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Mi Homes, Inc. (MHO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

M I Homes Inc

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CIK: 1814974 Ticker: MHO

Exhibit 99.1

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M/I Homes Reports
2020 Second Quarter Results

Columbus, Ohio (July 29, 2020) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and six months ended June 30, 2020.

2020 Second Quarter Highlights:
•New contracts increased 31% to 2,261 contracts, an all-time quarterly record
•Backlog units increased 30% to 3,691, an all-time quarterly record
•Backlog sales value reached $1.46 billion, an all-time quarterly record
•Homes delivered increased 19% to a second quarter record of 1,835 homes
•Revenue increased 15% to a second quarter record of $714 million
•Pre-tax income increased 74% to $71.7 million, an all-time quarterly record
•Record second quarter net income of $54.5 million ($1.89 per diluted share), an 80% increase
compared to $30.2 million ($1.08 per diluted share) in 2019
•Shareholders’ equity reached an all-time record of $1.1 billion, a 21% increase from a year ago,
with book value per share of $38.34
•Homebuilding debt to capital of 37% compared to 45% at June 30, 2019

For the second quarter of 2020, pre-tax income increased 74% to $71.7 million, an all-time quarterly record, and second quarter record net income increased 80% to $54.5 million, or $1.89 per diluted share. This compares to pre-tax income of $41.2 million and net income of $30.2 million, or $1.08 per diluted share, for the second quarter of 2019. For the six months ended June 30, 2020, net income increased 80% to a record $86.3 million, or $2.98 per diluted share, compared to $48.0 million, or $1.71 per diluted share, for the same period of 2019.

Homes delivered in 2020’s second quarter increased 19% to a second quarter record of 1,835. This compares to 1,538 homes delivered in 2019’s second quarter. Homes delivered for the six months ended June 30, 2020 increased 22% to a record 3,330 from 2019's deliveries of 2,724. New contracts for the second quarter of 2020 were an all-time quarterly record 2,261, a 31% increase over 2019’s 1,731 new contracts. For the first six months of 2020, new contracts increased 29% to a record 4,350 compared to 3,375 in 2019. Homes in backlog at June 30, 2020 had a total sales value of $1.46 billion, a 30% increase from a year ago and an all-time quarterly record. Backlog units at June 30, 2020 increased 30% to an all-time quarterly record 3,691 homes, with an average sales price of $396,000. At June 30, 2019, backlog sales value was $1.12 billion, with backlog units of 2,845 and an average sales price of $395,000. M/I Homes had 220 active communities at June 30, 2020 and at June 30, 2019. The Company's cancellation rate was 14% in the second quarter of 2020 and 2019.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “The first half of 2020 has been a time of significant economic and social instability in our country and globally, precipitated by an unprecedented health crisis. Notwithstanding these difficult and challenging conditions, we are pleased to report a strong, record-setting quarter. We began the quarter with a focus on adapting our operations and business to safeguard our employees, customers, and work environment, while also continuing to sell and build quality homes. In late March and early April, our new contracts declined substantially; conditions, however began to improve in the last half of April and then rebounded significantly in May and June. As a result, we ended the quarter with an all-time quarterly record 2,261 new contracts, a 31% increase over last year. Despite the challenges presented by the pandemic, we were able to maintain our construction schedule in most of our markets and delivered a second quarter record 1,835

The following information was filed by M I Homes Inc (MHO) on Wednesday, July 29, 2020 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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Definitive Proxy Statement (Form DEF 14A)
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M I Homes Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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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

Cover Page Cover Page
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
Basis Of Presentation
Basis Of Presentation Basis Of Presentation (Policies)
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)
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 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)
Goodwill (Details)
Goodwill (Notes)
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)
Revenue (Details)
Revenue (Notes)
Revenue (Tables)
Share Repurchase Program (Details)
Share Repurchase Program (Notes)
Supplemental Guarantor Information
Supplemental Guarantor Information Supplemental Guarantor Information (Tables)
Supplemental Guarantor Information Supplemental Guarantor Information - Balance Sheet (Details)
Supplemental Guarantor Information Supplemental Guarantor Information - Income Statement (Details)
Supplemental Guarantor Information Supplemental Guarantor Information - Statements Of Cash Flows (Details)

Material Contracts, Statements, Certifications & more

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

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-Q Quarterly Report
Accession Number: 0000799292-20-000081
Submitted to the SEC: Fri Jul 31 2020 12:01:25 PM EST
Accepted by the SEC: Fri Jul 31 2020
Period: Tuesday, June 30, 2020
Industry: Operative Builders

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