Harbor Custom Development, Inc. Projects $47 Million in 2020 Revenue and $70 Million in 2021

Rhea-AI Summary

Harbor Custom Development, Inc. (NASDAQ:HCDI) has projected 2020 gross revenues of $47 million and $70 million for 2021. CEO Sterling Griffin attributes this growth to effective management and favorable market conditions, including low interest rates and increased remote work. The estimates are based on closed transactions and expected revenue from owned and anticipated inventory in Washington State. The company focuses on land development and home building in the Puget Sound region, leveraging insights into population trends and economic factors.

Positive

• Projected gross revenues of $47 million for 2020.
• Estimated gross revenues of $70 million for 2021.
• Strong management execution contributing to growth.
• Favorable market conditions boosting demand.

Negative

• None.

Gig Harbor, Washington , Nov. 23, 2020 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ:HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that its 2020 gross revenues are projected to be $47 Million and that 2021 gross revenues are estimated at $70 Million.

Chief Executive Officer Sterling Griffin stated, “I am very proud of our management team and their ability to execute Harbor Custom Homes® stated business plan. Our extraordinary growth is a direct result of management’s focused efforts combined with favorable market conditions, including low interest rates, urban flight, and a growing work from home labor force. These projections are based on closed transactions and estimated revenue associated with currently owned, controlled or anticipated inventory in Washington State.”  

About Harbor Custom Development, Inc.

Harbor Custom Development, Inc., DBA Harbor Custom Homes®, is a real estate development company involved in all aspects of the land development cycle including land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects in Western Washington’s Puget Sound region.  Harbor has active or recently sold out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington.  Harbor Custom Development’s business strategy is to acquire and develop land strategically, based on an understanding of population growth patterns, entitlement restrictions, infrastructure development, and geo-economic forces.  Harbor focuses on real estate within target markets with convenient access to metropolitan areas that are generally characterized by diverse economic and employment bases and increasing populations.  For more information on Harbor Custom Development, Inc., please visit harborcustomhomes.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These statements relate to, but are not limited to, expectations of future operating results and financial performance, including GAAP and non-GAAP guidance for the year ending December 31, 2020 and the year ending December 31, 2021, the calculation of certain of our key financial and operating metrics and expectations regarding sales of inventory, as well as assumptions relating to the foregoing.  Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified.  In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate, “predict,” “target,” “project,” “intend,” “potential,” “would,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology that concern our expectations, strategy, priorities, plans, or intentions. You should not put undue reliance on any forward-looking statements.  Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.  These forward-looking statements are subject to various risks and uncertainties, including without limitation  complications  due to COVID-19 which could cause delays in dates of completion or closings, and those risks and uncertainties set forth in the Company’s filings with the Securities and Exchange Commission.  Thus, actual results could be materially different.  This document includes statements of summarized financial projections.  There will be differences between the projected and actual results because events and circumstances frequently do not occur as expected and those differences may be material.  The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

FAQ

What are Harbor Custom Development's projected revenues for 2020 and 2021?

Harbor Custom Development projects gross revenues of $47 million for 2020 and $70 million for 2021.

What factors are contributing to Harbor Custom Development's revenue growth?

The revenue growth is attributed to effective management, low interest rates, urban flight, and a growing work-from-home labor force.

Where does Harbor Custom Development operate?

Harbor Custom Development operates in various locations in Washington State, including Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn.

What is the stock symbol for Harbor Custom Development?

The stock symbol for Harbor Custom Development is HCDI.