2018 Q1 Form 10-Q Financial Statement

#000119312518165446 Filed on May 16, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $8.799M $10.27M
YoY Change -14.31% 5.79%
Cost Of Revenue $2.700M $9.300M
YoY Change -70.97% 6.9%
Gross Profit $586.0K $943.0K
YoY Change -37.86% -2.78%
Gross Profit Margin 6.66% 9.18%
Selling, General & Admin $579.0K $1.627M
YoY Change -64.41% -19.65%
% of Gross Profit 98.81% 172.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $57.00K $37.00K
YoY Change 54.05% -56.98%
% of Gross Profit 9.73% 3.92%
Operating Expenses $579.0K $1.627M
YoY Change -64.41% -19.65%
Operating Profit -$636.0K -$684.0K
YoY Change -7.02% -46.18%
Interest Expense $85.00K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $14.00K $20.00K
YoY Change -30.0% 150.0%
Pretax Income -$622.0K -$664.0K
YoY Change -6.33% -47.43%
Income Tax $6.000K $0.00
% Of Pretax Income
Net Earnings -$710.0K -$647.0K
YoY Change 9.74% -62.47%
Net Earnings / Revenue -8.07% -6.3%
Basic Earnings Per Share -$0.21 $0.09
Diluted Earnings Per Share -$0.21 $0.08
COMMON SHARES
Basic Shares Outstanding 3.448M 3.343M shares
Diluted Shares Outstanding 3.448M 3.373M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000M $3.700M
YoY Change -72.97% -19.57%
Cash & Equivalents $987.0K $3.702M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $4.600M $100.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.600M $3.800M
YoY Change 47.37% -29.63%
LONG-TERM ASSETS
Property, Plant & Equipment $299.0K $219.0K
YoY Change 36.53% -35.4%
Goodwill $1.702M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.200M $1.500M
YoY Change -20.0% -40.0%
Total Long-Term Assets $47.70M $52.60M
YoY Change -9.31% 22.25%
TOTAL ASSETS
Total Short-Term Assets $5.600M $3.800M
Total Long-Term Assets $47.70M $52.60M
Total Assets $53.30M $56.40M
YoY Change -5.49% 16.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.500M $6.900M
YoY Change 23.19% 13.11%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $39.50M $43.60M
YoY Change -9.4% 10.1%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $48.00M $50.50M
YoY Change -4.95% 10.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.200M
YoY Change
Total Long-Term Liabilities $3.200M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $48.00M $50.50M
Total Long-Term Liabilities $3.200M $0.00
Total Liabilities $51.18M $50.52M
YoY Change 1.3% 10.71%
SHAREHOLDERS EQUITY
Retained Earnings -$192.4M -$185.4M
YoY Change 3.77% 4.46%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$14.96M -$10.45M
YoY Change
Total Liabilities & Shareholders Equity $53.30M $56.40M
YoY Change -5.49% 16.46%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$710.0K -$647.0K
YoY Change 9.74% -62.47%
Depreciation, Depletion And Amortization $57.00K $37.00K
YoY Change 54.05% -56.98%
Cash From Operating Activities -$49.00K $700.0K
YoY Change -107.0% -275.0%
INVESTING ACTIVITIES
Capital Expenditures $46.00K $1.000K
YoY Change 4500.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$37.00K $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 -662.0K -2.500M
YoY Change -73.52% -66.22%
NET CHANGE
Cash From Operating Activities -49.00K 700.0K
Cash From Investing Activities -37.00K 0.000
Cash From Financing Activities -662.0K -2.500M
Net Change In Cash -748.0K -1.800M
YoY Change -58.44% -77.22%
FREE CASH FLOW
Cash From Operating Activities -$49.00K $700.0K
Capital Expenditures $46.00K $1.000K
Free Cash Flow -$95.00K $699.0K
YoY Change -113.59%

