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WCI Communities Announces 2016 First Quarter Results
Bonita Springs, Fla, April 27, 2016 WCI Communities, Inc. (NYSE: WCIC), a lifestyle community developer and luxury homebuilder, today announced results for the first quarter ended March 31, 2016.
First Quarter 2016 Highlights and Selected Comparisons to First Quarter 2015
|||Deliveries of 254, up 84.1%|
|||Homebuilding revenues of $109.8 million, up 63.9%|
|||Selling, general and administrative (SG&A) expenses as a percent of Homebuilding revenues improved by 350 basis points|
|||Adjusted EBITDA of $15.2 million, up 52.0%|
|||Income from operations before income taxes of $10.6 million, up 53.6%|
|||Net income attributable to common shareholders of $6.7 million, up 17.5%|
|||Earnings per diluted share of $0.25, up 19.0%|
|||Net debt to net capitalization of 23.0%|
|||Average selling price per new order of $496,000, up 11.2%|
|||Contract value of new orders of $153.8 million, up 9.2%|
|||New orders of 310, down 1.9%|
|||Backlog units totaling 625, up 9.6%|
|||Backlog contract value of $316.0 million, up 11.9%|
|||Adjusted gross margin from homes delivered of 27.7%|
|||Land portfolio totals 14,400 owned or controlled home sites, up 13.4%|
Keith Bass, the Companys President and Chief Executive Officer, commented, I am pleased with our first quarter financial results as we experienced significant year-over-year growth in several key metrics, including deliveries, pre-tax income and SG&A leverage, and we continue to position the company for long-term growth. Mr. Bass added, While demand trends appeared to generally moderate across Florida this quarter when compared to the prior year, we believe the Florida housing market remains healthy. Additionally, we remain optimistic in our long-term view of the Florida housing market given the states positive demographic, economic and real estate fundamentals.
First Quarter 2016 Results
The Company delivered 254 homes in the first quarter, an increase of 116 units, or 84.1%, from the prior year quarter. The average selling price per home delivered during the quarter ended March 31, 2016 was $432,000, a decrease of 11.1%, compared to $486,000 in the first quarter of 2015. The decrease in average selling price is primarily due to a shift in our delivery mix to a greater percentage from the lower-priced active adult customer segment.
For the quarter ended March 31, 2016, net income attributable to common shareholders was $6.7 million, or $0.25 per diluted share, compared to $5.7 million and $0.21, respectively, in the prior year quarter. Included in the prior year period was a $1.8 million, or $0.07 per diluted share, reduction in income tax expense attributable to the U.S. Department of Treasurys and the Internal Revenue Services final regulations under Section 162(m) of the Internal Revenue Code, which provided certain relief from the annual federal income tax deduction limitations pertaining to executive compensation for newly public companies.
First quarter 2016 selling, general and administrative expenses as a percent of Homebuilding revenues improved by 350 basis points compared to the prior year quarter, as the Company continued to leverage its overhead.
The Company generated total revenues of $138.3 million for the quarter ended March 31, 2016, an increase of $40.6 million, or 41.6%, compared to $97.7 million in the first quarter of 2015. Compared to the prior year
The following information was filed by Wci Communities, Inc. (WCIC) on Wednesday, April 27, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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