$MHO
M/I HOMES, INC.

2011 Q2 Form 10-Q Financial Statement

#000079929211000038 Filed on August 02, 2011

View on sec.gov

Income Statement

Concept 2011 Q2 2010 Q2
Revenue $137.4M $196.4M
YoY Change -30.02% 69.17%
Cost Of Revenue $114.0M $165.1M
YoY Change -30.95% 62.5%
Gross Profit $17.96M $31.30M
YoY Change -42.63% 115.86%
Gross Profit Margin 13.06% 15.94%
Selling, General & Admin $23.52M $27.71M
YoY Change -15.13% 6.59%
% of Gross Profit 130.99% 88.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.200M $1.300M
YoY Change -7.69% 0.0%
% of Gross Profit 6.68% 4.15%
Operating Expenses $23.52M $27.71M
YoY Change -15.13% 6.59%
Operating Profit -$5.564M $3.586M
YoY Change -255.16% -131.18%
Interest Expense $3.465M $2.079M
YoY Change 66.67% -215.5%
% of Operating Profit 57.98%
Other Income/Expense, Net
YoY Change
Pretax Income -$9.029M -$4.700M
YoY Change 92.11% -76.38%
Income Tax $115.0K $61.00K
% Of Pretax Income
Net Earnings -$9.144M -$4.807M
YoY Change 90.22% -75.84%
Net Earnings / Revenue -6.65% -2.45%
Basic Earnings Per Share -$0.49 -$0.26
Diluted Earnings Per Share -$0.49 -$0.26
COMMON SHARES
Basic Shares Outstanding 18.71M shares 18.52M shares
Diluted Shares Outstanding 18.71M shares 18.52M shares

Balance Sheet

Concept 2011 Q2 2010 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.90M $81.60M
YoY Change -44.98% 226.4%
Cash & Equivalents $44.90M $81.60M
Short-Term Investments
Other Short-Term Assets $35.70M $51.90M
YoY Change -31.21% 70.16%
Inventory $462.8M $433.2M
Prepaid Expenses
Receivables $35.70M $51.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $543.4M $566.7M
YoY Change -4.11% 2.68%
LONG-TERM ASSETS
Property, Plant & Equipment $15.46M $17.80M
YoY Change -13.14% -11.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.00M $10.60M
YoY Change -5.66% 43.24%
Other Assets $68.90M $47.10M
YoY Change 46.28% -40.68%
Total Long-Term Assets $109.9M $98.50M
YoY Change 11.56% -23.58%
TOTAL ASSETS
Total Short-Term Assets $543.4M $566.7M
Total Long-Term Assets $109.9M $98.50M
Total Assets $653.3M $665.2M
YoY Change -1.79% -2.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.20M $48.40M
YoY Change -10.74% 8.04%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $48.20M $52.90M
YoY Change -8.88% 5.17%
LONG-TERM LIABILITIES
Long-Term Debt $276.7M $239.5M
YoY Change 15.53% 6.4%
Other Long-Term Liabilities $48.30M $57.60M
YoY Change -16.15% -13.25%
Total Long-Term Liabilities $325.0M $297.1M
YoY Change 9.39% 1.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.20M $52.90M
Total Long-Term Liabilities $325.0M $297.1M
Total Liabilities $373.3M $349.9M
YoY Change 6.67% 2.4%
SHAREHOLDERS EQUITY
Retained Earnings $111.4M
YoY Change
Common Stock $139.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $67.32M
YoY Change
Treasury Stock Shares
Shareholders Equity $280.0M $315.2M
YoY Change
Total Liabilities & Shareholders Equity $653.3M $665.2M
YoY Change -1.79% -2.29%

