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Mi Homes, Inc. (MHO) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 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 Third Quarter Results

Columbus, Ohio (October 28, 2020) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and nine months ended September 30, 2020.

2020 Third Quarter Highlights:
•New contracts increased 71% to 2,949 contracts, an all-time quarterly record
•Backlog units increased 54% to 4,503, an all-time quarterly record
•Backlog sales value reached $1.8 billion, an all-time quarterly record
•Homes delivered increased 29% to 2,137, an all-time quarterly record
•Revenue increased 30% to an all-time quarterly record of $847.9 million
•Pre-tax income increased 90% to $95.1 million, an all-time quarterly record
•Third quarter net income of $73.5 million ($2.51 per diluted share), a 94% increase
compared to $37.8 million ($1.32 per diluted share) in 2019
•Shareholders’ equity reached an all-time record of $1.2 billion, a 23% increase from a year ago,
with book value per share of $41
•Homebuilding debt to capital of 36% compared to 44% at September 30, 2019

For the third quarter, pre-tax income increased 90% to a record $95.1 million and third quarter net income increased 94% to $73.5 million, or $2.51 per diluted share. This compares to pre-tax income of $50.1 million and net income of $37.8 million, or $1.32 per diluted share, for the third quarter of 2019. For the nine months ended September 30, 2020, net income increased 86% to a record $159.8 million, or $5.50 per diluted share, compared to $85.8 million, or $3.04 per diluted share, for the same period of 2019.

Homes delivered in 2020’s third quarter increased 29% to a record 2,137. This compares to 1,651 homes delivered in 2019’s third quarter. Homes delivered for the nine months ended September 30, 2020 increased 25% to a record 5,467 from 2019's deliveries of 4,375. New contracts for the third quarter of 2020 were a record 2,949, a 71% increase over 2019’s 1,721. For the first nine months of 2020, new contracts increased 43% to a record 7,299 compared to 5,096 in 2019. Homes in backlog at September 30, 2020 had a total sales value of $1.8 billion, a 60% increase from a year ago. Backlog units at September 30, 2020 increased 54% to a record 4,503 homes, with an average sales price of $404,000. At September 30, 2019, backlog sales value was $1.1 billion, with backlog units of 2,915 and an average sales price of $390,000. M/I Homes had 207 active communities at September 30, 2020 compared to 221 active communities at September 30, 2019. The Company's cancellation rate was 10% and 13% in the third quarter of 2020 and 2019, respectively.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “We had an outstanding quarter highlighted by a 71% increase in new contracts, a 29% increase in homes delivered and a 94% increase in net income. Our gross margins were very strong, improving 240 basis points over last year, and our overhead expense ratio improved by 60 basis points. As a result, our third quarter pre-tax income percentage improved to 11.2% from 7.7% last year. And, our backlog sales value at September 30, 2020 increased 60% to a record $1.8 billion.”

The following information was filed by M I Homes Inc (MHO) on Wednesday, October 28, 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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M I Homes Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 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

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)
Ticker: MHO
CIK: 799292
Form Type: 10-Q Quarterly Report
Accession Number: 0000799292-20-000114
Submitted to the SEC: Fri Oct 30 2020 10:27:03 AM EST
Accepted by the SEC: Fri Oct 30 2020
Period: Wednesday, September 30, 2020
Industry: Operative Builders

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