EX-99.1 2 exhibit.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
 
 
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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 Backlog, New Contracts,
and Homes Delivered

Columbus, Ohio (April 11, 2006) - M/I Homes, Inc. (NYSE:MHO) announces record backlog, new contracts, and homes delivered for the first quarter.

The Company reported the highest first quarter backlog in the Company’s history, with units increasing 4% to 3,112 and sales value increasing 18% to $1.1 billion. In addition, average sales price in backlog reached an all-time record of $346,000 - a 13% increase over March 2005. New contracts and homes delivered during 2006’s first quarter increased 5% and 7%, respectively to 1,137 and 832 compared to 2005 new contracts of 1,078 and homes delivered of 775. M/I Homes had 155 active communities at March 31, 2006 compared to 130 at March 31, 2005.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “We are pleased to report a 5% increase in new contracts for the first quarter. Our Florida and North Carolina operations had a strong quarter for new contracts - more than offsetting the reduced activity in our Washington, D.C. market and the continued difficult market conditions in the Midwest. We are on target to increase our active communities to 175 by year-end with all of our net new communities planned for Florida, North Carolina and Washington, D.C. Given our record backlog, we are poised to make 2006 another record year for M/I Homes.”

The Company expects to report first quarter financial results on April 25. 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 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 April 25, 2007.

M/I Homes, Inc. is one of the nation’s leading builders of single-family homes, having delivered nearly 65,000 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, 2005. 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
  
HOMES DELIVERED
   
Three months ended
  
Three months ended
   
March 31,
  
March 31,
       
%
      
%
   
2006
2005
Change
  
2006
2005
Change
                 
Ohio &
                
Indiana
  
   640
     643
    -
  
  369
416
(11)
                 
Florida
  
   321
     287
    12
  
  365
247
48
                 
NC, DE
                
VA & MD
 
   176
     148
     19
  
            98
112
(13)
                 
   
1,137
  1,078
5
  
  832
775
7
 
BACKLOG
   
March 31, 2006
  
March 31, 2005
     
Dollars
Average
    
Dollars
Average
   
Units
(millions)
Sales Price
  
Units
(millions)
Sales Price
                 
Ohio &
                
Indiana
  
1,211
         $   340
$281,000
  
1,537
$426
$277,000
                 
Florida
  
1,496
         $   562
$376,000
  
1,136
$336
$296,000
                 
NC, DE
               
VA& MD
 
    405
         $   174
$429,000
  
   318
$151
$475,000
                 
   
3,112
      $1,076
$346,000
  
2,991
$913
$305,000
                 

 
ACTIVE COMMUNITIES
 
March 31,
     
%
 
2006
2005
Change
       
Ohio &
      
Indiana
 90
 89
1
       
Florida
 33
 18
83
       
NC, DE
      
VA & MD
   32
   23
39
       
 
  155
  130
19