Builder's revenues surge 53%

BONITA SPRINGS — WCI Communities posted preliminary financial results that showed revenues from new homes delivered in 2013 rose to $243 million, an increase of 53% compared with 2012.

“Going into 2014, we continue to be well positioned to capitalize on the strength of the Florida housing market,” says Keith Bass, WCI's president and CEO, in a statement. The company plans to publish its full financial results for 2013 and the fourth quarter on Feb. 25.

WCI says preliminary results showed the contract value of new orders totaled about $60 million in the fourth quarter and approximately $243 million in 2013. Those results represented increases of 33% and 32%, respectively, compared with the same periods in 2012. New orders increased 9% for the fourth quarter and 17% for 2013, respectively, with 116 new orders in the quarter and 531 new orders for 2013.

The company's backlog value at the end of 2013 increased by 26% over 2012 to approximately $144 million, and the ending backlog of 293 units represented a 15% increase over 2012.

You can read about WCI's turnaround in a recent issue of the Business Observer here.