Pure Play

The good news for WCI Communities is that it builds only in Florida. The bad news is that it builds only in Florida.

That geographic concentration might help explain Wall Street's ambivalence toward WCI Communities, the Bonita Springs-based developer and homebuilder that recently began trading on the New York Stock Exchange (symbol: WCIC) after emerging from bankruptcy in 2009.

WCI CEO Keith Bass ticked off a series of positive developments in his first conference call with investors Aug. 20 since going public: The company reported a 144% increase in new homes delivered in the most recent quarter, revenues rose 72%, new orders increased 15%, the average sale price of new orders rose 20%, and profit margins widened.