$CHCI
Comstock Holding Companies, Inc.

2016 Q3 Form 10-Q Financial Statement

#000119312516767914 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q4 2015 Q3
Revenue $13.10M $26.21M $12.29M
YoY Change 6.63% 166.22% -33.1%
Cost Of Revenue $12.10M $21.70M $10.90M
YoY Change 11.01% 189.33% -27.81%
Gross Profit $1.033M $4.500M $1.436M
YoY Change -28.06% 95.65% -56.03%
Gross Profit Margin 7.88% 17.17% 11.69%
Selling, General & Admin $1.663M $2.400M $2.351M
YoY Change -29.26% 9.09% 5.62%
% of Gross Profit 160.99% 53.33% 163.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $89.00K $100.0K $122.0K
YoY Change -27.05% 388.0%
% of Gross Profit 8.62% 2.22% 8.5%
Operating Expenses $1.663M $2.400M $2.351M
YoY Change -29.26% 9.09% 5.62%
Operating Profit -$854.0K -$812.0K -$1.015M
YoY Change -15.86% -68.16% -199.32%
Interest Expense $133.0K -$100.0K $97.00K
YoY Change 37.11%
% of Operating Profit
Other Income/Expense, Net $98.00K $100.0K $28.00K
YoY Change 250.0% 0.0% -73.58%
Pretax Income -$756.0K -$753.0K -$987.0K
YoY Change -23.4% -69.8% -187.5%
Income Tax $0.00 -$800.0K $36.00K
% Of Pretax Income
Net Earnings -$1.046M -$1.725M -$1.091M
YoY Change -4.12% -49.81% 586.16%
Net Earnings / Revenue -7.98% -6.58% -8.88%
Basic Earnings Per Share -$0.34 -$0.54 -$0.33
Diluted Earnings Per Share -$0.34 -$0.54 -$0.33
COMMON SHARES
Basic Shares Outstanding 3.326M shares 3.284M shares
Diluted Shares Outstanding 3.326M shares 3.284M shares

Balance Sheet

Concept 2016 Q3 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.500M $12.40M $1.800M
YoY Change 38.89% 65.33% -63.27%
Cash & Equivalents $2.464M $12.45M $1.761M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $500.0K $300.0K $500.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.000M $12.70M $2.300M
YoY Change 30.43% 67.11% -55.77%
LONG-TERM ASSETS
Property, Plant & Equipment $282.0K $394.0K $454.0K
YoY Change -37.89% -0.25% 74.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.600M $2.600M $2.500M
YoY Change 4.0% 44.44% -10.71%
Total Long-Term Assets $53.58M $45.46M $57.25M
YoY Change -6.42% -6.78% 16.32%
TOTAL ASSETS
Total Short-Term Assets $3.000M $12.70M $2.300M
Total Long-Term Assets $53.58M $45.46M $57.25M
Total Assets $56.58M $58.16M $59.55M
YoY Change -5.0% 3.18% 9.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.20M $7.600M $10.10M
YoY Change 20.79% -10.59% -13.68%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $41.80M $45.10M $46.90M
YoY Change -10.87% -1.74% 46.56%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.00M $52.70M $57.00M
YoY Change -5.26% -3.13% 30.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $54.00M $52.70M $57.00M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $53.95M $52.72M $57.03M
YoY Change -5.41% -3.29% 30.22%
SHAREHOLDERS EQUITY
Retained Earnings -$180.5M -$175.8M -$174.1M
YoY Change 3.68% 2.67% 3.74%
Common Stock $176.1M $176.0M $173.0M
YoY Change 1.75% 2.52% 1.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.762M -$1.276M -$3.644M
YoY Change
Total Liabilities & Shareholders Equity $56.58M $58.16M $59.55M
YoY Change -5.0% 3.18% 9.43%

Cashflow Statement

Concept 2016 Q3 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income -$1.046M -$1.725M -$1.091M
YoY Change -4.12% -49.81% 586.16%
Depreciation, Depletion And Amortization $89.00K $100.0K $122.0K
YoY Change -27.05% 388.0%
Cash From Operating Activities -$6.800M $10.00M -$1.800M
YoY Change 277.78% -266.67% -143.9%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$100.0K
YoY Change -100.0% -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$200.0K -$200.0K
YoY Change -150.0% -120.0% -33.33%
Cash From Investing Activities $100.0K -$100.0K -$200.0K
YoY Change -150.0% -111.11% -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 5.900M 900.0K -2.400M
YoY Change -345.83% -88.31% -31.43%
NET CHANGE
Cash From Operating Activities -6.800M 10.00M -1.800M
Cash From Investing Activities 100.0K -100.0K -200.0K
Cash From Financing Activities 5.900M 900.0K -2.400M
Net Change In Cash -800.0K 10.80M -4.400M
YoY Change -81.82% 315.38% -2300.0%
FREE CASH FLOW
Cash From Operating Activities -$6.800M $10.00M -$1.800M
Capital Expenditures $0.00 $0.00 -$100.0K
Free Cash Flow -$6.800M $10.00M -$1.700M
YoY Change 300.0% -272.41% -140.48%

