WCI Communities reported net income of $5.7 million, an improvement of 280 percent. The Company generated total revenues of $97.7 million for the quarter ended March 31, 2015, an increase of $23.9 million, or 32.4%, compared to $73.8 million in the first quarter of 2014. The average home sales price was $486,000.
Keith Bass, the CompanyÕs President and Chief Executive Officer commented, ÒThis year is off to a strong start as the positive trends that we experienced in 2014 continued in the first quarter of 2015. We continue to deliver solid year-over-year growth across most of our key operating metrics. Traffic and new order activity in both our existing and new neighborhoods were particularly strong in the first quarter.Ó Mr. Bass added, ÒIn addition, our brokerage business posted a 15% increase in transactions over first quarter of 2014, further supporting why we believe that the Florida housing market remains a healthy and attractive market for WCI Communities.Ó
The Company delivered 138 homes in the first quarter, an increase of 21 units, or 17.9% from the prior year period.
New orders during the first quarter of 2015 increased 54.1% to 316 homes and the contract value of new orders was $140.8 million for the first quarter, an increase of 39.3% from the prior year period.