$MHO
M/I HOMES, INC.

2011 Q3 Form 10-Q Financial Statement

#000079929211000054 Filed on November 04, 2011

View on sec.gov

Income Statement

Concept 2011 Q3 2010 Q3
Revenue $141.6M $135.6M
YoY Change 4.44% -11.19%
Cost Of Revenue $116.3M $108.7M
YoY Change 6.99% -17.28%
Gross Profit $23.66M $27.00M
YoY Change -12.38% 26.76%
Gross Profit Margin 16.7% 19.91%
Selling, General & Admin $25.11M $24.88M
YoY Change 0.91% -4.3%
% of Gross Profit 106.13% 92.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.300M $1.300M
YoY Change 0.0% 0.0%
% of Gross Profit 5.49% 4.81%
Operating Expenses $25.11M $24.88M
YoY Change 0.91% -4.3%
Operating Profit -$1.451M $2.117M
YoY Change -168.54% -145.04%
Interest Expense $3.384M $1.952M
YoY Change 73.36% -250.15%
% of Operating Profit 92.21%
Other Income/Expense, Net
YoY Change
Pretax Income -$4.835M -$1.700M
YoY Change 184.41% -91.9%
Income Tax -$117.0K $389.0K
% Of Pretax Income
Net Earnings -$4.718M -$2.070M
YoY Change 127.92% -90.19%
Net Earnings / Revenue -3.33% -1.53%
Basic Earnings Per Share -$0.25 -$0.11
Diluted Earnings Per Share -$0.25 -$0.11
COMMON SHARES
Basic Shares Outstanding 18.73M shares 18.52M shares
Diluted Shares Outstanding 18.73M shares 18.52M shares

Balance Sheet

Concept 2011 Q3 2010 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.80M $43.90M
YoY Change 6.61% 75.6%
Cash & Equivalents $59.79M $43.89M
Short-Term Investments
Other Short-Term Assets $36.70M $32.40M
YoY Change 13.27% -12.67%
Inventory $491.4M $488.0M
Prepaid Expenses
Receivables $36.70M $32.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $574.9M $564.3M
YoY Change 1.88% 1.42%
LONG-TERM ASSETS
Property, Plant & Equipment $14.74M $17.50M
YoY Change -15.77% -11.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.30M $11.10M
YoY Change -7.21% 44.16%
Other Assets $46.20M $48.10M
YoY Change -3.95% -38.17%
Total Long-Term Assets $86.83M $92.90M
YoY Change -6.54% -23.54%
TOTAL ASSETS
Total Short-Term Assets $574.9M $564.3M
Total Long-Term Assets $86.83M $92.90M
Total Assets $661.7M $657.2M
YoY Change 0.69% -3.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.80M $53.90M
YoY Change -15.03% 6.73%
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 $51.20M $58.30M
YoY Change -12.18% 3.74%
LONG-TERM LIABILITIES
Long-Term Debt $276.4M $229.3M
YoY Change 20.54% -1.25%
Other Long-Term Liabilities $58.20M $55.70M
YoY Change 4.49% -21.1%
Total Long-Term Liabilities $334.6M $285.0M
YoY Change 17.4% -5.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.20M $58.30M
Total Long-Term Liabilities $334.6M $285.0M
Total Liabilities $385.8M $343.3M
YoY Change 12.39% -4.37%
SHAREHOLDERS EQUITY
Retained Earnings $106.7M
YoY Change
Common Stock $139.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $66.84M
YoY Change
Treasury Stock Shares 3.365M shares
Shareholders Equity $275.9M $313.9M
YoY Change
Total Liabilities & Shareholders Equity $661.7M $657.2M
YoY Change 0.69% -3.05%

