2011 Form 10-K Financial Statement

#000079929212000006 Filed on February 27, 2012

View on sec.gov

Income Statement

Concept 2011 2010 Q4 2010
Revenue $566.4M $165.0M $616.4M
YoY Change -8.1% -19.47% 8.15%
Cost Of Revenue $467.1M $138.4M $511.4M
YoY Change -8.66% -20.51% 3.31%
Gross Profit $99.30M $26.60M $105.0M
YoY Change -5.43% -13.92% 40.0%
Gross Profit Margin 17.53% 16.12% 17.04%
Selling, General & Admin $96.20M $26.00M $102.0M
YoY Change -5.73% -13.33% -1.05%
% of Gross Profit 96.88% 97.74% 97.18%
Research & Development $2.500M $2.400M
YoY Change 4.17%
% of Gross Profit 2.52% 2.29%
Depreciation & Amortization $7.574M $1.300M $5.194M
YoY Change 45.82% 0.0% -0.95%
% of Gross Profit 7.63% 4.89% 4.95%
Operating Expenses $98.70M $25.90M $104.4M
YoY Change -5.5% -13.38% 1.28%
Operating Profit -$18.90M $700.0K -$9.611M
YoY Change 96.62% -30.0% -65.82%
Interest Expense $15.01M -$3.200M $9.415M
YoY Change 59.37% 45.45% 11.2%
% of Operating Profit -457.14%
Other Income/Expense, Net $0.00 $8.378M
YoY Change -100.0%
Pretax Income -$33.90M -$12.30M -$27.40M
YoY Change 23.71% -49.17% -70.53%
Income Tax -$25.00K -$1.300M -$1.135M
% Of Pretax Income
Net Earnings -$33.88M -$11.10M -$26.27M
YoY Change 28.96% -258.57% -57.71%
Net Earnings / Revenue -5.98% -6.73% -4.26%
Basic Earnings Per Share -$1.81 -$1.42
Diluted Earnings Per Share -$1.81 -$600.0K -$1.42
COMMON SHARES
Basic Shares Outstanding 18.70M shares 18.52M shares
Diluted Shares Outstanding 18.70M shares 18.52M shares

Balance Sheet

Concept 2011 2010 Q4 2010
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.80M $81.20M $81.20M
YoY Change -26.35% -26.11% -26.11%
Cash & Equivalents $59.80M $81.21M $81.20M
Short-Term Investments
Other Short-Term Assets $57.30M $43.30M $43.30M
YoY Change 32.33% 23.71% 23.71%
Inventory $466.8M $450.9M $450.9M
Prepaid Expenses
Receivables $57.30M $43.30M $43.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $583.9M $575.4M $575.4M
YoY Change 1.48% 1.8% 1.8%
LONG-TERM ASSETS
Property, Plant & Equipment $14.40M $16.55M $16.60M
YoY Change -13.25% -12.87% -12.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.40M $10.60M $10.60M
YoY Change -1.89% 2.91% 2.91%
Other Assets $41.30M $41.90M $41.90M
YoY Change -1.43% 87.89% 87.89%
Total Long-Term Assets $80.60M $86.49M $86.50M
YoY Change -6.82% -12.28% -12.27%
TOTAL ASSETS
Total Short-Term Assets $583.9M $575.4M $575.4M
Total Long-Term Assets $80.60M $86.49M $86.50M
Total Assets $664.5M $661.9M $661.9M
YoY Change 0.39% -0.29% -0.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.30M $29.00M $29.00M
YoY Change 42.41% -24.28% -24.28%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.50M $32.00M $32.00M
YoY Change 42.19% -23.99% -23.99%
LONG-TERM LIABILITIES
Long-Term Debt $297.4M $276.7M $276.7M
YoY Change 7.48% 20.46% 20.46%
Other Long-Term Liabilities $48.30M $49.70M $49.70M
YoY Change -2.82% -23.77% -23.77%
Total Long-Term Liabilities $345.7M $326.4M $326.4M
YoY Change 5.91% 10.68% 10.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.50M $32.00M $32.00M
Total Long-Term Liabilities $345.7M $326.4M $326.4M
Total Liabilities $391.1M $358.4M $358.4M
YoY Change 9.12% 6.32% 6.32%
SHAREHOLDERS EQUITY
Retained Earnings $137.6M
YoY Change
Common Stock $140.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $71.05M
YoY Change
Treasury Stock Shares 3.577M shares
Shareholders Equity $273.4M $303.5M $303.5M
YoY Change
Total Liabilities & Shareholders Equity $664.5M $661.9M $661.9M
YoY Change 0.39% -0.29% -0.29%

