Wci Communities, Inc. (WCIC) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Earnings Press Release
10-K Annual Report
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Wci Communities, Inc.
Ticker: WCIC CIK: 1574532

Exhibit 99.1

WCI Communities Announces 2014 Fourth Quarter and Full Year Results

Fourth Quarter Deliveries up 57.6%

Fourth Quarter New Orders up 47.4%

Bonita Springs, Fla, February 25, 2015 — WCI Communities, Inc. (NYSE: WCIC), a lifestyle community developer and luxury homebuilder, today announced results for its fourth quarter and year ended December 31, 2014.

Fourth Quarter 2014 Highlights and Selected Comparisons to Fourth Quarter 2013

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Revenues from homes delivered of $120.0 million, up 74.0%

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Deliveries of 238, up 57.6%

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Average selling price per home delivered of $504,000, up 10.3%

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Adjusted gross margin from homes delivered of 31.9%, up 120 basis points

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Selling, general and administrative (“SG&A”) expenses as a percentage of Homebuilding revenues improved by 300 basis points

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Adjusted EBITDA of $25.6 million, up 117.5%

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Income from continuing operations before income taxes of $20.9 million, up 117.9%

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Earnings per diluted share of $0.48

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New orders of 171, up 47.4%

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Contract value of new orders of $73.2 million, up 22.3%

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Active selling neighborhood count of 37, up 48.0%

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Closed on over 700 home sites and optioned an additional 3,100 home sites

Full Year 2014 Highlights and Selected Comparisons to Full Year 2013

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Homebuilding revenues of $292.8 million, up 36.8%

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Deliveries of 644, up 30.6%

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Average selling price per home delivered of $452,000, up 4.4%

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Adjusted gross margin from homes delivered of 30.5%

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SG&A expenses as a percentage of Homebuilding revenues improved by 250 basis points

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Adjusted EBITDA of $49.3 million, up 31.6%

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Income from continuing operations before income taxes of $36.0 million, up 73.1%

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Earnings per diluted share of $0.82

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New orders of 743, up 39.9%

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Contract value of new orders of $351.9 million, up 44.7%

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Average selling price per new order of $474,000, up 3.5%

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Backlog units totaling 392, up 33.8%

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Backlog contract value of $205.3 million, up 42.8%

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Average selling price in backlog of $524,000, up 6.7%

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Approximately 12,600 owned and controlled home sites, up 48.2%

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Net debt to net capitalization ratio of 14.8%

Management Comments

Keith Bass, the Company’s President and Chief Executive Officer commented, “We are very pleased with both our full year and fourth quarter results. We delivered strong year over year growth in new orders, deliveries, neighborhood count and pre-tax income. In addition, we are well positioned to continue to execute on our growth strategy into 2015 with our strong land position and conservative balance sheet.” Mr. Bass added, “We believe the Florida housing market remains strong and well positioned for sustained growth, supported by favorable demographic and economic trends.”

The following information was filed by Wci Communities, Inc. (WCIC) on Wednesday, February 25, 2015 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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