Cashflow Statement

Concept 2011 Q3 2010 Q3
OPERATING ACTIVITIES
Net Income -$4.718M -$2.070M
YoY Change 127.92% -90.19%
Depreciation, Depletion And Amortization $1.300M $1.300M
YoY Change 0.0% 0.0%
Cash From Operating Activities -$16.10M -$25.00M
YoY Change -35.6% 57.23%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$700.0K
YoY Change -71.43% 16.67%
Acquisitions
YoY Change
Other Investing Activities $18.50M -$1.900M
YoY Change -1073.68% -120.65%
Cash From Investing Activities $18.30M -$2.600M
YoY Change -803.85% -129.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -400.0K -10.20M
YoY Change -96.08% -243.66%
NET CHANGE
Cash From Operating Activities -16.10M -25.00M
Cash From Investing Activities 18.30M -2.600M
Cash From Financing Activities -400.0K -10.20M
Net Change In Cash 1.800M -37.80M
YoY Change -104.76% 37700.0%
FREE CASH FLOW
Cash From Operating Activities -$16.10M -$25.00M
Capital Expenditures -$200.0K -$700.0K
Free Cash Flow -$15.90M -$24.30M
YoY Change -34.57% 58.82%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Depreciation
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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"/></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"/></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 and &#8220;Item 1A. Risk Factors&#8221;in Part II of our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, 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"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Reclassifications</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the Unaudited Condensed Consolidated Financial Statements and the notes thereto for the nine months ended September 2010 have been reclassified to conform to the nine months ended September 2011 presentation. The Company believes these reclassifications are immaterial to the Unaudited Condensed Consolidated Financial Statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></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"/></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 United States Generally Accepted Accounting Principles (&#8220;U.S. GAAP&#8221;) and International Financial Reporting Standards (&#8220;IFRS&#8221;). 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"/></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%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></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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ProceedsFromSaleOfPropertyPlantAndEquipment
7000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1500000 USD
us-gaap Profit Loss
ProfitLoss
-15212000 USD
CY2010Q3 us-gaap Profit Loss
ProfitLoss
-2070000 USD
CY2011Q3 us-gaap Profit Loss
ProfitLoss
-4718000 USD
us-gaap Profit Loss
ProfitLoss
-30901000 USD
CY2011Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14741000 USD
CY2010Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16554000 USD
CY2011Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
46218000 USD
CY2010Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
41923000 USD
CY2010Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
137578000 USD
CY2011Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
106677000 USD
us-gaap Revenues
Revenues
451402000 USD
CY2010Q3 us-gaap Revenues
Revenues
135609000 USD
us-gaap Revenues
Revenues
389638000 USD
CY2011Q3 us-gaap Revenues
Revenues
141624000 USD
CY2010Q3 us-gaap Selling Expense
SellingExpense
11735000 USD
us-gaap Selling Expense
SellingExpense
30621000 USD
us-gaap Selling Expense
SellingExpense
36482000 USD
CY2011Q3 us-gaap Selling Expense
SellingExpense
11213000 USD
CY2010Q4 us-gaap Senior Notes
SeniorNotes
238610000 USD
CY2011Q3 us-gaap Senior Notes
SeniorNotes
238914000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1525000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2179000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1500000 USD
CY2011Q3 us-gaap Stockholders Equity
StockholdersEquity
275892000 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
303491000 USD
CY2011Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
275892000 USD
CY2010Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
303491000 USD
CY2010Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
3577388 shares
CY2011Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
3365366 shares
CY2011Q3 us-gaap Treasury Stock Value
TreasuryStockValue
66840000 USD
CY2010Q4 us-gaap Treasury Stock Value
TreasuryStockValue
71051000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-11657000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-5684000 USD