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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
57000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-6222000
us-gaap Interest Costs Incurred
InterestCostsIncurred
2404000
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
329000
us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
685000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3724000
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
32787000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4560000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
259000
us-gaap Other Real Estate Period Increase Decrease
OtherRealEstatePeriodIncreaseDecrease
-9953000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
32000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
32000
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>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3317000 shares
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On September 25, 2015, 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.
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3317000 shares
dei Trading Symbol
TradingSymbol
CHCI
us-gaap Profit Loss
ProfitLoss
-3505000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1313000
us-gaap Share Based Compensation
ShareBasedCompensation
56000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
69000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
28390000
us-gaap Interest Paid Net
InterestPaidNet
44000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 Segment
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
4413000
chci Interest And Real Estate Tax Expense
InterestAndRealEstateTaxExpense
655000
chci Interest Incurred And Expensed For Inactive Projects Net
InterestIncurredAndExpensedForInactiveProjectsNet
5000
chci Period For Which Warranty Claims Expected To Arise Under Statutorily Period
PeriodForWhichWarrantyClaimsExpectedToAriseUnderStatutorilyPeriod
P2Y
chci Interest And Real Estate Taxes Expensed As Component Of Cost Of Sales
InterestAndRealEstateTaxesExpensedAsComponentOfCostOfSales
1450000
chci Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
2574000
chci Amounts Drawn Against Outstanding Letters Of Credit Or Performance Bonds
AmountsDrawnAgainstOutstandingLettersOfCreditOrPerformanceBonds
0
chci Accrued Liability Settled Through Issuance Of Stock
AccruedLiabilitySettledThroughIssuanceOfStock
43000
chci Period For Which Warranty Claims Expected To Arise
PeriodForWhichWarrantyClaimsExpectedToArise
P1Y
chci Real Estate Taxes Incurred And Expensed For Inactive Projects Net
RealEstateTaxesIncurredAndExpensedForInactiveProjectsNet
5000
chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
170000
chci Impairment Recovery Value Of Real Estate
ImpairmentRecoveryValueOfRealEstate
-91000
chci Interest Expensed As Component Of Cost Of Sales
InterestExpensedAsComponentOfCostOfSales
1285000
chci Maturity Date Of Note Receivable
MaturityDateOfNoteReceivable
2019-09-02
chci Interest Rate On Notes Receivable
InterestRateOnNotesReceivable
0.06 pure
CY2013Q1 chci Amount Paid For Membership Interest In Private Placement
AmountPaidForMembershipInterestInPrivatePlacement
7300000
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5000 shares
CY2015Q3 us-gaap Home Building Costs
HomeBuildingCosts
10749000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1853000
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.33
CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
122000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.33
CY2015Q3 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
-80000
CY2015Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
64000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
28000
CY2015Q3 us-gaap Gross Profit
GrossProfit
1436000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-1091000
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
68000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-987000
CY2015Q3 us-gaap Interest Expense
InterestExpense
97000
CY2015Q3 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
97000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1091000
CY2015Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
48000
CY2015Q3 us-gaap Home Building Revenue
HomeBuildingRevenue
12043000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1015000
CY2015Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
887000
CY2015Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
103000
CY2015Q3 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
245000
CY2015Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
12288000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
36000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3284000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3284000 shares
CY2015Q3 us-gaap Profit Loss
ProfitLoss
-1023000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
498000
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
66000
CY2015Q3 chci Interest And Real Estate Tax Expense
InterestAndRealEstateTaxExpense
100000
CY2015Q3 chci Interest And Real Estate Taxes Expensed As Component Of Cost Of Sales
InterestAndRealEstateTaxesExpensedAsComponentOfCostOfSales
535000
CY2015Q3 chci Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
1012000
CY2015Q3 chci Real Estate Taxes Incurred And Expensed For Inactive Projects Net
RealEstateTaxesIncurredAndExpensedForInactiveProjectsNet
3000
CY2015Q3 chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
125000
CY2015Q3 chci Interest Expensed As Component Of Cost Of Sales
InterestExpensedAsComponentOfCostOfSales
471000
CY2016Q3 us-gaap Home Building Costs
HomeBuildingCosts
11985000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1236000
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
CY2016Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
89000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-756000
CY2016Q3 us-gaap Interest Expense
InterestExpense
133000
CY2016Q3 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
133000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1133000
CY2016Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
111000
CY2016Q3 us-gaap Home Building Revenue
HomeBuildingRevenue
12880000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-854000
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
CY2016Q3 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
-46000
CY2016Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
64000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
98000
CY2016Q3 us-gaap Gross Profit
GrossProfit
1033000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-1046000
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
290000
CY2016Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
811000
CY2016Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
85000
CY2016Q3 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
223000
CY2016Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
13103000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
87000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3326000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3326000 shares
CY2016Q3 us-gaap Profit Loss
ProfitLoss
-756000
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
427000
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
19000
CY2016Q3 chci Interest And Real Estate Tax Expense
InterestAndRealEstateTaxExpense
133000
CY2016Q3 chci Interest And Real Estate Taxes Expensed As Component Of Cost Of Sales
InterestAndRealEstateTaxesExpensedAsComponentOfCostOfSales
643000
CY2016Q3 chci Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
864000
CY2016Q3 chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
53000
CY2016Q3 chci Impairment Recovery Value Of Real Estate
ImpairmentRecoveryValueOfRealEstate
-91000
CY2016Q3 chci Interest Expensed As Component Of Cost Of Sales
InterestExpensedAsComponentOfCostOfSales
579000

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