Homebuilder revenues surge

BONITA SPRINGS — WCI Communities posted higher sales and profits as the Florida homebuilding recovery continued in the first quarter ending March 31.

WCI, which emerged from bankruptcy reorganization in 2009, reported net income of $1.48 million on revenues of $73.8 million in the first quarter. That compares with net income of $586,000 on revenues of $53.7 million in the first quarter of 2013.

“The first quarter of 2014 represented an excellent start to the year for WCI as we continued to capitalize on the strength of our Florida markets,” says Keith Bass, WCI's president and CEO, in a statement. “We believe the Florida market conditions remain favorable for continued future growth with the unemployment rate lower than the national average, a growing employment base, low taxes and great weather.”