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18728000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18523000 shares
CY2010Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18523000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18685000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18685000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18523000 shares
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18728000 shares
CY2010Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18523000 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
1935000 USD
mho Amortization Of Intangibles And Debt Discount And Debt Issue Costs
AmortizationOfIntangiblesAndDebtDiscountAndDebtIssueCosts
1866000 USD
mho Community Development District Infrastructure
CommunityDevelopmentDistrictInfrastructure
-764000 USD
mho Community Development District Infrastructure
CommunityDevelopmentDistrictInfrastructure
-780000 USD
CY2011Q3 mho Community Development District Obligations
CommunityDevelopmentDistrictObligations
6348000 USD
CY2010Q4 mho Community Development District Obligations
CommunityDevelopmentDistrictObligations
7112000 USD
mho Consolidated Inventory Not Owned Obligation
ConsolidatedInventoryNotOwnedObligation
-616000 USD
mho Consolidated Inventory Not Owned Obligation
ConsolidatedInventoryNotOwnedObligation
4132000 USD
mho Deferral Of Executive And Director Compensation
DeferralOfExecutiveAndDirectorCompensation
112000 USD
mho Fair Value Adjustment Of Mortgage Loans Held For Sale
FairValueAdjustmentOfMortgageLoansHeldForSale
1479000 USD
mho Fair Value Adjustment Of Mortgage Loans Held For Sale
FairValueAdjustmentOfMortgageLoansHeldForSale
3383000 USD
CY2010Q3 mho Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
-1681000 USD
mho Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
-30830000 USD
mho Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
-15089000 USD
CY2011Q3 mho Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
-4835000 USD
mho Increase Decrease In Cash Held In Escrow
IncreaseDecreaseInCashHeldInEscrow
-237000 USD
mho Increase Decrease In Cash Held In Escrow
IncreaseDecreaseInCashHeldInEscrow
9358000 USD
mho Land And Housing Costs
LandAndHousingCosts
373030000 USD
mho Land And Housing Costs
LandAndHousingCosts
322886000 USD
CY2010Q3 mho Land And Housing Costs
LandAndHousingCosts
108659000 USD
CY2011Q3 mho Land And Housing Costs
LandAndHousingCosts
116269000 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
CY2011Q3 mho Notes Payable Bank Financial Services Operations
NotesPayableBankFinancialServicesOperations
31658000 USD
CY2010Q4 mho Obligation For Consolidated Inventory Not Owned
ObligationForConsolidatedInventoryNotOwned
468000 USD
CY2011Q3 mho Obligation For Consolidated Inventory Not Owned
ObligationForConsolidatedInventoryNotOwned
4600000 USD
mho Return Of Investment From Unconsolidated Llcs
ReturnOfInvestmentFromUnconsolidatedLlcs
0 USD
mho Return Of Investment From Unconsolidated Llcs
ReturnOfInvestmentFromUnconsolidatedLlcs
13000 USD
CY2010Q3 mho Total Costs And Expenses
TotalCostsAndExpenses
137290000 USD
mho Total Costs And Expenses
TotalCostsAndExpenses
466491000 USD
mho Total Costs And Expenses
TotalCostsAndExpenses
420468000 USD
CY2011Q3 mho Total Costs And Expenses
TotalCostsAndExpenses
146459000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
dei Document Period End Date
DocumentPeriodEndDate
2011-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000799292
CY2011Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
18736357 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
M I HOMES INC

Files In Submission

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0000799292-11-000054-index-headers.html Edgar Link pending
0000799292-11-000054-index.html Edgar Link pending
0000799292-11-000054.txt Edgar Link pending
0000799292-11-000054-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
mho-20110930.xml Edgar Link completed
mho-20110930.xsd Edgar Link pending
mho-20110930x10q.htm Edgar Link pending
mho-20110930xexh311.htm Edgar Link pending
mho-20110930xexh312.htm Edgar Link pending
mho-20110930xexh321.htm Edgar Link pending
mho-20110930xexh322.htm Edgar Link pending
mho-20110930_cal.xml Edgar Link unprocessable
mho-20110930_def.xml Edgar Link unprocessable
mho-20110930_lab.xml Edgar Link unprocessable
mho-20110930_pre.xml Edgar Link unprocessable
mho2011093010qr178.pdf Edgar Link pending
R1.htm Edgar Link pending
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