COLUMBUS, Ohio, Feb.
5, 2019 /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) announced
results for its fourth quarter and year ended
December 31, 2018.
2018 Fourth-Quarter Results:
- New contracts decreased 4% to 1,173 contracts
- Backlog sales value increased 13% to $897 million, and backlog units increased 9%
- Revenue increased 16% to a fourth quarter record of
$722 million
- Homes delivered increased 15% to a fourth quarter record 1,825
homes
- Pre-tax income increased 30% to $44.4
million from $34.1 million in
2017; excluding impairment charges and purchase accounting charges,
pre-tax income improved 22% to $50.8
million.
- Net income increased 104% to $32.4
million from $15.9 million in
2017, and diluted earnings per share increased to $1.15 compared with $0.53 per diluted share.
2018 Full-Year Results:
- Record revenue of $2.3 billion,
an increase of 17%
- Record homes delivered of 5,778, a 14% increase
- Record new contracts of 5,845, an increase of 10%
- Pre-tax income of $141.3 million,
a 17% increase compared to $120.3
million in 2017; excluding impairment, stucco-related
charges and acquisition-related costs, pre-tax income improved 13%
to $153.9 million
- Net income to common shareholders increased to a record
$107.7 million compared to
$66.2 million in 2017 and diluted
earnings per share increased to $3.70
from $2.26 per diluted
share, partly due to an effective tax rate in 2018 of 24%
compared to 40% in 2017
- Shareholders' equity reached an all-time record of $855 million, a 14% increase from a year ago,
with book value per share of $31.
For the fourth quarter of 2018, the Company reported net income
of $32.4 million, or $1.15 per diluted share. This compares to net
income of $15.9 million, or
$0.53 per diluted share, for the
fourth quarter of 2017. Net income in the fourth quarter of
2018 included $4.4 million of
after-tax impairment charges ($0.15
per diluted share) and $0.5 million
of after-tax purchase accounting charges ($0.02 per diluted share), while 2017's fourth
quarter net income included $4.9
million of after-tax impairment charges ($0.16 per diluted share). In
addition, 2017's fourth quarter net income included a tax charge of
$6.5 million ($0.21 per share) related to the Tax Cuts and Jobs
Act. Excluding the impairment charges, purchase accounting
charges and the tax charge in 2017's fourth quarter, adjusted net
income increased 36% to $37.3
million, and diluted earnings per share increased 47% to
$1.32 per share from $0.90 per share in 2017.
For the year ended December 31,
2018, the Company reported net income to common shareholders
of $107.7 million, or $3.70 per diluted share, compared to net income
to common shareholders of $66.2
million or $2.26 per diluted
share in 2017. Net income to common shareholders in 2018
included $4.4 million of after-tax
impairment charges ($0.15 per diluted
share) and $5.2 million of after-tax
acquisition-related charges ($0.18
per diluted share). Net income to common shareholders in 2017
includes the impact of a deferred tax asset re-measurement of
$6.5 million ($0.21 per diluted share), a $2.3 million equity adjustment ($0.07 per diluted share) related to the
redemption of preferred shares in the third quarter of 2017,
$5.4 million of after-tax
stucco-related repair costs ($0.18
per diluted share) and $4.9 million
of after-tax impairment charges ($0.16 per diluted share). Exclusive of these
charges, net income to common shareholders increased 37% to
$117.3 million compared to
$85.3 million in 2017, and diluted
earnings per share increased 40% to $4.03 compared to $2.88 per share in 2017.
