EX-99.1 3 exhibit.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:  Phillip G. Creek
    Senior Vice President, Chief Financial Officer
    M/I Schottenstein Homes, Inc.
    (614) 418-8011
    www.mihomes.com

M/I Schottenstein Homes Reports
Record New Contracts and Backlog

Columbus, Ohio (October 9, 2003) - M/I Schottenstein Homes, Inc. (NYSE:MHO) announced record New Contracts for the three and nine-month periods ended September 30, 2003 and record Backlog as of September 30, 2003.
 
New Contracts of 1,127 and 3,611 for 2003’s three and nine-month periods ended September 30, 2003 increased 6% and 12%, respectively over the 1,059 and 3,223 reported in the comparable periods of 2002 – both are the highest amounts reported for these periods in the Company’s 27-year history.

Homes Delivered in 2003’s third quarter were 1,048 compared to 2002’s third quarter of 1,067. For the nine-months ended September 30, 2003, Homes Delivered were 2,809 compared to 2002’s record performance of 2,953.

Representing the highest reported unit and sales value amounts in the Company’s history, Backlog of homes at September 30, 2003 reached 3,123 units with a sales value of $789 million. The Backlog of homes at September 30, 2002 was 2,601 units with a sales value of $626 million. The average sales price of homes in backlog at September 30, 2003 rose to a record $253,000, a 5% increase over 2002’s average sales price of $241,000. M/I had 140 active subdivisions at September 30, 2003 compared to 146 at September 30, 2002.

The Company expects to report third quarter financial results on October 28. You are invited to listen to the conference call over the Internet at 4:00 p.m. EDT. To hear the call, log on to the M/I Homes website at www.mihomes.com , click on "Investor Relations" and select "Listen to the Conference Call." The call, along with non-GAAP financial measures, will be available through October 28, 2004.

M/I Schottenstein Homes, Inc. is one of the nation’s leading builders of single-family homes, having sold over 53,000 homes. The Company’s homes are marketed and sold under the trade names M/I Homes and Showcase Homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Tampa, Orlando and Palm Beach County, Florida; Charlotte and Raleigh, North Carolina; Virginia and Maryland.
 
     
 
M/I SCHOTTENSTEIN HOMES, INC.
Homebuilding Operational Data

 
 
New Contracts
 
Homes Delivered
 
 
Three months ended
 
Three months ended
 
 
September 30,
 
September 30,
 
 
 
 
%
 
 
 
%
 
 
 2003
 2002
Change
 
 2003
 2002
Change

Ohio &
 
 
 
 
 
 
 
 
Indiana
 
  642
  668
    (4)
 
  719
  725
 (1)
 
 
 
 
 
 
 
 
 
Florida
 
  374
  268
   40
 
  216
  210
 3
 
 
 
 
 
 
 
 
 
NC, VA
 
 
 
 
 
 
 
 
& MD
 
  111
  123
   (10)
 
  113
  132
(14)
 
 
1,127
1,059
6
 
1,048
1,067
 (2)
 
 
 
 
 
 
 
 
 
 
 
Nine months ended
 
Nine months ended
 
 
September 30,
 
September 30,
 
 
 
 
%
 
 
 
%
 
 
 2003
 2002
Change
 
 2003
 2002
Change
Ohio &
 
 
 
 
 
 
 
 
Indiana
 
2,362
2,091
13
 
1,818
1,920
 (5)
 
 
 
 
 
 
 
 
 
Florida
 
  895
  708
26
 
  667
  629
 6
 
 
 
 
 
 
 
 
 
NC, VA
 
 
 
 
 
 
 
 
& MD
 
  354
  424
(17)
 
  324
  404
(20)
 
 
3,611
3,223
12
 
2,809
2,953
 (5)
 
 
 
 
 
 
 
 
 
 
 
 
Backlog
 
 
September 30, 2003
 
September 30, 2002
 
 
 
Dollars
Average
 
 
Dollars
Average
 
 
Units
(millions)
Sales Price
 
Units
(millions)
Sales Price
Ohio &
 
 
 
 
 
 
 
 
Indiana
 
2,067
$ 495
$240,000
 
1,757
$ 401
$228,000
 
 
 
 
 
 
 
 
 
Florida
 
  769
$ 188
$245,000
 
  565
$ 124
$219,000
 
 
 
 
 
 
 
 
 
NC, VA
 
 
 
 
 
 
 
 
& MD
 
   287
$ 106
$370,000
 
  279
$ 101
$362,000
 
 
3,123
$ 789
$253,000
 
2,601
$ 626
$241,000