$CHCI
Comstock Holding Companies, Inc.

2015 Q3 Form 10-Q Financial Statement

#000119312515378579 Filed on November 16, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $12.29M $18.37M
YoY Change -33.1% 91.88%
Cost Of Revenue $10.90M $15.10M
YoY Change -27.81% 118.84%
Gross Profit $1.436M $3.266M
YoY Change -56.03% 22.64%
Gross Profit Margin 11.69% 17.78%
Selling, General & Admin $2.351M $2.226M
YoY Change 5.62% 1.37%
% of Gross Profit 163.72% 68.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $122.0K $25.00K
YoY Change 388.0% -82.76%
% of Gross Profit 8.5% 0.77%
Operating Expenses $2.351M $2.226M
YoY Change 5.62% 1.37%
Operating Profit -$1.015M $1.022M
YoY Change -199.32% 151.72%
Interest Expense $97.00K $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net $28.00K $106.0K
YoY Change -73.58% 158.54%
Pretax Income -$987.0K $1.128M
YoY Change -187.5% 152.35%
Income Tax $36.00K $137.0K
% Of Pretax Income 12.15%
Net Earnings -$1.091M -$159.0K
YoY Change 586.16% -78.48%
Net Earnings / Revenue -8.88% -0.87%
Basic Earnings Per Share -$0.33 -$0.05
Diluted Earnings Per Share -$0.33 -$0.05
COMMON SHARES
Basic Shares Outstanding 3.284M shares 3.021M shares
Diluted Shares Outstanding 3.284M shares 3.021M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.800M $4.900M
YoY Change -63.27% 16.67%
Cash & Equivalents $1.761M $4.927M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $500.0K $300.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.300M $5.200M
YoY Change -55.77% -14.75%
LONG-TERM ASSETS
Property, Plant & Equipment $454.0K $260.0K
YoY Change 74.62% 4.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.500M $2.800M
YoY Change -10.71% -24.32%
Total Long-Term Assets $57.25M $49.22M
YoY Change 16.32% 9.25%
TOTAL ASSETS
Total Short-Term Assets $2.300M $5.200M
Total Long-Term Assets $57.25M $49.22M
Total Assets $59.55M $54.42M
YoY Change 9.43% 6.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.10M $11.70M
YoY Change -13.68% 34.48%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $46.90M $32.00M
YoY Change 46.56% 21.21%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.00M $43.80M
YoY Change 30.14% 24.08%
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 $57.00M $43.80M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $57.03M $43.80M
YoY Change 30.22% 23.94%
SHAREHOLDERS EQUITY
Retained Earnings -$174.1M -$167.8M
YoY Change 3.74% 2.81%
Common Stock $173.0M $171.2M
YoY Change 1.09% 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.644M $1.135M
YoY Change
Total Liabilities & Shareholders Equity $59.55M $54.42M
YoY Change 9.43% 6.39%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$1.091M -$159.0K
YoY Change 586.16% -78.48%
Depreciation, Depletion And Amortization $122.0K $25.00K
YoY Change 388.0% -82.76%
Cash From Operating Activities -$1.800M $4.100M
YoY Change -143.9% -146.59%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$100.0K
YoY Change 0.0%
Acquisitions
YoY Change
Other Investing Activities -$200.0K -$300.0K
YoY Change -33.33%
Cash From Investing Activities -$200.0K -$400.0K
YoY Change -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.400M -3.500M
YoY Change -31.43% -318.75%
NET CHANGE
Cash From Operating Activities -1.800M 4.100M
Cash From Investing Activities -200.0K -400.0K
Cash From Financing Activities -2.400M -3.500M
Net Change In Cash -4.400M 200.0K
YoY Change -2300.0% -102.78%
FREE CASH FLOW
Cash From Operating Activities -$1.800M $4.100M
Capital Expenditures -$100.0K -$100.0K
Free Cash Flow -$1.700M $4.200M
YoY Change -140.48% -147.73%