Cashflow Statement

Concept 2011 2010 Q4 2010
OPERATING ACTIVITIES
Net Income -$33.88M -$11.10M -$26.27M
YoY Change 28.96% -258.57% -57.71%
Depreciation, Depletion And Amortization $7.574M $1.300M $5.194M
YoY Change 45.82% 0.0% -0.95%
Cash From Operating Activities -$33.96M $5.700M -$37.30M
YoY Change -8.96% -86.9% -154.47%
INVESTING ACTIVITIES
Capital Expenditures $1.352M -$100.0K $1.560M
YoY Change -13.33% -66.67% -61.08%
Acquisitions $4.654M $0.00
YoY Change
Other Investing Activities -$8.000M -$3.700M -$20.80M
YoY Change -61.54% -108.31% 34.19%
Cash From Investing Activities -$9.324M -$3.800M -$22.36M
YoY Change -58.3% -108.6% 14.8%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $21.87M 35.40M $30.94M
YoY Change -29.32% -1411.11% 8.91%
NET CHANGE
Cash From Operating Activities -$33.96M 5.700M -$37.30M
Cash From Investing Activities -$9.324M -3.800M -$22.36M
Cash From Financing Activities $21.87M 35.40M $30.94M
Net Change In Cash -$21.42M 37.30M -$28.72M
YoY Change -25.44% -56.12% -137.1%
FREE CASH FLOW
Cash From Operating Activities -$33.96M $5.700M -$37.30M
Capital Expenditures $1.352M -$100.0K $1.560M
Free Cash Flow -$35.31M $5.800M -$38.86M
YoY Change -9.13% -86.76% -160.28%

