||||
Per share amounts | $ | 0.09 | $ | 0.32 | ||||
9
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share data)
Investment in real estate partnerships | $ | (62 | ) | |
Development and construction loan receivable | $ | 3,073 |
9. | INCOME TAX |
2006 | 2005 | |||||||
Current: | ||||||||
Federal | $ | 802 | $ | 2,021 | ||||
State | 150 | 405 | ||||||
952 | 2,426 | |||||||
Deferred: | ||||||||
Federal | (170 | ) | (85 | ) | ||||
State | (31 | ) | (10 | ) | ||||
(201 | ) | (95 | ) | |||||
Total income tax expense | $ | 751 | $ | 2,331 | ||||
10
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share data)
2006 | 2005 | |||||||
Deferred tax assets: | ||||||||
Inventory | — | $ | 2,245 | |||||
Warranty | 458 | 417 | ||||||
Deferred rent | 36 | 27 | ||||||
Accrued expenses | 78 | 73 | ||||||
Stock based compensation | 989 | 790 | ||||||
1,561 | 3,552 | |||||||
Less—valuation allowance | (721 | ) | (840 | ) | ||||
Net deferred tax assets | 840 | 2,712 | ||||||
Deferred tax liabilities: | ||||||||
Inventory | $ | (7,596 | ) | $ | — | |||
Investment in Affiliates | (8 | ) | (8 | ) | ||||
Depreciation and amortization | (124 | ) | (159 | ) | ||||
Net deferred tax liabilities | (7,728 | ) | (167 | ) | ||||
Net deferred tax assets (liabilities) | $ | (6,888 | ) | $ | 2,545 | |||
11
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share data)
Stock options | 213,993 | |||
Restricted stock grants | 700,796 | |||
Total outstanding equity awards | 914,789 |
Shares available for issuance at January 1, 2006 | 1,050 | |||
Adjustments: | 0 | |||
Additional shares added to plan | 338 | |||
Restricted stock grants — issued | (437 | ) | ||
Shares issued under employee stock purchase plan | (3 | ) | ||
Restricted stock grants — forfeitures | 10 | |||
Shares available for issuance at March 31, 2006 | 958 |
Weighted average | ||||||||
fair value at date | ||||||||
Shares | of grant | |||||||
Restricted shares outstanding at December 31, 2005 | 273,891 | 16.46 | ||||||
Granted | 437,035 | 12.48 | ||||||
Vested | — | — | ||||||
Forfeited | (10,130 | ) | 16.00 | |||||
Restricted shares outstanding at March 31, 2006 | 700,796 | $ | 13.96 | |||||
12
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share data)
Year Ended: Amount | ||||
2006 | 871 | |||
2007 | 1,181 | |||
2008 | 1,069 | |||
2009 | 850 | |||
2010 | 110 | |||
Thereafter | — |
13
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share data)
14
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share data)
• | Post Road II, a 85 unit single family home subdivision in Atlanta, Georgia for $1.3 million | ||
• | East Capitol Street, a 120 unit condominium project in Washington, D.C. for $9.0 million | ||
• | Settingdown Creek, a 162 unit single family home subdivision in Atlanta, Georgia for $6.0 million | ||
• | Station View, a 47 unit town home development in Washington, D.C. for $4.7 million | ||
• | Holland Road, a 81 unit single family home subdivision in Raleigh, North Carolina for $1.6 million |
15
16
COMSTOCK HOMEBUILDING COMPANIES, INC. AND SUBSIDIARIES
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
2006 | 2005 | |||||||||||||||||||||||
Mid Atlantic | Mid South | Total | Mid Atlantic | Mid South | Total | |||||||||||||||||||
Region | Region | Region | Region | |||||||||||||||||||||
New orders | 111 | 68 | 179 | 246 | — | 246 | ||||||||||||||||||
New order revenues | $ | 40,371 | $ | 18,459 | $ | 58,830 | $ | 103,300 | $ | — | $ | 103,300 | ||||||||||||
