WCI Raises 2005 Earnings Estimate

    Business Editors/Real Estate Writers

    BONITA SPRINGS, Fla.--(BUSINESS WIRE)--May 13, 2005--WCI Communities, Inc. (NYSE:WCI), a leading builder of traditional and tower residences in highly amenitized lifestyle communities, announced today it has closed on the sale of a 506 acre parcel of land located in Jupiter, Florida. The sale generated a substantial profit on revenues of $100.0 million. The company owns an additional 290 acres adjacent to the parcel sold that is approved for the development of a luxury golf resort. As a result of the transaction and its favorable business outlook, the company is raising its earnings estimate for the year 2005 to $3.50 to $3.80, up from its previous estimate of $3.10 to $3.50.

    About WCI

    WCI Communities, Inc., named America's Best Builder in 2004 by the National Association of Home Builders and Builder Magazine, has been creating amenity-rich, master-planned lifestyle communities since 1946. Florida-based WCI caters to primary, retirement, and second-home buyers in Florida, New York, New Jersey, Connecticut, Maryland, and Virginia. The Company offers traditional and tower home choices with prices from the mid-$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, its mortgage and title businesses, and its amenities, as well as through land sales and joint ventures. The Company currently owns and controls developable land of over 17,000 acres.
    Certain information included herein and in other company reports, Securities and Exchange Commission filings, statements and presentations is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about the company's anticipated operating results, financial resources, ability to acquire land, ability to sell homes and properties, ability to deliver homes from backlog, and ability to secure materials and subcontractors. Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other company reports, filings, statements and presentations. These risks and uncertainties include WCI's ability to compete in real estate markets where we conduct business; the availability and cost of land in desirable areas in its geographic markets and elsewhere and our ability to expand successfully into those areas; WCI's ability to obtain necessary permits and approvals for the development of its lands; the availability of capital to WCI and our ability to effect growth strategies successfully; WCI's ability to pay principal and interest on its current and future debts; WCI's ability to maintain or increase historical revenues and profit margins; availability of labor and materials and material increases in labor and material costs; increases in interest rates and availability of mortgage financing; the level of consumer confidence; adverse legislation or regulations; unanticipated litigation or legal proceedings; natural disasters; and changes in general economic, real estate and business conditions. If one or more of the assumptions underlying our forward-looking statements proves incorrect, then the company's actual results, performance or achievements could differ materially from those expressed in, or implied by the forward-looking statements contained in this report. Therefore, we caution you not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This statement is provided as permitted by the Private Securities Litigation Reform Act of 1995.

    For more information about WCI and its residential communities visit http://www.wcicommunities.com

--30--JD/mi*

CONTACT: WCI Communities, Inc., Bonita Springs Investor Contact: Steve Zenker, 239-498-8066 stevezenker@wcicommunities.com or Media Contact: Ken Plonski, 239-498-8691 kenplonski@wcicommunities.com

KEYWORD: FLORIDA INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION EARNINGS SOURCE: WCI Communities, Inc.

Copyright Business Wire 2005