Homes delivered in 2018's fourth quarter reached an all-time
quarterly record of 1,825, increasing 15% compared to 1,584
deliveries in 2017's fourth quarter. Homes delivered for the
twelve months ended December 31, 2018
increased 14% to a record-high 5,778 from 2017's deliveries of
5,089. New contracts for 2018's fourth quarter decreased 4%
to 1,173 from 1,220 new contracts in 2017's fourth quarter. For
2018, new contracts reached a record-high of 5,845 a 10% increase
over 2017's new contracts of 5,299. Homes in backlog
increased 9% at December 31, 2018 to
2,194 units, with a sales value of $897
million, a 13% increase over last year, and the average
sales price in backlog increased 4% to a record-high of
$409,000. At December 31, 2017, the sales value of the 2,014
homes in backlog was $791 million,
with an average sales price of $393,000. M/I Homes had 209 active communities at
December 31, 2018 compared to 188 a
year ago. The Company's cancellation rate was 18% in 2018's fourth
quarter and 15% for the year.
Robert H. Schottenstein, Chief
Executive Officer and President, commented, "2018 was a strong year
for M/I Homes, highlighted by record levels of revenue, homes
delivered, and new contracts, along with a 17% increase in pre-tax
income and a 49% increase in net income. While our fourth
quarter results also featured a record number of homes delivered
and record revenue, the 4% decline we experienced in our new
contracts reflected more challenging housing conditions and
affordability pressures. These conditions also impacted our
gross margins, though we are pleased with the 70 basis point
improvement in our annual overhead expense ratio."
Mr. Schottenstein continued, "Our homebuilding debt to capital
ratio at year-end was 44%. During the second half of the year, we
repurchased 1.07 million of our common shares. Though housing
conditions continue to be choppy, we enter 2019 with a very strong
backlog and balance sheet, and are well positioned for the year
with a significant number of planned new community openings."
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 February 2020.
M/I Homes, Inc. is one of the nation's leading builders of
single-family homes, having sold over 111,400 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 are also currently sold under the name Hans Hagen Homes in the Minneapolis/St. Paul, Minnesota market and
Pinnacle Homes in the Detroit,
Michigan market. The Company has homebuilding
operations in Columbus and
Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; 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 several 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, integration of acquisitions, construction defects,
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, 2017, 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.
M/I Homes, Inc.
and Subsidiaries
Summary Statement
of Income (Unaudited)
(Dollars and
shares in thousands, except per share amounts)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
New
contracts
|
1,173
|
|
|
1,220
|
|
|
5,845
|
|
|
5,299
|
|
Average community
count
|
211
