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.”
In the first quarter compared with the same quarter last year, WCI reported the average selling price per home delivered rose 7% to $410,000. The company delivered 117 homes in the first quarter, an increase of 48%.
New orders during the first quarter increased 46% to 205 homes and the average selling price per new order was $493,000, an 18.8% increase over same quarter one year ago. The value of new orders totaled $101 million for the first quarter, an increase of nearly 74% compared with the first quarter of 2013.
As of March 31, WCI's contract backlog totaled $196.7 million, up 36.4% from the prior year. The average selling price of backlog units was $516,000, an increase of 13.2%. The increase in backlog contract value was due to the increase in new orders and new order average selling prices, a shift in product mix and the continued improvement in the Florida housing market, the company says.