WCI Communities misses by $0.87, beats on revs

Briefing.com

Posted: 2008-05-07 09:17:00

Reports Q1 (Mar) loss of $2.00 per share, $0.87 worse than the First Call consensus of ($1.13); revenues fell 59.5% year/year to $137.1 mln vs the $130 mln consensus. "We experienced a sequential lift in traffic and new orders during the first quarter in Florida reflecting seasonal patterns, but saw a dramatic drop in traffic and new orders in the Northeast and Mid-Atlantic. Beyond the seasonal lift in Florida, there are no signs that demand has firmed -- many potential purchasers continue to sit on the sidelines afraid of falling prices and the direction of the economy. Our primary focus continues to be on reducing costs and generating cash to pay down debt."