0000799292-13-000029.txt : 20130725 0000799292-13-000029.hdr.sgml : 20130725 20130725083748 ACCESSION NUMBER: 0000799292-13-000029 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130725 DATE AS OF CHANGE: 20130725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: M I HOMES INC CENTRAL INDEX KEY: 0000799292 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 311210837 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12434 FILM NUMBER: 13985066 BUSINESS ADDRESS: STREET 1: 3 EASTON OVAL STE 500 CITY: COLUMBUS STATE: OH ZIP: 43219 BUSINESS PHONE: 6144188000 FORMER COMPANY: FORMER CONFORMED NAME: M I SCHOTTENSTEIN HOMES INC DATE OF NAME CHANGE: 19931228 8-K 1 a8k2ndquarterearnings20130.htm 8-K 8K 2nd Quarter Earnings 2013 07-25-13


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): July 25, 2013


 
M/I HOMES, INC.
 
 
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
 
Ohio
 
1-12434
 
31-1210837
 
 
(State or Other Jurisdiction
 
(Commission
 
(I.R.S. Employer
 
 
of Incorporation)
 
File Number)
 
Identification No.)
 
 
(614) 418-8000
(Telephone Number)

N/A
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))









SECTION 2 - FINANCIAL INFORMATION

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 25, 2013, M/I Homes, Inc. issued a press release reporting financial results for the three and six months ended June 30, 2013. A copy of this press release, including information concerning forward-looking statements and factors that may affect our future results, is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is furnished pursuant to Item 2.02 on Form 8-K.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:

Exhibit No.
 
Description of Documents
 
 
 
99.1
 
Press release dated July 25, 2013.









SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 25, 2013

M/I Homes, Inc.

By:
/s/Ann Marie W. Hunker
 
Ann Marie W. Hunker
 
Vice President and Corporate Controller
 
(Principal Accounting Officer)


    
Index to Exhibits
Exhibit No.
 
Description of Documents
 
 
 
99.1
 
Press release dated July 25, 2013.




 EX-99.1 2 mho-20130630xexh991.htm PRESS RELEASE MHO-2013.06.30-Exh 99.1


Exhibit 99.1



M/I Homes Reports
First Quarter Results


Columbus, Ohio (July 25, 2013) - M/I Homes, Inc. (NYSE:MHO) announced results for the second quarter and six months ended June 30, 2013.

2013 Second Quarter Highlights:
•
Net income of $7.3 million
•
New contracts increased 31%
•
Homes delivered increased 26%
•
Backlog units and value increased 43% and 53%, respectively
•
Cash balance of $178.7 million
•
Net debt to net capital ratio of 42%
 
For the second quarter of 2013, the Company reported net income of $7.3 million, which includes $1.2 million of asset impairments. This compares to net income of $3.2 million for the second quarter of 2012, which included $0.7 million of asset impairments. For the six months ended June 30, 2013, the Company had net income of $11.9 million, compared to net income of $18,000, in the same period a year ago.

New contracts for 2013's second quarter were 1,078, up 31% from 2012's second quarter of 826. For the first six months of 2013, new contracts increased 34% from 1,590 in 2012 to 2,125 in 2013. M/I Homes had 140 active communities at June 30, 2013 compared to 124 at June 30, 2012. The Company's cancellation rate was 14% in the second quarter of 2013 compared to 16% in 2012's second quarter. Homes delivered in 2013's second quarter were 788 compared to 625 in 2012's second quarter - up 26%. Homes delivered for the six months ended June 30, 2013 increased 25% to 1,415 compared to 2012's deliveries of 1,132. Backlog of homes at June 30, 2013 had a sales value of $491 million (a 53% increase over last year's second quarter), with an average sales price of $293,000 and backlog units of 1,675. At June 30, 2012 backlog sales value was $320 million, with an average sales price of $274,000 and backlog units of 1,168.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “We are pleased with our improving results - our homes delivered during the quarter increased 26% and our new contracts were up 31%. We were also pleased with the increase in our community count (up 13%) and average sales price (up 7%), resulting in our highest quarter-end backlog units and sales value in over 5 years. And, our recent expansion into Texas continues to positively impact our results, as new contracts in Texas almost doubled when compared to last year's second quarter and first half. In addition, our gross margin and selling, general and administrative expense leverage for the first half of 2013 both improved over 100 basis points from last year's first half.”

