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Supplemental Guarantor Information
3 Months Ended
Mar. 31, 2012
Supplemental Guarantor Information [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
Supplemental Guarantor Information

The Company's obligations under the 2018 Senior Notes are not guaranteed by all of the Company's subsidiaries and therefore, the Company has disclosed condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.

The following condensed consolidating financial information includes balance sheets, statements of operations and cash flow information for the parent company, the Guarantors, as defined and listed in the indenture for the 2018 Senior Notes (the “Guarantor Subsidiaries”), collectively, and for all other subsidiaries and joint ventures of the Company (“the Non-Guarantor Subsidiaries”), collectively. Each Guarantor Subsidiary is a direct or indirect wholly-owned subsidiary of M/I Homes, Inc. and has fully and unconditionally guaranteed the 2018 Senior Notes, on a joint and several basis.

There are no significant restrictions on the parent company's ability to obtain funds from its Guarantor Subsidiaries in the form of a dividend, loan, or other means.

As of March 31, 2012, each of the Company's subsidiaries is a Guarantor Subsidiary, with the exception of subsidiaries that are primarily engaged in the business of mortgage financing, the origination of mortgages for resale, title insurance or similar financial businesses relating to the homebuilding and home sales business and certain subsidiaries that are not wholly-owned by the Company or another subsidiary.

In the condensed financial tables presented below, the parent company presents all of its wholly-owned subsidiaries as if they were accounted for under the equity method. All applicable corporate expenses have been allocated appropriately among the Guarantor Subsidiaries and Non-Guarantor Subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2012
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Non-Guarantor Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$

$
126,809

$
4,316

$

$
131,125

Costs and expenses:
 
 
 
 
 
 
  Land and housing
 

107,330



107,330

  Impairment of inventory and investment in
    Unconsolidated LLCs
 

95



95

  General and administrative
 

10,479

1,978


12,457

  Selling
 

11,010

1


11,011

  Interest
 

4,238

368


4,606

Total costs and expenses
 

133,152

2,347


135,499

 
 
 
 
 
 

(Loss) income before income taxes
 

(6,343
)
1,969


(4,374
)
 
 
 
 
 
 

(Benefit) provision for income taxes
 

(1,880
)
692


(1,188
)
 
 
 
 
 
 

Equity in subsidiaries
 
(3,186
)


3,186


 
 
 
 
 
 

Net (loss) income
 
$
3,186

$
(4,463
)
$
1,277

$
(3,186
)
$
(3,186
)

 
 
Three Months Ended March 31, 2011
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Non-Guarantor Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
Revenue
 
$

$
107,370

$
3,200

$

$
110,570

Costs and expenses:
 
 
 
 
 
 
  Land and housing
 

92,574



92,574

  Impairment of inventory and investment in
    Unconsolidated LLCs
 

10,871



10,871

  General and administrative
 

9,698

1,704


11,402

  Selling
 

8,654



8,654

  Interest
 

3,765

270


4,035

Total costs and expenses
 

125,562

1,974


127,536

 
 
 
 
 
 

(Loss) income before income taxes
 

(18,192
)
1,226


(16,966
)
 
 
 
 
 
 

(Benefit) provision for income taxes
 

(355
)
428


73

 
 
-2070
0
0
2070

Equity in subsidiaries
 
(17,039
)


17,039


 
 
 
 
 
 

Net (loss) income
 
$
(17,039
)
$
(17,837
)
$
798

$
17,039

$
(17,039
)



CONDENSED CONSOLIDATING BALANCE SHEET
 
 
 
 
 
 
 
 
 
March 31, 2012
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Non-Guarantor Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
ASSETS:
 
 
 
 
 
 
Cash and cash equivalents
 
$

$
51,878

$
15,100

$

$
66,978

Restricted cash
 

13,733



13,733

Mortgage loans held for sale
 


45,345


45,345

Inventory
 

490,058



490,058

Property and equipment - net
 

13,432

99


13,531

Investment in Unconsolidated LLCs
 


10,716


10,716

Investment in subsidiaries
 
377,523



(377,523
)

Intercompany
 
125,800

(115,691
)
(10,109
)


Other assets
 
6,810

9,554

1,008


17,372

TOTAL ASSETS
 
$
510,133

$
462,964

$
62,159

$
(377,523
)
$
657,733

 
 
 
 
 
 

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 
 
 
 
 

LIABILITIES:
 
 
 
 
 

