Companies
WCI Communities
WCI Communities With Updated Version
WCI Communities With Updated Version |
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| Written by Subhasis Chatterjee | |
| Tuesday, 07 August 2007 | |
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WCI Communities, Inc. one of the most prominent builder of traditional and tower residences in highly amenitized lifestyle communities, today announced here of the provision of an tidings on 2007 cash flow expectations. It is to be noted in the same esteem that its second quarter earnings release and conference call is to be held on August 16, 2007. WCI Communities, Inc. is a renowned organization in the trade of home buildings and was made America's Best Builder in 2004 by the National Association of Home Builders and Builder Magazine. From its inception in 1946 the Company has been engaged in the creating of amenity-rich, master-planned lifestyle communities. The WCI based in Florida caters to primary, retirement, and second-home buyers in Florida, New York, New Jersey, Connecticut, Maryland and Virginia. The company excels in the offering of traditional and tower home choices with prices from the upper-$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, title businesses, and its recreational amenities, as well as through land sales and joint ventures. The company at present owns and controls developable land on which the company plans to build over 21,000 traditional and tower homes. As far the information go, there is a high expectation that the preponderance of this cash flow for the balance of the year shall be from the completion of the company's One Bal Harbour tower, which is sold-out and also probable to account for about $350 million of cash flow, mostly in the fourth quarter. The other three towers are in New Jersey; Bonita Springs, Florida and Palm Coast, Florida. Over these there is also anticipation that it should be completed and deliver units in the second half of the year. Speaking on the occasion Jerry Starkey, President and CEO of WCI Communities said, "Despite the continued weakness in the homebuilding marketplace, WCI has received approximately $130 million of positive free cash flow already this year, including $25 million to $30 million in the second quarter. And the company expects to generate an additional $400 million to $600 million of free cash flow during the remainder of the year."
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