WCI Communities Inc., the Bonita Springs-based developer with a big presence in Southwest Florida, said Monday that it has the cash to weather the current crisis in the home building industry.

The company, which is trying to sell itself, said it has generated $130 million in cash flow so far this year and expects to book another $400 million to $600 million for the rest of the year.

The company was trying to reassure investors that it will remain solvent.

“WCI continues to have sufficient liquidity and available credit,” Jerry Starkey, the company’s chief executive officer, said in a statement on Monday.

But the company said it is negotiating to amend the terms of some credit agreements, “to provide broader latitude to operate during this protracted downturn.”
WCI said it is not in default of any credit agreements at this time, but that the second-quarter audits are not complete. WCI plans to report second-quarter earnings Aug. 16.

WCI's shares, which trade on the New York Stock Exchange, were selling for $5.98 at the close of regular trading on Monday, up 3 cents.

 http://www.heraldtribune.com/article/20070806/BREAKING06/