WCI Communities falls to 4Q loss |
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Tue, 27 Feb 2007 16:11
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BONITA SPRINGS, Fla. (AP) - Luxury homebuilder WCI Communities Inc. said Tuesday that it fell to a fourth-quarter loss due to charges and a dramatically weaker Florida market.The company reported a loss of $64.6 million, or $1.52 per share, compared with a profit of $54.6 million, or $1.20 per share, during the same period in the prior year.Excluding $118.3 million in pretax asset impairments and writeoffs, net income for the current quarter was $6.6 million or 18 cents per share.Analysts surveyed by Thomson Financial were expecting a loss of $1.37 per share.The company saw real estate inventory impairment losses of $91.4 million during the current quarter. Interest expense grew to $16.5 million from $10.8 million.'The past year was extremely challenging as consumer sentiment became progressively more negative leading to a severe decrease in demand and ultimately a sharp spike in cancellations and defaults,' President and Chief Executive Jerry Starkey said in a statement.Quarterly revenue slid 38 percent to $526.3 million from $843.4 million on lower sales, contract cancellations and defaults.Consensus estimates put revenue at $553.4 million.For the year, net income fell to $9 million, or 21 cents per share, compared with $186.2 million, or $4 per share, in the prior-year period.Adjusted 2006 earnings were $90.7 million, or $2.16 per share.'Our Florida markets, which account for approximately 85 percent of our business, experienced the greatest slowdown during 2006,' Starkey said.Full-year revenue dipped 21 percent to $2.05 billion from $2.6 billion.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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