Cashflow Statement

Concept 2011 Q2 2010 Q2
OPERATING ACTIVITIES
Net Income -$9.144M -$4.807M
YoY Change 90.22% -75.84%
Depreciation, Depletion And Amortization $1.200M $1.300M
YoY Change -7.69% 0.0%
Cash From Operating Activities -$11.10M -$13.40M
YoY Change -17.16% 5.51%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$200.0K
YoY Change 100.0% -33.33%
Acquisitions
YoY Change
Other Investing Activities -$29.60M -$13.10M
YoY Change 125.95% -68.81%
Cash From Investing Activities -$30.00M -$13.20M
YoY Change 127.27% -68.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.800M 5.700M
YoY Change 1.75% -88.93%
NET CHANGE
Cash From Operating Activities -11.10M -13.40M
Cash From Investing Activities -30.00M -13.20M
Cash From Financing Activities 5.800M 5.700M
Net Change In Cash -35.30M -20.90M
YoY Change 68.9% 480.56%
FREE CASH FLOW
Cash From Operating Activities -$11.10M -$13.40M
Capital Expenditures -$400.0K -$200.0K
Free Cash Flow -$10.70M -$13.20M
YoY Change -18.94% 6.45%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2011Q2 us-gaap Accounts Payable Current And Noncurrent
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"></br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying Unaudited Condensed Consolidated Financial Statements (the &#8220;financial statements&#8221;) of M/I Homes, Inc. and its subsidiaries (the &#8220;Company&#8221;) and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial information. The financial statements include the accounts of M/I Homes, Inc. and its subsidiaries. All intercompany transactions have been eliminated. Results for the interim period are not necessarily indicative of results for a full year. In the opinion of management, the accompanying financial statements reflect all adjustments (all of which are normal and recurring in nature) necessary for a fair presentation of financial results for the interim periods presented. These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2010</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2010</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K&#8221;).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"></br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during that period. Actual results could differ from these estimates and have a significant impact on the financial condition and results of operations and cash flows. With regard to the Company, estimates and assumptions are inherent in calculations relating to valuation of inventory and investment in unconsolidated limited liability companies (&#8220;Unconsolidated LLCs&#8221;), property and equipment depreciation, valuation of derivative financial instruments, accounts payable on inventory, accruals for costs to complete inventory, accruals for warranty claims, accruals for self-insured general liability claims, litigation, accruals for health care and workers' compensation, accruals for guaranteed or indemnified loans, stock-based compensation expense, income taxes, and contingencies. Items that could have a significant impact on these estimates and assumptions include the risks and uncertainties listed in &#8220;Item 1A. Risk Factors&#8221; in Part I of our </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2010</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K, as the same may be updated from time to time in our subsequent filings with the SEC. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"></br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Impact of New Accounting Standards</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"></br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May&#160;2011, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accounting Standards Update (&#8220;ASU&#8221;) No.&#160;2011-04: Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS ("ASU 2011-04")</font><font style="font-family:inherit;font-size:10pt;">. ASU&#160;2011-04 provides clarity to the fair value definition in order to achieve greater consistency in fair value measurements and disclosures between </font><font style="font-family:inherit;font-size:10pt;">United States Generally Accepted Accounting Principles (&#8220;U.S. GAAP&#8221;)</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">International Financial Reporting Standards (&#8220;IFRS&#8221;)</font><font style="font-family:inherit;font-size:10pt;">. Additional disclosures are required regarding transfers of assets between Level 1 and 2 of the fair value hierarchy and regarding sensitivity of fair values for Level 3 assets. The effective date of this amendment is for fiscal periods beginning after December&#160;15, 2011. We do not anticipate the adoption of this amendment to have a material impact on the Company's financial condition, results of operations or liquidity.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"></br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 29, 2011, the FASB issued </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ASU No. 2011-03: Transfers and Servicing (Topic 860) - Reconsideration of Effective Control for Repurchase Agreements ("ASU 2011-03")</font><font style="font-family:inherit;font-size:10pt;">. ASU 2011-03 eliminates from U.S. GAAP the requirement for entities to consider whether a transferor (i.e., seller) has the ability to repurchase the financial assets in a repurchase agreement. This requirement was one of the criteria under Accounting Standards Codification 860 that entities used to determine whether the transferor maintained effective control. The effective date of this amendment is for fiscal periods beginning after December&#160;15, 2011. We do not anticipate the adoption of this amendment to have a material impact on the Company's financial condition, results of operations or liquidity.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div>
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-9144000 USD
us-gaap Profit Loss
ProfitLoss
-13142000 USD
CY2011Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15461000 USD
CY2010Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16554000 USD
CY2011Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
68902000 USD
CY2010Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
