The Real Deal Miami

Bonita Springs builder posts loss

May 08, 2008 09:47AM

Bonita Springs-based builder WCI Communities posted a loss for the sixth consecutive quarter, a sign the sector has not yet hit bottom. It lost a total of $84.1 million, or $2 a share, in the first quarter, compared to a loss of $15.8 million, 38 cents a share, one year earlier. Sales slid 59 percent to $137.1 million. New orders dropped 23 percent to 183, and completed home sales declined 45 percent to 309, WCI said. The stock has lost 87 percent of its value in the past year.