0000799292-17-000036.txt : 20171025 0000799292-17-000036.hdr.sgml : 20171025 20171025092534 ACCESSION NUMBER: 0000799292-17-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20171025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20171025 DATE AS OF CHANGE: 20171025 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: 171152187 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 a8k3rdqtr17earningsrelease.htm 8-K 3RD QTR.17 EARNINGS RELEASE 10-25-17 Document



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

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 25, 2017
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.)

3 Easton Oval, Suite 500, Columbus OH
43,219
(Address of principal executive offices)
(Zip Code)

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




SECTION 2 - FINANCIAL INFORMATION

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 25, 2017, M/I Homes, Inc. issued a press release reporting financial results for the three and nine months ended September 30, 2017. 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 Exhibits
 
 
 
99.1
 
Press release dated October 25, 2017





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: October 25, 2017


M/I Homes, Inc.

By:
/s/Ann Marie W. Hunker
 
Ann Marie W. Hunker
 
Vice President, Controller
 
and Chief Accounting Officer





Index to Exhibits


Exhibit No.
 
Description of Exhibits
 
 
 
99.1
 



 EX-99.1 2 exhbit991earningspressrele.htm EXHIBIT 99.1 EARNINGS PRESS RELEASE 10-25-17 Exhibit


Exhibit 99.1

milogoa23.jpg

M/I Homes Reports
2017 Third Quarter Results

Columbus, Ohio (October 25, 2017) - M/I Homes, Inc. (NYSE:MHO) announced results for the three months and nine months ended September 30, 2017.

2017 Third Quarter Highlights:
•
Net income increased to $22.3 million ($0.64 per diluted share) from $10.9 million ($0.35 per diluted share) in 2016
•
Diluted earnings per share increased to $0.71, excluding the $0.07 per share impact of a $2.3 million equity adjustment due to the redemption of preferred shares. In 2016’s third quarter, diluted earnings per share was $0.65, excluding the impact of stucco-related charges
•
New contracts increased 13% to 1,225, a record level for the third quarter
•
Homes delivered increased 9% to a third quarter record 1,256
•
Revenue increased 8% to a third quarter record $476 million
•
Backlog sales value increased 11% to $912 million; backlog units increased 7% to 2,378
•
Estimated impact of hurricanes - 20 delayed closings and $700,000 of expense

For the third quarter of 2017, the Company reported net income of $22.3 million, or $0.64 per diluted share. This compares to net income of $10.9 million, or $0.35 per diluted share, for the third quarter of 2016. The current quarter diluted earnings per share was reduced by a $2.3 million after-tax fair value equity adjustment ($0.07 per diluted share) related to the previously announced redemption of our outstanding preferred shares which was completed on October 16, 2017. The third quarter of 2016 included a $14.5 million pre-tax charge ($0.30 per diluted share) for stucco-related repair costs in certain of our Florida communities. For the nine months ended September 30, 2017, the Company reported net income of $56.2 million, or $1.73 per diluted share, compared to net income of $36.0 million, or $1.17 per diluted share, for the same period of 2016. Year-to-date in 2017 and 2016, the Company incurred $8.5 million ($0.18 per diluted share) and $19.4 million ($0.40 per diluted share) of pre-tax charges, respectively, related to stucco-related repairs. Exclusive of these stucco-related charges in both periods, year-to-date net income was $61.6 million compared to $48.1 million in 2016’s same period, a 28% increase.

Homes delivered in 2017's third quarter were 1,256 compared to 1,148 deliveries in 2016's third quarter - a 9% increase. Homes delivered for the nine months ended September 30, 2017 increased 14% to 3,505 from 2016's deliveries of 3,066. New contracts for 2017's third quarter were 1,225, an increase of 13% over 2016's third quarter. For the first nine months of 2017, new contracts increased 9% to 4,079 from 3,756 in 2016. M/I Homes had 179 active communities at September 30, 2017 compared to 174 at September 30, 2016, a 3% increase. The Company's cancellation rate was 15% in the third quarter of 2017 and 2016. Homes in backlog increased 7% at September 30, 2017 to 2,378 units, with a sales value of $912 million (an 11% increase over last year’s third quarter), and an average sales price of $383,000. At September 30, 2016, the sales value of homes in backlog was $821 million, with an average sales price of $370,000 and backlog units of 2,221.





