BONITA SPRINGS — WCI Communities, the homebuilding and development company that emerged from bankruptcy reorganization in 2009, says revenues rose 12% in the second quarter to $93 million.
In addition, in the second quarter WCI says new orders rose 33% and its backlog of orders rose 27%. To satisfy demand from new-home buyers, WCI says it spent $69.9 million in the second quarter to buy 1,300 lots in five master-planned communities in Florida and the company now controls 10,300 lots.
“In the second quarter of 2014, we continued our momentum with strong new order and deliveries growth. New order activity was solid across each buyer segment, with an average new order price of $480,000,” says Keith Bass, WCI's president and CEO, in a statement. “Given our strong balance sheet and ample liquidity, we remain focused on executing our growth strategy and benefiting from the favorable trends in the Florida markets.”
In the second quarter, WCI reported net income of $4.3 million, down 47% from the same quarter in 2013. The company attributed the drop in part to a one-time income tax expense of $3 million in the second quarter.
Based in Bonita Springs, WCI Communities is publicly traded (symbol: WCIC; recent price: $17.36).