Accounts payable
 
$

$
40,744

$
324

$

$
41,068

Customer deposits
 

8,334



8,334

Other liabilities
 

38,245

4,295


42,540

Community development district obligations
 

5,610



5,610

Obligation for consolidated inventory not owned
 

2,587



2,587

Note payable bank - financial services operations
 


41,580


41,580

Note payable - other
 

5,881



5,881

Senior notes
 
239,118




239,118

TOTAL LIABILITIES
 
239,118

101,401

46,199


386,718

 
 
 
 
 
 

Shareholders' equity
 
271,015

361,563

15,960

(377,523
)
271,015

 
 
 
 
 
 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
510,133

$
462,964

$
62,159

$
(377,523
)
$
657,733


CONDENSED CONSOLIDATING BALANCE SHEET
 
 
 
 
 
 
 
 
 
December 31, 2011
(In thousands)
 
M/I Homes, Inc.
Guarantor Subsidiaries
Non-Guarantor Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
 
ASSETS:
 
 
 
 
 
 
Cash and cash equivalents
 
$

$
43,539

$
16,254

$

$
59,793

Restricted cash
 

41,334



41,334

Mortgage loans held for sale
 


57,275


57,275

Inventory
 

466,772



466,772

Property and equipment - net
 

14,241

117


14,358

Investment in Unconsolidated LLCs
 


10,357


10,357

Investment in subsidiaries
 
381,709



(381,709
)

Intercompany
 
125,272

(115,058
)
(10,214
)


Other assets
 
5,385

8,455

756


14,596

TOTAL ASSETS
 
$
512,366

$
459,283

$
74,545

$
(381,709
)
$
664,485

 
 
 
 
 
 

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 
 
 
 
 

LIABILITIES:
 
 
 
 
 

Accounts payable
 
$

$
40,759

$
497

$

$
41,256

Customer deposits
 

4,181



4,181

Other liabilities
 

33,589

5,759


39,348

Community development district obligations
 

5,983



5,983

Obligation for consolidated inventory not owned
 

2,944



2,944

Note payable bank - financial services operations
 


52,606


52,606

Note payable - other
 

5,801



5,801

Senior notes
 
239,016




239,016

TOTAL LIABILITIES
 
239,016

93,257

58,862


391,135

 
 
 
 
 
 

Shareholders' equity
 
273,350

366,026

15,683

(381,709
)
273,350

 
 
 
 
 
 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
512,366

$
459,283

$
74,545

$
(381,709
)
$
664,485

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
 
 
 
 
 
 
 
Three Months Ended March 31, 2012
(In thousands)
M/I Homes, Inc.
Guarantor Subsidiaries
Non-Guarantor Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
Net cash (used in) provided by operating activities
$

$
(19,041
)
$
11,366

$

$
(7,675
)
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
Restricted cash

27,740



27,740

Purchase of property and equipment

(47
)


(47
)
Investments in and advances to LLCs


(361
)

(361
)
Net cash provided by (used in) investing activities

27,693

(361
)

27,332

 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
Repayments of bank borrowings - net


(11,026
)

(11,026
)
Principal repayments of note payable - other and
  community development district bond obligations

80



80

Intercompany financing
(367
)
1,500

(1,133
)


Debt issue costs

(1,893
)


(1,893
)
Proceeds from exercise of stock options
367




367

Net cash used in financing activities

(313
)
(12,159
)

(12,472
)
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents

8,339

(1,154
)

7,185

Cash and cash equivalents balance at beginning of period

43,539

16,254


59,793

Cash and cash equivalents balance at end of period
$

$
51,878

$
15,100

$

$
66,978


 
Three Months Ended March 31, 2011
(In thousands)
M/I Homes, Inc.
Guarantor Subsidiaries
Non-Guarantor Subsidiaries
Eliminations
Consolidated
 
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
Net cash (used in) provided by operating activities
$

$
(9,289
)
$
11,916

$

$
2,627

 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
Restricted cash

1,569



1,569

Purchase of property and equipment

(332
)


(332
)
Return of investment from Unconsolidated LLCs


(243
)

(243
)
Net cash provided by (used in) investing activities

1,237

(243
)

994

 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
Repayments of bank borrowings - net


(6,173
)

(6,173
)
Principal repayments of note payable - other and
  community development district bond obligations

(80
)


(80
)
Intercompany financing
(1,785
)
(354
)
2,139



Proceeds from exercise of stock options
1,416




1,416

Excess tax deficiency from stock-based payment arrangements
369




369

Net cash used in financing activities

(434
)
(4,034
)

(4,468
)
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents

(8,486
)
7,639


(847
)
Cash and cash equivalents balance at beginning of period

71,874

9,334


81,208

Cash and cash equivalents balance at end of period
$

$
63,388

$
16,973

$

$
80,361