Robert H. Schottenstein, Chief Executive Officer and President, commented, “We are very pleased with our third quarter results highlighted by record revenue, record new contracts and record homes delivered. We reached our highest third quarter backlog level in more than 10 years, with a sales value of $912 million - an 11% increase over 2016’s third quarter. Gross margins improved 30 basis points to 21.4% and net income improved 12% over 2016’s third quarter, excluding the impact of 2016’s stucco-related charges. We achieved this strong performance despite the impact of hurricanes in our Florida and Houston markets which delayed approximately 20 third quarter deliveries, slowed down sales and resulted in approximately $700,000 of community and model home repair costs.”

Mr. Schottenstein continued, “Our financial condition remains strong. During the quarter, we issued $250 million of 8-year senior notes, converted $58 million of our convertible notes into equity and completed the redemption of $50 million of our preferred shares in October. These steps both strengthened and simplified our balance sheet. We ended the quarter with $104 million of cash, no outstanding borrowings under our $475 million unsecured credit facility, shareholders’ equity of $723 million and a healthy homebuilding debt to capital ratio of 47%. As we begin the final quarter of 2017, we are well positioned for another solid year. We have a strong backlog and housing market conditions remain favorable throughout most of our markets. We will continue to focus on increasing profitability while growing our market share and investing in well-located 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 October 2018.

M/I Homes, Inc. is one of the nation’s leading builders of single-family homes, having sold over 104,400 homes. The Company’s homes are marketed and sold primarily under the trade names M/I Homes and Showcase Collection (exclusively by M/I Homes), and also currently operates under the name Hans Hagen Homes in its Minneapolis/St. Paul, Minnesota market. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Tampa, Sarasota and Orlando, Florida; Austin, Dallas/Fort Worth, 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,” “envisions”, “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 any 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, construction defect, product liability and warranty claims and various governmental rules and regulations, as more fully discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, 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 herein will increase with the passage of time. We undertake 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.


Contact M/I Homes, Inc.
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 Statement of Income (Unaudited)
(Dollars and shares in thousands, except per share amounts)

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2017
 
2016
 
2017
 
2016
New contracts
1,225

 
1,088

 
4,079

 
3,756

Average community count
183

 
174

 
182

 
176

Cancellation rate
15
%
 
15
%
 
14
%
 
13
%
Backlog units
 
 
 
 
2,378

 
2,221

Backlog sales value
 
 
 
 
$
911,657

 
$
821,494

Homes delivered
1,256

 
1,148

 
3,505

 
3,066

Average home closing price
$
366

 
$
365

 
$
368

 
$
361

 
 
 
 
 
 
 
 
Homebuilding revenue:
 
 
 
 
 
 
 
   Housing revenue
$
459,342

 
$
419,228

 
$
1,289,893

 
$
1,105,701

   Land revenue
5,318

 
12,674

 
12,438

 
31,816

Total homebuilding revenue
$
464,660

 
$
431,902

 
$
1,302,331

 
$
1,137,517

 
 
 
 
 
 
 
 
Financial services revenue
11,763

 
10,562

 
37,938

 
30,564

Total revenue
$
476,423

 
$
442,464

 
$
1,340,269

 
$
1,168,081

 
 
 
 
 
 
 
 
Cost of sales - operations
374,673

 
349,135

 
1,054,052

 
924,106

Cost of sales - stucco-related charges
—

 
14,500

 
8,500

 
19,409

Gross margin
$
101,750

 
$
78,829

 
$
277,717

 
$
224,566

General and administrative expense
31,337

 
29,160

 
89,209

 
78,249

Selling expense
31,136

 
27,663

 
88,666

 
75,462

Operating income
$
39,277

 
$
22,006

 
$
99,842

 
$
70,855

Equity in income from joint venture arrangements
(71
)
 
(24
)
 
(198
)
 
(413
)
Interest expense
4,675

 
3,587

 
13,847

 
13,160

Income before income taxes
$
34,673

 
$
18,443

 
$
86,193

 
$
58,108

Provision for income taxes
12,346

 
7,501

 
29,994

 
22,061

Net income
$
22,327

 
$
10,942

 
$
56,199

 
$
36,047

Excess of fair value over book value of preferred shares subject to redemption
2,257

 
—

 
2,257

 
—

Preferred dividends
1,218

 
1,218

 
3,656

 
3,656

Net income to common shareholders
$
18,852

 
$
9,724

 
$
50,286

 
$
32,391

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.74

 
$
0.39

 
$
2.00

 
$
1.31

Diluted
$
0.64

 
$
0.35

 
$
1.73

 
$
1.17

 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
25,581

 
24,669

 
25,106

 
24,665

Diluted
30,675

 
30,139

 
30,539

 
30,093





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

 
As of
 
September 30,
 
2017
 
2016
Assets:
 
 
 
