$CHCI
Comstock Holding Companies, Inc.

2015 Q1 Form 10-Q Financial Statement

#000119312515190265 Filed on May 15, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $10.32M $7.954M
YoY Change 29.71% -31.18%
Cost Of Revenue $8.800M $6.300M
YoY Change 39.68% -30.0%
Gross Profit $1.562M $1.605M
YoY Change -2.68% -35.8%
Gross Profit Margin 15.14% 20.18%
Selling, General & Admin $2.322M $2.427M
YoY Change -4.33% 21.29%
% of Gross Profit 148.66% 151.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $111.0K $174.0K
YoY Change -36.21% 1481.82%
% of Gross Profit 7.11% 10.84%
Operating Expenses $2.322M $2.427M
YoY Change -4.33% 21.29%
Operating Profit -$930.0K -$824.0K
YoY Change 12.86% -179.61%
Interest Expense $167.0K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $192.0K $55.00K
YoY Change 249.09% 103.7%
Pretax Income -$738.0K -$769.0K
YoY Change -4.03% -172.41%
Income Tax $70.00K $74.00K
% Of Pretax Income
Net Earnings -$943.0K -$1.579M
YoY Change -40.28% -318.4%
Net Earnings / Revenue -9.14% -19.85%
Basic Earnings Per Share -$0.31 -$0.53
Diluted Earnings Per Share -$0.31 -$0.53
COMMON SHARES
Basic Shares Outstanding 3.038M shares 20.94M shares
Diluted Shares Outstanding 3.038M shares 20.94M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.400M $7.400M
YoY Change -27.03% -20.43%
Cash & Equivalents $5.430M $7.363M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.000M $500.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.400M $7.900M
YoY Change -18.99% -28.18%
LONG-TERM ASSETS
Property, Plant & Equipment $443.0K $223.0K
YoY Change 98.65% 11.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.900M $2.800M
YoY Change -32.14% -15.15%
Total Long-Term Assets $52.46M $46.21M
YoY Change 13.52% 48.59%
TOTAL ASSETS
Total Short-Term Assets $6.400M $7.900M
Total Long-Term Assets $52.46M $46.21M
Total Assets $58.86M $54.11M
YoY Change 8.77% 28.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.700M $7.100M
YoY Change 36.62% 39.22%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $48.60M $30.50M
YoY Change 59.34% 36.77%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.40M $37.70M
YoY Change 54.91% 37.59%
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 $58.40M $37.70M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $58.30M $37.79M
YoY Change 54.27% 6.15%
SHAREHOLDERS EQUITY
Retained Earnings -$172.2M -$166.0M
YoY Change 3.74%
Common Stock $171.8M $171.0M
YoY Change 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.852M $2.807M
YoY Change
Total Liabilities & Shareholders Equity $58.86M $54.11M
YoY Change 8.77% 28.53%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$943.0K -$1.579M
YoY Change -40.28% -318.4%
Depreciation, Depletion And Amortization $111.0K $174.0K
YoY Change -36.21% 1481.82%
Cash From Operating Activities -$3.800M -$2.600M
YoY Change 46.15% -163.41%
INVESTING ACTIVITIES
Capital Expenditures $74.00K $4.000K
YoY Change 1750.0% -84.62%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$100.0K
YoY Change 0.0% -133.33%
Cash From Investing Activities -$200.0K -$100.0K
YoY Change 100.0% -150.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $79.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.900M -1.800M
YoY Change -205.56% -220.0%
NET CHANGE
Cash From Operating Activities -3.800M -2.600M
Cash From Investing Activities -200.0K -100.0K
Cash From Financing Activities 1.900M -1.800M
Net Change In Cash -2.100M -4.500M
YoY Change -53.33% -177.59%
FREE CASH FLOW
Cash From Operating Activities -$3.800M -$2.600M
Capital Expenditures $74.00K $4.000K
Free Cash Flow -$3.874M -$2.604M
YoY Change 48.77% -163.92%