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ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2009 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
7878000 USD
CY2011 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1500000 USD
CY2009 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
70000 USD
CY2010 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
12000 USD
CY2009 us-gaap Profit Loss
ProfitLoss
-62109000 USD
CY2011 us-gaap Profit Loss
ProfitLoss
-33877000 USD
CY2010 us-gaap Profit Loss
ProfitLoss
-26269000 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14358000 USD
CY2010Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16554000 USD
CY2011 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
CY2009 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
91000 USD
CY2010 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
CY2011 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 USD
CY2009 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 USD
CY2010 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
166088000 USD
CY2010Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
41923000 USD
CY2011Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
41334000 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
103701000 USD
CY2010Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
137578000 USD
CY2009 us-gaap Revenues
Revenues
569949000 USD
CY2010 us-gaap Revenues
Revenues
616377000 USD
CY2011 us-gaap Revenues
Revenues
566424000 USD
CY2009 us-gaap Selling Expense
SellingExpense
43950000 USD
CY2011 us-gaap Selling Expense
SellingExpense
43534000 USD
CY2010 us-gaap Selling Expense
SellingExpense
48084000 USD
CY2011Q4 us-gaap Senior Notes
SeniorNotes
239016000 USD
CY2010Q4 us-gaap Senior Notes
SeniorNotes
238610000 USD
CY2010 us-gaap Share Based Compensation
ShareBasedCompensation
2811000 USD
CY2009 us-gaap Share Based Compensation
ShareBasedCompensation
3111000 USD
CY2011 us-gaap Share Based Compensation
ShareBasedCompensation
1866000 USD
CY2009 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
52568000 USD
CY2009 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
70000 USD
CY2010 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
12000 USD
CY2011 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1500000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
273350000 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
303491000 USD
CY2009Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
326763000 USD
CY2008Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
333061000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
273350000 USD
CY2010Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
303491000 USD
CY2010Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
3577388 shares
CY2011Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
3365366 shares
CY2010Q4 us-gaap Treasury Stock Value
TreasuryStockValue
71051000 USD
CY2011Q4 us-gaap Treasury Stock Value
TreasuryStockValue
66840000 USD
CY2009 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-8220000 USD
CY2011 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-12950000 USD
CY2010 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-10797000 USD
CY2009 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16730000 shares
CY2010 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18523000 shares
CY2011 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18698000 shares
CY2009 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16730000 shares
CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18698000 shares
CY2010 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18523000 shares
CY2010 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
311000 USD
CY2009 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
554000 USD
CY2011 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2011 mho Amortization Of Intangibles And Debt Discount And Debt Issue Costs
AmortizationOfIntangiblesAndDebtDiscountAndDebtIssueCosts
2460000 USD
CY2010 mho Amortization Of Intangibles And Debt Discount And Debt Issue Costs
AmortizationOfIntangiblesAndDebtDiscountAndDebtIssueCosts
2562000 USD
CY2009 mho Amortization Of Intangibles And Debt Discount And Debt Issue Costs
AmortizationOfIntangiblesAndDebtDiscountAndDebtIssueCosts
2627000 USD
CY2011 mho Community Development District Infrastructure
CommunityDevelopmentDistrictInfrastructure
-1129000 USD
CY2009 mho Community Development District Infrastructure
CommunityDevelopmentDistrictInfrastructure
-2189000 USD
CY2010 mho Community Development District Infrastructure
CommunityDevelopmentDistrictInfrastructure
-1074000 USD
CY2011Q4 mho Community Development District Obligations
CommunityDevelopmentDistrictObligations
5983000 USD
CY2010Q4 mho Community Development District Obligations
CommunityDevelopmentDistrictObligations
7112000 USD
CY2010 mho Increase Decrease In Cash Held In Escrow
IncreaseDecreaseInCashHeldInEscrow
36000 USD
CY2009 mho Land And Housing Costs
LandAndHousingCosts
494989000 USD
CY2011 mho Land And Housing Costs
LandAndHousingCosts
467130000 USD
CY2010 mho Land And Housing Costs
LandAndHousingCosts
511408000 USD
CY2010Q4 mho Notes Payable Bank Financial Services Operations
NotesPayableBankFinancialServicesOperations
32197000 USD
CY2011Q4 mho Obligation For Consolidated Inventory Not Owned
ObligationForConsolidatedInventoryNotOwned
2944000 USD
CY2010Q4 mho Obligation For Consolidated Inventory Not Owned
ObligationForConsolidatedInventoryNotOwned
468000 USD
CY2010 mho Non Cash Contingent Consideration Related To Acquisition
NonCashContingentConsiderationRelatedToAcquisition
0 USD
CY2011 mho Non Cash Contingent Consideration Related To Acquisition
NonCashContingentConsiderationRelatedToAcquisition
329000 USD
CY2009 mho Non Cash Contingent Consideration Related To Acquisition
NonCashContingentConsiderationRelatedToAcquisition
0 USD
CY2011Q4 mho Notes Payable Bank Financial Services Operations
NotesPayableBankFinancialServicesOperations
52606000 USD
CY2010 mho Consolidated Inventory Not Owned Obligation
ConsolidatedInventoryNotOwnedObligation
-148000 USD
CY2009 mho Consolidated Inventory Not Owned Obligation
ConsolidatedInventoryNotOwnedObligation
-4933000 USD
CY2011 mho Consolidated Inventory Not Owned Obligation
ConsolidatedInventoryNotOwnedObligation
2476000 USD
CY2011 mho Deferral Of Executive And Director Compensation
DeferralOfExecutiveAndDirectorCompensation
137000 USD
CY2009 mho Deferral Of Executive And Director Compensation
DeferralOfExecutiveAndDirectorCompensation
163000 USD
CY2010 mho Deferral Of Executive And Director Compensation
DeferralOfExecutiveAndDirectorCompensation
187000 USD
CY2010 mho Fair Value Adjustment Of Mortgage Loans Held For Sale
FairValueAdjustmentOfMortgageLoansHeldForSale
-1220000 USD
CY2009 mho Fair Value Adjustment Of Mortgage Loans Held For Sale
FairValueAdjustmentOfMortgageLoansHeldForSale
-2612000 USD
CY2011 mho Fair Value Adjustment Of Mortgage Loans Held For Sale
FairValueAdjustmentOfMortgageLoansHeldForSale
3065000 USD
CY2011 mho Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
-33902000 USD
CY2009 mho Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
-92989000 USD
CY2010 mho Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
-27404000 USD
CY2009 mho Increase Decrease In Cash Held In Escrow
IncreaseDecreaseInCashHeldInEscrow
-3511000 USD
CY2011 mho Increase Decrease In Cash Held In Escrow
IncreaseDecreaseInCashHeldInEscrow
-3155000 USD
CY2010 mho Return Of Investment From Unconsolidated Llcs
ReturnOfInvestmentFromUnconsolidatedLlcs
13000 USD
CY2011 mho Return Of Investment From Unconsolidated Llcs
ReturnOfInvestmentFromUnconsolidatedLlcs
0 USD
CY2009 mho Return Of Investment From Unconsolidated Llcs
ReturnOfInvestmentFromUnconsolidatedLlcs
809000 USD
CY2010 mho Total Costs And Expenses
TotalCostsAndExpenses
643781000 USD
CY2009 mho Total Costs And Expenses
TotalCostsAndExpenses
662938000 USD
CY2011 mho Total Costs And Expenses
TotalCostsAndExpenses
600326000 USD
CY2011 dei Amendment Flag
AmendmentFlag
false
CY2011 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2011 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2011 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
CY2011 dei Document Period End Date
DocumentPeriodEndDate
2011-12-31
CY2011 dei Document Type
DocumentType
10-K
CY2011 dei Entity Central Index Key
EntityCentralIndexKey
0000799292
CY2012Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
18777677 shares
CY2011 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2011 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2011Q2 dei Entity Public Float
EntityPublicFloat
220880000 USD
CY2011 dei Entity Registrant Name
EntityRegistrantName
M I HOMES INC
CY2011 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2011 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

Files In Submission

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0000799292-12-000006-index-headers.html Edgar Link pending
0000799292-12-000006-index.html Edgar Link pending
0000799292-12-000006.txt Edgar Link pending
0000799292-12-000006-xbrl.zip Edgar Link pending
exh2110k12-31x11.htm Edgar Link pending
exh2310k12-31x11.htm Edgar Link pending
exh2410k12-31x11.htm Edgar Link pending
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Financial_Report.xls Edgar Link pending
mho-20111231.xml Edgar Link completed
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mho-20111231201110k.htm Edgar Link pending
mho-20111231_cal.xml Edgar Link unprocessable
mho-20111231_def.xml Edgar Link unprocessable
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mho-20111231_pre.xml Edgar Link unprocessable
mho20111231201110kr246.pdf Edgar Link pending
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