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WCI Net Income and Sales Are Up

BONITA SPRINGS, FL-The locally based developer of luxury multifamily and single-family communities reports a 36% increase in second-quarter net income. Bonita Springs is 120 miles northwest of Downtown Miami.

By David R. Corder | Updated on August 01, 2001

BONITA SPRINGS, FL-WCI Communities Inc. is attributing strong demand from affluent homebuyers for a 36% increase in second-quarter net income and a 45% increase in total revenue. Bonita Springs is 120 miles northwest of Downtown Miami.

The privately owned developer of luxury multifamily and single-family communities reported net income of $18.6 million on revenue of $234.8 million for the three months ended June 30, compared with a net gain of $13.7 million on revenue of $162.4 million for the same period a year ago.

News of the earnings gain follows an announcement earlier this month that the Bonita Springs-based company experienced a 53% increase in new contract values over the first six months this year. New contracts totaled $503.3 million for the reporting period, with the average sales price climbing 44% to $427,000.

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