2014 Q3 Form 10-Q Financial Statement

#000119312514411301 Filed on November 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $18.37M $9.572M
YoY Change 91.88% 174.82%
Cost Of Revenue $15.10M $6.900M
YoY Change 118.84% 115.63%
Gross Profit $3.266M $2.663M
YoY Change 22.64% 1231.5%
Gross Profit Margin 17.78% 27.82%
Selling, General & Admin $2.226M $2.196M
YoY Change 1.37% 0.6%
% of Gross Profit 68.16% 82.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.00K $145.0K
YoY Change -82.76%
% of Gross Profit 0.77% 5.44%
Operating Expenses $2.226M $2.196M
YoY Change 1.37% 0.6%
Operating Profit $1.022M $406.0K
YoY Change 151.72% -109.05%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $106.0K $41.00K
YoY Change 158.54% -191.11%
Pretax Income $1.128M $447.0K
YoY Change 152.35% -109.85%
Income Tax $137.0K $197.0K
% Of Pretax Income 12.15% 44.07%
Net Earnings -$159.0K -$739.0K
YoY Change -78.48% -83.56%
Net Earnings / Revenue -0.87% -7.72%
Basic Earnings Per Share -$0.05 -$0.03
Diluted Earnings Per Share -$0.05 -$0.03
COMMON SHARES
Basic Shares Outstanding 3.021M shares 20.74M shares
Diluted Shares Outstanding 3.021M shares 20.74M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.900M $4.200M
YoY Change 16.67% -4.55%
Cash & Equivalents $4.927M $4.188M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $300.0K $1.900M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.200M $6.100M
YoY Change -14.75% 7.02%
LONG-TERM ASSETS
Property, Plant & Equipment $260.0K $250.0K
YoY Change 4.0% 25.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.800M $3.700M
YoY Change -24.32% 15.63%
Total Long-Term Assets $49.22M $45.05M
YoY Change 9.25% 92.52%
TOTAL ASSETS
Total Short-Term Assets $5.200M $6.100M
Total Long-Term Assets $49.22M $45.05M
Total Assets $54.42M $51.15M
YoY Change 6.39% 75.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.70M $8.700M
YoY Change 34.48% 135.14%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $32.00M $26.40M
YoY Change 21.21% 43.48%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.80M $35.30M
YoY Change 24.08% 59.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $43.80M $35.30M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $43.80M $35.34M
YoY Change 23.94% 59.9%
SHAREHOLDERS EQUITY
Retained Earnings -$167.8M -$163.2M
YoY Change 2.81%
Common Stock $171.2M $170.7M
YoY Change 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.480M
YoY Change
Treasury Stock Shares
Shareholders Equity $1.135M $5.200M
YoY Change
Total Liabilities & Shareholders Equity $54.42M $51.15M
YoY Change 6.39% 75.77%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$159.0K -$739.0K
YoY Change -78.48% -83.56%
Depreciation, Depletion And Amortization $25.00K $145.0K
YoY Change -82.76%
Cash From Operating Activities $4.100M -$8.800M
YoY Change -146.59% 114.63%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$300.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$400.0K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.500M 1.600M
YoY Change -318.75% 33.33%
NET CHANGE
Cash From Operating Activities 4.100M -8.800M
Cash From Investing Activities -400.0K 0.000
Cash From Financing Activities -3.500M 1.600M
Net Change In Cash 200.0K -7.200M
YoY Change -102.78% 188.0%
FREE CASH FLOW
Cash From Operating Activities $4.100M -$8.800M
Capital Expenditures -$100.0K $0.00
Free Cash Flow $4.200M -$8.800M
YoY Change -147.73% 120.0%

