"Year-to-date, our homebuilding contribution margin is up almost nine percentage points from the same period one year ago, and that illustrates the success we are achieving in positioning WCI as a luxury builder," Jerry Starkey, WCI president, says in a prepared statement.
"Combined homebuilding margins--traditional and towers--were 32.4% for the nine-month period, compared with 23.5% at the same time last year," Starkey says. Homebuilding contribution margin for the entire year ended Dec. 31, 2000, was 31.2%.
Announcement of the earnings performance comes just more than a week after the company advised shareholders that it probably would fall short of a forecasted increase of 10% to 15% in EBITDA.
The company attributed the revised earnings forecast partly because of a decrease in sales traffic following the Sept. 11 terrorist attack on America and a temporary delay in the construction start at the Belize at Marco Island, a multifamily tower project in the Southwest Florida community.
The company reported net income of about $26.4 million on total revenue of $272 million for the three months ended Sept. 30, compared with a net gain of $11.1 million on total revenue of $184.3 million for the same period in 2000.
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