WCI Communities, Inc (WCIC) has reported 14.05 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $8.75 million, or $0.33 a share in the quarter, compared with $10.18 million, or $0.38 a share for the same period last year. Revenue during the quarter grew 23.99 percent to $186.22 million from $150.19 million in the previous year period.
Cost of revenue rose 23.02 percent or $27.20 million during the quarter to $145.35 million. Gross margin for the quarter expanded 62 basis points over the previous year period to 21.95 percent.
Total expenses were $172.45 million for the quarter, up 28.72 percent or $38.48 million from year-ago period. Operating margin for the quarter contracted 340 basis points over the previous year period to 7.40 percent.
Operating income for the quarter was $13.77 million, compared with $16.21 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $26.62 million compared with $21.18 million in the prior year period. At the same time, adjusted EBITDA margin improved 19 basis points in the quarter to 14.29 percent from 14.10 percent in the last year period.
Revenue from real estate activities during the quarter was almost stable at $25.10 million, when compared with the previous year period.
Operating cash flow remains negative
WCI Communities, Inc has spent $49.60 million cash to meet operating activities during the nine month period as against cash outgo of $23.18 million in the last year period. The company has spent $5.76 million cash to meet investing activities during the nine month period as against cash outgo of $2.10 million in the last year period.
The company has spent $0.96 million cash to carry out financing activities during the nine month period as against cash outgo of $0.10 million in the last year period.
Cash and cash equivalents stood at $78.99 million as on Sep. 30, 2016, down 47.12 percent or $70.39 million from $149.38 million on Sep. 30, 2015.
Total assets grew 9.04 percent or $77.12 million to $929.93 million on Sep. 30, 2016. On the other hand, total liabilities were at $429.18 million as on Sep. 30, 2016, up 10.13 percent or $39.48 million from year-ago.
Return on assets moved down 22 basis points to 0.97 percent in the quarter. At the same time, return on equity moved down 45 basis points to 1.75 percent in the quarter.
Shareholders equity stood at $500.75 million as on Sep. 30, 2016, up 8.13 percent or $37.65 million from year-ago.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
