M/I Homes (MHO) Reports Fourth Quarter Deliveries, New Contracts and Year-End Backlog
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Financial Fact:
Provision (benefit) for income taxes: 7.5M
Today's EPS Names:
EDXC, BICX, FBPI, More
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M/I Homes, Inc. (NYSE: MHO) announces deliveries and new contracts for the three- and twelve- month periods ended December 31, 2006, along with year-end backlog.
Homes delivered in 2006's fourth quarter were 1,363, decreasing 16% from 2005's record-high 1,616. Homes delivered for the twelve months ended December 31, 2006 were 4,109 compared to 2005's deliveries of 4,291.
New contracts of 2,825 for the twelve months ended December 31, 2006 were 35% below 2005's 4,314. New contracts for 2006's fourth quarter were 353 compared to 901 in 2005, and 571 in 2006's third quarter. The Company experienced a 63% cancellation rate during the fourth quarter of 2006 compared to a cancellation rate of 27% in 2005, and 42% in 2006's third quarter.
Robert H. Schottenstein, Chief Executive Officer and President, commented, "Conditions in most of our markets remained difficult throughout the fourth quarter. Despite this, we were quite pleased to close 1,363 homes during the quarter and over 4,100 homes for the year. Although new contracts on a gross basis reached 953 homes for the quarter, the impact of our 63% cancellation rate resulted in new contracts declining 61% for the quarter and year-end backlog units declining 46% compared to December 31, 2005."
Mr. Schottenstein, concluded, "For the past six months, we have consistently stated that housing conditions are likely to remain challenging throughout 2007 and we see no reason to deviate from that belief. We are confident that our defensive operating strategy will serve us well as we navigate through these difficult times."
Homes delivered in 2006's fourth quarter were 1,363, decreasing 16% from 2005's record-high 1,616. Homes delivered for the twelve months ended December 31, 2006 were 4,109 compared to 2005's deliveries of 4,291.
New contracts of 2,825 for the twelve months ended December 31, 2006 were 35% below 2005's 4,314. New contracts for 2006's fourth quarter were 353 compared to 901 in 2005, and 571 in 2006's third quarter. The Company experienced a 63% cancellation rate during the fourth quarter of 2006 compared to a cancellation rate of 27% in 2005, and 42% in 2006's third quarter.
Robert H. Schottenstein, Chief Executive Officer and President, commented, "Conditions in most of our markets remained difficult throughout the fourth quarter. Despite this, we were quite pleased to close 1,363 homes during the quarter and over 4,100 homes for the year. Although new contracts on a gross basis reached 953 homes for the quarter, the impact of our 63% cancellation rate resulted in new contracts declining 61% for the quarter and year-end backlog units declining 46% compared to December 31, 2005."
Mr. Schottenstein, concluded, "For the past six months, we have consistently stated that housing conditions are likely to remain challenging throughout 2007 and we see no reason to deviate from that belief. We are confident that our defensive operating strategy will serve us well as we navigate through these difficult times."
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