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dei Trading Symbol
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dei Entity Registrant Name
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Comstock Holding Companies, Inc.
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2014-09-30
dei Entity Central Index Key
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Our financial statements have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts for the reporting periods. We base these estimates and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances. On an ongoing basis, we evaluate these estimates and judgments. Actual results may differ from those estimates under different assumptions or conditions.</p> </div>
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us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
414000
us-gaap Profit Loss
ProfitLoss
-521000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2254000
us-gaap Interest Income Other
InterestIncomeOther
1000
us-gaap Operating Income Loss
OperatingIncomeLoss
-426000
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
251000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
9000
us-gaap Net Income Loss
NetIncomeLoss
-3402000
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
39000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
126000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
90000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
331000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
38121000
us-gaap Health Care Organization Expenses Net
HealthCareOrganizationExpensesNet
14000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2881000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4411000
us-gaap Interest Costs Incurred
InterestCostsIncurred
1699000
us-gaap Home Building Costs
HomeBuildingCosts
30736000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5833000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
234000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-7118000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
23000
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
131000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
23528000
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
91000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
8290000
us-gaap Share Based Compensation
ShareBasedCompensation
195000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
20000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-6968000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1697000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-602000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-273000
us-gaap Severance Costs1
SeveranceCosts1
597000
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
258000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
26000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
73000
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
126000
us-gaap Depreciation
Depreciation
73000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
660000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
268000
chci Net Operating Loss Carry Forward Expiration Year Begin
NetOperatingLossCarryForwardExpirationYearBegin
2028
CY2014Q3 us-gaap Home Building Revenue
HomeBuildingRevenue
18225000
chci Equity Method Investment Summarized Financial Information Cost And Expenses
EquityMethodInvestmentSummarizedFinancialInformationCostAndExpenses
87000
chci Period For Which Warranty Claims Expected To Arise Under Statutorily Period
PeriodForWhichWarrantyClaimsExpectedToAriseUnderStatutorilyPeriod
P2Y
chci Period For Which Warranty Claims Expected To Arise
PeriodForWhichWarrantyClaimsExpectedToArise
P1Y
chci Amounts Drawn Against Letters Of Credit Or Performance Bonds
AmountsDrawnAgainstLettersOfCreditOrPerformanceBonds
0
chci Interest And Real Estate Taxes Expensed As Component Of Cost Of Sales
InterestAndRealEstateTaxesExpensedAsComponentOfCostOfSales
592000
chci Projects Units Minimum
ProjectsUnitsMinimum
75 Unit
chci Interest Expensed As Component Of Cost Of Sales
InterestExpensedAsComponentOfCostOfSales
466000
chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
173000
chci Ordinary Shares Withheld Under Share Based Compensation Value
OrdinarySharesWithheldUnderShareBasedCompensationValue
62000
chci Real Estate Taxes Incurred And Expensed For Inactive Projects Net
RealEstateTaxesIncurredAndExpensedForInactiveProjectsNet
23000
chci Projects Units Maximum
ProjectsUnitsMaximum
200 Unit
chci Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
1872000
chci Increase In Class Common Stock Par Value In Connection With Issuance Of Stock Compensation And Warrants Exercise
IncreaseInClassCommonStockParValueInConnectionWithIssuanceOfStockCompensationAndWarrantsExercise
2000
chci Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Amount Remitted To Tax Authorities
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAmountRemittedToTaxAuthorities
62000
chci Interest Rate On Notes Receivable
InterestRateOnNotesReceivable
0.06 pure
chci Number Of Semi Monthly Installment
NumberOfSemiMonthlyInstallment
36 Installment
chci Separation Agreement Date
SeparationAgreementDate
2014-06-24
chci Impact Of Call Option In Stockholders Equity
ImpactOfCallOptionInStockholdersEquity
0
chci Debt Instrument Maturity Description
DebtInstrumentMaturityDescription
The line of credit bears a variable interest rate tied to a one-month LIBOR rate plus 3.25% per annum, with an interest rate floor of 5.0%. The line of credit matures on July 15, 2015 with an extension option for an additional twelve months provided that the Company meets certain conditions.
chci Maturity Date Of Note Receivable
MaturityDateOfNoteReceivable
2019-09-02
CY2014Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
182000
CY2014Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
59000
CY2008 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
241000
CY2013Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
700000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21147000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2014Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.12 pure
CY2014Q3 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
-275000
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21147000 shares
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
719000 shares
CY2014Q3 us-gaap Gross Profit
GrossProfit
3266000
CY2013Q3 us-gaap Profit Loss
ProfitLoss
250000
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
206000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
106000
CY2014Q3 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
142000
CY2014Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
70000
CY2014Q3 us-gaap Profit Loss
ProfitLoss
991000
CY2014Q3 us-gaap Interest Income Other
InterestIncomeOther
1000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1022000
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
178000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1128000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-159000
CY2014Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
89000
CY2014Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
18367000
CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1150000
CY2014Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
619000
CY2014Q3 us-gaap Home Building Costs
HomeBuildingCosts
15021000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1626000
CY2014Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
18000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
600000
CY2014Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
80000
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
25000
CY2014Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
70000
CY2014Q3 us-gaap Restructuring Charges
RestructuringCharges
0
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
102000
CY2014Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
137000
CY2014Q3 chci Equity Method Investment Summarized Financial Information Cost And Expenses
EquityMethodInvestmentSummarizedFinancialInformationCostAndExpenses
28000
CY2014Q3 chci Interest And Real Estate Taxes Expensed As Component Of Cost Of Sales
InterestAndRealEstateTaxesExpensedAsComponentOfCostOfSales
395000
CY2014Q3 chci Interest Expensed As Component Of Cost Of Sales
InterestExpensedAsComponentOfCostOfSales
325000
CY2014Q3 chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
69000
CY2014Q3 chci Real Estate Taxes Incurred And Expensed For Inactive Projects Net
RealEstateTaxesIncurredAndExpensedForInactiveProjectsNet
18000
CY2014Q3 chci Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
688000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20739000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2013Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.44 pure
CY2013Q3 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
-418000
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20739000 shares
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1928000 shares
CY2013Q3 us-gaap Home Building Revenue
HomeBuildingRevenue
9211000
CY2013Q3 us-gaap Gross Profit
GrossProfit
2663000
CY2013Q3 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
56000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
41000
CY2013Q3 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
361000
CY2013Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
90000
CY2013Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
61000
CY2013Q3 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
40000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
406000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
477000
CY2013Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
244000
CY2013Q3 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
27000
CY2013Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
59000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
447000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-739000
CY2013Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
14000
CY2013Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
395000
CY2013Q3 chci Equity Method Investment Summarized Financial Information Cost And Expenses
EquityMethodInvestmentSummarizedFinancialInformationCostAndExpenses
29000
CY2013Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
9572000
CY2013Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
989000
CY2013Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
357000
CY2013Q3 us-gaap Home Building Costs
HomeBuildingCosts
6850000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1719000
CY2013Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
145000
CY2013Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
30000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
137000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
197000
CY2013Q3 chci Interest And Real Estate Taxes Expensed As Component Of Cost Of Sales
InterestAndRealEstateTaxesExpensedAsComponentOfCostOfSales
77000
CY2013Q3 chci Interest Expensed As Component Of Cost Of Sales
InterestExpensedAsComponentOfCostOfSales
47000
CY2013Q3 chci Production Overhead Incurred And Expensed For Inactive Projects Net
ProductionOverheadIncurredAndExpensedForInactiveProjectsNet
61000
CY2013Q3 chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
57000
CY2013Q3 chci Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
414000

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