M/I Homes Q4 Net Income Declines; Revenue Down 20%

(RTTNews) - M/I Homes, Inc. (MHO) reported that its fourth quarter net income declined to $105.3 million, or $3.66 per share, compared to $130.4 million, or $4.65 per share, a year ago.

Fourth quarter revenue was $972.6 million, down 20% from prior year. Homes delivered in fourth quarter was 2,019, a 15% decrease compared to 2,384 deliveries, prior year. New contracts increased 61% to 1,588 from 985.

Robert Schottenstein, CEO and President, said: "We are in excellent financial condition. We ended the year with record shareholders' equity of $2.5 billion, cash of $733 million, zero borrowings under our $650 million credit facility, and a homebuilding debt to capital ratio of 22%. And, our year-end book value was a record $91 per share."

Shares of M/I Homes are down 6% in pre-market trade on Wednesday.

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