|
|
|
184
|
|
|
205
|
|
|
183
|
|
Cancellation
rate
|
18
|
%
|
|
13
|
%
|
|
15
|
%
|
|
14
|
%
|
Backlog
units
|
|
|
|
|
2,194
|
|
|
2,014
|
|
Backlog sales
value
|
|
|
|
|
$
|
896,714
|
|
|
$
|
791,253
|
|
Homes
delivered
|
1,825
|
|
|
1,584
|
|
|
5,778
|
|
|
5,089
|
|
Average home closing
price
|
$
|
383
|
|
|
$
|
372
|
|
|
$
|
384
|
|
|
$
|
369
|
|
|
|
|
|
|
|
|
|
Homebuilding
revenue:
|
|
|
|
|
|
|
|
Housing
revenue
|
$
|
698,919
|
|
|
$
|
588,679
|
|
|
$
|
2,217,197
|
|
|
$
|
1,878,572
|
|
Land
revenue
|
10,465
|
|
|
21,268
|
|
|
16,889
|
|
|
33,706
|
|
Total homebuilding
revenue
|
$
|
709,384
|
|
|
$
|
609,947
|
|
|
$
|
2,234,086
|
|
|
$
|
1,912,278
|
|
|
|
|
|
|
|
|
|
Financial services revenue
|
13,101
|
|
|
11,755
|
|
|
52,196
|
|
|
49,693
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
722,485
|
|
|
$
|
621,702
|
|
|
$
|
2,286,282
|
|
|
$
|
1,961,971
|
|
|
|
|
|
|
|
|
|
Cost of sales -
operations
|
586,039
|
|
|
498,470
|
|
|
1,831,557
|
|
|
1,552,522
|
|
Cost of sales -
purchase accounting charges
|
598
|
|
|
—
|
|
|
5,147
|
|
|
—
|
|
Cost of sales -
impairment
|
5,809
|
|
|
7,681
|
|
|
5,809
|
|
|
7,681
|
|
Cost of sales -
stucco related charges
|
—
|
|
|
—
|
|
|
—
|
|
|
8,500
|
|
Gross
margin
|
130,039
|
|
|
115,551
|
|
|
443,769
|
|
|
393,268
|
|
General and
administrative expense
|
38,265
|
|
|
37,073
|
|
|
137,779
|
|
|
126,282
|
|
Selling
expense
|
42,121
|
|
|
39,661
|
|
|
142,829
|
|
|
128,327
|
|
Operating
income
|
49,653
|
|
|
38,817
|
|
|
163,161
|
|
|
138,659
|
|
Acquisition and
integration costs
|
—
|
|
|
—
|
|
|
1,700
|
|
|
—
|
|
Equity in income from
joint venture arrangements
|
(44)
|
|
|
(341)
|
|
|
(312)
|
|
|
(539)
|
|
Interest
expense
|
5,292
|
|
|
5,027
|
|
|
20,484
|
|
|
18,874
|
|
Income before income
taxes
|
44,405
|
|
|
34,131
|
|
|
141,289
|
|
|
120,324
|
|
Provision for income
taxes
|
11,998
|
|
|
18,249
|
|
|
33,626
|
|
|
48,243
|
|
Net income
|
$
|
32,407
|
|
|
$
|
15,882
|
|
|
$
|
107,663
|
|
|
$
|
72,081
|
|
Excess of fair value
over book value of preferred
shares subject to redemption
|
—
|
|
|
—
|
|
|
—
|
|
|
2,257
|
|
Preferred
dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
3,656
|
|
Net income available
to common shareholders
|
$
|
32,407
|
|
|
$
|
15,882
|
|
|
$
|
107,663
|
|
|
$
|
66,168
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
1.17
|
|
|
$
|
0.57
|
|
|
$
|
3.81
|
|
|
$
|
2.57
|
|
Diluted
|
$
|
1.15
|
|
|
$
|
0.53
|
|
|
$
|
3.70
|
|
|
$
|
2.26
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
27,774
|
|
|
27,736
|
|
|
28,224
|
|
|
25,769
|
|
Diluted
|
28,181
|
|
|
31,172
|
|
|
29,178
|
|
|
30,688
|
|
M/I Homes, Inc.
and Subsidiaries
Summary Balance
Sheet and Other Information (unaudited)
(Dollars in
thousands, except per share amounts)
|
|
|
As
of
|
|
December
31,
|
|
2018
|
|
2017
|
Assets:
|
|
|
|
Total cash, cash
equivalents and restricted cash
|
$
|
21,529
|
|
|
$
|
151,703
|
|
Mortgage loans held
for sale
|
169,651
|
|
|
171,580
|
|
Inventory:
|
|
|
|
Lots, land and land
development
|
778,943
|
|
|
687,260
|
|
Land held for
sale
|
12,633
|
|
|
6,491
|
|
Homes under
construction
