EX-99.1 2 exhibit.htm EXHIBIT 99.1 PRESS RELEASE exhibit.htm
Exhibit 99.1
 
 


FOR IMMEDIATE RELEASE

M/I Homes Reports Unit Results and
Amendment to Credit Facility
 

Columbus, Ohio, April 10, 2008 - M/I Homes, Inc. (NYSE:MHO) announces new contracts, homes delivered, and backlog for the first quarter of 2008.  The Company also announced an amendment to its homebuilding credit facility.

New contracts and homes delivered during the first quarter of 2008 were 554 and 450, respectively, compared to new contracts of 931 and homes delivered of 686 for the first quarter of 2007.  The Company’s cancellation rate was 23% in the first quarter of 2008, compared to 25% in the comparable 2007 quarter.  Backlog units at March 31, 2008 were 816 with a sales value of $243 million and an average sales price of $297,000.  Backlog units at March 31, 2007 were 1,678 with an average sales price of $323,000 and a sales value of $543 million.  M/I Homes had 148 active communities at March 31, 2008 compared to 161 at March 31, 2007.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “Selling conditions in most of our markets remain difficult.  We continue to focus on our predominantly defensive operating strategy and are making meaningful progress on a number of fronts.  During the first quarter, we reduced our homebuilding bank borrowings from $115 million to $42 million, and we successfully amended our unsecured credit facility thereby providing us with additional financial flexibility.  We are positioning M/I Homes for improved market conditions.”
 
The Company expects to report first quarter financial results on April 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 April 2009.

M/I Homes, Inc. is one of the nation’s leading builders of single-family homes, having delivered over 71,000 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; Chicago, Illinois; Indianapolis, Indiana; Tampa and Orlando, Florida; Charlotte and Raleigh, North Carolina; South Carolina; 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, 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.


Contact M/I Homes, Inc.
Phillip G. Creek, Executive Vice President and Chief Financial Officer, (614) 418-8011
Ann Marie W. Hunker, Vice President and Corporate Controller, (614) 418-8225
investorrelations@mihomes.com

 
 
 

M/I HOMES, INC.
Homebuilding Operational Data


 
NEW CONTRACTS
  
HOMES DELIVERED
 
Three months ended
  
Three months ended
 
March 31,
  
March 31,
               
     
%
      
%
Region
     2008
   2007
Change
  
2008
2007
Change
               
Midwest
          240
  475
     (49)
  
   189
 296
     (36)
               
Florida
          149
163
      (9)
  
   140
 224
     (38)
               
Mid-Atlantic
          165
  293
      (44)
  
   121
 166
     (27)
               
Continuing Operations
          554
  931
      (40)
  
   450
 686
     (34)
               
Discontinued Operations
            -
    11
     (100)
  
    24
  18
     33
               
Total
          554
  942
       (41)
  
   474
 704
     (33)
               
               
               
                  BACKLOG
 
March 31, 2008
  
March 31, 2007
   
Dollars
Average
    
Dollars
Average
Region
       Units
(millions)
Sales Price
  
Units
(millions)
Sales Price
               
Midwest
        442
       $118
$267,000
  
        811
$212
$262,000
               
Florida
        130
       $  38
$294,000
  
        432
$153
$353,000
               
Mid-Atlantic
        244
       $  87
$355,000
  
        435
$178
$409,000
               
Continuing Operations
        816
       $243
$297,000
  
     1,678
$543
$323,000
               
Discontinued Operations
          12
       $   3
$311,000
  
         83
$  46
$557,000
               
Total
        828
       $246
$298,000
  
      1,761
$589
$335,000