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WCI Reports 107% Rise in Quarterly Orders
BONITA SPRINGS, Fla., Oct 14, 2004 (BUSINESS WIRE) -- WCI Communities, Inc.
(WCI), named America's Best Builder 2004 by the National Association of Home
Builders and Builder Magazine, today announced strong new orders and backlog
for its third quarter ended September 30, 2004.
During the quarter, the number of new orders rose 106.6% to 1,006 from the
487 recorded in the third quarter of 2003. The gain was achieved despite the
impact of four hurricanes which affected many of the company's Florida
operating regions during the quarter. The value of the orders rose to $689.7
million, a 126.2% increase from the $304.9 million achieved in the same
period a year ago. Both the Traditional and Tower Homebuilding Divisions
experienced strong order growth, with traditional home orders up 58.5% and
tower home orders up 256.8%. Orders in the Traditional Homebuilding division
were particularly robust for the retirement segment, while the increase in
new orders in the Tower Division was due in large part to the success of the
company's new buildings. Four new towers began converting reservations to
contracts during the period, contributing 326 unit sales with a value of
$276.4 million. Backlog as of quarter-end stood at $1.87 billion, an 89.4%
increase over the same date a year ago.
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