Mr. Schottenstein continued, “Our financial condition remains strong, with shareholder's equity at $355 million, net debt to net capital at 42%, and no outstanding borrowings under our credit facility. Furthermore, we enhanced our capital structure, as announced last week, entering into a new $200 million three-year unsecured credit facility. And,




as just announced, we are very excited to be entering the Dallas/Fort Worth market - this will further complement our Texas operations in Austin, Houston and San Antonio. Moving forward, we will stay focused on improving our profitability, growing our market share in our existing markets, expanding our community count and investing in attractive land opportunities.”

The Company will broadcast live its earnings conference call today at 4:00 p.m. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the “Investors” section of the site, and select “Listen to the Conference Call.” A replay of the call will continue to be available on our website through July 2014.

M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having delivered over 84,500 homes. The Company's homes are marketed and sold under the trade names M/I Homes, Showcase Homes, and Triumph Homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Chicago, Illinois; Indianapolis, Indiana; Tampa and Orlando, Florida; Austin, Dallas, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C.

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities and various governmental rules and regulations, as more fully discussed in the Risk Factors section in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. The Company undertakes no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

In this press release, we use adjusted EBITDA, a non-GAAP financial measure. For this measure, we have provided reconciliation to the most comparable GAAP measures along with an explanation of the usefulness of the non-GAAP measure. Please see the “Non-GAAP Financial Results / Reconciliation” table below.

Contact M/I Homes, Inc.
Phillip G. Creek, Executive Vice President, Chief Financial Officer, (614) 418-8011
Kevin C. Hake, Senior Vice President, Treasurer (614) 418-8227
Ann Marie W. Hunker, Vice President, Controller, (614) 418-8225






M/I Homes, Inc. and Subsidiaries
Summary Operating Results (Unaudited)
(Dollars in thousands, except per share amounts)

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
New contracts
1,078

 
826

 
2,125

 
1,590

Average community count
138

 
123

 
135

 
123

Cancellation rate
14
%
 
16
%
 
15
%
 
15
%
Backlog units
 
 
 
 
1,675

 
1,168

Backlog value
 
 
 
 
$
490,769

 
$
320,388

Homes delivered
788

 
625

 
1,415

 
1,132

Average home closing price
$
281

 
$
259

 
$
282

 
$
254

 
 
 
 
 
 
 
 
Homebuilding revenue:
 
 
 
 
 
 
 
   Housing revenue
$
221,700

 
$
161,915

 
$
399,490

 
$
287,993

   Land revenue
5,601

 
4,155

 
10,128

 
4,886

Total homebuilding revenue
$
227,301

 
$
166,070

 
$
409,618

 
$
292,879

 
 
 
 
 
 
 
 
Financial services revenue
7,252

 
4,924

 
15,662

 
9,240

 
 
 
 
 

 
 
Total revenue
$
234,553

 
$
170,994

 
$
425,280

 
$
302,119

 
 
 
 
 
 
 
 
Cost of sales - operations
187,136

 
137,111

 
338,649

 
244,441

Cost of sales - impairment
1,201

 
472

 
2,101

 
567

Gross margin
46,216

 
33,411

 
84,530

 
57,111

General and administrative expense
18,149

 
13,826

 
34,128

 
26,283

Selling expense
16,275

 
12,825

 
29,384

 
23,836

Operating income
11,792

 
6,760

 
21,018

 
6,992

Interest expense
4,397

 
3,461

 
8,737

 
8,067

Income (loss) before income taxes
7,395

 
3,299

 
12,281

 
(1,075
)
Expense (benefit) from income taxes
131

 
95

 
430

 
(1,093
)
Net income
$
7,264

 
$
3,204

 
$
11,851

 
$
18

Excess of fair value over book value of preferred
   shares redeemed
$
—

 
$
—

 
$
2,190

 
$
—

Preferred dividends
1,219

 
—

 
$
1,219

 
—

Net income to common shareholders
$
6,045

 
$
3,204

 
$
8,442

 
$
18

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.25

 
$
0.17

 
$
0.36

 
$
—

Diluted
$
0.25

 
$
0.17

 
$
0.36

 
$
—

 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
24,271

 
18,833

 
23,278

 
18,803

Diluted
24,646

 
19,031

 
23,671

 
18,998





M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)

