M/I Homes Third Quarter 2012 Numbers | ||
Quarter Three | Nine Months | |
Profit/(Loss) | 8.3M +276% | $8.3 +127% |
Home Deliveries | 746 +28.2% | 1,878 +16.6% |
New Orders | 757 +29% | 2,347 +25% |
Behind the Numbers:
M/I Homes had its best quarterly performance in five years and CEO Robert H. Schottenstein is hoping it will position the company for a profitable year. The jump in the company’s bottom line and the market’s improvement gave M/I the confidence to sell $58 million in convertible debt and sell another $42 million in stock to boost its dwindling cash balance. The company also decided to expand into the Austin, Texas, market. “We believe we are well positioned to continue expanding our community count and growing the company,” Schottenstein said in the earnings news release.
M/I Homes’ fiscal year ends Dec. 31.
