Homebuilder posts sales growth

BONITA SPRINGS — Developer and homebuilder WCI Communities says revenues grew nearly 5% in the quarter ending Sept. 30.

WCI reported net income of $3.1 million on revenues of $89.7 million in the quarter ending Sept. 30. That compares with a loss of $17 million on revenues of $85.5 million in the same quarter one year ago. The third quarter of 2013 included $19 million of preferred stock dividends and $5.1 million of expenses related to the early repayment of debt, neither of which recurred in the third quarter of this year, the company says.

“Looking ahead, our fourth quarter is shaping up to be our most robust quarter of the year,” says Keith Bass, WCI's president and CEO, in a statement. “We remain excited about the favorable demographic and economic fundamentals in Florida and believe we are well positioned to continue to capitalize on these positive trends.”

As of Sept. 30, backlog contract value was $252.3 million, an increase of $98.1 million, or 63.6% from the prior year. The average selling price of backlog units was $550,000, an increase of 17% from the prior year.

WCI is headquartered in Bonita Springs and currently builds in 16 communities throughout the state. The company is publicly traded (symbol: WCIC; recent price: $19).