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Comstock Holding Companies Reports Second Quarter 2021 Results
Asset Management Platform Driving Growth in Revenue, Earnings, and Balance Sheet WASHINGTON, D.C. and RESTON, Va., Aug. 16, 2021 (GLOBE NEWSWIRE) -- On August
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"Asset Management Platform Driving Growth in Revenue, Earnings, and Balance Sheet\nWASHINGTON, D.C. and RESTON, Va., Aug. 16, 2021 (GLOBE NEWSWIRE) -- On August 16, 2021, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”), announced financial results for the three and six months ended June 30, 2021: Highlights of Second Quarter 2021: Net income increased by 850% to $11.2 million during the second quarter 2021, as compared to $1.2 million during the same period of the prior yearTotal revenue increased by 40% to $6.3 million during the second quarter 2021, as compared to $4.5 million during the same period of the prior yearCash and cash equivalents increased to $10.2 million as of June 30, 2021, as compared to $7.0 million as of December 31, 2020The significant increase in net income is attributable in part to deferred tax benefits realized in the current quarter as a result of the Company’s demonstrated ability to generate consistent positive results over the past 3 years since refocusing its operating platform and expectations that current operations will continue to generate future income Highlights of First Half 2021: Net income increased by 880% to $11.5 million during the first half 2021, as compared to $1.2 million during the same period of the prior yearTotal revenue increased by 32% to $13.2 million during the first half 2021, as compared to $9.9 million during the same period of the prior yearCash and cash equivalents increased to $10.2 million as of June 30, 2021, as compared to $3.2 million as of June 30, 2020 “Comstock’s results for the second quarter are driven by the strategy we adopted in early 2018 when we transformed our operating platform to focus on commercial real estate development, asset management and related services” said Christopher Clemente, Chairman and CEO of Comstock Holding Companies Inc. “Because of the consistency of our positive results over numerous quarters and the predictability provided by key asset management agreements, in Q2 Comstock met the criteria necessary to recover a portion of its previously discounted tax asset. I look forward to reporting on our continued progress on increasing assets under management and related revenue, and profitability which should result in the realization of additional portions of our tax asset in future periods.” About Comstock Holding Companie...