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| WCI Communities, Inc. |
| 24301 Walden Center Drive, Bonita Springs, FL 34134 * (941) 947-2600 |
| Business Description | The company is a fully integrated homebuilding and real estate services company with over 50 years of experience in the design, construction and operation of leisure-oriented, amenity-rich master-planned communities targeting affluent homebuyers. |
| Offering Information Company has | |||
| Trading As | WCI (NYSE) | Industry | Construction (SIC 1531) |
| Type of Stock Offered | Common Shares | Filing Date | 9/6/2001 |
| Domestic Shares Offered | 6,900,000 | Offer Date | 3/12/2002 |
| Foreign Shares Offered | 0 | Filing Range | $17.00 - $19.00 |
| Company Shares | 6,900,000 | Offer Price | $19.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.330 |
| Gross Proceeds | $131,100,000 | Selling | $0.790 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Co-manager | (212) 325-2000 |
| Deutsch Banc Alex. Brown | Co-manager | (410) 727-1700 |
| UBS Warburg LLC | Co-manager |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1998 | 12/31/1999 | 12/31/2000 | 6/30/2000 | 6/30/2001 | ||
| Revenues | - | - | 448.363 | 681.416 | 882.152 | 302.505 | 431.779 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | 41.183 | 79.893 | 81.941 | 23.372 | 27.690 |
| E.P.S | - | - | 2.360 | 3.210 | 3.232 | 0.920 | 1.170 |
| Revenue Growth (%) | - | - | 51.98 | 29.459 | 42.73 | ||
| Net Income Growth (%) | - | - | 94.00 | 2.56 | 18.48 | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | 9.19 | 11.72 | 9.29 | 6.41 | 7.73 |
| Cash Flow - Oper. | 28.79 | - | - | ||||
| Cash Flow - Inv. | -0.22 | - | - | ||||
| Cash Flow - Fin. | -6.33 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/2001 | Financial Ratios | ||||
| Total Assets | 1,147.09 | Current Assets | - | Current Ratio | - |
| Total Liab. | 802.16 | Current Liab. | - | Debt Ratio | 69.93% |
| Total Equity | 344.93 | Working Cap. | - | Debt to Equity Ratio | 2.33 |
| Cash | - | Return on Assets | 2.41% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay the expected outstanding balance of the revolving portion of our senior secured credit facility and for general corporate purposes, including land acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Simpson, Thacher & Bartlett |
| Bank's Law Firm | Cahill Gordon & Reindel |
| Auditor | Pricewaterhouse Coopers LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Kamehameha Activities Association | ||
| John D. and Catherine T. MacArthur Foundation | ||
| Citicorp Venture Capital, Ltd. | ||
| Note: represents ownership of 5% or more prior to the offering. | ||