-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TJZtAM8YYD//K5ITd7irtudS5tnS7F7CQEK4A2KbIti7oJiiFOsdZtOrb1yuo2As 3t8uT3JDKcfUvjceZKnNjA== 0000950152-03-007031.txt : 20030724 0000950152-03-007031.hdr.sgml : 20030724 20030724100619 ACCESSION NUMBER: 0000950152-03-007031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030724 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: M I SCHOTTENSTEIN 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: 03799630 BUSINESS ADDRESS: STREET 1: 3 EASTON OVAL STE 500 CITY: COLUMBUS STATE: OH ZIP: 43219 BUSINESS PHONE: 6144188000 8-K 1 l02277ae8vk.txt M/I SCHOTTENSTEIN HOMES, INC. 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 24, 2003 M/I SCHOTTENSTEIN 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, OHIO 43219 ---------------------------------------- ----- (Address of Principal Executive Offices) (Zip Code) (614) 418-8000 -------------- (Telephone Number) Item 7. Financial Statements and Exhibits c) Exhibits 99.1 Press release dated July 24, 2003 Item 9. Regulation FD Disclosure (under Item 12) On July 24, 2003, M/I Schottenstein Homes, Inc. issued a press release reporting results for the three and six months ended June 30, 2003. A copy of this press release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished, not filed, under Item 12 in this Report on Form 8-K. 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 24, 2003 M/I Schottenstein Homes, Inc. By: /s/ Phillip G. Creek --------------------------------------- Phillip G. Creek Senior Vice President, Treasurer, Chief Financial Officer, Director (Principal Financial and Accounting Officer) Index to Exhibits 99.1 Press release dated July 24, 2003 2 EX-99.1 3 l02277aexv99w1.txt EX-99.1 PRESS RELEASE EXHIBIT 99.1 [logo] M/I SCHOTTENSTEIN HOMES, INC. FOR IMMEDIATE RELEASE Contact: Phillip G. Creek Senior Vice President, Chief Financial Officer M/I Schottenstein Homes, Inc. (614) 418-8011 www.mihomes.com M/I SCHOTTENSTEIN HOMES REPORTS RECORD SECOND QUARTER AND FIRST HALF RESULTS Columbus, Ohio (July 24, 2003) - M/I Schottenstein Homes, Inc. (NYSE:MHO) announced record financial results for the second quarter and six months ended June 30, 2003. Net income of $19.5 million and $37.4 million recorded in 2003's second quarter and the first six months, respectively, represent all-time record income levels for the Company for these periods, with this quarter's net income representing the highest results for any quarter in the Company's 27-year history. Diluted earnings per share for 2003's second quarter and first six months increased to record levels of $1.32 and $2.52, respectively, a 21% and 19% improvement over 2002's same period results of $1.09 and $2.12. As previously reported, the Company achieved an all-time quarterly high New Contracts of 1,343 in 2003's second quarter, which is a 24% increase over the 1,081 reported in the same quarter of 2002. New Contracts of 2,484 for the first half of 2003 were also strong, increasing 15% over 2002 first half contracts of 2,164. Homes Delivered in the second quarter and for the six months ended June 30, 2003 were 961 and 1,761, decreasing 8% and 7%, respectively, from 2002's record performances of 1,040 and 1,886. At June 30, 2003, the Company's Backlog and its related sales value of 3,044 units and $760 million, respectively, are the highest ever attained in the Company's history. The Backlog of homes at June 30, 2002 was 2,609 units with a sales value of $621 million. The average sales price of homes in backlog at June 30, 2003 rose to $250,000, a 5% increase over 2002's average sales price of $238,000. M/I had 142 active subdivisions at June 30, 2003 compared to 144 at June 30, 2002. Irving E. Schottenstein, Chief Executive Officer, commented, "We are proud to announce the achievement of all-time record levels of net income, diluted earnings per share, new contracts and backlog of homes. As evidenced by quarter end Shareholders' Equity of $367 