0000799292-15-000033.txt : 20151022 0000799292-15-000033.hdr.sgml : 20151022 20151022083825 ACCESSION NUMBER: 0000799292-15-000033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151022 DATE AS OF CHANGE: 20151022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: M I HOMES INC CENTRAL INDEX KEY: 0000799292 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 311210837 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12434 FILM NUMBER: 151169181 BUSINESS ADDRESS: STREET 1: 3 EASTON OVAL STE 500 CITY: COLUMBUS STATE: OH ZIP: 43219 BUSINESS PHONE: 6144188000 FORMER COMPANY: FORMER CONFORMED NAME: M I SCHOTTENSTEIN HOMES INC DATE OF NAME CHANGE: 19931228 8-K 1 a8k3rdqtrearnings10-22x15.htm 8-K 3RD QTR.15 EARNINGS RESULTS 10-22-15 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): October 22, 2015

 
M/I HOMES, INC.
 
 
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
 
Ohio
 
1-12434
 
31-1210837
 
 
(State or Other Jurisdiction
 
(Commission
 
(I.R.S. Employer
 
 
of Incorporation)
 
File Number)
 
Identification No.)
 
 

(614) 418-8000
(Telephone Number)


N/A
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


q Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
q Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.12)
q Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
q Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 22, 2015, M/I Homes, Inc. issued a press release reporting financial results for the three and nine months ended September 30, 2015. A copy of this press release, including information concerning forward-looking statements and factors that may affect our future results, is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is furnished pursuant to Item 2.02 on Form 8-K.


Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:

Exhibit No.
 
Description of Documents
 
 
 
99.1
 
Press release dated October 22, 2015.





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 22, 2015

M/I Homes, Inc.



By:
/s/Ann Marie W. Hunker
 
Ann Marie W. Hunker
 
Vice President and Corporate Controller
 
(Principal Accounting Officer)








Index to Exhibits

Exhibit No.
 
Description of Documents
 
 
 
99.1
 
Press release dated October 22, 2015.





 EX-99.1 2 mho-20150930xexh991.htm EXHIBIT 99.1 PRESS RELEASE Exhibit


Exhibit 99.1


M/I Homes Reports
2015 Third Quarter Results


Columbus, Ohio (October 22, 2015) - M/I Homes, Inc. (NYSE:MHO) announced results for the third quarter and nine months ended September 30, 2015.

2015 Third Quarter Highlights:
•
Pre-tax income of $26.5 million - a 19% increase over 2014’s third quarter
•
Revenue increased 10% to $363.5 million; average closing price increased 9%
•
Gross margin of 21.5%, up 80 basis points from 2014’s third quarter
•
Net income of $15.6 million ($0.51 per diluted share)
•
New contracts increased 11%; homes delivered increased 1%
•
Backlog sales value increased 27% to $657 million

For the third quarter of 2015, the Company reported net income of $15.6 million, or $0.51 per diluted share. This compares to net income of $13.6 million, or $0.44 per diluted share, for the third quarter of 2014. For the nine months ended September 30, 2015, the Company reported net income of $38.5 million, or $1.25 per diluted share, compared to net income of $30.5 million for the nine months ended September 30, 2014, which excludes a $9.3 million benefit from the reversal of our state deferred tax asset valuation allowance.

Homes delivered in 2015's third quarter were 994 compared to 985 deliveries in 2014's third quarter - a 1% increase. Homes delivered for the nine months ended September 30, 2015 were 2,630 compared to 2014's deliveries of 2,616. New contracts for 2015's third quarter were 988, an increase of 11% from 2014's third quarter. For the first nine months of 2015, new contracts increased 11% from 2,890 in 2014 to 3,196 in 2015. M/I Homes had 166 active communities at September 30, 2015 compared to 147 at September 30, 2014. The Company's cancellation rate was 16% in both the third quarter of 2015 and 2014. Homes in backlog increased 15% at September 30, 2015 to 1,788 units, with a sales value of $657 million (a 27% increase over last year’s third quarter), and average sales price in backlog increased 10% to a record high of $367,000. At September 30, 2014, the sales value of the 1,554 homes in backlog was $518 million, with an average sales price of $333,000.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “We are pleased with our third quarter results highlighted by record high revenue of $363.5 million, 10% above 2014’s third quarter, and $26.5 million of pre-tax income, 19% better than the third quarter of 2014. A number of factors contributed to our improved profitability including a 9% increase in our average closing price, an 80 basis point improvement in gross margin, and improving returns as third quarter operating margin increased to 8.3% from 7.5% a year ago. Our backlog sales value also increased 27% to $657 million and backlog units increased 15% to 1,788 homes. In addition, we have opened 42 new communities this year and remain on track to increase our community count by 15% in 2015.

