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• | New contracts increased 6% to a third quarter record 1,302 contracts |
• | Backlog sales value increased 25% to a third quarter record of $1.1 billion, and backlog units |
• | Revenue increased 19% to a third quarter record of $568 million |
• | Homes delivered increased 13% to a third quarter record 1,422 homes |
• | Net income increased by 31% to a third quarter record of $29.3 million from |
• | Diluted earnings per share increased 58% to $1.01 from $0.64 in 2017, which included a $2.3 million equity adjustment due to the redemption of preferred shares |
• | Shareholders’ equity reached an all-time record of $835 million, a 16% increase from a year ago, |
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M I Homes Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Because adjusted housing gross margin, adjusted income before income taxes and adjusted net income available to common shareholders are not calculated in accordance with GAAP, these financial measures may not be completely comparable to similarly-titled measures used by other companies in the homebuilding industry and, therefore, should not be considered in isolation or as an alternative to operating performance and/or financial measures prescribed by GAAP.
Exclusive of the $8.5 million charge for stucco-related repair costs taken during 2017's first nine months, our adjusted housing gross margin percentage improved 40 basis points from 18.6% for the nine months ended September 30, 2017 to 19.0% for the nine months ended September 30, 2018, largely due to the mix of communities delivering homes and a more favorable product mix, offset, in part, by rising lot and construction costs.
We believe adjusted housing gross margin, adjusted income before income taxes and adjusted net income available to common shareholders are relevant and useful financial measures to investors in evaluating our operating performance as they measure the gross profit, income before income taxes and net income available to common shareholders we generated specifically on our operations during a given period.
Non-GAAP Financial Measures This report contains information about our adjusted housing gross margin, adjusted income before income taxes and adjusted net income available to common shareholders each of which constitutes a non-GAAP financial measure.
With respect to our homebuilding...Read more
With respect to our homebuilding...Read more
With respect to our homebuilding...Read more
With respect to our homebuilding...Read more
With respect to our homebuilding...Read more
With respect to our homebuilding...Read more
Total gross margin increased $36.0...Read more
We expect our gross margins...Read more
Our housing gross margin percentage...Read more
If we seek such additional...Read more
Exclusive of the purchase accounting...Read more
The gross margin of our...Read more
The gross margin of our...Read more
This 31% increase in homebuilding...Read more
We also believe investors will...Read more
Our land sale gross margin...Read more
Other than the Consolidated Inventory...Read more
Risk Factors" in Part II...Read more
Consistent with these objectives, we...Read more
At September 30, 2018, we...Read more
This increase primarily resulted from...Read more
Our land sale gross margin...Read more
Our land sale gross margin...Read more
Our land sale gross margin...Read more
Our land sale gross margin...Read more
The increase was primarily due...Read more
Year Over Year Comparison Three...Read more
General and administrative expense decreased...Read more
Because adjusted housing gross margin...Read more
Income before income taxes for...Read more
Our gross margin on land...Read more
On August 14, 2018, the...Read more
Our land sale gross margin...Read more
During the nine months ended...Read more
During the nine months ended...Read more
Our gross margin on land...Read more
With respect to our homebuilding...Read more
Total gross margin (total revenue...Read more
There were $222.7 million of...Read more
Our principal uses of cash...Read more
Exclusive of these acquisition-related charges...Read more
The cash used in operating...Read more
During the third quarter of...Read more
FORWARD-LOOKING STATEMENTS Certain information included...Read more
This compares to net income...Read more
This decline in operating income...Read more
Revenue from homes delivered increased...Read more
Revenue from homes delivered increased...Read more
The decline in the effective...Read more
This increase in cash used...Read more
Interest expense for the Company...Read more
Our housing gross margin percentage...Read more
We expect to continue to...Read more
Our housing gross margin percentage...Read more
Our housing gross margin percentage...Read more
Outlook Although recent national housing...Read more
For the three months ended...Read more
We fund our operations with...Read more
The increase in our weighted...Read more
Revenue from our financial services...Read more
This increase in operating income...Read more
This increase in operating income...Read more
This increase in operating income...Read more
Income before income taxes for...Read more
This 25% increase in homebuilding...Read more
The increase in selling, general...Read more
We also experienced an increase...Read more
Our housing gross margin percentage...Read more
Subsequent to the quarter ended...Read more
In October 2016, the Company...Read more
Revenue from our mortgage and...Read more
Our housing gross margin for...Read more
For the nine months ended...Read more
As a result, the full...Read more
Adjusted housing gross margin, adjusted...Read more
In order to fund these...Read more
Therefore, either inflation or deflation...Read more
We experienced a $0.2 million...Read more
The following table summarizes the...Read more
During the three months ended...Read more
Revenue from our mortgage and...Read more
During the nine months ended...Read more
During the nine months ended...Read more
We believe the increased sales...Read more
The increases in new contracts...Read more
The increases in new contracts...Read more
The increase in our weighted...Read more
The following table shows, by...Read more
The increase in selling, general...Read more
The increase in selling, general...Read more
The decline in the effective...Read more
The increase in selling, general...Read more
General and administrative expense decreased...Read more
During the three month period...Read more
The increase in operating income...Read more
Borrowings under the Credit Facility...Read more
Income before income taxes for...Read more
The following tables show total...Read more
Revenue from land sales decreased...Read more
The increase in selling, general...Read more
The $60.2 million decrease in...Read more
Our financial services operations generate...Read more
Interest expense for the Company...Read more
The development agreements under which...Read more
We believe that these sources...Read more
Notes Payable - Financial Services....Read more
This compares to net income...Read more
This increase was due to...Read more
During the three months ended...Read more
During the nine months ended...Read more
Operating income in our Midwest...Read more
Operating income in our Southern...Read more
Operating income in our Midwest...Read more
Operating income in our Southern...Read more
This 26% increase in homebuilding...Read more
The increase in selling, general...Read more
The planned increase in our...Read more
Additionally, our complementary financial services...Read more
RESULTS OF OPERATIONS The Company?s...Read more
Weighted Average Borrowings....Read more
This decrease in operating income...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
M I Homes Inc provided additional information to their SEC Filing as exhibits
Ticker: MHO
CIK: 799292
Form Type: 10-Q Quarterly Report
Accession Number: 0000799292-18-000040
Submitted to the SEC: Fri Oct 26 2018 5:52:30 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Operative Builders