M I Homes Inc (MHO) 10-K Annual Report February 2016

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CIK: 1814974 Ticker: MHO

Exhibit 99.1

M/I Homes Reports

Fourth Quarter and Year-End Results

Columbus, Ohio (February 4, 2016) - M/I Homes, Inc. (NYSE:MHO) announced results for its fourth quarter and year ended December 31, 2015.

2015 Fourth-Quarter Results:


•	Pre-tax income increased 55% to $30.7 million, excluding a $7.8 million charge related to

extinguishment of debt


•	Net income increased to $13.3 million ($0.43 per diluted share; $0.59 per diluted share excluding

debt extinguishment)


•	Revenue increased 27% to $468.9 million; homes delivered increased 13%


•	Average home closing price increased 12% to $360,000


•	New contracts increased 16%; year-end community count increased 17%


•	Backlog sales value increased 34% to $569 million; backlog units up 25%

2015 Full-Year Results:


•	Pre-tax income increased 36% to $94.8 million, excluding a $7.8 million charge related to

extinguishment of debt


•	Net income increased 25% to $51.8 million, from 2014’s $41.4 million excluding a $9.3 million

tax benefit recorded in 2014


•	Diluted earnings per share of $1.68 ($1.84 excluding the charge on debt extinguishment)


•	Revenue increased 17%; homes delivered increased 4%


•	New contracts increased 12%


•	Net debt to net capital ratio of 50%

For the fourth quarter of 2015, the Company reported net income of $13.3 million, or $0.43 per diluted share, including a $4.9 million after-tax charge on extinguishment of debt associated with retirement of our 2018 senior notes in December of 2015. Diluted earnings per share was $0.59 excluding this charge. This compares to net income of $11.0 million for the fourth quarter of 2014, or $0.36 per diluted share. For the year ended December 31, 2015, the Company reported net income of $51.8 million or $1.68 per diluted share. Diluted earnings per share was $1.84 excluding the charge on extinguishment of debt. Pre-tax income for the year was $86.9 million, including the $7.8 million pre-tax charge on extinguishment of debt and $3.6 million of impairment charges. For the year ended December 31, 2014, the Company reported net income of $50.8 million or $1.65, per diluted shares, or $1.34 per share excluding a $9.3 million benefit from the reversal of our state deferred tax valuation allowance.

New contracts for 2015's fourth quarter were 897 - increasing 16% from 2014's fourth quarter of 773. For 2015, new contracts totaled 4,093, a 12% increase over 2014’s new contracts of 3,663. M/I Homes had 175 active communities at December 31, 2015 compared to 150 a year ago - a 17% increase. The Company's cancellation rate

The following information was filed by M I Homes Inc (MHO) on Thursday, February 4, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

M I Homes Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.11: Fourth Amendment To Amended And Restated Mortgage Warehouse Agreement

Exhibit 10.16: Amended And Restated Master Repurchase Agreement

Exhibit 10.17: First Amendment To Amended And Restated Master Repurchase Agreement

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 24: Power Of Attorney

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: MHO
CIK: 799292
Form Type: 10-K Annual Report
Accession Number: 0000799292-16-000048
Submitted to the SEC: Fri Feb 26 2016 12:11:38 PM EST
Accepted by the SEC: Fri Feb 26 2016
Period: Thursday, December 31, 2015
Industry: Operative Builders