Published:
M/I Homes Reports Unit Results for the Third Quarter of 2008
COLUMBUS, Ohio, Oct. 9 /PRNewswire-FirstCall/ -- M/I Homes, Inc.
(NYSE: MHO) announced homes delivered and new contracts for the three- and
nine-month periods ended September 30, 2008 and backlog as of the end of the
period.
New contracts for 2008's third quarter were 456, down 19% from 2007's
third quarter of 561. For the 2008 nine-month period, new contracts declined
30%, to 1,540 from 2,191 in 2007. Homes delivered for the 2008 third quarter
decreased 29%, to 555 from 2007's 787. For the nine-month period ended
September 30, 2008, homes delivered were 1,507, down 33% from 2,246 in the
same period of 2007. The Company's cancellation rate was 32% in the third
quarter of 2008, compared to 38% in the comparable 2007 quarter. The sales
value of backlog of homes at September 30, 2008 was $212 million, with backlog
units of 781 and an average sales price of $272,000. The backlog of homes at
the same time last year had a sales value of $481 million, with backlog units
of 1,468 and an average sales price of $327,000. M/I Homes had 138 active
communities at September 30, 2008 compared to 159 at September 30, 2007. In
addition, at the end of the quarter, the Company had no borrowings under its
$250 million unsecured homebuilding credit facility.
The Company expects to report third quarter financial results on October
30, 2008. You are invited to listen to the conference call over the Internet
at 4:00 p.m. Eastern Time. To hear the call, log on to the M/I Homes website
at mihomes.com, click on "Investors" and select "Listen to the Conference
Call." The call, along with non-GAAP financial measures, will be available
through October 2009.
M/I Homes, Inc. is one of the nation's leading builders of single-family
homes, having delivered over 72,000 homes. The company's homes are marketed
and sold under the trade names M/I Homes and Showcase Homes. The company has
homebuilding operations inColumbus andCincinnati, Ohio;Chicago, Illinois;
Indianapolis, Indiana;Tampa andOrlando, Florida;Charlotte andRaleigh,
North Carolina; and theVirginia andMaryland suburbs ofWashington, D.C.
Certain statements in this Press Release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Words such as "expects," "anticipates," "targets," "goals," "projects,"
"intends," "plans," "believes," "seeks," "estimates," variations of such words
and similar expressions are intended to identify such forward-looking
statements. These statements involve a number of risks and uncertainties.
Any forward-looking statements that we make herein and in future reports and
statements are not guarantees of future performance, and actual results may
differ materially from those in such forward-looking statements as a result of
various factors relating to the economic environment, interest rates,
availability of resources, competition, market concentration, land development
activities and various governmental rules and regulations as more fully
discussed in the Risk Factors section in the Company's Annual Report on Form
10-K for the year ended December 31, 2007. All forward-looking statements
made in this Press Release are made as of the date hereof, and the risk that
actual results will differ materially from expectations expressed in this
Press Release will increase with the passage of time. The Company undertakes
no duty to publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise. However, any further
disclosures made on related subjects in our subsequent filings, releases or
presentations should be consulted.
M/I HOMES, INC.
Homebuilding Operational Data
NEW CONTRACTS
Three months ended Nine months ended
September 30, September 30,
% %
Region 2008 2007 Change 2008 2007 Change
Midwest 238 252 (6) 726 1,056 (31)
Florida* 87 130 (33) 374 430 (13)
Mid-Atlantic 131 164 (20) 440 673 (35)
Continuing
Operations 456 546 (16) 1,540 2,159 (29)
Discontinued
Operations* - 15 - - 32 -
Consolidated Total 456 561 (19) 1,540 2,191 (30)
HOMES DELIVERED
Three months ended Nine months ended
September 30, September 30,
% %
Region 2008 2007 Change 2008 2007 Change
Midwest 257 376 (32) 673 993 (32)
Florida* 105 174 (40) 355 629 (44)
Mid-Atlantic 193 215 (10) 443 567 (22)
Continuing
Operations 555 765 (27) 1,471 2,189 (33)
Discontinued
Operations* - 22 - 36 57 (37)
Consolidated Total 555 787 (29) 1,507 2,246 (33)
BACKLOG
September 30, 2008 September 30, 2007
Average Average
Dollars Sales Dollars Sales
Region Units (millions) Price Units (millions) Price
Midwest 444 $109 $247,000 695 $184 $264,000
Florida* 140 $41 $291,000 294 $96 $327,000
Mid-Atlantic 197 $62 $315,000 414 $170 $411,000
Continuing
Operations 781 $212 $272,000 1,403 $450 $321,000
Discontinued
Operations* - - - 65 $31 $474,000
Consolidated Total 781 $212 $272,000 1,468 $481 $327,000
*The Florida Region and Continuing Operations exclude the Company's West
Palm Beach Division, which is now classified as a Discontinued Operation.
SOURCE M/I Homes, Inc.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
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