41923000 USD
CY2010Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
137578000 USD
CY2011Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
111395000 USD
CY2010Q2 us-gaap Revenues
Revenues
196404000 USD
CY2011Q2 us-gaap Revenues
Revenues
137444000 USD
us-gaap Revenues
Revenues
248014000 USD
us-gaap Revenues
Revenues
315793000 USD
us-gaap Selling Expense
SellingExpense
24747000 USD
CY2011Q2 us-gaap Selling Expense
SellingExpense
10754000 USD
CY2010Q2 us-gaap Selling Expense
SellingExpense
14153000 USD
us-gaap Selling Expense
SellingExpense
19408000 USD
CY2010Q4 us-gaap Senior Notes
SeniorNotes
238610000 USD
CY2011Q2 us-gaap Senior Notes
SeniorNotes
238813000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1042000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1484000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1433000 USD
CY2011Q2 us-gaap Stockholders Equity
StockholdersEquity
280028000 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
303491000 USD
CY2011Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
280028000 USD
CY2010Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
303491000 USD
CY2011Q2 us-gaap Treasury Stock Value
TreasuryStockValue
67318000 USD
CY2010Q4 us-gaap Treasury Stock Value
TreasuryStockValue
71051000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-10312000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-4921000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18663000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18522000 shares
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18711000 shares
CY2010Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18523000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18522000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18663000 shares
CY2010Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18523000 shares
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18711000 shares
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
311000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
mho Amortization Of Intangibles And Debt Discount And Debt Issue Costs
AmortizationOfIntangiblesAndDebtDiscountAndDebtIssueCosts
1350000 USD
mho Amortization Of Intangibles And Debt Discount And Debt Issue Costs
AmortizationOfIntangiblesAndDebtDiscountAndDebtIssueCosts
1271000 USD
mho Community Development District Infrastructure
CommunityDevelopmentDistrictInfrastructure
-611000 USD
mho Community Development District Infrastructure
CommunityDevelopmentDistrictInfrastructure
-473000 USD
CY2011Q2 mho Community Development District Obligations
CommunityDevelopmentDistrictObligations
6639000 USD
CY2010Q4 mho Community Development District Obligations
CommunityDevelopmentDistrictObligations
7112000 USD
mho Consolidated Inventory Not Owned
ConsolidatedInventoryNotOwned
-616000 USD
mho Consolidated Inventory Not Owned Purchased
ConsolidatedInventoryNotOwnedPurchased
547000 USD
mho Deferral Of Executive And Director Compensation
DeferralOfExecutiveAndDirectorCompensation
87000 USD
CY2010Q2 mho Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
-4746000 USD
mho Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
-13408000 USD
CY2011Q2 mho Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
-9029000 USD
mho Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
-25995000 USD
mho Increase Decrease In Cash Held In Escrow
IncreaseDecreaseInCashHeldInEscrow
3731000 USD
mho Increase Decrease In Cash Held In Escrow
IncreaseDecreaseInCashHeldInEscrow
9808000 USD
CY2011Q2 mho Land And Housing Costs
LandAndHousingCosts
114043000 USD
mho Land And Housing Costs
LandAndHousingCosts
206617000 USD
CY2010Q2 mho Land And Housing Costs
LandAndHousingCosts
165063000 USD
mho Land And Housing Costs
LandAndHousingCosts
264371000 USD
mho Non Cash Contingent Consideration Related To Acquisition
NonCashContingentConsiderationRelatedToAcquisition
0 USD
mho Non Cash Contingent Consideration Related To Acquisition
NonCashContingentConsiderationRelatedToAcquisition
512000 USD
CY2010Q4 mho Notes Payable Bank Financial Services Operations
NotesPayableBankFinancialServicesOperations
32197000 USD
CY2011Q2 mho Notes Payable Bank Financial Services Operations
NotesPayableBankFinancialServicesOperations
32133000 USD
CY2010Q4 mho Obligation For Consolidated Inventory Not Owned
ObligationForConsolidatedInventoryNotOwned
468000 USD
CY2011Q2 mho Obligation For Consolidated Inventory Not Owned
ObligationForConsolidatedInventoryNotOwned
1015000 USD
mho Return Of Investment From Unconsolidated Llcs
ReturnOfInvestmentFromUnconsolidatedLlcs
13000 USD
mho Return Of Investment From Unconsolidated Llcs
ReturnOfInvestmentFromUnconsolidatedLlcs
21000 USD
mho Total Costs And Expenses
TotalCostsAndExpenses
274009000 USD
CY2011Q2 mho Total Costs And Expenses
TotalCostsAndExpenses
146473000 USD
CY2010Q2 mho Total Costs And Expenses
TotalCostsAndExpenses
201150000 USD
mho Total Costs And Expenses
TotalCostsAndExpenses
329201000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
dei Document Period End Date
DocumentPeriodEndDate
2011-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000799292
CY2010Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
18712283 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
M I HOMES INC

Files In Submission

Name View Source Status
0000799292-11-000038-index-headers.html Edgar Link pending
0000799292-11-000038-index.html Edgar Link pending
0000799292-11-000038.txt Edgar Link pending
0000799292-11-000038-xbrl.zip Edgar Link pending
a10q63011final.pdf Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
mho-20110630.xml Edgar Link completed
mho-20110630.xsd Edgar Link pending
mho-20110630x10q.htm Edgar Link pending
mho-20110630xexh311.htm Edgar Link pending
mho-20110630xexh312.htm Edgar Link pending
mho-20110630xexh321.htm Edgar Link pending
mho-20110630xexh322.htm Edgar Link pending
mho-20110630_cal.xml Edgar Link unprocessable
mho-20110630_def.xml Edgar Link unprocessable
mho-20110630_lab.xml Edgar Link unprocessable
mho-20110630_pre.xml Edgar Link unprocessable
R1.htm Edgar Link pending
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report.css Edgar Link pending
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