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AmortizationOfFinancingCostsAndDiscounts
150000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-748000
CY2018Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
100000
CY2018Q1 us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
177000
CY2018Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
37000
CY2018Q1 us-gaap Depreciation
Depreciation
57000
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0094 pure
CY2018Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
14000
CY2018Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2018Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018Q1 dei Document Type
DocumentType
10-Q
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2018Q1 dei Document Period End Date
DocumentPeriodEndDate
2018-03-31
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2018Q1 dei Entity Registrant Name
EntityRegistrantName
Comstock Holding Companies, Inc.
CY2018Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001299969
CY2018Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2018Q1 us-gaap Gross Profit
GrossProfit
586000
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
360000
CY2018Q1 us-gaap Home Building Costs
HomeBuildingCosts
5495000
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-622000
CY2018Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
558000
CY2018Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
3840000
CY2018Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
6000
CY2018Q1 us-gaap Home Building Revenue
HomeBuildingRevenue
5561000
CY2018Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
592000
CY2018Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1157000
CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
655000
CY2018Q1 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
-4000
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6000
CY2018Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
5216000
CY2018Q1 us-gaap Interest Expense
InterestExpense
85000
CY2018Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
896000
CY2018Q1 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
24000
CY2018Q1 us-gaap Interest Paid Net
InterestPaidNet
605000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-628000
CY2018Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
2853000
CY2018Q1 us-gaap Management Fee Expense
ManagementFeeExpense
2541000
CY2018Q1 us-gaap Management Fees Revenue
ManagementFeesRevenue
2791000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-37000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-49000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-723000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-662000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-723000
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
95000
CY2018Q1 us-gaap Notes Assumed1
NotesAssumed1
0
CY2018Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 Segment
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-636000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
14000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
46000
CY2018Q1 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
57000
CY2018Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0
CY2018Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Reclassifications</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Certain amounts in the prior year consolidated financial statements have been reclassified to the current year presentation. The impact of the reclassifications made to prior year amounts is not material and did not affect net loss.</p> </div>
CY2018Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
9000
CY2018Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
16000
CY2018Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
8799000
CY2018Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
48000
CY2018Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
3458000
CY2018Q1 chci Maturity Date Of Note Receivable
MaturityDateOfNoteReceivable
2019-09-02
CY2018Q1 chci Notes Payable Maturity Year
NotesPayableMaturityYear
2018
CY2018Q1 chci Net Operating Loss Carry Forward Expiration Year Begin
NetOperatingLossCarryForwardExpirationYearBegin
2027
CY2018Q1 chci Period For Which Warranty Claims Expected To Arise
PeriodForWhichWarrantyClaimsExpectedToArise
P1Y
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8799000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
86000
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y0M0D
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
219000
CY2018Q1 us-gaap Stock Issued1
StockIssued1
0
CY2018Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-47000
CY2018Q1 dei Trading Symbol
TradingSymbol
CHCI
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3448000 shares
CY2018Q1 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 consolidated financial statements have been prepared in accordance with GAAP. The preparation of these consolidated 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. Material estimates are utilized in the valuation of real estate inventories, valuation of deferred tax assets, analysis of goodwill impairment, valuation of equity-based compensation, capitalization of costs, consolidation of variable interest entities and warranty reserves.</p> </div>
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3448000 shares
CY2018Q1 chci Real Estate Services Revenue
RealEstateServicesRevenue
447000
CY2018Q1 chci Amounts Drawn Against Outstanding Letters Of Credit Or Performance Bonds
AmountsDrawnAgainstOutstandingLettersOfCreditOrPerformanceBonds
0
CY2018Q1 chci Increase In Preferred Stock Value In Connection With Dividends Paid
IncreaseInPreferredStockValueInConnectionWithDividendsPaid
0
CY2018Q1 chci Deemed Dividend On Extinguishment Of Preferred Stock
DeemedDividendOnExtinguishmentOfPreferredStock
0
CY2018Q1 chci Real Estate Taxes Incurred And Expensed For Inactive Projects Net
RealEstateTaxesIncurredAndExpensedForInactiveProjectsNet
61000
CY2018Q1 chci Real Estate Taxes Incurred And Capitalized
RealEstateTaxesIncurredAndCapitalized
66000
CY2018Q1 chci Interest Expensed As Component Of Cost Of Sales
InterestExpensedAsComponentOfCostOfSales
518000
CY2018Q1 chci Interest And Real Estate Taxes Incurred And Capitalized
InterestAndRealEstateTaxesIncurredAndCapitalized
962000
CY2018Q1 chci Extinguishment Of Preferred Stock
ExtinguishmentOfPreferredStock
0
CY2018Q1 chci Interest And Real Estate Taxes Expensed As Component Of Cost Of Sales
InterestAndRealEstateTaxesExpensedAsComponentOfCostOfSales
566000
CY2018Q1 chci Period For Which Warranty Claims Expected To Arise Under Statutorily Period
PeriodForWhichWarrantyClaimsExpectedToAriseUnderStatutorilyPeriod
P2Y
CY2018Q1 chci Interest Rate On Notes Receivable
InterestRateOnNotesReceivable
0.06 pure
CY2018Q1 chci Interest And Real Estate Taxes
InterestAndRealEstateTaxes
85000

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