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WCI Reports 61.8% Rise in Quarterly Orders; Full Year
Orders Up 73.7%
BONITA SPRINGS, Fla., Jan 14, 2005 (BUSINESS WIRE) -- WCI Communities, Inc.
(WCI), today announced record new orders for its fourth quarter ended
December 31, 2004.
During the quarter, the number of new orders rose 61.8% to an all-time
quarterly record of 1,081 from the 668 recorded in the fourth quarter of
2003. The value of the orders rose to $650.5 million, a 42.5% increase from
the $456.5 million achieved in the same period a year ago. Overall, results
were strong despite a gradual recovery from lower sales traffic levels after
the hurricanes of the late third quarter. Both the Traditional and Tower
Homebuilding Divisions experienced significant order growth, with
traditional home unit orders up 44.8% to 711 ($333.7 million) and tower home
unit orders up 109.0% to 370 ($316.9 million.) Orders in the Traditional
Homebuilding Division included 131 units, totaling $67.5 million, from the
company's Northeast U.S. Division, which was acquired in May 2004. Tower
Homebuilding orders included 105 units, totaling $63.2 million, from the
company's first three Perdido Key towers.
For the year, orders increased 73.7% to a record 3,798 units. The total
value of the orders rose 59.4% to $2.3 billion. Traditional Homebuilding
orders increased 58.3% in units and 59.8% in dollars in 2004 while Tower
Homebuilding orders rose 124.4% in units and 59.1% in dollars. "We are
extremely pleased with our sales results this year," said WCI President
Jerry Starkey. "The demand for our new and existing towers and communities
has been, in most cases, beyond our expectations and we enter 2005 with
excellent momentum and favorable conditions for our customer base. The
economy and demographics are strongly aligned for those serving luxury,
retirement, and second home purchasers."
Preliminary Results
Three Months
Ended For the Year Ended
12/31/04 12/31/03 12/31/04
12/31/03
--------- --------- ----------- -----------
Homebuilding:
New contract value (000) $650,528 $456,496
$2,306,610 $1,446,660
Net new contracts
1,081 668
3,798 2,187
Average price (000)
$602 $683
$607 $661
Traditional
Homebuilding:
New contract value
(000)
$333,670 $187,924 $1,148,697 $718,690
Net new contracts
711 491
2,658 1,679
Average price (000)
$469 $383
$432 $428
Tower Homebuilding:
New contract value
(000)
$316,858 $268,572 $1,157,913 $727,970
Net new contracts
370 177
1,140 508
Average price (000)
$856 $1,517 $1,016
$1,433
About WCI
WCI Communities, Inc., named America's Best Builder 2004 by the National
Association of Home Builders and Builder Magazine, has been creating
amenity-rich, master-planned lifestyle communities since 1946. Florida-based
WCI caters to primary, retirement, and second-home buyers in Florida, New
York, New Jersey, and Connecticut. The company offers traditional and tower
home choices with prices from the mid-$100,000s to more than $10 million and
features a wide array of recreational amenities. In addition to
homebuilding, WCI generates revenues from its Prudential Florida WCI Realty
Division, its mortgage and title businesses, its recreational amenities, and
land sales. The company currently owns and controls developable land of
approximately 18,000 acres.
Certain information included herein and in other company
reports, Security and Exchange Commission filings, statements and
presentations is forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not limited to,
statements about the company's anticipated operating results, financial
resources, ability to acquire land, ability to sell homes and properties,
ability to deliver homes from backlog, ability to secure materials and
subcontractors. Such forward-looking information involves important risks
and uncertainties that could significantly affect actual results and cause
them to differ materially from expectations expressed herein and in other
company reports, filings, statements and presentations. These risks and
uncertainties include WCI's ability to compete in real estate markets where
we conduct business; the availability and cost of land in desirable areas in
Florida and elsewhere and our ability to expand successfully into those
areas; WCI's ability to obtain necessary permits and approvals for the
development of its lands; the availability of capital to WCI and our ability
to effect growth strategies successfully; WCI's ability to pay principal and
interest on its current and future debts; WCI's ability to maintain or
increase historical revenues and profit margins; availability of labor and
materials and material increases in labor and material costs; increases in
interest rates and availability of mortgage financing; the level of consumer
confidence; adverse legislation or regulations; unanticipated litigation or
legal proceedings; natural disasters; and changes in general economic, real
estate and business conditions. If one or more of the assumptions underlying
our forward-looking statements proves incorrect, then the company's actual
results, performance or achievements could differ materially from those
expressed in, or implied by the forward-looking statements contained in this
report. Therefore, we caution you not to place undue reliance on our
forward-looking statements. We undertake no obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise. This statement is provided as permitted by the
Private Securities Litigation Reform Act of 1995.
For more information about WCI and its residential communities visit
http://www.wcicommunities.com
SOURCE: WCI Communities, Inc.
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