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M/I Homes Goes on the Defensive

M/I Homes announced a net loss of $42.6 million for the second quarter (ending June 30). The public builder joins a long list of companies that have reported quarterly losses. "As I mentioned earlier this month in our units release, we continue to face challenging conditions in most of our markets," says Robert H. Schottenstein, CEO. More

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Playing for Time

Let's say would-be white knight Jeffrey Croft succeeds in leading Dublin, Ohio–based Dominion Homes wholly intact to the other side of the next 36 months. Industry experts who would credit Croft as a miracle worker would more than likely outnumber those who'd regard the former Pulte Homes division chief as a turn-around specialist of the mere mortal variety. Of the questions facing Dominion's new president and COO, one is why did Croft accept a mission so nearly impossible? How much time will he get to fulfill it? How dire are things? One only has to look as far ahead as May 2007, when a $218 million line of credit comes due and hints at what kind of timeline Croft faces: operations to fix, a reputation to mend, hefty financial deadlines to meet, five years' land supply to sell, and an increasingly hostile market climate to navigate. More

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