Harbor Custom Development, Inc. Holds Annual Shareholders Meeting and Discusses Revenue Results and Profitability

Gig Harbor, Washington, June 30, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative and market leading real estate company involved in all aspects of the land development cycle, held its Annual Shareholder Meeting on June 8, 2021 (the “Meeting”).  At the Meeting, Harbor’s six current directors were re-elected and a new director, Karen Bryant, former CEO of the Seattle Storm, was elected.  Also at the Meeting, CEO and President, Sterling Griffin, announced:

“Our annual revenues are among the fastest growing of all public companies in our sector.  From 2019 to 2020, our Gross Revenues increased from $30,953,000 to $50,397,000, a 65% increase.  We previously provided guidance that we will generate approximately $80,000,000 in revenues in 2021, which would equate to a 59% increase over 2020.  Our projected revenues for 2022 follow the same growth trajectory with an estimated $128,000,000 in sales, or a 60% annual increase.”

“We have turned the corner to profitability during this second quarter of 2021.  If the current favorable real estate market conditions continue, we anticipate operating profitably on an annual basis for the foreseeable future.”

About Harbor Custom Development, Inc.

Harbor Custom Development, Inc. 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; Sacramento, California; and Austin, Texas. Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. In the Sacramento metro market, Harbor will be constructing homes in completed subdivisions in both Rocklin and Auburn, California. In the Austin metro market, Harbor has acquired developed lot inventory in Dripping Springs, Driftwood, and Horseshoe Bay, Texas. 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 www.harborcustomdev.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 years ending December 31, 2021 and December 31, 2022, 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 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.