Comstock Homebuilding Companies, Inc. (Nasdaq:CHCI), Reston, Va., on Monday reported a net loss of $2.2 million (-$0.13 per share) for the third quarter, ended Sept. 30.
Total revenues fell 74% to $13.1 from $52.0 million in the same quarter last year. The company did not report unit closings or provide meaningful comparisons of orders and backlog with last year's third quarter.
It said it had total cash on hand at September 30, 2008 of $10.1 million,$6.3 million unrestricted. It also said it had slashed SG&A by 41.9% to$4.6 million from levels of September 30, 2007.
"The market continues to be challenging with no immediate visibility to recovery," said Christopher Clemente, chairman and CEO. "However, real estate is a cyclical business and every down cycle is ultimately followed by a recovery. Our primary focus is completing the restructure of our loans so that we can position Comstock to survive this downturn and prosper in the coming recovery."
The company is amid a financial restructuring. Debt outstanding at September 30, 2008 was $117.4 million; a $35.6 million reduction from June 30, 2008, a$53.8 million reduction from December 31, 2007, and an $84.2 million reduction from September 30, 2007.
Comstock's share price was unchanged at $0.24 in light trading mid-afternoon Monday. The stock faced delisting from the Nasdaq but late last month was allowed to continue on the exchange provided shares close at $1.00 or more for ten consecutive days before April 13, 2009 and the market value of all shares equals or exceeds $5 million before May 8, 2009.