M/I Homes, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2013
January 29, 2014 at 07:00 pm IST
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M/I Homes, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the fourth quarter of 2013, the company reported net income to commons shareholders of $13,043,000, or $0.48 per diluted share. This compares to net income of $5,015,000, or $0.23 per diluted share for the fourth quarter of 2012. Net income for the fourth quarter of 2013 includes $1,600,000 of pre-tax asset impairment charges and a $1,200,000 non-operating benefit from the reversal of a portion of the company's state deferred tax asset valuation allowance. Total revenue was $336,307,000 against $250,911,000 a year ago. Operating income was $19,026,000 against $9,387,000 a year ago. Income before income taxes was $15,302,000 against $5,382,000 a year ago. Adjusted EBITDA was $26,537,000 against $18,215,000 a year ago. Cash used in operating activities was $33,538,000 against $30,674,000 a year ago.
For the year ended December 31, 2013, the company reported net income to commons shareholders of $145,577,000 or $5.24 per diluted share, compared to $13,347,000, or $0.67 per diluted share for the year ended December 31, 2012. Total revenue was $1,036,782,000 against $761,905,000 a year ago. Operating income was $58,693,000 against $28,830,000 a year ago. Income before income taxes was $41,335,000 against $12,759,000 a year ago. Book value per common share as on December 31, 2013 was $18.18 against $10.86 as on December 31, 2012. Adjusted EBITDA was $89,204,000 against $55,966,000 a year ago. Cash used in operating activities was $73,974,000 against $46,995,000 a year ago.
For the fourth quarter, the company reported pre-tax asset impairment charges of $1,568,000 against $1,626,000 a year ago.
M/I Homes, Inc. is a builder of single-family homes. The Company designs, markets, constructs and sells single-family homes and attached townhomes to first-time, move-up, empty-nester, and luxury buyers. The company primarily constructs homes in planned development communities and mixed-use communities. It offers homes for sale in approximately 213 communities within 17 markets located in 10 states. The Company operates through two distinct operations: homebuilding and financial services. Its homebuilding operations are aggregated for reporting purposes into two reporting segments: the Northern and Southern regions. Its homebuilding division is engaged in the sale and construction of single-family attached and detached homes, acquisition and development of land, and the occasional sale of lots to third parties. Its financial services operations support its homebuilding operations by providing mortgage loans and title services to the customers of its homebuilding operations.
M/I Homes, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2013