WCI Communities reports profit decline in quarter

WCI Communities today reported that its net income rose nearly 55 percent last year compared to 2004. But the company reported that profits declined in the fourth quarter.

The Bonita Springs-based luxury home builder reported net income rose to $186.2 million last year, compared to $120.2 million in 2004. Diluted earnings per share rose nearly 53 percent, from $2.62 in 2004 to $4 last year.

Excluding a $26.2 million pre-tax charge, net income rose 68 percent to $202.1 million, the company reported.

In the fourth quarter, net income was $54.6 million, down more than 7 percent from $58.9 percent in the fourth quarter of 2004.

Jerry Starkey, president and chief executive officer of WCI Communities, said in a statement that he remains optimistic.

"We accomplished significant growth in revenues, earnings, and shareholders' equity, capitalizing on our traditional and tower homebuilding expertise and continuing to expand our geographic footprint across the U.S. East Coast,” he said.

The company’s revenues for traditional home building rose 57 percent last year compared to 2004. Revenues in the tower homebuilding division increase 27 percent to $1.04 billion.

Shares of WCI Communities were trading down 63 cents, or 2.5 percent, at $25.06 this morning in trading on the New York Stock Exchange.