WCI Communities Announces 2016 Third Quarter Results

For the quarter ended September 30, 2016, net income attributable to common shareholders was $8.8 million, or $0.33 per diluted share, including merger related expenses of $7.7 million, or $0.18 per diluted share.  The prior year period net income attributable to common shareholders was $10.2 million, or $0.38 per diluted share.

Homebuilding gross margin percentage was 26.2% in the third quarter of 2016, representing a decline of 70 basis points as compared to the third quarter of 2015.  Adjusted gross margin from homes delivered, a non-GAAP financial measure, was 28.6% in the quarter ended September 30, 2016, representing a 90 basis point decrease from the prior year quarter.  The decline was primarily attributable to a shift in delivery mix as the percentage of deliveries from communities owned as of September 2009 declined from 62% in the prior year quarter to 42% in the third quarter of 2016.

New orders during the third quarter of 2016 decreased 15.9% to 233, and the average selling price per new order decreased by 8.0% to $414,000 as compared to the third quarter of 2015.  The contract value of new orders was $96.4 million for the third quarter of 2016, a decrease of $28.4 million from the prior year quarter.   

As of September 30, 2016, the backlog contract value was $246.7 million, a decrease of $53.8 million from the prior year.  The average selling price of backlog units was $520,000, an increase of 11.8% from the prior year.

Merger Agreement with Lennar

On September 22, 2016, WCI Communities and Lennar Corporation entered into a definitive merger agreement under which Lennar will acquire all the outstanding shares of WCI Communities.  The merger consideration for each WCI share will be $11.75 in cash and a fraction of a share of Lennar Class A common stock with a value of $11.75.  Lennar has the option of varying the portions of the $23.50 per share merger consideration that will be cash and Lennar stock, including paying the entire merger consideration in cash. The transaction has been approved by both companies' Board of Directors.

Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release contains the non-GAAP financial measures of EBITDA, Adjusted EBITDA, Adjusted gross margin from homes delivered and net debt to net capitalization.  The reasons for the use of these measures, reconciliations of these measures to the most directly comparable GAAP measures and other information relating to these measures are included below following the unaudited consolidated financial statements.

About WCI Communities, Inc.

WCI Communities is a lifestyle community developer and luxury homebuilder of single- and multi-family homes, including luxury high-rise tower units, in most of coastal Florida's highest growth and largest markets. With a legacy that spans more than 60 years, WCI Communities has an established expertise in developing amenity-rich, lifestyle-oriented master-planned communities, catering to move-up, active adult and second-home buyers. Headquartered in Bonita Springs, Florida, WCI Communities is a fully integrated homebuilder and developer with complementary real estate brokerage and title services businesses.

To learn more about WCI Communities, please visit the Company's website at www.WCICommunities.com.

Forward-Looking Statements

Any statements made in this press release that are not statements of historical fact, including statements about the Company's beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. These forward-looking statements include, but are not limited to, statements we make regarding expectations about our merger agreement with Lennar Corporation, business, financial condition, results of operations, cash flows, liquidity, income taxes, prospects, growth strategies, potential acquisitions, and the industry in which we operate, including housing market trends and fluctuations and our ability to capitalize on demographic, economic and real estate fundamentals and build shareholder value. The Company bases these forward-looking statements or projections on its current expectations, plans and assumptions that it has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances and at such time. Actual results could differ materially from those expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the failure to consummate our merger agreement with Lennar Corporation; a slowing or reversal of the present ongoing recovery of the housing market, either on a national level or in Florida; changing local and economic conditions and the cyclical nature of the housing business; rising levels of unemployment; substantial increases in mortgage interest rates, the unavailability of mortgage financing or changes in tax laws, which make home ownership more expensive or less attractive; and poor weather conditions or natural disasters. For more information concerning these and other important factors that could cause actual results to differ materially from those contained in the forward-looking statements, please refer to the Company's "Risk Factors" in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2015 that was filed by the Company with the Securities and Exchange Commission on February 22, 2016 and elsewhere therein, and subsequent filings by the Company. As you read and consider this press release, you should understand that the forward-looking statements are not guarantees of performance or results. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although the Company believes that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect the Company's actual financial results or results of operations and could cause actual results to differ materially from those expressed or implied in the forward-looking statements and projections. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If the Company does update one or more forward-looking statement, there should be no inference that it will make additional updates with respect to those or its other forward-looking statements.

WCI Communities, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
		September 30,		December 31,
		2016		2015
		(unaudited)
Assets
Cash and cash equivalents		$                  78,989		$               135,308
Restricted cash		12,067		13,753
Notes and accounts receivable		6,825		7,374
Real estate inventories		682,918		554,191
Property and equipment, net		25,889		25,649
Other assets		29,777		24,924
Deferred tax assets, net of valuation allowances		85,946		92,917
Goodwill		7,520		7,520
Total assets		$               929,931		$               861,636
Liabilities and Equity
Accounts payable		$                  39,070		$                  30,365
Accrued expenses and other liabilities		97,605		73,237
Customer deposits		37,440		37,794
Debt obligations, net		255,067		246,473
Total liabilities		429,182		387,869
WCI Communities, Inc. shareholders' equity:
Preferred stock, $0.01 par value; 15,000,000 shares authorized, none issued		-		-
Common stock, $0.01 par value; 150,000,000 shares authorized,
25,913,749 shares issued and 25,858,339 shares outstanding at September 30, 2016;
25,903,725 shares issued and 25,848,315 shares outstanding at December 31, 2015		259		259
Additional paid-in capital		310,675		306,565
Retained earnings		190,596		165,981
Treasury stock, at cost, 55,410 shares at both September 30, 2016 and December 31, 2015		(781)		(781)
Total WCI Communities, Inc. shareholders' equity		500,749		472,024
Noncontrolling interests in consolidated joint ventures		-		1,743
Total equity Werbung Mehr Nachrichten zur WCI Communities Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 12:41 - PR Newswire BlackRock Throgmorton Trust Plc - Transaction in Own Shares 12:20 - PR Newswire BlackRock Energy and Resources Income Trust Plc - Transaction in Own Shares 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59