Homebuilder posts sales growth

BONITA SPRINGS — Developer and homebuilder WCI Communities says sales rose nearly 10% in the fourth quarter ending Dec. 31, but profits declined compared with the same quarter one year ago on lower average selling prices for new homes.

WCI reported net income of $9.6 million on revenues of $165 million in the quarter. That compares with net income of $12.5 million on revenues of $121.5 million in the same quarter of 2014.

WCI delivered 299 homes in the fourth quarter, an increase of 25.6% compared with the same quarter in 2014, but the average selling price per home was $451,000, a decrease of 10.5%.

Despite lower average selling prices, the Bonita Springs-based company's backlog contract value as of Dec. 31 was $271.2 million, 32.1% higher than at the same time last year.

“The Florida markets in which we operate continue to demonstrate strong demographic and economic drivers that should fuel future growth,” says Keith Bass, WCI's president and CEO, in a statement. “We believe that we are well-positioned to execute our growth strategy into 2016 given our product offerings and targeted customer segments.”