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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
 x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the Quarterly Period Ended March 31, 2005
or
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
Commission file number 1-12434
 
M/I HOMES, INC .
(Exact name of registrant as specified in its charter)

Ohio 
 
  
 
31-1210837 
(State or Other Jurisdiction
 
  
 
(I.R.S. Employer
of Incorporation or Organization)
 
  
 
Identification No.)

3 Easton Oval, Suite 500, Columbus, Ohio 
43219
 
(Address of Principal Executive Offices)
(Zip Code)
 

(614) 418-8000
(Telephone Number) 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES
  X
 
NO
 
         
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

YES
X
 
NO
 
         
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Common stock, par value $.01 per share: 14,307,385 shares
outstanding as of April 29, 2005
 
M/I HOMES, INC.
FORM 10-Q
       
TABLE OF CONTENTS
       
PART 1.
FINANCIAL INFORMATION
  
     
 
Item 1.
M/I Homes, Inc. and Subsidiaries Unaudited Condensed Consolidated Financial Statements
  
       
   
Condensed Consolidated Balance Sheets
March 31, 2005 (Unaudited) and December 31, 2004
3
       
   
Unaudited Condensed Consolidated Statements of Income
for the Three Months Ended March 31, 2005 and 2004
4
       
   
Unaudited Condensed Consolidated Statement of Shareholders’ Equity
for the Three Months Ended March 31, 2005
5
       
   
Unaudited Condensed Consolidated Statements of Cash Flows
for the Three Months Ended March 31, 2005 and 2004
6
       
   
Notes to Unaudited Condensed Consolidated Financial Statements
7
       
 
Item 2.
Management’s Discussion and Analysis of Financial Condition
and Results of Operations
15
       
 
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
28
       
 
Item 4.
Controls and Procedures
29
       
PART II.
OTHER INFORMATION
  
     
 
Item 1.
Legal Proceedings
29
       
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
29
       
 
Item 3.
Defaults Upon Senior Securities
29
       
 
Item 4.
Submission of Matters to a Vote of Security Holders
29
       
 
Item 5.
Other Information
30
       
 
Item 6.
Exhibits
30
       
Signatures
    
31
       
Exhibit Index
    
32
2
M/I HOMES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
         
March 31, 
  
December 31,
  
 
2005
   
   2004
  
(Dollars in thousands, except par values)
(Unaudited)
    
         
ASSETS:
        
         
Cash
$       2,709
 
$     2,786
  
Cash held in escrow
21,190
  
21,731
  
Mortgage loans held for sale
30,265
  
67,918
  
Inventories
864,624
  
798,486
  
Property and equipment - net
33,072
  
33,306
  
Investment in unconsolidated limited liability companies
28,100
  
23,093
  
Other assets
27,621
  
31,206
  
 
TOTAL ASSETS
$1,007,581
  
$978,526
  
         
LIABILITIES AND SHAREHOLDERS’ EQUITY:
        
         
LIABILITIES:
        
Accounts payable
$     68,775
  
$     51,162
  
Accrued compensation
7,256
  
25,462
  
Customer deposits
27,107
  
24,302
  
Other liabilities
53,611
  
62,630
  
Community development district obligations
7,237
  
5,057
  
Obligation for consolidated inventory not owned
4,512
  
4,932
  
Notes payable banks - homebuilding operations
164,000
  
279,000
  
Note payable bank - financial services operations
9,000
  
30,000
  
Mortgage notes payable
8,320
  
8,370
  
Senior notes - net of discount of $1,029 at March 31, 2005
148,971
  
-
  
 
TOTAL LIABILITIES
498,789
  
490,915
  
         
Commitments and contingencies
-
  
-
  
         
SHAREHOLDERS’ EQUITY:
        
Preferred shares - $.01 par value; authorized 2,000,000 shares; none outstanding
-
  
-
  
Common shares - $.01 par value; authorized 38,000,000 shares; issued 17,626,123 shares
176
  
176
  
Additional paid-in capital
71,774
  
69,073
  
Retained earnings
493,762
  
477,370
  
Treasury shares - at cost - 3,318,738 and 3,440,489 shares, respectively
 
 
at March 31, 2005 and December 31, 2004
(56,920
)
(59,008
)
 
TOTAL SHAREHOLDERS’ EQUITY
508,792
  
487,611
  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$1,007,581
  
$978,526
  

See Notes to Unaudited Condensed Consolidated Financial Statements.
 
3
M/I HOMES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 
Three Months Ended
 
March 31,
 
      2005
  
     2004
(In thousands, except per share amounts)
     (Unaudited)        (Unaudited) 
       
Revenue
$241,399
  
$228,664
       
Costs and expenses:
      
Land and housing
180,674
  
167,572
General and administrative
14,475
  
11,310
Selling
16,934
  
15,667
Interest
1,863
  
1,823
       
Total costs and expenses
213,946
  
196,372
       
Income before income taxes
27,453
  
32,292
       
Provision for income taxes
10,707
  
12,755
       
Net income
$ 16,746
 
$ 19,537
       
Earnings per common share:
     
Basic
$1.18
 
$1.39
Diluted
$1.16
 
$1.35
       
Weighted average shares outstanding:
     
Basic
14,238
  
14,065
Diluted
14,498
  
14,435
       
Dividends per common share
$.025
 
$.025

See Notes to Unaudited Condensed Consolidated Financial Statements.
 
4
M/I HOMES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

 
Three Months Ended March 31, 2005
 
(Unaudited)