Facts In Submission

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Q3
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2015
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dei Document Type
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10-Q
dei Entity Central Index Key
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0001299969
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dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On September 25, 2015, to regain compliance with the NASDAQ listing requirement, the Company effected a 1-for-7 reverse stock split of its issued and outstanding shares of Class A common stock and Class B common stock and proportionately decreased the number of authorized shares of Common Stock. The reverse stock split was authorized by our Board of Directors and approved by our stockholders at the annual meeting of stockholders that was held on June 17, 2015. Every seven shares of issued and outstanding Class A common stock, including treasury shares, were exchanged into one share of the Company’s common stock. As a result of the reverse stock split, the number of authorized shares of Class A common stock was reduced from 77,266,500 shares to 11,038,071 shares and the number of authorized shares of Class B common stock was reduced from 2,733,500 shares to 390,500 shares. No fractional shares were issued in connection with the reverse stock split; instead, stockholders who otherwise would have received fractional shares received, in lieu of such fractional shares, an amount of cash based on the closing price of the Company’s common stock on the date of the reverse stock split.
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Registrant Name
EntityRegistrantName
Comstock Holding Companies, Inc.
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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dei Document Period End Date
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2015-09-30
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. We evaluate these estimates and judgements on an ongoing basis. Actual results may differ from those estimates under different assumptions or conditions.</p> </div>
dei Trading Symbol
TradingSymbol
CHCI
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1383000
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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2450000
us-gaap Income Loss From Equity Method Investments
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us-gaap Share Based Compensation
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us-gaap Equity Method Investment Dividends Or Distributions
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67000
us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
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95000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Amortization Of Financing Costs And Discounts
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240000
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79000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5737000
us-gaap Restructuring Charges
RestructuringCharges
0
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
414000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2206000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-79000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2702000
us-gaap Allocated Share Based Compensation Expense
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218000
us-gaap Notes Reduction
NotesReduction
543000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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-43000
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
156000
us-gaap Home Building Costs
HomeBuildingCosts
29933000
us-gaap Proceeds From Minority Shareholders
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2450000
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694000
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1150000
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2514000
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OtherCostOfOperatingRevenue
456000
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ProceedsFromNotesPayable
27367000
us-gaap Depreciation
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109000
us-gaap Depreciation Depletion And Amortization
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327000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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877000
us-gaap Other Cost And Expense Operating
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426000
chci Number Of Debt Instrument
NumberOfDebtInstrument
3
chci Ordinary Shares Withheld Under Share Based Compensation Value
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32000
chci Maturity Date Of Note Receivable
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2019-09-02
chci Period For Which Warranty Claims Expected To Arise Under Statutorily Period
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P2Y
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2028
chci Separation Agreement Date
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2014-06-24
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4000
chci Period For Which Warranty Claims Expected To Arise
PeriodForWhichWarrantyClaimsExpectedToArise
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chci Interest Expensed As Component Of Cost Of Sales
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chci Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
2828000
chci Change In Ownership Of Shareholders In Specified Time
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chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
314000
chci Debt Discount Amortization Period
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P3Y
chci Agreement Expiration Date
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2015-06-30
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InterestRateOnNotesReceivable
0.06 pure
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8000
chci Increase In Class Common Stock Par Value In Connection With Issuance Of Stock Compensation
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1000
chci Amounts Drawn Against Outstanding Letters Of Credit Or Performance Bonds
AmountsDrawnAgainstOutstandingLettersOfCreditOrPerformanceBonds
0
CY2014 chci Number Of Debt Instrument
NumberOfDebtInstrument
3
CY2014Q2 us-gaap Health Care Organization Expenses Net
HealthCareOrganizationExpensesNet
14000
CY2014Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
131000
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36 Installment
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EarningsPerShareDiluted
-0.05
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
102000 shares
CY2014Q3 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
-275000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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3021000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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3021000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-159000
CY2014Q3 us-gaap Home Building Revenue
HomeBuildingRevenue
18225000
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GrossProfit
3266000
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OtherNonoperatingIncomeExpense
106000
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
178000
CY2014Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
18367000
CY2014Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
89000
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 Income Tax Expense Benefit
IncomeTaxExpenseBenefit
137000
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
28000
CY2014Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
70000
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
206000
CY2014Q3 us-gaap Profit Loss
ProfitLoss
991000
CY2014Q3 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
142000
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OperatingIncomeLoss
1022000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
600000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
102000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1626000
CY2014Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
70000
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HomeBuildingCosts
15021000
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InterestCostsIncurred
619000
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OtherCostOfOperatingRevenue
80000
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
25000
CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1150000
CY2014Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
18000
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 Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
688000
CY2014Q3 chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
69000
CY2014Q3 chci Real Estate Taxes Incurred And Expensed For Inactive Projects Net
RealEstateTaxesIncurredAndExpensedForInactiveProjectsNet
18000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.33
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5000 shares
CY2015Q3 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
-80000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3284000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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3284000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2015Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
48000
CY2015Q3 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
76000
CY2015Q3 us-gaap Profit Loss
ProfitLoss
-1023000
CY2015Q3 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
245000
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OperatingIncomeLoss
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CY2015Q3 us-gaap Home Building Revenue
HomeBuildingRevenue
12043000
CY2015Q3 us-gaap Gross Profit
GrossProfit
1436000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
28000
CY2015Q3 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
46000
CY2015Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
12288000
CY2015Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
23000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-987000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
36000
CY2015Q3 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
30000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
498000
CY2015Q3 us-gaap Interest Expense
InterestExpense
97000
CY2015Q3 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
97000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
66000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1853000
CY2015Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
64000
CY2015Q3 us-gaap Home Building Costs
HomeBuildingCosts
10749000
CY2015Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
887000
CY2015Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
103000
CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
122000
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
68000
CY2015Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
100000
CY2015Q3 chci Interest And Real Estate Taxes Expensed As Component Of Cost Of Sales
InterestAndRealEstateTaxesExpensedAsComponentOfCostOfSales
535000
CY2015Q3 chci Interest Expensed As Component Of Cost Of Sales
InterestExpensedAsComponentOfCostOfSales
471000
CY2015Q3 chci Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
1012000
CY2015Q3 chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
125000
CY2015Q3 chci Real Estate Taxes Incurred And Expensed For Inactive Projects Net
RealEstateTaxesIncurredAndExpensedForInactiveProjectsNet
3000

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