Facts In Submission

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CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
Comstock Holding Companies, Inc.
CY2015Q1 dei Trading Symbol
TradingSymbol
CHCI
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
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CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
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P6Y7M6D
CY2015Q1 dei Amendment Flag
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false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
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2015
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21268000 shares
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
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OtherRealEstatePeriodIncreaseDecrease
-3776000
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001299969
CY2015Q1 us-gaap Mortgage Loans On Real Estate Renewed And Extended
MortgageLoansOnRealEstateRenewedAndExtended
Subsequent to quarter end, the Company secured an extension on $2.7 million, of the $26.7 million, which was scheduled to mature in the second quarter of 2015. The extension provides for an additional 12 months, to the second quarter of 2016, with an automatic extension for an additional 12 months, subject to meeting certain conditions (additional details are provided below and in Note 17).
CY2015Q1 dei Document Fiscal Period Focus
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Q1
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163000 shares
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2015-06-30
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21268000 shares
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42000
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InterestIncomeOther
3000
CY2015Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
97000
CY2015Q1 us-gaap Gross Profit
GrossProfit
1562000
CY2015Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-125000
CY2015Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
110000
CY2015Q1 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
145000
CY2015Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
620000
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-668000
CY2015Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-404000
CY2015Q1 us-gaap Home Building Revenue
HomeBuildingRevenue
10010000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-930000
CY2015Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
15000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-738000
CY2015Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
850000
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
79000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
192000
CY2015Q1 us-gaap Interest Paid Net
InterestPaidNet
54000
CY2015Q1 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
74000
CY2015Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
7309000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
74000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-943000
CY2015Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
222000
CY2015Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
10317000
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
30000
CY2015Q1 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
307000
CY2015Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
19000
CY2015Q1 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
4000
CY2015Q1 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
37000
CY2015Q1 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
154000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
85000
CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-108000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
111000
CY2015Q1 us-gaap Interest Expense
InterestExpense
167000
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
425000
CY2015Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
102000
CY2015Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
15000
CY2015Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
37000
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
0
CY2015Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
79000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2068000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-70000
CY2015Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
761000
CY2015Q1 chci Separation Agreement Date
SeparationAgreementDate
2014-06-24
CY2015Q1 chci Interest Incurred And Expensed For Inactive Projects Net
InterestIncurredAndExpensedForInactiveProjectsNet
4000
CY2015Q1 chci Stockholders Rights Plan Expiration Month And Year
StockholdersRightsPlanExpirationMonthAndYear
2014-05
CY2015Q1 chci Amounts Drawn Against Outstanding Letters Of Credit Or Performance Bonds
AmountsDrawnAgainstOutstandingLettersOfCreditOrPerformanceBonds
0
CY2015Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
10283000
CY2015Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
8000
CY2015Q1 us-gaap Depreciation
Depreciation
26000
CY2015Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
113000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1870000
CY2015Q1 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
37000
CY2015Q1 us-gaap Home Building Costs
HomeBuildingCosts
8590000
CY2015Q1 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
163000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-163000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1897000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
812000
CY2015Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
850000
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
275000
CY2015Q1 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
165000
CY2015Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
38000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
76000
CY2015Q1 us-gaap Notes Reduction
NotesReduction
490000
CY2015Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
170000
CY2015Q1 chci Debt Discount Amortization Period
DebtDiscountAmortizationPeriod
P3Y
CY2015Q1 chci Interest And Real Estate Taxes Expensed As Component Of Cost Of Sales
InterestAndRealEstateTaxesExpensedAsComponentOfCostOfSales
418000
CY2015Q1 chci Interest Rate On Notes Receivable
InterestRateOnNotesReceivable
0.06 pure
CY2015Q1 chci Ordinary Shares Withheld Under Share Based Compensation Value
OrdinarySharesWithheldUnderShareBasedCompensationValue
31000
CY2015Q1 chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
68000
CY2015Q1 chci Change In Ownership Of Shareholders In Specified Time
ChangeInOwnershipOfShareholdersInSpecifiedTime
P3Y
CY2015Q1 chci Net Operating Loss Carry Forward Expiration Year Begin
NetOperatingLossCarryForwardExpirationYearBegin
2028
CY2015Q1 chci Debt Instrument Maturity Year
DebtInstrumentMaturityYear
2015
CY2015Q1 chci Increase In Class Common Stock Par Value In Connection With Issuance Of Stock Compensation
IncreaseInClassCommonStockParValueInConnectionWithIssuanceOfStockCompensation
1000
CY2015Q1 chci Period For Which Warranty Claims Expected To Arise
PeriodForWhichWarrantyClaimsExpectedToArise
P1Y
CY2015Q1 chci Period For Which Warranty Claims Expected To Arise Under Statutorily Period
PeriodForWhichWarrantyClaimsExpectedToAriseUnderStatutorilyPeriod
P2Y
CY2015Q1 chci Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
829000
CY2015Q1 chci Interest Expensed As Component Of Cost Of Sales
InterestExpensedAsComponentOfCostOfSales
380000
CY2015Q1 chci Real Estate Taxes Incurred And Expensed For Inactive Projects Net
RealEstateTaxesIncurredAndExpensedForInactiveProjectsNet
3000
CY2015Q1 chci Debt Instrument Maturity Description
DebtInstrumentMaturityDescription
This line of credit bears a variable interest rate tied to a one-month LIBOR plus 3.25% per annum, with an interest rate floor of 5.0% and matures on July 15, 2015 with an extension option for an additional twelve months provided that the Company meets certain conditions.
CY2015Q1 chci Maturity Date Of Note Receivable
MaturityDateOfNoteReceivable
2019-09-02

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