Average new order price | $ | 364 | $ | 271 | $ | 329 | $ | 420 | $ | — | $ | 420 | ||||||||||||
Settlements | 91 | 21 | 112 | 78 | — | 78 | ||||||||||||||||||
Settlement revenue | $ | 31,679 | $ | 4,673 | $ | 36,352 | $ | 28,500 | $ | — | $ | 28,500 | ||||||||||||
Average settlement price | $ | 348 | $ | 223 | $ | 325 | $ | 365 | $ | — | $ | 365 | ||||||||||||
Backlog units | 493 | 47 | 540 | 615 | — | 615 | ||||||||||||||||||
Backlog | $ | 198,185 | $ | 13,786 | $ | 211,971 | $ | 248,300 | $ | — | $ | 248,300 | ||||||||||||
Average backlog price | 402 | 293 | 393 | 404 | — | 404 |
As of March 31, 2006 | ||||||||||||||||||||||||||
Estimated Units at | Lots under Option | |||||||||||||||||||||||||
Project | Status (1) | Completion | Units Settled | Backlog(2) | Lots Owned Unsold | Agreement Unsold | Average Sales Price | |||||||||||||||||||
Virginia | ||||||||||||||||||||||||||
Barrington Park | Active | 148 | - | 3 | 145 | - | $ | 286,567 | ||||||||||||||||||
Beacon Park at Belmont Bay 8&9 | Active | 600 | - | - | 112 | 488 | n/a | |||||||||||||||||||
Commons at Bellemeade | Active | 316 | 32 | 5 | 279 | - | $ | 215,942 | ||||||||||||||||||
Blooms Mill TH 22’ | Active | 113 | 105 | 7 | 1 | - | $ | 415,978 | ||||||||||||||||||
Blooms Mill Carriage | Active | 91 | 84 | 5 | 2 | - | $ | 454,055 | ||||||||||||||||||
Carter Lake | Active | 258 | - | - | 258 | - | n/a | |||||||||||||||||||
Commons on Potomac Sq | Active | 192 | - | 25 | 167 | - | $ | 249,343 | ||||||||||||||||||
Commons on Williams Sq | Active | 180 | 67 | 8 | 105 | - | $ | 351,752 | ||||||||||||||||||
Countryside | Active | 102 | 61 | 5 | 36 | - | $ | 287,718 | ||||||||||||||||||
The Eclipse on Center Park | Active | 465 | - | 399 | 66 | - | $ | 406,791 | ||||||||||||||||||
Penderbrook | Active | 424 | 197 | 7 | 220 | - | $ | 255,155 | ||||||||||||||||||
River Club at Belmont Bay 5 | Active | 84 | 73 | 1 | 10 | - | $ | 460,365 | ||||||||||||||||||
Woodlands at Round Hill | Active | 46 | 19 | 6 | 21 | - | $ | 750,139 | ||||||||||||||||||
Total VA Active and Completed | 3,019 | 638 | 471 | 1,422 | 488 | $ | 375,800 | |||||||||||||||||||
Total VA Active and Completed Weighted Avg(3) | $ | 328,566 | ||||||||||||||||||||||||
Aldie Singles | Development | 15 | - | - | - | 15 | n/a | |||||||||||||||||||
Blakes Crossing | Development | 130 | - | - | 130 | - | n/a | |||||||||||||||||||
Brandy Station | Development | 350 | - | - | - | 350 | n/a | |||||||||||||||||||
Lake Pelham | Development | 185 | - | - | - | 185 | n/a | |||||||||||||||||||
Loudoun Station Condominiums | Development | 484 | - | - | - | 484 | n/a | |||||||||||||||||||
Total VA Development | 1,164 | - | - | 130 | 1,034 | |||||||||||||||||||||
Total Virginia | 4,183 | 638 | 471 | 1,552 | 1,522 | |||||||||||||||||||||
Maryland | ||||||||||||||||||||||||||
Emerald Farm | Active | 84 | 67 | 6 | 11 | - | $ | 452,799 | ||||||||||||||||||
Total Maryland | 84 | 67 | 6 | 11 | - | |||||||||||||||||||||
North Carolina | ||||||||||||||||||||||||||
Allyn’s Landing | Active | 117 | 18 | 2 | 97 | - | $ | 218,991 | ||||||||||||||||||
Kelton at Preston | Active | 56 | 30 | 5 | 21 | - | $ | 307,994 | ||||||||||||||||||
Wakefield Plantation | Active | 77 | 31 | 9 | 37 | - | $ | 492,552 | ||||||||||||||||||
Total North Carolina Active | 250 | 79 | 16 | 155 | - | $ | 339,846 | |||||||||||||||||||
Total North Carolina Active Weighted Average(3) | $ | 323,184 | ||||||||||||||||||||||||
