Exhibit 99.1
| | | | |
| | | Investor Contact: | | Steve Zenker |
| | | | | (239) 498-8066 |
| | | | | stevezenker@wcicommunities.com |
| | |
| | | Media Contact: | | Ken Plonski |
| | | | | (239) 498-8691 |
| | | | | kenplonski@wcicommunities.com |
FOR IMMEDIATE RELEASE
WCI Updates Earnings Guidance
Bonita Springs, FL (December 8, 2005) – WCI Communities, Inc. (NYSE: WCI), today announced updated earnings guidance in conjunction with its Analyst and Investor Conference being held today in Hollywood, Florida. The company raised its earnings estimate for 2006 to $5.25 to $5.50 per fully-diluted share, up from its previous guidance of $5.00 or higher. The company also initiated an estimate of 20% growth in fully-diluted earnings per share in 2007.
Additionally, the company adjusted its earnings guidance for 2005. The company’s previous guidance range for 2005 was $3.90 to $4.20, excluding any effects of the refunding of its 10 5/8% senior subordinated notes. The company now projects earnings between $4.10 and $4.30 for 2005, excluding the effects of the bond refunding. The company expects, however, that its recently announced tender offer will result in refunding substantially all the remaining $298 million of the 10 5/8% senior subordinated bonds outstanding. If the bond refunding transaction is complete this year, it will reduce 2005 earnings by about $0.30, resulting in earnings of $3.80 to $4.00 for the year 2005.
WCI’s investor conference will be webcast live today, beginning at 8:00 a.m. EST, for those interested in participating. In addition, the audio and slide presentations will be archived and available for replay on the company’s website for at least six months following the event. Interested parties can access the presentation by logging onto www.wcicommunities.com and choosing the Investor Relations section of the website, where links to the audio and slide presentations are posted.
About WCI
WCI Communities, Inc., named America’s Best Builder in 2004 by the National Association of Home Builders and Builder Magazine, has been creating amenity-rich, master-planned lifestyle communities since 1946. Florida-based WCI caters to primary, retirement, and second-home buyers in Florida, New York, New Jersey, Connecticut, Maryland and Virginia. The company offers traditional and tower home choices with prices from the high-$100,000s to more than $10 million and features a wide array of recreational amenities in its communities. In addition to homebuilding, WCI generates revenues from its Prudential Florida WCI Realty Division, its mortgage and title businesses, and its recreational amenities, as well as through land sales and joint ventures. The company currently owns and controls developable land of over 17,000 acres.
Certain information included herein and in other company reports, Security and Exchange Commission filings, statements and presentations is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about the company’s anticipated operating results, financial resources, ability to acquire land, ability to sell homes and properties, ability to deliver homes from backlog, and ability to secure materials and subcontractors. Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other company reports, filings, statements and presentations. These risks and uncertainties include WCI’s ability to compete in real estate markets where we conduct business; the
availability and cost of land in desirable areas in Florida and elsewhere and our ability to expand successfully into those areas; WCI’s ability to obtain necessary permits and approvals for the development of its lands; the availability of capital to WCI and our ability to effect growth strategies successfully; WCI’s ability to pay principal and interest on its current and future debts; WCI’s ability to maintain or increase historical revenues and profit margins; availability of labor and materials and material increases in labor and material costs; increases in interest rates and availability of mortgage financing; the level of consumer confidence; adverse legislation or regulations; unanticipated litigation or legal proceedings; natural disasters; and changes in general economic, real estate and business conditions. If one or more of the assumptions underlying our forward-looking statements proves incorrect, then the company’s actual results, performance or achievements could differ materially from those expressed in, or implied by the forward-looking statements contained in this report. Therefore, we caution you not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This statement is provided as permitted by the Private Securities Litigation Reform Act of 1995.
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For more information about WCI and its residential communities visit
www.wcicommunities.com
