 WASHINGTON and RESTON, Va., Aug. 17, 2020 GLOBE NEWSWIRE -- On August 14, 2020, Comstock Holding Companies, Inc., NASDAQ: CHCI the Company, announced results for the three and six months ended June 30, 2020:Highlights of Second Quarter 2020, as compared to Second Quarter 2019: Net income increased to 1.2 million during the second quarter 2020, as compared to a net loss of 0.2 million during the same period of the prior year. Total revenue increased by 21 to 6.5 million during the second quarter 2020, as compared to 5.3 million during the same period of the prior year. Revenue from asset management operations decreased by 7 to 4.1 million during the second quarter 2020, as compared to 4.4 million during the same period of the prior year, due to cost reductions resulting from receipt of financing proceeds received under the CARES Act. Revenue from real estate services increased by 159 to 2.3 million during the second quarter 2020, compared to 0.9 million during the same period of the prior year. Operating income increased to 1.3 million during the second quarter 2020, as compared to approximately breakeven operating income during the same period of the prior year.Highlights of First Half 2020, as compared to First Half 2019: Net income increased to 1.2 million during the first half 2020, as compared to a net loss of 0.2 million during the same period of the prior year. Total revenue increased by 31 to 13.4 million during the first half 2020, as compared to 10.2 million during the same period of the prior year. Revenue from asset management operations increased by 11 to 9.6 million during the first half 2020, as compared to 8.6 million during the same period of the prior year. Revenue from real estate services increased by 137 to 3.9 million during the first half 2020, compared to 1.6 million during the same period of the prior year. Operating income increased by 248 to 1.5 million during the first half 2020, as compared to 0.4 million during the same period of the prior year. We continue to monitor the impact of the Covid-19 pandemic on the real estate market and implement the latest risk mitigation protocols recommended by the CDC and OSHA to ensure the safety of our workforce, construction crews, residential and commercial tenants, and visitors to all properties Comstock develops and manages, said Christopher Clemente, Chairman and CEO of Comstock Holding Companies Inc. I am pleased to report that to date, the financial performance of our AUM properties gives me confidence that we are well positioned to weather the pandemic storm. Our ability to grow the top and bottom lines during the second quarter and first half of 2020 demonstrates the financial stability provided by our long-term asset management agreements, the quality of our portfolio assets and the continued demand for such properties, as well as the commitment of our team to producing positive results. I look forward to reporting on our continued progress in future periods.About Comstock Holding Companies, Inc.Comstock Holding Companies, Inc. Nasdaq: CHCI is a leading real estate development, asset management and real estate services company that has designed, developed, constructed and managed several thousand residential units and millions of square feet of residential and mixed-use projects throughout the Washington, D.C. metropolitan market since 1985. In 2019, Comstock completed the disposition of its for-sale homebuilding operation to focus exclusively on commercial real estate investment, development, asset management and real estate related services. Anchoring CHCIs transition is a long-term asset management agreement covering two of the largest transit-oriented, mixed-use developments in the Washington, D.C. area; Reston Station, a 5 million square foot transit-oriented and mixed-use development in Reston, Virginia, and Loudoun Station, a nearly 2.5 million square foot transit-oriented, mixed-use development in Ashburn, Virginia, and additional development assets. Comstock has significant experience entitling, designing, developing, and managing a diverse range of properties including mixed-use commercial and residential properties, hotels, apartments, condominiums, and large-scale infrastructure projects, including commercial parking garages serving Metro commuters.Comstock Holding Companies, Inc. is publicly traded on NASDAQ under the symbol CHCI. For more information, visit Statement Regarding Forward-Looking StatementsThis release may include forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by use of words such as anticipate, believe, estimate, may, intend, expect, will, should, seeks or other similar expressions. Forward-looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements. Additional information concerning important risk factors and uncertainties can be found under the heading Risk Factors in our latest Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.Company: Comstock Holding Companies, Inc. Christopher Guthrie, 703-230-1292 Chief Financial Officer Source: Comstock Holding Companies, Inc. COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS Amounts in thousands, except share and per share data June 30, 2020 December 31, 2019 ASSETS Current assets: Cash and cash equivalents3,143 3,511 Trade receivables1,927 1,886 Trade receivables - related parties2,995 3,644 Prepaid and other assets, net348 274 Total current assets8,413 9,315 Equity method investments at fair value7,616 8,421 Fixed assets, net259 278 Goodwill1,702 1,702 Intangible assets, net70 103 Operating lease right-of-use assets85 114 TOTAL ASSETS18,145 19,933 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Accrued personnel costs666 2,916 Accounts payable806 1,438 Accrued liabilities566 166 Short term notes payable - due to affiliates, net of discount 5,706 Short term notes payable87 77 Total current liabilities2,125 10,303 Long term notes payable - due to affiliates5,519 Long term notes payable - net of deferred financing charges545 1,212 Long term operating lease liabilities, net of current portion35 61 TOTAL LIABILITIES8,224 11,576 Commitments and contingencies STOCKHOLDERS EQUITY Series C preferred stock 0.01 par value, 20,000,000 shares authorized, 3,440,690 issued and outstanding and liquidation preference of 17,203 at June 30, 2020 and December 31, 20196,765 6,765 Class A common stock, 0.01 par value, 59,779,750 shares authorized, 7,941,776 and 7,849,756 issued, and 7,856,206 and 7,764,186 outstanding at June 30, 2020 and December 31, 2019, respectively79 78 Class B common stock, 0.01 par value, 220,250 shares authorized, issued and outstanding at June 30, 2020 and December 31, 20192 2 Additional paid-in capital199,767 199,372 Treasury stock, at cost 85,570 shares Class A common stock2,662 2,662 Accumulated deficit194,030 195,198 TOTAL COMSTOCK HOLDING COMPANIES, INC. EQUITY9,921 8,357 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY18,145 19,933 COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Amounts in thousands, except per share data Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues Revenueasset management4,140 4,439 9,575 8,593 Revenuereal estate services2,324 898 3,855 1,626 Total revenue6,464 5,337 13,430 10,219 Expenses Direct costs - asset management3,217 3,940 7,849 7,607 Direct costs - real estate services1,098 909 2,479 1,403 General and administrative634 477 1,232 781 Selling and Marketing216 380 Operating income1,299 11 1,490 428 Other income, net28 27 37 84 Interest expense93 116 257 134 Income loss before income tax expense1,234 78 1,270 378 Income tax expense13 14 Loss on equity method investments carried at fair value41 88 Net income loss from continuing operations1,180 78 1,168 378 Net loss from discontinued operations, net of tax 159 530 Net income loss1,180 237 1,168 152 Income loss per share from continuing operations Basic net income loss per share0.15 0.01 0.15 0.07 Diluted net income loss per share0.14 0.01 0.14 0.07 Loss per share from discontinued operations Basic net loss per share 0.02 0.10 Diluted net loss per share 0.02 0.10 Basic weighted average shares outstanding8,056 6,634 8,030 5,242 Diluted weighted average shares outstanding continuing operations8,348 6,634 8,294 5,420 Diluted weighted average shares outstanding discontinued operations 6,634 5,242 