Holland Road | Development | 81 | - | - | 81 | - | n/a | |||||||||||||||||||
Total North Carolina Development | 81 | - | - | 81 | - | |||||||||||||||||||||
Total North Carolina | 331 | 79 | 16 | 236 | - | |||||||||||||||||||||
Georgia | ||||||||||||||||||||||||||
Allen Creek | Active | 26 | 7 | 4 | 15 | - | $ | 211,668 | ||||||||||||||||||
Arcanum | Active | 34 | 3 | 5 | 26 | - | $ | 397,543 | ||||||||||||||||||
Brentwood Estates | Active | 32 | 4 | 4 | 9 | 15 | $ | 131,407 | ||||||||||||||||||
Falling Water | Active | 22 | - | 4 | 18 | - | $ | 421,306 | ||||||||||||||||||
Gates of Luberon | Active | 32 | - | 2 | 30 | - | $ | 392,000 | ||||||||||||||||||
Glenn Ivey | Active | 107 | - | 3 | 22 | 82 | $ | 241,824 | ||||||||||||||||||
Highland Station | Active | 105 | - | 22 | 83 | - | $ | 285,525 | ||||||||||||||||||
Maristone | Active | 40 | - | - | 40 | - | n/a | |||||||||||||||||||
Senators Ridge | Active | 92 | 7 | 3 | 82 | - | $ | 242,295 | ||||||||||||||||||
Traditions | Active | 22 | - | - | 22 | - | n/a | |||||||||||||||||||
Total Georgia Active | 512 | 21 | 47 | 347 | 97 | $ | 290,446 | |||||||||||||||||||
Total Georgia Active Weighted Average(3) | $ | 273,742 | ||||||||||||||||||||||||
Highland Avenue | Development | 30 | - | - | 30 | - | n/a | |||||||||||||||||||
James Road | Development | 54 | - | - | 54 | - | n/a | |||||||||||||||||||
Kelly Mill Road | Development | 28 | - | - | - | 28 | n/a | |||||||||||||||||||
McGinnis Ferry SF | Development | 48 | - | - | - | 48 | n/a | |||||||||||||||||||
McGinnis Ferry TH | Development | 88 | - | - | - | 88 | n/a | |||||||||||||||||||
Post Road | Development | 59 | - | - | 59 | - | n/a | |||||||||||||||||||
Post Road II | Development | 54 | - | - | - | 54 | n/a | |||||||||||||||||||
Shiloh Road | Development | 61 | - | - | 61 | - | n/a | |||||||||||||||||||
Stowe Road | Development | 110 | - | - | - | 110 | n/a | |||||||||||||||||||
Tribble Lakes | Development | 200 | - | - | 200 | - | n/a | |||||||||||||||||||
Wyngate | Development | 31 | - | - | - | 31 | n/a | |||||||||||||||||||
Total Georgia Development | 763 | - | - | 404 | 359 | |||||||||||||||||||||
Total Georgia | 1,275 | 21 | 47 | 751 | 456 | |||||||||||||||||||||
South Carolina | ||||||||||||||||||||||||||
Carolina Waterway | Active | 15 | - | - | 15 | - | n/a | |||||||||||||||||||
Total South Carolina Active | 15 | - | - | 15 | - | |||||||||||||||||||||
Total South Carolina | 15 | - | - | 15 | - | |||||||||||||||||||||
TOTAL ACTIVE AND COMPLETED | 3,880 | 805 | 540 | 1,950 | 585 | |||||||||||||||||||||
TOTAL DEVELOPMENT | 2,008 | - | - | 615 | 1,393 | |||||||||||||||||||||
TOTAL | 5,888 | 805 | 540 | 2,565 | 1,978 | |||||||||||||||||||||
Joint Ventures | ||||||||||||||||||||||||||
North Shore Condominiums | Active | 196 | - | 7 | 189 | - | $ | 286,361 | ||||||||||||||||||
North Shore Townhomes | Active | 163 | 33 | 7 | 123 | - | $ | 239,107 | ||||||||||||||||||
Total Joint Ventures | 359 | 33 | 14 | 312 | - | |||||||||||||||||||||
GRAND TOTAL | 6,247 | 838 | 554 | 2,877 | 1,978 | |||||||||||||||||||||
(1) | “Active” communities are open for sales or expected to open in the next 90 days. “Development” communities are in the development process and are not expected to open for sales in the next 90 days. “Completed” communities have settled all units during the three months ended March 31, 2006. | |
(2) | “Backlog” means we have an executed order with a buyer, inclusive of lot sales, but the settlement has not yet taken place. | |