|
730,390
|
|
|
579,051
|
|
Other
inventory
|
152,494
|
|
|
141,772
|
|
Total
Inventory
|
$
|
1,674,460
|
|
|
$
|
1,414,574
|
|
|
|
|
|
Property and
equipment - net
|
29,395
|
|
|
26,816
|
|
Goodwill
|
16,400
|
|
|
—
|
|
Investments in joint
venture arrangements
|
35,870
|
|
|
20,525
|
|
Deferred income tax
asset
|
13,482
|
|
|
18,438
|
|
Other
assets
|
60,794
|
|
|
61,135
|
|
Total
Assets
|
$
|
2,021,581
|
|
|
$
|
1,864,771
|
|
|
|
|
|
Liabilities:
|
|
|
|
Debt - Homebuilding
Operations:
|
|
|
|
Senior notes due 2021
- net
|
$
|
297,884
|
|
|
$
|
296,780
|
|
Senior notes due 2025
- net
|
246,571
|
|
|
246,051
|
|
Convertible senior
subordinated notes due 2018 - net
|
—
|
|
|
86,132
|
|
Notes payable -
homebuilding
|
117,400
|
|
|
—
|
|
Notes payable -
other
|
5,938
|
|
|
10,576
|
|
Total Debt -
Homebuilding Operations
|
$
|
667,793
|
|
|
$
|
639,539
|
|
|
|
|
|
Notes payable bank -
financial services operations
|
153,168
|
|
|
168,195
|
|
Total Debt
|
$
|
820,961
|
|
|
$
|
807,734
|
|
|
|
|
|
Accounts
payable
|
131,511
|
|
|
117,233
|
|
Other
liabilities
|
213,806
|
|
|
192,506
|
|
Total
Liabilities
|
$
|
1,166,278
|
|
|
$
|
1,117,473
|
|
|
|
|
|
Shareholders'
Equity
|
855,303
|
|
|
747,298
|
|
Total Liabilities and
Shareholders' Equity
|
$
|
2,021,581
|
|
|
$
|
1,864,771
|
|
|
|
|
|
Book value per common
share
|
$
|
31.08
|
|
|
$
|
26.83
|
|
Homebuilding debt /
capital ratio(1)
|
44
|
%
|
|
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
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Cash provided by
(used in) operating activities
|
$
|
72,527
|
|
|
$
|
13,495
|
|
|
$
|
(2,592)
|
|
|
$
|
(53,184)
|
|
Cash used in
investing activities
|
$
|
(13,655)
|
|
|
$
|
(4,746)
|
|
|
$
|
(133,957)
|
|
|
$
|
(9,157)
|
|
Cash (used in)
provided by in financing activities
|
$
|
(73,703)
|
|
|
$
|
39,318
|
|
|
$
|
6,375
|
|
|
$
|
179,603
|
|
|
|
|
|
|
|
|
|
Land/lot
purchases
|
$
|
74,050
|
|
|
$
|
78,085
|
|
|
$
|
330,548
|
|
|
$
|
328,226
|
|
Land development
spending
|
$
|
69,667
|
|
|
$
|
63,683
|
|
|
$
|
221,923
|
|
|
$
|
200,702
|
|
Land sale
revenue
|
$
|
10,465
|
|
|
$
|
21,268
|
|
|
$
|
16,889
|
|
|
$
|
33,706
|
|
Land sale gross
profit
|
$
|
1,493
|
|
|
$
|
1,966
|
|
|
$
|
2,045
|
|
|
$
|
2,849
|
|
|
|
|
|
|
|
|
|
Financial services
pre-tax income
|
$
|
5,353
|
|
|
$
|
4,543
|
|
|
$
|
24,213
|
|
|
$
|
24,531
|
|
M/I Homes, Inc.
and Subsidiaries
Non-GAAP Financial
Results (1)
(Dollars in
thousands)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income
|
$
|
32,407
|
|
|
$
|
15,882
|
|
|
$
|
107,663
|
|
|
$
|
72,081
|
|
Add:
|
|
|
|
|
|
|
|
Provision for income
taxes
|
11,998
|
|
|
18,249
|
|
|
33,626
|
|
|
48,243
|
|
Interest expense, net
of interest income
|
4,225
|
|
|
4,305
|
|
|
16,990
|
|
|
16,024
|
|
Interest amortized to
cost of sales
|
8,112
|
|
|
6,730
|
|
|
25,457
|
|
|
20,327
|
|
Depreciation and
amortization
|
3,777
|
|
|
3,675
|
|
|
14,531
|
|
|
14,174
|
|
Non-cash
charges
|
8,012
|
|
|
9,691
|
|
|
11,783
|
|
|
13,725
|
|
Adjusted
EBITDA
|
$
|
68,531
|
|
|
$
|
58,532
|
|
|
$
|
210,050
|
|
|
$
|
184,574
|
|
M/I Homes, Inc.
