COLUMBUS, Ohio, Oct. 22, 2015 /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) announced results for the third quarter and nine months ended September 30, 2015.

2015 Third Quarter Highlights:

• Pre-tax income of $26.5 million - a 19% increase over 2014's third quarter
• Revenue increased 10% to $363.5 million; average closing price increased 9%
• Gross margin of 21.5%, up 80 basis points from 2014's third quarter
• Net income of $15.6 million ($0.51 per diluted share)
• New contracts increased 11%; homes delivered increased 1%
• Backlog sales value increased 27% to $657 million

For the third quarter of 2015, the Company reported net income of $15.6 million, or $0.51 per diluted share. This compares to net income of $13.6 million, or $0.44 per diluted share, for the third quarter of 2014. For the nine months ended September 30, 2015, the Company reported net income of $38.5 million, or $1.25 per diluted share, compared to net income of $30.5 million for the nine months ended September 30, 2014, which excludes a $9.3 million benefit from the reversal of our state deferred tax asset valuation allowance.

Homes delivered in 2015's third quarter were 994 compared to 985 deliveries in 2014's third quarter - a 1% increase. Homes delivered for the nine months ended September 30, 2015 were 2,630 compared to 2014's deliveries of 2,616. New contracts for 2015's third quarter were 988, an increase of 11% from 2014's third quarter. For the first nine months of 2015, new contracts increased 11% from 2,890 in 2014 to 3,196 in 2015. M/I Homes had 166 active communities at September 30, 2015 compared to 147 at September 30, 2014. The Company's cancellation rate was 16% in both the third quarter of 2015 and 2014. Homes in backlog increased 15% at September 30, 2015 to 1,788 units, with a sales value of $657 million (a 27% increase over last year's third quarter), and average sales price in backlog increased 10% to a record high of $367,000. At September 30, 2014, the sales value of the 1,554 homes in backlog was $518 million, with an average sales price of $333,000.

Robert H. Schottenstein, Chief Executive Officer and President, commented, "We are pleased with our third quarter results highlighted by record high revenue of $363.5 million, 10% above 2014's third quarter, and $26.5 million of pre-tax income, 19% better than the third quarter of 2014. A number of factors contributed to our improved profitability including a 9% increase in our average closing price, an 80 basis point improvement in gross margin, and improving returns as third quarter operating margin increased to 8.3% from 7.5% a year ago. Our backlog sales value also increased 27% to $657 million and backlog units increased 15% to 1,788 homes. In addition, we have opened 42 new communities this year and remain on track to increase our community count by 15% in 2015.

Mr. Schottenstein continued, "Our financial condition is strong with shareholders' equity of $583 million. Looking ahead, with the strength of our backlog and planned new community openings, we are poised to have a very solid 2015. We remain focused on increasing profitability, growing our market share, and investing in attractive land opportunities."

The Company will broadcast live its earnings conference call today at 4:00 p.m. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." A replay of the call will continue to be available on our website through October 2016.

M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having delivered over 93,000 homes. The Company's homes are marketed and sold under the trade names M/I Homes and Showcase Collection (exclusively by M/I Homes). The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Tampa and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C.

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities and various governmental rules and regulations, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2014, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

M/I Homes, Inc. and SubsidiariesSummary Statement of Income (Unaudited)(Dollars in thousands, except per share amounts)

M/I Homes, Inc. and SubsidiariesSummary Balance Sheet and Other Information (unaudited)(Dollars in thousands, except per share amounts)

M/I Homes, Inc. and SubsidiariesSelected Supplemental Financial and Operating Data(Dollars in thousands)

(1) See "Non-GAAP Financial Results / Reconciliation" table below.

M/I Homes, Inc. and SubsidiariesNon-GAAP Financial Results / Reconciliation(Dollars in thousands)

M/I Homes, Inc. and SubsidiariesSelected Supplemental Financial and Operating Data

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SOURCE M/I Homes, Inc.