Business
Comstock Holding Companies Reports Third Quarter 2021 Results
WASHINGTON, D.C. and RESTON, Va., Nov. 15, 2021 (GLOBE NEWSWIRE) -- On November 15, 2021, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”),
About this update from Comstock Holding Companies, Inc.
[{"type":"text","content":"WASHINGTON, D.C. and RESTON, Va., Nov. 15, 2021 (GLOBE NEWSWIRE) -- On November 15, 2021, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the “Company”), announced financial results for the three and nine months ended September 30, 2021: Highlights of Third Quarter 2021, as compared to Third Quarter 2020: Total revenue from continuing operations increased by 73% to $10.2 million during the third quarter 2021, as compared to $5.9 million during the same period of the prior year.Operating income from continuing operations increased by 525% to $3.1 million during the third quarter 2021, as compared to $0.5 million during the same period of the prior year.Net income increased by 590% to $2.9 million during the third quarter 2021, as compared to $0.4 million during the same period of the prior year. Highlights of nine months ended September 30, 2021, as compared to nine months ended September 30, 2020: Total revenue from continuing operations increased by 47% to $23.3 million during the nine months ended September 30, 2021, as compared to $15.8 million during the same period of the prior year.Operating income from continuing operations increased by 116% to $4.1 million during the nine months ended September 30, 2021, as compared to $1.9 million during the same period of the prior year.Net income increased by 803% to $14.4 million during the nine months ended September 30, 2021, as compared to $1.6 million during the same period of the prior year. “Comstock’s results this quarter further demonstrate the benefits of our asset-light, revenue generating strategy that is designed to provide above average return on invested capital with minimal exposure to market risks,” said Christopher Clemente, Chairman and CEO of Comstock Holding Companies, Inc. “I am confident that our experienced management team, our vertically integrated operating platform, and our market leading portfolio of strategically located transit-oriented assets in one of America’s best real estate markets positions Comstock well to continue delivering positive results. I look forward to reporting on our continued progress in coming periods.” About Comstock Holding Companies, Inc. Comstock Holding Companies, Inc. (“Comstock”) is a real estate investor, developer, operator, asset manager and real estate services company that, since 1985 has developed, constructed, acquired...