Total cash, cash equivalents and restricted cash
$
103,636

 
$
23,308

Mortgage loans held for sale
91,987

 
95,545

Inventory:
 
 
 
Lots, land and land development
663,170

 
554,150

Land held for sale
12,330

 
15,956

Homes under construction
645,816

 
544,350

Other inventory
134,493

 
110,697

Total Inventory
$
1,455,809

 
$
1,225,153

 
 
 
 
Property and equipment - net
25,320

 
21,792

Investments in joint venture arrangements
22,981

 
26,528

Deferred income taxes, net of valuation allowance
29,569

 
39,944

Other assets
55,393

 
64,967

Total Assets
$
1,784,695

 
$
1,497,237

 
 
 
 
Liabilities:
 
 
 
Debt - Homebuilding Operations:
 
 
 
Senior notes due 2021 - net
$
296,505

 
$
295,401

Senior notes due 2025 - net
245,958

 
—

Convertible senior subordinated notes due 2017 - net
—

 
56,949

 Convertible senior subordinated notes due 2018 - net
85,955

 
85,246

 Notes payable - homebuilding
—

 
85,000

 Notes payable - other
4,057

 
8,566

Total Debt - Homebuilding Operations
$
632,475

 
$
531,162

 
 
 
 
Preferred shares subject to redemption
50,420

 
—

Notes payable bank - financial services operations
91,275

 
91,483

Total Debt
$
774,170

 
$
622,645

 
 
 
 
Accounts payable
120,598

 
110,179

Other liabilities
166,954

 
132,821

Total Liabilities
$
1,061,722

 
$
865,645

 
 
 
 
Shareholders’ Equity
722,973

 
631,592

Total Liabilities and Shareholders’ Equity
$
1,784,695

 
$
1,497,237

 
 
 
 
Book value per common share
$
26.27

 
$
23.58

Homebuilding debt / capital ratio(1)
47
%
 
46
%

(1)
The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders’ equity.





M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data
(Dollars in thousands)
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2017
 
2016
 
2017
 
2016
 
Adjusted EBITDA(1)
$
48,765

 
$
31,284

 
$
126,042

 
$
96,402

 
 
 
 
 
 
 
 
 
 
Cash (used in) provided by operating activities
$
(26,705
)
 
$
(14,437
)
(2) 
$
(66,025
)
 
$
26,502

(2) 
Cash used in investing activities
$
(6,022
)
 
$
(4,868
)
(2) 
$
(5,065
)
 
$
(21,679
)
(2) 
Cash provided by financing activities
$
106,423

 
$
12,613

 
$
140,285

 
$
5,384

 
 
 
 
 
 
 
 
 
 
Land/lot purchases
$
65,511

 
$
49,612

 
$
250,141

 
$
146,998

 
Land development spending
$
53,755

 
$
48,230

 
$
137,019

 
$
121,763

 
Land sale revenue
$
5,318

 
$
12,674

 
$
12,438

 
$
31,816

 
Land sale gross profit
$
365

 
$
1,063

 
$
883

 
$
3,095

 
 
 
 
 
 
 
 
 
 
Financial services pre-tax income
$
5,231

 
$
5,393

 
$
19,988

 
$
16,136

 
(1)
See “Non-GAAP Financial Results” table below.
(2)
During the fourth quarter of 2016, we elected to early-adopt Accounting Standards Update 2016-18, Statement of Cash Flows: Restricted Cash. Certain amounts above have been adjusted to apply the new method retrospectively.


M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (3) 
(Dollars in thousands)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2017
 
2016
 
2017
 
2016
Net income
$
22,327

 
$
10,942

 
$
56,199

 
$
36,047

Add:
 
 
 
 
 
 
 
Provision for income taxes
12,346

 
7,501

 
29,994

 
22,061

Interest expense net of interest income
4,003

 
2,980

 
11,719

 
11,531

Interest amortized to cost of sales
4,988

 
4,963

 
13,597

 
13,138

Depreciation and amortization
3,633

 
3,541

 
10,499

 
10,142

Non-cash charges
1,468

 
1,357

 
4,034

 
3,483

Adjusted EBITDA
$
48,765

 
$
31,284

 
$
126,042

 
$
96,402



























M/I Homes, Inc. and Subsidiaries
Non-GAAP Reconciliation (3) 
(Dollars and shares in thousands, except per share amounts)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2017
 