Mr. Schottenstein continued, “Our financial condition is strong with shareholders’ equity of $583 million. Looking ahead, with the strength of our backlog and planned new community openings, we are poised to have a very solid




2015. We remain focused on increasing profitability, growing our market share, and investing in attractive land opportunities.”

The Company will broadcast live its earnings conference call today at 4:00 p.m. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the “Investors” section of the site, and select “Listen to the Conference Call.” A replay of the call will continue to be available on our website through October 2016.

M/I Homes, Inc. is one of the nation’s leading builders of single-family homes, having delivered over 93,000 homes. The Company’s homes are marketed and sold under the trade names M/I Homes and Showcase Collection (exclusively by M/I Homes). The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Tampa and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North 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 any 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, including, without limitation, 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 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. 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 herein will increase with the passage of time. We undertake 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.
Kevin C. Hake, Senior Vice President, Treasurer, (614) 418-8227
Ann Marie W. Hunker, Vice President, Controller, (614) 418-8225












M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (Unaudited)
(Dollars in thousands, except per share amounts)

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
New contracts
988

 
892

 
3,196

 
2,890

Average community count
161

 
146

 
155

 
152

Cancellation rate
16
%
 
16
%
 
15
%
 
16
%
Backlog units
 
 
 
 
1,788

 
1,554

Backlog value
 
 
 
 
$
656,917

 
$
518,086

Homes delivered
994

 
985

 
2,630

 
2,616

Average home closing price
$
349

 
$
320

 
$
339

 
$
309

 
 
 
 
 
 
 
 
Homebuilding revenue:
 
 
 
 
 
 
 
   Housing revenue
$
346,562

 
$
315,357

 
$
891,674

 
$
809,441

   Land revenue
7,619

 
7,830

 
31,490

 
15,860

Total homebuilding revenue
$
354,181

 
$
323,187

 
$
923,164

 
$
825,301

 
 
 
 
 
 
 
 
Financial services revenue
9,276

 
7,580

 
26,308

 
21,915

Total revenue
$
363,457

 
$
330,767

 
$
949,472

 
$
847,216

 
 
 
 
 
 
 
 
Cost of sales - operations
285,416

 
261,636

 
744,194

 
666,817

Cost of sales - impairment
—

 
622

 
—

 
1,426

Gross margin
$
78,041

 
$
68,509

 
$
205,278

 
$
178,973

General and administrative expense
23,651

 
21,724

 
64,690

 
61,320

Selling expense
24,270

 
21,955

 
64,891

 
58,175

Operating income
$
30,120

 
$
24,830

 
$
75,697

 
$
59,478

Equity in income of unconsolidated joint ventures
(36
)
 
(22
)
 
(248
)
 
(62
)
Interest expense
3,658

 
2,649

 
11,870

 
9,549

Income before income taxes
$
26,498

 
$
22,203

 
$
64,075

 
$
49,991

Provision for income taxes
10,928

 
8,586

 
25,587

 
10,188

Net income
$
15,570

 
$
13,617

 
$
38,488

 
$
39,803

Preferred dividends
1,218

 
1,218

 
3,656

 
3,656

Net income to common shareholders
$
14,352

 
$
12,399

 
$
34,832

 
$
36,147

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.58

 
$
0.51

 
$
1.42

 
$
1.48

Diluted
$
0.51

 
$
0.44

 
$
1.25

 
$
1.30

 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
24,605

 
24,474

 
24,551

 
24,454

Diluted
30,067

 
29,921

 
30,021

 
29,900





M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)

 
As of
 
September 30,
 
2015
 
2014
Assets:
 
 
 
Total cash and cash equivalents(1)
$
28,126

 
$
26,066

Mortgage loans held for sale
77,550

 
76,983

Inventory:
 
 
 
Lots, land and land development
539,517

 
402,352

Land held for sale
5,803

 
2,898

Homes under construction
488,041

 
419,931

Other inventory
100,053

 
68,783

Total Inventory
$
1,133,414

 
$
893,964

 
 
 
 
Property and equipment - net
11,841

 
11,430

Investments in unconsolidated joint ventures
33,282

 
40,769

Deferred income taxes, net of valuation allowance
70,943

 
102,882

Other assets
50,846

 
41,060

Total Assets
$
1,406,002

 
$
1,193,154

 
 
 
 
Liabilities:
 
 
 
Debt - Homebuilding Operations:
 
 
 
Senior notes
$
228,769

 
$
228,369

Convertible senior subordinated notes due 2017
57,500

 
57,500

 Convertible senior subordinated notes due 2018
86,250

 
86,250

 Notes payable bank - homebuilding
156,100

 
14,400

Notes payable - other
9,363

 
8,530

Total Debt - Homebuilding Operations
$
537,982

 
$
395,049

 
 
 
 
Notes payable bank - financial services operations
73,239

 
73,778

Total Debt
$
611,221

 
$
468,827

 
 
