M/I Homes, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2012; Provides Capital Expenditure Guidance for the Year 2013
January 31, 2013 at 10:04 am EST
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M/I Homes, Inc. reported unaudited earnings results for the fourth quarter and twelve months ended December 31, 2012. For the quarter, the company reported total revenue of $250,911,000 compared with $176,786,000 for the same period last year. Operating profit was $9,387,000 compared with $1,049,000 for the same period last year. Income before income taxes was $5,382,000 compared with loss before income taxes of $3,072,000 for the same period last year. Net income was $5,015,000 or $0.23 diluted per share compared with net loss of $2,976,000 or $0.16 diluted per share for the same period last year. Adjusted EBITDA was $18,215,000 compared with $10,702,000 for the same period last year. Adjusted pre-tax income from operations was $7,008,000 compared with $1,442,000 for the same period last year. Cash used in operating activities was $30,674,000 compared with $18,197,000 for the same period last year. The company had $7,000,000 of pretax income from operations. The company generated $18,000,000 of EBITDA for the quarter.
For the full year, the company reported total revenue of $761,905,000 compared with $566,424,000 for the same period last year. Operating profit was $28,830,000 compared with operating loss of $18,897,000 for the same period last year. Income before income taxes was $12,759,000 compared with loss before income taxes of $33,902,000 for the same period last year. Net income was $13,347,000 or $0.67 diluted per share compared with net loss of $33,877,000 or $1.81 diluted per share for the same period last year. Book value per common share was $10.86 compare with $9.25 for the same period last year. Adjusted EBITDA was $55,966,000 compared with $23,344,000 for the same period last year. Adjusted pre-tax income from operations was $13,517,000 compared with adjusted pre-tax loss from operations $10,935,000 for the same period last year. Cash used in operating activities was $46,995,000 compared with $33,961,000 for the same period last year.
For the year 2013, the company expects land purchase and development spending of $250 million to $300 million.
M/I Homes, Inc. is a builder of single-family homes. The Company designs, markets, constructs and sells single-family homes and attached townhomes to first-time, move-up, empty-nester, and luxury buyers. The company primarily constructs homes in planned development communities and mixed-use communities. It offers homes for sale in approximately 213 communities within 17 markets located in 10 states. The Company operates through two distinct operations: homebuilding and financial services. Its homebuilding operations are aggregated for reporting purposes into two reporting segments: the Northern and Southern regions. Its homebuilding division is engaged in the sale and construction of single-family attached and detached homes, acquisition and development of land, and the occasional sale of lots to third parties. Its financial services operations support its homebuilding operations by providing mortgage loans and title services to the customers of its homebuilding operations.
M/I Homes, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2012; Provides Capital Expenditure Guidance for the Year 2013
M/I HOMES, INC. 