 
As of
 
June 30,
 
2013
 
2012
Assets:
 
 
 
Total cash and cash equivalents(1)
$
178,730

 
$
56,890

Mortgage loans held for sale
51,491

 
49,779

Inventory:
 
 
 
Lots, land and land development
261,985

 
242,377

Land held for sale
6,389

 
9,889

Homes under construction
294,234

 
218,140

Other inventory
52,391

 
51,550

Total inventory
$
614,999

 
$
521,956

 
 
 
 
Property and equipment - net
10,267

 
12,902

Investments in unconsolidated joint ventures
28,648

 
10,904

Other assets(2)
34,131

 
18,329

Total Assets
$
918,266

 
$
670,760

 
 
 
 
Liabilities:
 
 
 
Debt - Homebuilding Operations:
 
 
 
Senior notes
$
227,870

 
$
227,470

Convertible senior subordinated notes due 2017
57,500

 
—

 Convertible senior subordinated notes due 2018
86,250

 
—

Notes payable - other
9,429

 
10,766

Total Debt - Homebuilding Operations
$
381,049

 
$
238,236

 
 
 
 
Note payable bank - financial services operations
50,442

 
46,343

Total Debt
$
431,491

 
$
284,579

 
 
 
 
Accounts payable
61,888

 
51,307

Other liabilities
70,353

 
59,728

Total Liabilities
$
563,732

 
$
395,614

 
 
 
 
Shareholders' Equity
354,534

 
275,146

Total Liabilities and Shareholders' Equity
$
918,266

 
$
670,760

 
 
 
 
Book value per common share
$
12.50

 
$
9.29

Net debt/net capital ratio(3)
42
%
 
45
%
(1)
2013 and 2012 amounts include $12.5 million and $12.6 million of restricted cash and cash held in escrow, respectively.
(2)
2013 and 2012 amounts include gross deferred tax assets of $131.3 million and $140.7 million, respectively, net of valuation allowances of $131.3 million and $140.7 million, respectively.
(3)
Net debt/net capital ratio is calculated as total debt minus total cash and cash equivalents, divided by the sum of total debt minus total cash and cash equivalents plus shareholders' equity.




M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data
(Dollars in thousands)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
Adjusted EBITDA(1)
$
19,379

 
$
12,569

 
$
35,405

 
$
17,498

 
 
 
 
 
 
 
 
Cash flow used in operating activities
$
(33,736
)
 
$
(15,854
)
 
$
(25,178
)
 
$
(23,529
)
Cash (used in) provided by investing activities
$
(10,505
)
 
$
(4,098
)
 
$
(23,207
)
 
$
23,234

Cash provided by (used in) financing activities
$
(52,564
)
 
$
(2,729
)
 
$
69,139

 
$
(15,201
)
 
 
 
 
 
 
 
 
Land/lot purchases
$
55,810

 
$
26,726

 
$
100,219

 
$
57,178

Land development spending
$
20,620

 
$
10,244

 
$
36,348

 
$
19,556

Land/lot sale proceeds
$
5,601

 
$
4,155

 
$
10,128

 
$
4,886

 
 
 
 
 
 
 
 
Financial services pre-tax income
$
3,835

 
$
1,899

 
$
8,971

 
$
3,967

 
 
 
 
 
 
 
 
Deferred tax valuation benefit
$
(2,674
)
 
$
(1,283
)
 
$
(4,462
)
 
$
(143
)
(1)
See "Non-GAAP Financial Result / Reconciliation" table below.

