COLUMBUS, Ohio, April 30 /PRNewswire-FirstCall/ -- M/I Homes, Inc.(NYSE: MHO) announced results for the first quarter ended March 31, 2008.
The Company recorded a net loss for the quarter ended March 31, 2008 of$22.2 million, or $1.58 per common share, which included pre-tax chargestotaling $22.3 million, or $0.98 per share, for impairments and write-offsrecorded in connection with its land inventory. The Company recorded netincome of $2.2 million, or $0.16 per diluted share in the first quarter of2007, which included $2.2 million or $0.10 per diluted share of similarpre-tax charges.
New contracts and homes delivered for the first quarter of 2008 were 554and 450, respectively, compared to new contracts of 931 and homes delivered of686 for the first quarter of 2007. Backlog of homes at March 31, 2008 had asales value of $243 million, with an average sales price of $297,000 andbacklog units of 816. Backlog of homes at March 31, 2007 had a sales value of543 million, with an average sales price of $323,000 and backlog units were1,678. M/I Homes had 148 active communities at March 31, 2008 compared to 161at March 31, 2007.
Robert H. Schottenstein, Chief Executive Officer and President, commented,'Our first quarter results reflect the difficult and challenging conditionsfacing the homebuilding industry. While margins and earnings remain underpressure, we continue to make progress in a number of important areas.Specifically, we reduced our owned lot count by 10% during the quarter -- ontop of the 30% lot reduction in 2007. Additionally, we generated $99 millionof cash during the quarter resulting in a further reduction of ourhomebuilding bank borrowings from $115 million at December 31, 2007 to $42million at March 31, 2008. Our debt to capital ratio at quarter's end standsat 31% and represents one of the lowest debt levels in our industry. And, weremain on target to reduce the borrowings on our credit facility to zero byyear end.'
Mr. Schottenstein continued, 'Looking ahead, we will remain focused on apredominantly defensive operating strategy aimed at further reducinginventories and expense levels as well as continuing to improve and strengthenour balance sheet. This strategy has served us well as we work through thecurrent cycle and position M/I for the eventual improvement in sellingconditions.'
The Company will broadcast live its earnings conference call today at 4:00p.m. Eastern Time. To hear the call, log on to the M/I Homes' website atmihomes.com, click on the 'Investors' section of the site, and select 'Listento the Conference Call.' The call, along with any applicable reconciliationof non-GAAP financial measures, will continue to be available on our websitethrough April 2009.
M/I Homes, Inc. is one of the nation's leading builders of single-familyhomes, having delivered over 71,000 homes. The Company's homes are marketedand sold under the trade names M/I Homes and Showcase Homes. The Company hashomebuilding 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 ofWashington, D.C.
Certain statements in this Press Release are forward-looking statementswithin 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 wordsand similar expressions are intended to identify such forward-lookingstatements.
