Local Builder WCI Enjoying the Resurgence in Luxury Home Sales
The recovering real estate market along Florida’s coasts lifted profits for Bonita Springs-based WCI Communities Inc. in the quarter ended June 30, the company’s top executive said Tuesday. The luxury home builder reported net income of $8.2 million, or 45 cents per share, for the quarter ended June 30, up from a net loss of $16.5 million, or a loss of $1.39 per diluted share, in the same period a year ago.
The 2012 results included $17 million in charges related to the early repayment of debt. The company reported deliveries of 122 homes, up 144 percent from the same quarter a year ago. The average selling price of $441,000 was up 10.8 percent.
WCI is building in 10 master planned communities along the west and east coasts of Florida. In Southwest Florida, communities include Pelican Preserve in Fort Myers, The Colony in Bonita Springs and Tiburon in Naples. “Our focus on Florida provides investors with a unique way to gain exposure to this robust market through a luxury coastal home builder,” Chief Executive Officer Keith Bass said in a conference call with investment analysts.
WCI (which trades as WCIC on the New York Stock Exchange) completed its initial public offering July 30 with the sale of about 6.8 million shares priced at $15. Shares closed Tuesday at $15.95, up 15 cents in trading after the earnings were announced prior to the market opening. The company previously traded publicly from 2002 to 2008, when it sought bankruptcy reorganization. The company emerged from bankruptcy as a private company in September 2009, shedding about $2 billion in debt.
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