(3) | Weighted average is calculated as total estimated homes at completion for projects with average sales prices multiplied by Average sales price divided by total of estimated homes at completion (i.e.:å(estimated homes at completion´ average sales price)¸å estimated homes at completion). |
17
COMSTOCK HOMEBUILDING COMPANIES, INC. AND SUBSIDIARIES
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
18
COMSTOCK HOMEBUILDING COMPANIES, INC. AND SUBSIDIARIES
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
19
COMSTOCK HOMEBUILDING COMPANIES, INC. AND SUBSIDIARIES
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
20
COMSTOCK HOMEBUILDING COMPANIES, INC. AND SUBSIDIARIES
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
• | Post Road II, a 85 unit single family home subdivision in Atlanta, Georgia for $1.3 million | ||
• | East Capitol Street, a 120 unit condominium project in Washington, D.C. for $9.0 million | ||
• | Settingdown Creek, a 162 unit single family home subdivision in Atlanta, Georgia for $6.0 million | ||
• | Station View, a 47 unit town home development in Washington, D.C. for $4.7 million | ||
• | Holland Road, a 81 unit single family home subdivision in Raleigh, North Carolina for $1.6 million |
21
COMSTOCK HOMEBUILDING COMPANIES, INC. AND SUBSIDIARIES
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
22
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
23
ITEM 1. | LEGAL PROCEEDINGS. |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES. |
ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
ITEM 5. | OTHER INFORMATION. |
24
ITEM 6. | EXHIBITS |
Exhibit Number | Exhibit | |
3.1 | Amended and Restated Certificate of Incorporation (incorporated by reference to an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004) | |
3.2 | Amended and Restated Bylaws (incorporated by reference to an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004) | |
4.1 | Specimen Stock Certificate (incorporated by reference to an exhibit to the Registrant’s Amendment No. 6 to the Registration Statement on Form S-1 filed with the Commission on December 9, 2004 (No. 333-118193) | |
10.1 | Stock Purchase Agreement with Parker-Chandler Homes, Inc. and the Selling Stockholders identified therein, dated as of January 19, 2006 (incorporated by reference to an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2005). | |
10.3 | Loan Agreement, dated January 31, 2006, by and between Comstock Carter Lake, L.C. and Bank of America, N.A. (incorporated by reference to an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2005). | |
10.4 | Guaranty Agreement, dated January 31, 2006, by the Registrant in favor of Bank of America, N.A. (incorporated by reference to an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2005). | |
31.1 | Certification of Chairman and Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended | |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Act of 1934, as amended | |
31.3 | Certification of Chairman and Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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COMSTOCK HOMEBUILDING COMPANIES, INC. | ||||
Date: May 15, 2006 | By: | /s/ Christopher Clemente | ||
Christopher Clemente | ||||
Chairman and Chief Executive Officer | ||||
By: | /s/ Bruce J. Labovitz | |||
Bruce J. Labovitz | ||||
Chief Financial Officer |
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