WCI Reports Fourth Quarter Orders

Business Wire, Jan 15, 2003

    Business Editors/Real Estate Writers

    BONITA SPRINGS, Fla.--(BUSINESS WIRE)--Jan. 15, 2003--WCI
Communities, Inc. (NYSE:WCI), a leading builder of highly-amenitized
lifestyle communities, announced today that its new orders for the
fourth quarter ended December 31, 2002 increased approximately 4.5% to
369 units, as compared to 353 units in the same period last year. The
contract value of the new fourth quarter orders decreased 6.2% to
$180.1 million, compared to $192.1 million in the prior year. The
contract value decrease reflects a lower average unit price and a
higher percentage of contracts from traditional homebuilding compared
to one year ago. -0- *T

                                Three Months Ended     Year Ended
                                12/31/02 12/31/01  12/31/02  12/31/01
                                ------------------ -------------------
Traditional Homebuilding:
Net new contracts                    287      239     1,666      1,595
New contract value (000)         $86,830  $80,934  $533,144   $522,612
Average price (000)                 $303     $339      $320       $328

Mid- & High-Rise Homebuilding:
Net new contracts                     82      114       442        523
New contract value (000)         $93,264 $111,150  $439,547   $595,607
Average price (000)               $1,137     $975      $994     $1,139

Combined Homebuilding:
Net new contracts                    369      353     2,108      2,118
New contract value (000)        $180,094 $192,084  $972,691 $1,118,219
Average price (000)                 $488     $544      $461       $528


                             Backlog Data
                                   12/31/02             12/31/01
                              ----- -------------  ----- -------------
                              Units Dollars (000)  Units Dollars (000)
                              ----- -------------  ----- -------------
Traditional Homebuilding       869    $339,277      616    $265,401
Mid- & High-Rise Homebuilding         $379,402             $472,844
Combined Homebuilding                 $718,679             $738,245

*T

    About WCI

    Based in Bonita Springs, Florida, WCI has been creating
amenity-rich, leisure-oriented master-planned communities for more
than 50 years. WCI's award-winning communities offer primary,
retirement, and second home buyers traditional and tower home choices
with prices from $100,000 to more than $10 million and currently
feature more than 600 holes of golf and 1,000 boat slips, as well as
country club, tennis and recreational facilities. The company also
derives income from its 24-office Prudential Florida WCI Realty
division, its mortgage and title businesses, and its amenities
division, which operates many of the clubhouses, golf courses,
restaurants, and marinas within its 30 communities. The company
currently owns and controls developable land of over 14,000 acres.

    Certain information included herein and in other company reports,
Security 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, 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 the Florida real estate market; the
availability and cost of land in desirable areas in Florida and
elsewhere and the ability to expand successfully into those areas;
WCI's ability to obtain necessary permits and approvals for the
development of its lands; WCI's ability to raise debt and equity
capital and grow its operations on a profitable basis; WCI's ability
to pay principal and interest on its current and future debts; WCI's
ability to sustain or increase historical revenues and profit margins;
material increases in labor and material costs; increases in interest
rates; the level of consumer confidence; adverse legislation or
regulations; unanticipated litigation or legal proceedings; natural
disasters; and the continuation and improvement of general economic
conditions and business trends. 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. 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--PP/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: BANKING REAL ESTATE BUILDING/CONSTRUCTION
    SOURCE: WCI Communities, Inc.