New contracts for 2008's fourth quarter were 339, up 5% from 2007's fourth
quarter of 322. For 2008, new contracts declined 25%, to 1,879 from 2,513 in
2007. Homes delivered for the 2008 fourth quarter decreased 47%, to 554 from
2007's 1,042. For the year ended
On
The Company also announced that on
The Company expects to report fourth quarter and annual financial results
on
The following legend is provided in accordance with Rule 14a-12 of the Securities Exchange Act of 1934, as amended:
The Company will file with the Securities and Exchange Commission a proxy
statement concerning the special meeting of shareholders to approve the
proposed amendments to the Company's Amended and Restated Code of Regulations.
Shareholders are urged to read the proxy statement when it becomes available
because it will contain important information. The Company will mail a copy of
the proxy statement to its shareholders. Investors may obtain a free copy of
the proxy statement after it is filed by the Company, as well as other filings
containing information about the Company, without charge, at the SEC's web
site (http://www.sec.gov). Investors may also obtain copies of the proxy
statement and any other relevant documents without charge, by directing a
written request to Investor Relations, M/I Homes, Inc., 3 Easton Oval, Suite
500,
The Company and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the Company's shareholders in
connection with the special meeting to approve the proposed amendments to the
Company's Amended and Restated Code of Regulations. Information about the
Company's directors and executive officers (including their respective
ownership of the Company's common shares) is available in the Company's
definitive proxy statement relating to its 2008 Annual Meeting of Shareholders
filed with the SEC on
M/I Homes, Inc. is one of the nation's leading builders of single-family
homes, having delivered over 73,000 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
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
M/I HOMES, INC. Homebuilding Operational Data NEW CONTRACTS Three months ended Twelve months ended December 31, December 31, % % Region 2008 2007 Change 2008 2007 Change Midwest 185 139 33 911 1,195 (24) Florida* 56 75 (25) 430 505 (15) Mid-Atlantic 98 79 24 538 752 (28) Continuing Operations 339 293 16 1,879 2,452 (23) Discontinued Operations* - 29 - - 61 - Consolidated Total 339 322 5 1,879 2,513 (25) HOMES DELIVERED Three months ended Twelve months ended December 31, December 31, % % Region 2008 2007 Change 2008 2007 Change Midwest 264 443 (40) 937 1,436 (35) Florida* 119 248 (52) 474 877 (46) Mid-Atlantic 171 293 (42) 614 860 (29) Continuing Operations 554 984 (44) 2,025 3,173 (36) Discontinued Operations* - 58 - 36 115 (69) Consolidated Total 554 1,042 (47) 2,061 3,288 (37) BACKLOG December 31, 2008 December 31, 2007 Average Average Dollars Sales Dollars Sales Region Units (millions) Price Units (millions) Price Midwest 365 $84 $230,000 391 $107 $273,000 Florida* 77 $20 $265,000 121 $35 $292,000 Mid-Atlantic 124 $35 $285,000 200 $78 $388,000 Continuing Operations 566 $139 $247,000 712 $220 $308,000 Discontinued Operations* - - - 36 $13 $377,000 Consolidated Total 566 $139 $247,000 748 $233 $312,000
The Florida Region and Continuing Operations exclude the Company's West Palm Beach Division, which is now classified as a Discontinued Operation.
SOURCE M/I Homes, Inc.