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WCI Communities Announces 2015 Third Quarter Results
Bonita Springs, Fla, October 28, 2015 WCI Communities, Inc. (NYSE: WCIC), a lifestyle community developer and luxury homebuilder, today announced results for the third quarter ended September 30, 2015.
Third Quarter 2015 Highlights and Selected Comparisons to Third Quarter 2014
|||Net income attributable to common shareholders of $10.2 million, up 229.0%|
|||Earnings per diluted share of $0.38, up 216.7%|
|||New orders of 277, up 61.0%|
|||Contract value of new orders of $124.8 million, up 48.6%|
|||Quarter-end active selling neighborhood count of 44, up 46.7%|
|||Deliveries of 258, up 76.7%|
|||Average selling price per home delivered of $462,000, up 8.2%|
|||Backlog units totaling 646, up 40.7%|
|||Backlog contract value of $300.5 million, up 19.1%|
|||Revenues from homes delivered of $119.3 million, up 91.2%|
|||Adjusted gross margin from homes delivered of 29.5%, up 90 basis points|
|||Selling, general and administrative (SG&A) expenses as a percentage of Homebuilding revenues improved by 440 basis points|
|||Real Estate Services gross margin of $0.9 million, up 125.0%|
|||Adjusted EBITDA of $21.2 million, up 171.8%|
|||Net debt to net capitalization of 17.8%|
|||Approximately 14,400 owned or controlled home sites, up 39.3%|
Nine Months Ended September 30, 2015 and Selected Comparisons to Prior Year
|||Net income attributable to common shareholders of $25.7 million, up 185.6%|
|||Earnings per diluted share of $0.97, up 185.3%|
|||New Orders of 893, up 56.1%|
|||Contract value of new orders of $394.2 million, up 41.4%|
|||Deliveries of 639, up 57.4%|
|||Average selling price per home delivered of $472,000, up 11.8%|
|||Revenues from homes delivered of $301.9 million, up 76.2%|
|||Adjusted EBITDA of $51.9 million, up 119.0%|
|||SG&A expenses as a percentage of Homebuilding revenues improved by 370 basis points|
|||Real Estate Services gross margin of $3.9 million, up 116.7%|
Keith Bass, the Companys President and Chief Executive Officer, commented, We achieved significant year-over-year improvement across our key operating metrics with another quarter of strong financial results. I am extremely pleased with our continued success in executing our growth strategy and ability to gain scale in the business. Mr. Bass added, Throughout our coastal markets, demand for our award-winning homes and communities remains robust. In addition, we continue to see positive demographic and economic indicators in Florida, which we believe will sustain the long-term growth of our housing markets.
Third Quarter 2015 Results
The Company generated total revenues of $150.2 million for the quarter ended September 30, 2015, an increase of $60.5 million, or 67.4%, compared to $89.7 million in the third quarter of 2014. Compared to the prior year period, Homebuilding revenues grew 93.1%, Real Estate Services revenues were up 9.2% and Amenities revenues increased by 6.8%.
The following information was filed by Wci Communities, Inc. (WCIC) on Wednesday, October 28, 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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