EX-99.1 2 exhibit.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
 
 
logo
 
 
FOR IMMEDIATE RELEASE
 
Contact:   Phillip G. Creek
 Senior Vice President, Chief Financial Officer
 M/I Homes, Inc.
 (614) 418-8011
 

M/I Homes Reports Record Fourth Quarter Deliveries and Year-End Backlog

Columbus, Ohio (January 10, 2006) - M/I Homes, Inc. (NYSE:MHO) announces all-time high quarterly deliveries and record year-end backlog along with new contracts for the three and twelve month periods ended December 31, 2005.

Homes delivered in 2005’s fourth quarter reached an all-time quarterly record of 1,616 - a 35% increase over 2004’s 1,200. For the twelve months ended December 31, 2005, homes delivered were 4,291, slightly below last year’s record-setting 4,303.

New contracts of 4,314 for the twelve months ended December 31, 2005 were slightly below 2004’s 4,333. New contracts for 2005’s fourth quarter were 901 compared to 922 in 2004. M/I Homes had 150 active subdivisions at December 31, 2005 compared to 125 at December 31, 2004 and 140 at the end of 2005’s third quarter.

The Company reported the highest year-end unit and sales value amounts in the Company’s history; backlog of homes at December 31, 2005 reached 2,807 units with a sales value increasing 19% to $954 million compared to 2004’s year-end. The backlog of homes at December 31, 2004 was 2,688 units with a sales value of $800 million. The average sales price of homes in backlog at December 31, 2005 rose to a record-high $340,000, which is a 14% increase over 2004’s average sales price of $298,000.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “We are pleased to report an all-time quarterly record for homes delivered in the fourth quarter along with our record-setting year-end backlog. Our annual homes delivered and new contracts were down slightly from 2004 largely as a result of challenging market conditions in the Midwest. At the same time, we are pleased with the records achieved in our other markets. Homes delivered and new contracts in our Florida markets increased 27% and 23%, respectively. Likewise, our North Carolina and D.C. markets experienced 20% increases in both homes delivered and new contracts.”
 
The Company expects to report fourth quarter and year-end financial results on February 2, 2006. You are invited to listen to the conference call over the Internet at 4:00 p.m. EST. To hear the call, log on to the M/I Homes website at 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 February 2, 2007.

M/I Homes, Inc. is one of the nation’s leading builders of single-family homes, having sold nearly 64,000 homes. The Company’s homes are marketed and sold under the trade names M/I Homes, Showcase Homes and Shamrock Homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Tampa, Orlando and West Palm Beach, Florida; Charlotte and Raleigh, North Carolina; Delaware; and the Virginia and Maryland suburbs of Washington, 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, 2004. 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
  
Twelve months ended
   
December 31,
  
December 31,
       
%
      
%
   
2005
2004
Change
  
2005
2004
Change
Ohio &
                
Indiana
  
    349
    522
(33)
  
    2,018
  2,450
(18)
                 
Florida
  
    409
    291
41
  
    1,609
  1,312
23
                 
NC, DE,
               
VA & MD
 
    143
   109
31
  
    687
   571
20
                 
   
    901
922
        (2)
  
4,314
4,333
-
                 
HOMES DELIVERED
   
Three months ended
  
Twelve months ended
   
December 31,
  
December 31,
       
%
      
%
   
2005
2004
Change
  
2005
2004
Change
Ohio &
                
Indiana
  
      819
      771
     6
  
  2,388
  2,778
(14)
                 
Florida
  
     552
     248
123
  
  1,261
     994
27
                 
NC, DE
                
VA & MD
 
     245
    181
35
  
  642
     531
21
                 
   
  1,616
  1,200
35
  
  4,291
  4,303
-
                 
BACKLOG
   
December 31, 2005
  
December 31, 2004
     
Dollars
Average
    
Dollars
Average
   
Units
(millions)
Sales Price
  
Units
(millions)
Sales Price
Ohio &
                
Indiana
  
    940
$271
$288,000
  
1,310
$369
$281,000
                 
Florida
  
1,540
$542
$352,000
  
1,096
$308
$281,000
                 
NC, DE
               
VA & MD
 
    327
$141
$431,000
  
  282
$123
$437,000
                 
   
2,807
$954
$340,000
  
2,688
$800
$298,000