"There are fewer than 20 homebuilding companies in the United States that have achieved a billion dollars in revenue in 2001 and WCI is proud to be ranked among those industry giants," company president Jerry Starkey says in a prepared statement.
WCI reported increases in revenue and income in the fourth quarter. Revenues grew 2.9% to $406.7 million, compared to $395.4 million during the year-ago period. Net income rose 1.5% to $48.2 million, compared to $47.5 million last year.
WCI's homebuilding division, including both traditional single-family homes and tower residences, posted a 47.4% increase in revenue for the year, rising to $906.1 million, compared to $614.7 million last year.
The company's amenities division posted year-over-year revenue growth of 6.1%, while revenue from real estate services and other operations grew by 23.5%. The company's average home sale price was $528,000, a 24.2% increase over 2000. Combined homebuilding contribution margins rose to 31.1% in 2001, compared to 27.5% in 2000.
Net new orders in the homebuilding division rose 2.8% to 2,118 units, compared to 2,061 in 2000. The value of new home contracts for the year rose 27.8% to $1.12 billion, compared to $876.7 million in 2000.
Bonita Springs is 180 miles northwest of Downtown Miami.
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