Exhibit 99.1

WCI Communities Announces 2016 Third Quarter Results

Bonita Springs, Fla, November 1, 2016 — WCI Communities, Inc. (NYSE: WCIC), a lifestyle community developer and luxury homebuilder, today announced results for the third quarter ended September 30, 2016.

Third Quarter 2016 Results and Selected Comparisons to Third Quarter 2015

 

    Deliveries of 345, up 33.7%

 

    Homebuilding revenues of $156.6 million, up 30.0%

 

    Net income attributable to common shareholders of $8.8 million including merger expenses of $7.7 million

 

    Adjusted EBITDA of $26.6 million, up 25.7%

 

    Earnings per diluted share of $0.33 including merger expenses of $0.18 per diluted share

 

    Gross margin from homes delivered of 26.2%

 

    Adjusted gross margin from homes delivered of 28.6%

 

    Debt to capital of 33.7%

 

    Net debt to net capitalization of 26.4%

 

    Selling, general and administrative expenses as a percent of Homebuilding revenues improved by 50 basis points

 

    Average selling price per new order of $414,000, down 8.0%

 

    Average selling price per new order, excluding high-rise tower new orders, up 4.2%

 

    Contract value of new orders of $96.4 million, down 22.8%

 

    New orders of 233, down 15.9%

 

    Backlog contract value of $246.7 million, down 17.9%

 

    Backlog units totaling 474, down 26.6%

 

    Land portfolio totals 14,011 owned or controlled home sites

Nine Months Ended September 30, 2016 Results and Selected Comparisons to Prior Year Period

 

    Deliveries of 906, up 41.8%

 

    Homebuilding revenues of $398.4 million, up 31.4%

 

    Net income attributable to common shareholders of $24.8 million including merger expenses of $7.7 million

 

    Adjusted EBITDA of $62.0 million, up 19.4%

 

    Earnings per diluted share of $0.93 including merger expenses of $0.18 per diluted share

 

    Gross margin from homes delivered of 25.5%

 

    Adjusted gross margin from homes delivered of 28.0%

 

    Selling, general and administrative expenses as a percent of Homebuilding revenues improved by 80 basis points

 

    Average selling price per new order of $459,000, up 4.1%

 

    Contract value of new orders of $372.0 million, down 5.6%

 

    New orders of 811, down 9.2%

Third Quarter 2016 Results

The Company delivered 345 homes in the third quarter of 2016, an increase of 87 units, or 33.7%, from the prior year quarter. The average selling price per home delivered during the quarter ended September 30, 2016 was $454,000, a decrease of 1.7%, compared to $462,000 in the third quarter of 2015.

The Company generated total revenues of $186.2 million for the quarter ended September 30, 2016, an increase of $36.0 million, or 24.0%, compared to $150.2 million in the third quarter of 2015. Compared to the prior year quarter, Homebuilding revenues grew 30.0%, Real Estate Services revenues were effectively flat, and Amenities revenues decreased by 4.3%. Amenities revenues in 2016 were reduced by the deconsolidation of one of our joint ventures in accordance with the provisions of Accounting Standards Update 2015-02.

 

1


The following information was filed by Wci Communities, Inc. (WCIC) on Tuesday, November 1, 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.

View differences made from one quarter to another to evaluate Wci Communities, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Wci Communities, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account