and Subsidiaries
Non-GAAP
Reconciliation (1)
(Dollars and
shares in thousands, except per share amounts)
|
|
|
Three Months
Ended
|
|
Twelve months
ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Income before income
taxes
|
$
|
44,405
|
|
|
$
|
34,131
|
|
|
$
|
141,289
|
|
|
$
|
120,324
|
|
Add:
Impairment
|
5,809
|
|
|
7,681
|
|
|
5,809
|
|
|
7,681
|
|
Add: Purchase
accounting charges
|
598
|
|
|
—
|
|
|
5,147
|
|
|
—
|
|
Add: Acquisition and
integration costs
|
—
|
|
|
—
|
|
|
1,700
|
|
|
—
|
|
Add: Stucco-related
charges
|
—
|
|
|
—
|
|
|
—
|
|
|
8,500
|
|
Adjusted income
before income taxes
|
$
|
50,812
|
|
|
$
|
41,812
|
|
|
$
|
153,945
|
|
|
$
|
136,505
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
32,407
|
|
|
$
|
15,882
|
|
|
$
|
107,663
|
|
|
$
|
72,081
|
|
Add: Impairment - net
of tax
|
4,415
|
|
|
4,916
|
|
|
4,415
|
|
|
4,916
|
|
Add: Purchase
accounting charges - net of tax
|
454
|
|
|
—
|
|
|
3,912
|
|
|
—
|
|
Add: Acquisition and
integration costs - net of tax
|
—
|
|
|
—
|
|
|
1,292
|
|
|
—
|
|
Add: Stucco-related
charges - net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
5,440
|
|
Add: Deferred tax
re-measurement due to tax reform
|
—
|
|
|
6,520
|
|
|
—
|
|
|
6,520
|
|
Adjusted net
income
|
$
|
37,276
|
|
|
$
|
27,318
|
|
|
$
|
117,282
|
|
|
$
|
88,957
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
|
32,407
|
|
|
$
|
15,882
|
|
|
$
|
107,663
|
|
|
$
|
66,168
|
|
Add: Impairment - net
of tax
|
4,415
|
|
|
4,916
|
|
|
4,415
|
|
|
4,916
|
|
Add: Purchase
accounting charges - net of tax
|
454
|
|
|
—
|
|
|
3,912
|
|
|
—
|
|
Add: Acquisition and
integration costs - net of tax
|
—
|
|
|
—
|
|
|
1,292
|
|
|
—
|
|
Add: Stucco-related
charges - net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
5,440
|
|
Add: Deferred tax
re-measurement due to tax reform
|
—
|
|
|
6,520
|
|
|
—
|
|
|
6,520
|
|
Add: Excess of fair
value over book value charge
|
—
|
|
|
—
|
|
|
—
|
|
|
2,257
|
|
Adjusted net income
available to common shareholders
|
$
|
37,276
|
|
|
$
|
27,318
|
|
|
$
|
117,282
|
|
|
$
|
85,301
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
$
|
1.15
|
|
|
$
|
0.53
|
|
|
$
|
3.70
|
|
|
$
|
2.26
|
|
Add: Impairment per
share impact(2)
|
0.15
|
|
|
0.16
|
|
|
0.15
|
|
|
0.16
|
|
Add: Purchase
accounting charges per share impact(2)
|
0.02
|
|
|
—
|
|
|
0.13
|
|
|
—
|
|
Add: Acquisition and
integration costs per share impact(2)
|
—
|
|
|
—
|
|
|
0.05
|
|
|
—
|
|
Add: Stucco-related
charges per share impact(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
0.18
|
|
Add: Deferred tax
re-measurement due to tax reform per share
impact(2)
|
—
|
|
|
0.21
|
|
|
—
|
|
|
0.21
|
|
Add: Preferred shares
redeemed per share impact(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
0.07
|
|
Adjusted diluted
earnings per share
|
$
|
1.32
|
|
|
$
|
0.90
|
|
|
$
|
4.03
|
|
|
$
|
2.88
|
|
(1)
|
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.
