UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) February 10, 2005
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WCI COMMUNITIES, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
001-31255 59-2857021
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(Commission File Number) (IRS Employer Identification No.)
24301 Walden Center Drive, Bonita Springs, FL 34134
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(Address of Principal Executive Offices) (Zip Code)
239-947-2600
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(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement
WCI maintains a Management Incentive Compensation Plan ("Bonus Plan")
established to reward the performance of key employees whose efforts
significantly impact WCI's achievement of its annual financial goals. The Bonus
Plan places emphasis on differentiating performance among our diverse businesses
while maintaining a consistent focus on achieving our financial and
non-financial objectives. The Bonus Plan is also designed to provide
significant financial rewards to participants when such objectives are met or
exceeded. However, through a "pay-for-performance" structure, the Bonus Plan
may generate reduced or no incentive payment when objectives or financial goals
are not met.
For the year ended December 31, 2004, net income rose 13.8% to $120.2 million
from $105.6 million and revenues over the same period increased 24.8% to $1.81
billion from $1.45 billion in the previous year. In addition, for the full year
2004, new orders rose to 3,798 units or $2.31 billion, up 73.7% in units and
59.3% in dollars.
Notwithstanding the favorable growth and performance of the Company as a whole,
four major hurricanes impacted the financial performance of some individuals and
operating divisions. In connection with the impacts of the hurricanes and the
overall favorable performance of WCI, the Executive Compensation Committee
exercised discretion for some individuals in order to avoid inequities and to
retain valuable employees.
The waiver of certain objectives for Mr. Dietz resulted in a discretionary bonus
adjustment of $20,771 for a total bonus of $717,063. Mr. Greenberg, who is
responsible for the Traditional Homebuilding group in Florida, (which includes
our mortgage and title business) and which sustained the majority of hurricane
related delays, achieved 74% of his performance objectives and was awarded a
discretionary bonus in the amount of $650,000 for a total bonus of $650,000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WCI COMMUNITIES, INC.
By: /s/ James D. Cullen
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Name: James D. Cullen
Title Vice President
Date: February 10, 2005