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WCI Communities Announces 2013 Full Year and Fourth Quarter Results
Bonita Springs, Fla, February 25, 2014 WCI Communities, Inc. (NYSE: WCIC), a lifestyle community developer and luxury homebuilder, today announced results for the full year and fourth quarter ended December 31, 2013.
Full Year 2013 Highlights and Comparisons to Full Year 2012
· Revenues from homes delivered of $213.5 million, up 53.0%
· Deliveries of 493 homes, up 40.1%
· Average selling price per home delivered of $433,000, up 9.3%
· Net income attributable to common shareholders of $127.0 million, up 149.8%
· Included a $125.6 million income tax benefit due to the reversal of a portion of our deferred tax asset valuation allowance
· Adjusted EBITDA of $37.5 million, up 116.0%
· Adjusted EBITDA as a percentage of total revenues of 11.8%, up 460 basis points
· New orders of 531 homes, up 17.2%
· Contract value of new orders of $243.2 million, up 31.9%
· Average selling price per new order of $458,000, up 12.5%
Fourth Quarter 2013 Highlights and Comparisons to Fourth Quarter 2012
· New orders of 116, up 9.4%
· Contract value of new orders of $59.8 million, up 33.4%
· Average selling price per new order of $516,000, up 22.0%
· Backlog units totaling 293 units, up 14.9%
· Contract value of backlog units of $143.8 million, up 26.1%
· Average selling price in backlog of $491,000, up 9.8%
· Average selling price per delivered home of $457,000, up 14.1%
We are very pleased with the strong financial performance that we delivered in 2013 and the continued improvement across our key operating metrics, commented Keith Bass, President and Chief Executive Officer. Mr. Bass added, 2013 was a tremendous year of accomplishment for WCI. We are well positioned to continue to execute our growth strategy throughout 2014 with our differentiated product offering and strong land position, backed by our conservative balance sheet. We believe the Florida housing market remains robust and continue to be encouraged by our order and average sales price growth.
2013 Full Year Results
For the year ended December 31, 2013, the Company generated total revenues of $317.3 million, an improvement of $76.3 million, or 31.7%, compared to $241.0 million in the prior year. This increase was primarily due to strength in our Homebuilding segment, attributable to significant growth in homes delivered and higher average selling prices.
For the year ended December 31, 2013, net income attributable to common shareholders was $127.0 million, or $5.86 per diluted share. Included in the year was a $125.6 million, or $5.80 per diluted share, income tax benefit due to the reversal of a portion of our deferred tax asset valuation allowance, a ($19.7) million, or ($0.91) per diluted share, charge related to two preferred stock dividends, of which ($19.0) million was non-cash, and a ($5.1) million, or ($0.24) per diluted share, early repayment of debt charge related to the repayment of $125.0 million of senior secured term notes due 2017.
Revenues from homes delivered for the year ended 2013 were $213.5 million, up 53.0% from the prior year. The average selling price was $433,000, an increase of 9.3% from the prior year, primarily attributable to an improved pricing environment and changes in product mix. The Company delivered 493 homes, an increase of 40.1% from the prior year. Adjusted gross margin from homes delivered, a non-GAAP financial measure, was 32.0%, compared to 33.2% in the prior year, with the decline attributable to shifting product mix.
The following information was filed by Wci Communities, Inc. (WCIC) on Tuesday, February 25, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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