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WCI Communities Announces 2015 Second Quarter Results
Bonita Springs, Fla, July 29, 2015 WCI Communities, Inc. (NYSE: WCIC), a lifestyle community developer and luxury homebuilder, today announced results for the second quarter ended June 30, 2015.
Second Quarter 2015 Highlights and Selected Comparisons to Second Quarter 2014
|||New orders of 300, up 53.8%|
|||Contract value of new orders of $128.6 million, up 37.4%|
|||Quarter-end active selling neighborhood count of 45, up 60.7%|
|||Deliveries of 243, up 69.9%|
|||Average selling price per home delivered of $476,000, up 11.7%|
|||Backlog units totaling 627, up 44.8%|
|||Backlog contract value of $294.1 million, up 27.9%|
|||Revenues from homes delivered of $115.6 million, up 89.8%|
|||Adjusted gross margin from homes delivered of 29.1%|
|||Selling, general and administrative (SG&A) expenses as a percentage of Homebuilding revenues improved by 350 basis points|
|||Real Estate Services gross margin of $2.1 million, up 40.0%|
|||Adjusted EBITDA of $20.7 million, up 102.4%|
|||Income from operations before income taxes of $15.9 million, up 120.8%|
|||Net income attributable to common shareholders of $9.8 million, up 126.4%|
|||Earnings per diluted share of $0.37, up 117.6%|
|||Net debt to net capitalization of 18.7%|
|||Approximately 13,500 owned or controlled home sites, up 30.3%|
Six Months Ended June 30, 2015 and Selected Comparisons to Prior Year
|||New Orders of 616, up 54.0%|
|||Contract value of new orders of $269.4 million, up 38.4%|
|||Deliveries of 381, up 46.5%|
|||Average selling price per home delivered of $479,000, up 14.3%|
|||Revenues from homes delivered of $182.6 million, up 67.7%|
|||SG&A expenses as a percentage of Homebuilding revenues improved by 330 basis points|
|||Real Estate Services gross margin of $3.0 million, up 114.3%|
|||Adjusted EBITDA of $30.7 million, up 93.5%|
|||Income from operations before income taxes of $22.8 million, up 115.0%|
|||Net income attributable to common shareholders of $15.5 million, up 165.9%|
|||Earnings per diluted share of $0.59, up 168.2%|
Keith Bass, the Companys President and Chief Executive Officer commented, Demand for our homes and communities remains robust, supported by strong fundamentals in the attractive Florida real estate market. WCI Communities continues to scale and generate meaningful growth across our key operating metrics. The performance of our entire team has resulted in significant improvement in the profitability of the business, as Adjusted EBITDA and EPS in the second quarter have both more than doubled from a year ago. Mr. Bass added, In addition, we added over 1,000 home sites to our controlled home site inventory in the quarter to continue to position the company for sustained growth.
Second Quarter 2015 Results
The Company generated total revenues of $150.7 million for the quarter ended June 30, 2015, an increase of $57.8 million, or 62.0%, compared to $93.0 million in the second quarter of 2014. Compared to the prior year period, Homebuilding revenues grew 89.8%, Real Estate Services revenues were up 9.8% and Amenities revenues increased by 9.1%.
The following information was filed by Wci Communities, Inc. (WCIC) on Wednesday, July 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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