|
|
|
(2)
|
Represents the
related charges divided by diluted weighted average shares
outstanding during the respective period as presented in the
Summary Statement of Income.
|
M/I Homes, Inc.
and Subsidiaries
Selected
Supplemental Financial and Operating Data
|
|
NEW
CONTRACTS
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
%
|
|
|
|
|
|
%
|
Region
|
2018
|
|
|
2017
|
|
|
Change
|
|
2018
|
|
|
2017
|
|
|
Change
|
Midwest
|
415
|
|
|
433
|
|
|
(4)
|
%
|
|
2,306
|
|
|
1,978
|
|
|
17
|
%
|
Southern
|
550
|
|
|
544
|
|
|
1
|
%
|
|
2,697
|
|
|
2,342
|
|
|
15
|
%
|
Mid-Atlantic
|
208
|
|
|
243
|
|
|
(14)
|
%
|
|
842
|
|
|
979
|
|
|
(14)
|
%
|
Total
|
1,173
|
|
|
1,220
|
|
|
(4)
|
%
|
|
5,845
|
|
|
5,299
|
|
|
10
|
%
|
HOMES
DELIVERED
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
%
|
|
|
|
|
|
%
|
Region
|
2018
|
|
|
2017
|
|
|
Change
|
|
2018
|
|
|
2017
|
|
|
Change
|
Midwest
|
769
|
|
|
630
|
|
|
22
|
%
|
|
2,317
|
|
|
1,907
|
|
|
21
|
%
|
Southern
|
760
|
|
|
649
|
|
|
17
|
%
|
|
2,579
|
|
|
2,108
|
|
|
22
|
%
|
Mid-Atlantic
|
296
|
|
|
305
|
|
|
(3)
|
%
|
|
882
|
|
|
1,074
|
|
|
(18)
|
%
|
Total
|
1,825
|
|
|
1,584
|
|
|
15
|
%
|
|
5,778
|
|
|
5,089
|
|
|
14
|
%
|
BACKLOG
|
|
December 31,
2018
|
|
December 31,
2017
|
|
|
|
Dollars
|
|
Average
|
|
|
|
Dollars
|
|
Average
|
Region
|
Units
|
|
(millions)
|
|
Sales
Price
|
|
Units
|
|
(millions)
|
|
Sales
Price
|
Midwest
|
930
|
|
|
$
|
410
|
|
|
$
|
441,000
|
|
|
828
|
|
|
$
|
344
|
|
|
$
|
415,000
|
|
Southern
|
1,026
|
|
|
$
|
382
|
|
|
$
|
373,000
|
|
|
908
|
|
|
$
|
332
|
|
|
$
|
365,000
|
|
Mid-Atlantic
|
238
|
|
|
$
|
104
|
|
|
$
|
437,000
|
|
|
278
|
|
|
$
|
116
|
|
|
$
|
416,000
|
|
Total
|
2,194
|
|
|
$
|
897
|
|
|
$
|
409,000
|
|
|
2,014
|
|
|
$
|
791
|
|
|
$
|
393,000
|
|
LAND POSITION
SUMMARY
|
|
December 31,
2018
|
|
|
December 31,
2017
|
|
Lots
|
Lots
Under
|
|
|
|
Lots
|
Lots
Under
|
|
Region
|
Owned
|
Contract
|
Total
|
|
|
Owned
|
Contract
|
Total
|
Midwest
|
5,644
|
|
6,460
|
|
12,104
|
|
|
|
4,456
|
|
6,220
|
|
10,676
|
|
Southern
|
6,507
|
|
5,636
|
|
12,143
|
|
|
|
5,470
|
|
7,668
|
|
13,138
|
|
Mid-Atlantic
|
1,912
|
|
2,564
|
|
4,476
|
|
|
|
1,696
|
|
3,021
|
|
4,717
|
|
Total
|
14,063
|
|
14,660
|
|
28,723
|
|
|
|
11,622
|
|
16,909
|
|
28,531
|
|
View original content to download
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SOURCE M/I Homes, Inc.