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M I Homes Inc (MHO) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

M I Homes Inc

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CIK: 799292 Ticker: MHO


Exhibit 99.1


mihomeslogowoutwelcometobett.jpg

M/I Homes Reports
2018 Third Quarter Results


Columbus, Ohio (October 24, 2018) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and nine months ended September 30, 2018.

2018 Third Quarter Highlights:
•
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
increased 20% to 2,846
•
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
$22.3 million in 2017
•
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,
with book value per share of $29.69

For the third quarter of 2018, the Company reported net income of $29.3 million, or $1.01 per diluted share. This compares to net income of $22.3 million, or $0.64 per diluted share, for the third quarter of 2017. The third quarter of 2018 included a $0.7 million pre-tax purchase accounting charge ($0.02 per diluted share) related to our acquisition of Pinnacle Homes in Detroit, Michigan in the first quarter of 2018. The third quarter of 2017 included a $2.3 million after-tax equity adjustment ($0.07 per diluted share) related to the redemption of preferred shares in that period. For the nine months ended September 30, 2018, the Company reported net income to common shareholders of $75.3 million, or $2.56 per diluted share, compared to $50.3 million, or $1.73 per diluted share, for the same period of 2017. Year-to-date in 2018, the Company incurred $6.2 million of pre-tax acquisition-related charges ($0.16 per diluted share) and, in the same nine-month period in 2017, incurred $8.5 million ($0.18 per diluted share) for pre-tax stucco-related repair costs in certain of our Florida communities. Exclusive of these charges in both periods and the equity adjustment charge in 2017, year-to-date adjusted net income to common shareholders was $79.9 million in 2018 compared to $58.0 million in 2017’s same period, a 38% increase.

Homes delivered in 2018's third quarter reached a third quarter record of 1,422, increasing 13% from the 1,256 deliveries in 2017’s third quarter. Homes delivered for the nine months ended September 30, 2018 increased 13% to 3,953 from 2017's deliveries of 3,505. New contracts for 2018's third quarter were 1,302, an increase of 6% over 2017's third quarter. For the first nine months of 2018, new contracts increased 15% to a record 4,672 from 4,079 in 2017. Homes in backlog increased 20% at September 30, 2018 to 2,846 units, with a sales value record of $1.1 billion (a 25% increase over last year’s third quarter), and an average sale price of $401,000. At September 30, 2017, the sales value of homes in backlog was $912 million, with an average sale price of $383,000 and backlog units of 2,378. M/I Homes had 212


The following information was filed by M I Homes Inc (MHO) on Wednesday, October 24, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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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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Inside M I Homes Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Dei Document
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statement Of Shareholders' Equity
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Income
Acquisition And Goodwill (Details)
Acquisition And Goodwill (Notes)
Basis Of Presentation
Basis Of Presentation Basis Of Presentation (Details)
Basis Of Presentation Basis Of Presentation (Policies)
Basis Of Presentation Basis Of Presentation (Tables)
Basis Of Presentation Goodwill (Details)
Business Segments
Business Segments Business Segments (Details)
Business Segments Business Segments (Tables)
Business Segments Business Segments - Assets (Details)
Commitments And Contingencies
Commitments And Contingencies Commitments And Contingencies (Details)
Commitments And Contingencies Commitments And Contingencies (Tables)
Commitments And Contingencies Legal Liabilities (Details)
Commitments And Contingencies Warranty Rollforward (Details)
Debt
Debt Debt (Details)
Debt Mif Warehousing Agreement (Details)
Debt Notes Payable Other (Details)
Debt Senior Notes (Details)
Earnings Per Share
Earnings Per Share Earnings Per Share (Details)
Earnings Per Share Earnings Per Share (Tables)
Earnings Per Share Earnings Per Share Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Loss) Gain On Assets And Liabilities Measured On A Recurring Basis (Details)
Fair Value Measurements Assets And Liabilities Measured On A Non-Recurring Basis (Details)
Fair Value Measurements Assets And Liabilities Measured On A Recurring Basis (Details)
Fair Value Measurements Balance Sheet Location Of Financial Instruments (Details)
Fair Value Measurements Fair Value Measurements (Tables)
Fair Value Measurements Fair Value Of Financial Instrument Assumptions (Details)
Fair Value Measurements Financial Instruments (Details)
Fair Value Measurements Notional Amount Of Financial Instruments (Details)
Guarantees And Indemnifications
Guarantees And Indemnifications Guarantees (Details)
Income Taxes
Income Taxes Income Tax (Narrative) (Details)
Income Taxes Net Operating Loss Carryforwards (Details)
Inventory And Capitalized Interest
Inventory And Capitalized Interest Capitalized Interest (Details)
Inventory And Capitalized Interest Inventory (Details)
Inventory And Capitalized Interest Inventory (Tables)
Inventory And Capitalized Interest Inventory Parentheticals (Details)
Inventory And Capitalized Interest Other Inventory Items - Homes Under Construction Not Subject To A Sale Contract (Details)
Investment In Joint Venture Arrangements (Details)
Investment In Joint Venture Arrangements (Notes)
Share Repurchase Program (Details)
Share Repurchase Program (Notes)
Supplemental Guarantor Information
Supplemental Guarantor Information Supplemental Guarantor Information - Income Statement (Details)
Supplemental Guarantor Information Supplemental Guarantor Information (Tables)
Supplemental Guarantor Information Supplemental Guarantor Information - Balance Sheet (Details)
Supplemental Guarantor Information Supplemental Guarantor Information - Statements Of Cash Flows (Details)
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

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