$CHCI
Comstock Holding Companies, Inc.

2016 Q1 Form 10-Q Financial Statement

#000119312516592045 Filed on May 16, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $9.706M $10.32M
YoY Change -5.92% 29.71%
Cost Of Revenue $8.700M $8.800M
YoY Change -1.14% 39.68%
Gross Profit $970.0K $1.562M
YoY Change -37.9% -2.68%
Gross Profit Margin 9.99% 15.14%
Selling, General & Admin $2.025M $2.322M
YoY Change -12.79% -4.33%
% of Gross Profit 208.76% 148.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $86.00K $111.0K
YoY Change -22.52% -36.21%
% of Gross Profit 8.87% 7.11%
Operating Expenses $2.025M $2.322M
YoY Change -12.79% -4.33%
Operating Profit -$1.271M -$930.0K
YoY Change 36.67% 12.86%
Interest Expense $213.0K $167.0K
YoY Change 27.54%
% of Operating Profit
Other Income/Expense, Net $8.000K $192.0K
YoY Change -95.83% 249.09%
Pretax Income -$1.263M -$738.0K
YoY Change 71.14% -4.03%
Income Tax $25.00K $70.00K
% Of Pretax Income
Net Earnings -$1.724M -$943.0K
YoY Change 82.82% -40.28%
Net Earnings / Revenue -17.76% -9.14%
Basic Earnings Per Share -$0.55 -$0.31
Diluted Earnings Per Share -$0.55 -$0.31
COMMON SHARES
Basic Shares Outstanding 3.304M shares 3.038M shares
Diluted Shares Outstanding 3.304M shares 3.038M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.600M $5.400M
YoY Change -14.81% -27.03%
Cash & Equivalents $4.613M $5.430M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $800.0K $1.000M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.400M $6.400M
YoY Change -15.63% -18.99%
LONG-TERM ASSETS
Property, Plant & Equipment $339.0K $443.0K
YoY Change -23.48% 98.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.500M $1.900M
YoY Change 31.58% -32.14%
Total Long-Term Assets $43.02M $52.46M
YoY Change -17.98% 13.52%
TOTAL ASSETS
Total Short-Term Assets $5.400M $6.400M
Total Long-Term Assets $43.02M $52.46M
Total Assets $48.42M $58.86M
YoY Change -17.73% 8.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.100M $9.700M
YoY Change -37.11% 36.62%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $39.60M $48.60M
YoY Change -18.52% 59.34%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.70M $58.40M
YoY Change -21.75% 54.91%
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 $45.70M $58.40M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $45.63M $58.30M
YoY Change -21.73% 54.27%
SHAREHOLDERS EQUITY
Retained Earnings -$177.5M -$172.2M
YoY Change 3.11% 3.74%
Common Stock $176.0M $171.8M
YoY Change 2.46% 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.962M -$2.852M
YoY Change
Total Liabilities & Shareholders Equity $48.42M $58.86M
YoY Change -17.73% 8.77%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$1.724M -$943.0K
YoY Change 82.82% -40.28%
Depreciation, Depletion And Amortization $86.00K $111.0K
YoY Change -22.52% -36.21%
Cash From Operating Activities -$400.0K -$3.800M
YoY Change -89.47% 46.15%
INVESTING ACTIVITIES
Capital Expenditures $74.00K
YoY Change 1750.0%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$100.0K
YoY Change 0.0% 0.0%
Cash From Investing Activities -$100.0K -$200.0K
YoY Change -50.0% 100.0%
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 -7.400M 1.900M
YoY Change -489.47% -205.56%
NET CHANGE
Cash From Operating Activities -400.0K -3.800M
Cash From Investing Activities -100.0K -200.0K
Cash From Financing Activities -7.400M 1.900M
Net Change In Cash -7.900M -2.100M
YoY Change 276.19% -53.33%
FREE CASH FLOW
Cash From Operating Activities -$400.0K -$3.800M
Capital Expenditures $74.00K
Free Cash Flow -$3.874M
YoY Change 48.77%

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Comstock Holding Companies, Inc.
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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. We evaluate these estimates and judgements on an ongoing basis. Actual results may differ from those estimates under different assumptions or conditions.</p> </div>
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ProductWarrantyAccrualWarrantiesIssued
44000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1810000
CY2016Q1 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
45000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-1288000
CY2016Q1 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
183000
CY2016Q1 dei Trading Symbol
TradingSymbol
CHCI
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.55
CY2016Q1 us-gaap Other Real Estate Period Increase Decrease
OtherRealEstatePeriodIncreaseDecrease
2858000
CY2016Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
11175000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-1724000
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4000
CY2016Q1 us-gaap Home Building Revenue
HomeBuildingRevenue
9523000
CY2016Q1 us-gaap Gross Profit
GrossProfit
970000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8000
CY2016Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-115000
CY2016Q1 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
16000
CY2016Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1400000
CY2016Q1 us-gaap Interest Paid Net
InterestPaidNet
65000
CY2016Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
8000
CY2016Q1 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
-44000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-25000
CY2016Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
86000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
26000
CY2016Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
52000
CY2016Q1 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
29000
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
483000
CY2016Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
209000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-7835000
CY2016Q1 us-gaap Interest Expense
InterestExpense
213000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-80000
CY2016Q1 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
208000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-7370000
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1575000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31000
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1542000
CY2016Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
49000
CY2016Q1 us-gaap Home Building Costs
HomeBuildingCosts
8645000
CY2016Q1 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
3000
CY2016Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
144000
CY2016Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
736000
CY2016Q1 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
91000
CY2016Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
5209000
CY2016Q1 us-gaap Depreciation
Depreciation
55000
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
86000
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
436000
CY2016Q1 chci Interest And Real Estate Taxes Expensed As Component Of Cost Of Sales
InterestAndRealEstateTaxesExpensedAsComponentOfCostOfSales
341000
CY2016Q1 chci Maturity Date Of Note Receivable
MaturityDateOfNoteReceivable
2019-09-02
CY2016Q1 chci Period For Which Warranty Claims Expected To Arise Under Statutorily Period
PeriodForWhichWarrantyClaimsExpectedToAriseUnderStatutorilyPeriod
P2Y
CY2016Q1 chci Interest Incurred And Expensed For Inactive Projects Net
InterestIncurredAndExpensedForInactiveProjectsNet
5000
CY2016Q1 chci Period For Which Warranty Claims Expected To Arise
PeriodForWhichWarrantyClaimsExpectedToArise
P1Y
CY2016Q1 chci Interest Expensed As Component Of Cost Of Sales
InterestExpensedAsComponentOfCostOfSales
292000
CY2016Q1 chci Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
758000
CY2016Q1 chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
22000
CY2016Q1 chci Interest Rate On Notes Receivable
InterestRateOnNotesReceivable
0.06 pure
CY2016Q1 chci Real Estate Taxes Incurred And Expensed For Inactive Projects Net
RealEstateTaxesIncurredAndExpensedForInactiveProjectsNet
3000
CY2016Q1 chci Amounts Drawn Against Outstanding Letters Of Credit Or Performance Bonds
AmountsDrawnAgainstOutstandingLettersOfCreditOrPerformanceBonds
0
CY2016Q1 chci Interest And Real Estate Tax Expense
InterestAndRealEstateTaxExpense
216000
CY2016Q1 chci Increase In Preferred Stock Value In Connection With Dividends Paid
IncreaseInPreferredStockValueInConnectionWithDividendsPaid
26000

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