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WCI Communities Announces 2016 Second Quarter Results
Bonita Springs, Fla, July 27, 2016 WCI Communities, Inc. (NYSE: WCIC), a lifestyle community developer and luxury homebuilder, today announced results for the second quarter ended June 30, 2016.
Second Quarter 2016 Results and Selected Comparisons to Second Quarter 2015
|||Deliveries of 307, up 26.3%|
|||Homebuilding revenues of $132.0 million, up 14.2%|
|||Net income attributable to common shareholders of $9.4 million|
|||Earnings per diluted share of $0.35|
|||Debt to capital of 34.2%|
|||Net debt to net capitalization of 25.7%|
|||Average selling price per new order of $454,000, up 5.8%|
|||Contract value of new orders of $121.8 million, down 5.3%|
|||New orders of 268, down 10.7%|
|||Backlog contract value of $304.6 million, up 3.6%|
|||Backlog units totaling 586, down 6.5%|
|||Gross margin from homes delivered of 24.8%|
|||Adjusted gross margin from homes delivered of 27.5%|
|||Land portfolio totals 14,229 owned or controlled home sites, up 5.7%|
Six Months Ended June 30, 2016 Results and Selected Comparisons to Prior Year
|||Deliveries of 561, up 47.2%|
|||Homebuilding revenues of $241.8 million, up 32.4%|
|||Selling, general and administrative expenses as a percent of Homebuilding revenues improved by 90 basis points|
|||Income from operations before income taxes of $25.6 million, up 12.3%|
|||Net income attributable to common shareholders of $16.1 million, up 3.9%|
|||Adjusted EBITDA of $35.4 million, up 15.3%|
|||Earnings per diluted share of $0.60, up 1.7%|
|||Average selling price per new order of $477,000, up 9.2%|
|||Contract value of new orders of $275.6 million, up 2.3%|
|||New orders of 578, down 6.2%|
|||Gross margin from homes delivered of 25.0%|
|||Adjusted gross margin from homes delivered of 27.6%|
Keith Bass, the Companys President and Chief Executive Officer, commented, I am pleased with our second quarter results as we increased deliveries, total revenues and new order average selling prices despite some unevenness in our markets during the spring selling season. Mr. Bass added, Overall, we believe the Florida housing market remains healthy and are optimistic that the state will continue to demonstrate sound demographic, economic and real estate fundamentals on which we are well-positioned to capitalize on in the future.
Second Quarter 2016 Results
The Company delivered 307 homes in the second quarter of 2016, an increase of 64 units, or 26.3%, from the prior year quarter. The average selling price per home delivered during the quarter ended June 30, 2016 was $430,000, a decrease of 9.7%, compared to $476,000 in the second quarter of 2015. The decrease in average selling price is primarily due to a shift in our delivery mix to a greater percentage of homes delivered from the lower-priced active adult customer segment.
The following information was filed by Wci Communities, Inc. (WCIC) on Wednesday, July 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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