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WCI Communities Announces 2015 Full Year and Fourth Quarter Results
Bonita Springs, Fla., February 17, 2016 WCI Communities, Inc. (NYSE: WCIC), a lifestyle community developer and luxury homebuilder, today announced results for the fourth quarter and year ended December 31, 2015.
Full Year 2015 Highlights and Selected Comparisons to Prior Year
|||Income from operations before income taxes of $55.7 million, up 54.7%|
|||Net income attributable to common shareholders of $35.4 million, up 63.9%|
|||Earnings per diluted share of $1.34, up 63.4%|
|||New orders of 1,115, up 50.1%|
|||Contract value of new orders of $502.2 million, up 42.7%|
|||Year-end active selling neighborhood count of 47, up 27.0%|
|||Deliveries of 938, up 45.7%|
|||Average selling price per home delivered of $466,000, up 3.1%|
|||Revenues from homes delivered of $436.8 million, up 49.9%|
|||Adjusted gross margin from homes delivered of 28.8%|
|||Adjusted EBITDA of $74.0 million, up 50.1%|
|||SG&A expenses as a percentage of Homebuilding revenues improved by 190 basis points|
|||Real Estate Services gross margin of $4.3 million, up 72.0%|
|||Net debt to net capitalization of 19.5%|
Fourth Quarter 2015 Highlights and Selected Comparisons to Fourth Quarter 2014
|||New orders of 222, up 29.8%|
|||Contract value of new orders of $108.0 million, up 47.5%|
|||Average selling price per new order of $486,000, up 13.6%|
|||Deliveries of 299, up 25.6%|
|||Backlog units totaling 569, up 45.2%|
|||Backlog contract value of $271.2 million, up 32.1%|
|||Net income attributable to common shareholders of $9.7 million|
|||Earnings per diluted share of $0.37 per diluted share|
Keith Bass, the Companys President and Chief Executive Officer, commented, 2015 was another very successful year for WCI, as we achieved significant growth in revenues, profitability, new orders, deliveries and community count. Mr. Bass added, The Florida markets in which we operate continue to demonstrate strong demographic and economic drivers that should fuel future growth. We believe that we are well positioned to execute our growth strategy into 2016 given our product offerings and targeted customer segments.
Full Year 2015 Results
The Company generated total revenues of $563.6 million for the year ended December 31, 2015, an increase of $156.6 million, or 38.5%, compared to $407.0 million in the prior year. Revenues grew across each business segment compared to the prior year with Homebuilding revenues up 49.6%. Real Estate Services revenues up 10.5% and Amenities revenues up 8.1%.
Revenues from homes delivered for the year ended 2015 were $436.8 million, up 49.9% from the prior year. The average selling price per delivered home was $466,000, representing an increase of 3.1% from the prior year. The Company delivered 938 homes, an increase of 45.7% from the prior year. Adjusted gross margin from homes delivered, a non-GAAP financial measure, was 28.8%, compared to 30.5% in the prior year, with the decline primarily attributable to shifting land mix as the percentage of deliveries from communities owned as of September 2009 declined from 90% in 2014 to 64% in 2015.
The following information was filed by Wci Communities, Inc. (WCIC) on Wednesday, February 17, 2016 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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