Impairment and Abandonments by Region
(Dollars in thousands)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
Impairment by Region:
2013
 
2012
 
2013
 
2012
Midwest
$
1,201

 
$
472

 
$
2,101

 
$
567

Southern
—

 
—

 
—

 
—

Mid-Atlantic
—

 
—

 
—

 
—

Total
$
1,201

 
$
472

 
$
2,101

 
$
567

 
 
 
 
 
 
 
 
Abandonments by Region:
 
 
 
 
 
 
 
Midwest
$
—

 
$
34

 
$
—

 
$
36

Southern
—

 
103

 
—

 
110

Mid-Atlantic
—

 
88

 
—

 
110

Total
$
—

 
$
225

 
$
—

 
$
256


M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Result / Reconciliation
(Dollars in thousands)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2013
 
2012
 
2013
 
2012
Net income
$
7,264

 
$
3,204

 
$
11,851

 
$
18

Add:
 
 
 
 
 
 
 
Income tax expense (benefit)
131

 
95

 
430

 
(1,093
)
Interest expense net of interest income
4,112

 
3,106

 
8,167

 
7,343

Interest amortized to cost of sales
3,693

 
2,892

 
7,221

 
5,456

Depreciation and amortization
2,181

 
2,045

 
4,319

 
3,987

Non-cash charges
1,998

 
1,227

 
3,417

 
1,787

Adjusted EBITDA
$
19,379

 
$
12,569

 
$
35,405

 
$
17,498







M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data

NEW CONTRACTS
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
 
 
 
 
%
 
 
 
 
 
%
Region
2013
 
2012
 
Change
 
2013
 
2012
 
Change
Midwest
395

 
299

 
32
%
 
744

 
639

 
16
%
 
 
 
 
 
 
 
 
 
 
 
 
Southern
376

 
269

 
40
%
 
754

 
483

 
56
%
 
 
 
 
 
 
 
 
 
 
 
 
Mid-Atlantic
307

 
258

 
19
%
 
627

 
468

 
34
%
 
 
 
 
 
 
 
 
 
 
 
 
Total
1,078

 
826

 
31
%
 
2,125

 
1,590

 
34
%

HOMES DELIVERED
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
 
 
 
 
%
 
 
 
 
 
%
Region
2013
 
2012
 
Change
 
2013
 
2012
 
Change
Midwest
298

 
255

 
17
%
 
530

 
488

 
9
%
 
 
 
 
 
 
 
 
 
 
 
 
Southern
249

 
187

 
33
%
 
440

 
320

 
38
%
 
 
 
 
 
 
 
 
 
 
 
 
Mid-Atlantic
241

 
183

 
32
%
 
445

 
324

 
37
%
 
 
 
 
 
 
 
 
 
 
 
 
Total
788

 
625

 
26
%
 
1,415

 
1,132

 
25
%

BACKLOG
 
June 30, 2013
 
June 30, 2012
 
 
 
Dollars
 
Average
 
 
 
Dollars
 
Average
Region
Units
 
(millions)
 
Sales Price
 
Units
 
(millions)
 
Sales Price
Midwest
632

 
$
178

 
$
282,000

 
538

 
$
142

 
$
263,000

 
 
 
 
 
 
 
 
 
 
 
 
Southern
655

 
$
180

 
$
275,000

 
361

 
$
87

 
$
242,000

 
 
 
 
 
 
 
 
 
 
 
 
Mid-Atlantic
388

 
$
132

 
$
340,000

 
269

 
$
91

 
$
340,000

 
 
 
 
 
 
 
 
 
 
 
 
Total
1,675

 
$
491

 
$
293,000

 
1,168

 
$
320

 
$
274,000


LAND POSITION SUMMARY
 
June 30, 2013
 
 
June 30, 2012
 
Lots
Lots Under
 
 
 
Lots
Lots Under
 
Region
Owned
Contract
Total
 
 
Owned
Contract
Total
Midwest
3,403

2,550

5,953

 
 
3,258

1,367

4,625

 
 
 
 
 
 
 
 
 
Southern
3,648

3,372

7,020

 
 
1,374

1,524

2,898

 
 
 
 
 
 
 
 
 
Mid-Atlantic
1,625

2,565

4,190

 
 
1,860

1,211

3,071

 
 
 
 
 
 
 
 
 
Total
8,676

8,487

17,163

 
 
6,492

4,102

10,594




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