 
 
Accounts payable
95,950

 
97,873

Other liabilities
115,493

 
93,161

Total Liabilities
$
822,664

 
$
659,861

 
 
 
 
Shareholders' Equity
583,338

 
533,293

Total Liabilities and Shareholders' Equity
$
1,406,002

 
$
1,193,154

 
 
 
 
Book value per common share
$
21.64

 
$
19.75

Net debt/net capital ratio(2)
50
%
 
45
%
(1)
2015 and 2014 amounts include $3.1 million and $8.9 million of restricted cash and cash held in escrow, respectively.
(2)
Net debt/net capital ratio is calculated as total debt minus total cash and cash equivalents, divided by the sum of total debt minus total cash and cash equivalents plus shareholders' equity.




M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data
(Dollars in thousands)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
Adjusted EBITDA(1)
$
37,694

 
$
32,317

 
$
97,223

 
$
80,094

 
 
 
 
 
 
 
 
Cash flow used in operating activities
$
(48,986
)
 
$
(40,042
)
 
$
(95,196
)
 
$
(106,711
)
Cash used in investing activities
$
(2,020
)
 
$
(2,292
)
 
$
(6,048
)
 
$
(11,499
)
Cash provided by financing activities
$
54,288

 
$
25,859

 
$
110,764

 
$
6,653

 
 
 
 
 
 
 
 
Land/lot purchases
$
82,639

 
$
58,788

 
$
177,456

 
$
183,671

Land development spending
$
63,187

 
$
41,276

 
$
145,414

 
$
93,213

Land gross margin
$
905

 
$
1,022

 
$
6,364

 
$
2,785

 
 
 
 
 
 
 
 
Financial services pre-tax income
$
4,444

 
$
3,402

 
$
14,287

 
$
11,185

(1)
See "Non-GAAP Financial Results / Reconciliation" table below.


M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results / Reconciliation
(Dollars in thousands)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
Net income
$
15,570

 
$
13,617

 
$
38,488

 
$
39,803

Add:
 
 
 
 
 
 
 
Provision for income taxes
10,928

 
8,586

 
25,587

 
10,188

Interest expense net of interest income
3,128

 
2,202

 
10,496

 
8,331

Interest amortized to cost of sales
4,318

 
4,281

 
11,637

 
11,232

Depreciation and amortization
2,478

 
2,113

 
7,213

 
6,062

Non-cash charges
1,272

 
1,518

 
3,802

 
4,478

Adjusted EBITDA
$
37,694

 
$
32,317

 
$
97,223

 
$
80,094








M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data

NEW CONTRACTS
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
 
 
 
 
%
 
 
 
 
 
%
Region
2015
 
2014
 
Change
 
2015
 
2014
 
Change
Midwest
341

 
325

 
5
%
 
1,158

 
1,093

 
6
%
Southern
399

 
327

 
22
%
 
1,220

 
1,026

 
19
%
Mid-Atlantic
248

 
240

 
3
%
 
818

 
771

 
6
%
Total
988

 
892

 
11
%
 
3,196

 
2,890

 
11
%

HOMES DELIVERED
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
 
 
 
 
%
 
 
 
 
 
%
Region
2015
 
2014
 
Change
 
2015
 
2014
 
Change
Midwest
363

 
381

 
(5
)%
 
962

 
931

 
3
 %
Southern
377

 
344

 
10
 %
 
964

 
949

 
2
 %
Mid-Atlantic
254

 
260

 
(2
)%
 
704

 
736

 
(4
)%
Total
994

 
985

 
1
 %
 
2,630

 
2,616

 
1
 %

BACKLOG
 
September 30, 2015
 
September 30, 2014
 
 
 
Dollars
 
Average
 
 
 
Dollars
 
Average
Region
Units
 
(millions)
 
Sales Price
 
Units
 
(millions)
 
Sales Price
Midwest
701

 
$
265

 
$
378,000

 
707

 
$
237

 
$
336,000

Southern
706

 
$
256

 
$
363,000

 
526

 
$
170

 
$
323,000

Mid-Atlantic
381

 
$
136

 
$
357,000

 
321

 
$
111

 
$
346,000

Total
1,788

 
$
657

 
$
367,000

 
1,554

 
$
518

 
$
333,000


LAND POSITION SUMMARY
 
September 30, 2015
 
 
September 30, 2014
 
Lots
Lots Under
 
 
 
Lots
Lots Under
 
Region
Owned
Contract
Total
 
 
Owned
Contract
Total
Midwest
3,619

3,632

7,251

 
 
3,510

2,626

6,136

Southern
4,683

5,114

9,797

 
 
5,071

4,591

9,662

Mid-Atlantic
2,771

1,743

4,514

 
 
2,637

2,647

5,284

Total
11,073

10,489

21,562

 
 
11,218

9,864

21,082




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