million and book value per share of $25, our financial position continues to improve. We are also very excited about our land position, having purchased $110 million of land during the first half of this year." Robert H. Schottenstein, President, added, "Our second quarter record results, with strong gross margins of 26% and operating margins over 14% for the first six months of 2003, reflect the strongest performance in Company history. Our operations in Columbus, Tampa, Orlando and Washington, DC led the way in this record performance. With the highest backlog in Company history, we believe that 2003's diluted earnings per share will reach a record level, ranging from $5.05 to $5.20, an increase to our previous estimate of $4.75 to $4.90." The Company will broadcast live its second quarter earnings conference call today at 4:00 p.m. EDT. To hear the call, log on to the M/I Homes' website at www.mihomes.com, click on "Investor Relations" section of the site, and select "Listen to the Conference Call." The call will continue to be available on our website through July 24, 2004. M/I Schottenstein Homes, Inc. is one of the nation's leading builders of single-family homes, having sold over 53,000 homes. The Company's homes are marketed and sold under the trade names M/I Homes and Showcase Homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Tampa, Orlando and Palm Beach County, Florida; Charlotte and Raleigh, North Carolina; Virginia and Maryland. Certain statements in this Press Release are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to, changes in general economic conditions, fluctuations in interest rates, availability and cost of land in desirable areas, increases in raw materials and labor costs, levels of competition, the impact of war on the economy, and other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2002. 4 M/I SCHOTTENSTEIN HOMES, INC. AND SUBSIDIARIES Consolidated Statements of Income (In thousands, except per share amounts)
Three Months Ended Six Months Ended June 30, June 30, 2003 2002 2003 2002 ---- ---- ---- ---- (unaudited) (unaudited) Revenue $241,253 $258,439 $450,262 $474,001 Net income $ 19,525 $ 16,898 $ 37,399 $ 32,817 Earnings per share: Basic $ 1.36 $ 1.12 $ 2.59 $ 2.18 Diluted $ 1.32 $ 1.09 $ 2.52 $ 2.12 Weighted average shares outstanding: Basic 14,350 15,142 14,454 15,087 Diluted 14,764 15,524 14,833 15,501
5 M/I SCHOTTENSTEIN HOMES, INC. AND SUBSIDIARIES Selected Supplemental Financial and Operating Data (Dollars in thousands, except per share amounts)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2003 2002 2003 2002 ---- ---- ---- ---- (UNAUDITED) (UNAUDITED) Revenue $241,253 $258,439 $450,262 $474,001 Gross margin 63,654 62,467 120,318 116,401 General and administrative expense 13,846 15,422 25,641 26,148 Selling expense 16,009 15,896 29,327 29,893 -------- -------- -------- -------- Operating income 33,799 31,149 65,350 60,360 Interest expense 1,788 3,894 4,038 7,430 -------- -------- -------- -------- Income before income taxes 32,011 27,255 61,312 52,930 Income taxes 12,486 10,357 23,913 20,113 -------- -------- -------- -------- Net income $ 19,525 $ 16,898 $ 37,399 $ 32,817 ======== ======== ======== ======== ADDITIONAL INFORMATION: Land and lot sales $ 5,085 $ 8,568 $ 17,968 $ 14,398 Land and lot margin 1,546 1,162 4,231 2,211 Financial services revenue 5,970 5,424 12,968 12,330 Financial services pre-tax income $ 3,983 $ 3,481 $ 9,163 $ 8,738 UNITS: New contracts 1,343 1,081 2,484 2,164 Homes delivered 961 1,040 1,761 1,886
JUNE 30, 2003 2002 ---- ---- BACKLOG: Units 3,044 2,609 Aggregate sales value $760,000 $621,000 Average sales price $ 250 $ 238
JUNE 30, DECEMBER 31, 2003 2002 2002 ---- ---- ---- BALANCE SHEET: (UNAUDITED) Homebuilding inventory $540,819 $479,251 $451,217 Homebuilding debt 142,703 144,210 62,658 Shareholders' equity 366,662 314,498 339,729 Book value per share $ 25.41 $ 20.74 $ 22.97
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