2016
 
2017
 
2016
Total revenue
$
476,423

 
$
442,464

 
$
1,340,269

 
$
1,168,081

 
 
 
 
 
 
 
 
Income before income taxes
$
34,673

 
$
18,443

 
$
86,193

 
$
58,108

Add: Stucco-related charges
—

 
14,500

 
8,500

 
19,409

Adjusted income before income taxes
$
34,673

 
$
32,943

 
$
94,693

 
$
77,517

 
 
 
 
 
 
 
 
Pre-tax operating margin percentage
7.3
%
 
4.2
%
 
6.4
%
 
5.0
%
Adjusted pre-tax operating margin percentage
7.3
%
 
7.4
%
 
7.1
%
 
6.6
%
 
 
 
 
 
 
 
 
Net income
$
22,327

 
$
10,942

 
$
56,199

 
$
36,047

Add: Stucco-related charges - net of tax
—

 
8,990

 
5,440

 
12,034

Adjusted net income
$
22,327

 
$
19,932

 
$
61,639

 
$
48,081

 
 
 
 
 
 
 
 
Stucco-related charges - net of tax
$
—

 
$
8,990

 
$
5,440

 
$
12,034

Divided by: Diluted weighted average shares outstanding
30,675

 
30,139

 
30,539

 
30,093

Diluted earnings per share related to stucco-related charges
$
—

 
$
0.30

 
$
0.18

 
$
0.40

 
 
 
 
 
 
 
 
Excess of fair value over book value of preferred shares subject to redemption
$
2,257

 
$
—

 
$
2,257

 
$
—

Divided by: Diluted weighted average shares outstanding
30,675

 
30,139

 
30,539

 
30,093

Diluted earnings per share related to preferred shares subject to redemption
$
0.07

 
$
—

 
$
0.07

 
$
—

 
 
 
 
 
 
 
 
Add: Diluted earnings per share
0.64

 
0.35

 
1.73

 
1.17

Adjusted diluted earnings per share
$
0.71

 
$
0.65

 
$
1.98

 
$
1.57

(3)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations, and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.





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

NEW CONTRACTS
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
 
 
 
 
%
 
 
 
 
 
%
Region
2017
 
2016
 
Change
 
2017
 
2016
 
Change
Midwest
458

 
407

 
13
 %
 
1,545

 
1,409

 
10
 %
Southern
583

 
437

 
33
 %
 
1,798

 
1,444

 
25
 %
Mid-Atlantic
184

 
244

 
(25
)%
 
736

 
903

 
(18
)%
Total
1,225

 
1,088

 
13
 %
 
4,079

 
3,756

 
9
 %


HOMES DELIVERED
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
 
 
 
 
%
 
 
 
 
 
%
Region
2017
 
2016
 
Change
 
2017
 
2016
 
Change
Midwest
461

 
443

 
4
 %
 
1,277

 
1,163

 
10
%
Southern
520

 
410

 
27
 %
 
1,459

 
1,158

 
26
%
Mid-Atlantic
275

 
295

 
(7
)%
 
769

 
745

 
3
%
Total
1,256

 
1,148

 
9
 %
 
3,505

 
3,066

 
14
%


BACKLOG
 
September 30, 2017
 
September 30, 2016
 
 
 
Dollars
 
Average
 
 
 
Dollars
 
Average
Region
Units
 
(millions)
 
Sales Price
 
Units
 
(millions)
 
Sales Price
Midwest
1,025

 
$
416

 
$
406,000

 
918

 
$
356

 
$
388,000

Southern
1,013

 
$
360

 
$
355,000

 
846

 
$
296

 
$
350,000

Mid-Atlantic
340

 
$
136

 
$
399,000

 
457

 
$
170

 
$
371,000

Total
2,378

 
$
912

 
$
383,000

 
2,221

 
$
821

 
$
370,000



LAND POSITION SUMMARY
 
September 30, 2017
 
 
September 30, 2016
 
Lots
Lots Under
 
 
 
Lots
Lots Under
 
Region
Owned
Contract
Total
 
 
Owned
Contract
Total
Midwest
4,622

4,947

9,569

 
 
3,846

5,378

9,224

Southern
5,081

7,688

12,769

 
 
4,213

5,333

9,546

Mid-Atlantic
1,746

2,779

4,525

 
 
2,068

2,381

4,449

Total
11,449

15,414

26,863

 
 
10,127

13,092

23,219




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