M/I Homes, Inc. Profile

M/I Homes, Inc. is a builder of single-family homes. The Company sells and constructs single-family homes and townhomes to the first-time, move-up, empty-nester and luxury buyers under the M/I Homes, Showcase Homes and Shamrock Homes trade names. Its homes are sold in nine geographic markets: Columbus and Cincinnati, Ohio; Tampa, Orlando and West Palm Beach, Florida; Charlotte and Raleigh, North Carolina; Indianapolis, Indiana; Delaware, and the Virginia and Maryland suburbs of Washington, D.C. The Company operates in two segments: homebuilding and financial services. The homebuilding segment generates approximately 98% of its revenue from the sale of completed homes, with the remaining amount generated from the sale of land and lots. The financial services segment generates its revenue from originating and selling mortgages and collecting fees for title insurance and closing services. During 2005, the Company acquired certain assets and assumed certain liabilities of Shamrock Homes. For the three months ended 31 March 2006, M/I Homes, Inc.'s revenues rose 7% to $259.1M. Net income fell 2% to $16.4M. Revenues reflect increased Housing & Land revenues due to higher average sales price of homes delivered. Net income was offset by an increase in selling, general & administrative expenses due to land related expenses associated with growth & diversification and higher interest expense.