WCI Communities Announces 2016 Second Quarter Results

The Company generated total revenues of $167.4 million for the quarter ended June 30, 2016, an increase of $16.7 million, or 11.1%, compared to $150.7 million in the second quarter of 2015. Compared to the prior year quarter, Homebuilding revenues grew 14.2% and Real Estate Services revenues grew 4.5%, while Amenities revenues decreased by 15.0%.  Amenities revenues in 2016 were reduced by the deconsolidation of one of our joint ventures in accordance with the provisions of Accounting Standards Update 2015-02.

For the quarter ended June 30, 2016, net income attributable to common shareholders was $9.4 million, or $0.35 per diluted share, compared to $9.8 million and $0.37, respectively, in the prior year quarter.     

The Homebuilding gross margin percentage was 24.7% in the second quarter of 2016, representing a decline of 200 basis points as compared to the second quarter of 2015.  Adjusted gross margin from homes delivered, a non-GAAP financial measure, was 27.5% in the quarter ended June 30, 2016, representing a 160 basis point decrease from the prior year quarter.  The decline is primarily attributable to a shift in delivery mix as the percentage of deliveries from communities owned as of September 2009 declined from 70% in the prior year quarter to 51% in the second quarter of 2016.

New orders during the second quarter of 2016 decreased 10.7% to 268, while the average selling price per new order increased by 5.8% to $454,000 as compared to the second quarter of 2015.  The contract value of new orders was $121.8 million for the second quarter of 2016, a decrease of 5.3% from the prior year quarter.   

As of June 30, 2016, the backlog contract value was $304.6 million, an increase of $10.5 million, or 3.6% from the prior year.  The average selling price of backlog units was $520,000, an increase of 10.9% from the prior year.

Conference Call

As previously announced, the Company will host a conference call to discuss the 2016 second quarter results on Wednesday, July 27, 2016 at 8:30 a.m. (ET).  A slide presentation for the call will be available on the Investors section of the Company's website at investors.WCICommunities.com.  The conference call can be accessed live over the phone by dialing (877) 407-0784, or for international callers, (201) 689-8560. A telephonic replay will be available after the call and can be accessed by dialing (877) 870-5176, or for international callers, (858) 384-5517.  The passcode for both the live call and the replay is 13640256.  The replay will be available until 11:59 p.m. (ET) on August 10, 2016.

Shareholders, investors and other interested parties may also listen to a webcast of the conference call by logging onto the Investors section of the Company's website at investors.WCICommunities.com. The on-line replay will be available for a limited time beginning approximately two hours following the call.

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 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: 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)
		June 30,		December 31,
		2016		2015
		(unaudited)
Assets
Cash and cash equivalents		$             88,344		$           135,308
Restricted cash		15,362		13,753
Notes and accounts receivable		5,429		7,374
Real estate inventories		645,733		554,191
Property and equipment, net		23,705		25,649
Other assets		31,790		24,924
Deferred tax assets, net of valuation allowances		87,443		92,917
Goodwill		7,520		7,520
Total assets		$           905,326		$           861,636
Liabilities and Equity
Accounts payable		$             33,931		$             30,365
Accrued expenses and other liabilities		82,751		73,237
Customer deposits		43,159		37,794
Debt obligations, net		254,933		246,473
Total liabilities		414,774		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 June 30, 2016;
25,903,725 shares issued and 25,848,315 shares outstanding at December 31, 2015		259		259
Additional paid-in capital		309,230		306,565
Retained earnings		181,844		165,981
Treasury stock, at cost, 55,410 shares at both June 30, 2016 and December 31, 2015		(781)		(781)
Total WCI Communities, Inc. shareholders' equity		490,552		472,024
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