WCI swings to profitability

BONITA SPRINGS — Homebuilder WCI Communities swung to profitability after it recently sold stock and debt for future development projects in Florida.

WCI reported net income was $8.9 million on revenues of $83.3 million in the quarter ending June 30. That compared with a net loss of $16.6 million on revenues of $48.5 million in the same quarter one year ago.

WCI netted $91 million from an initial public offering on the New York Stock Exchange last month (symbol: WCIC; recent price: $16). It also recently sold $200 million in debt to repay existing bondholders and to use for future development projects.