M/I Homes Announces Quarterly Cash Dividend on Preferred Shares, Payable on December 15, 2014
Nov 11 14
M/I Homes, Inc. announced that its Board of Directors has declared a cash dividend of $0.609375 per share on its outstanding depositary shares, each representing 1/1,000th of a Series A Preferred Share of M/I Homes, for the fourth quarter of 2014. The dividend is payable on December 15, 2014 to holders of record of the Depositary Shares on December 1, 2014.
M/I Homes, Inc. Withdraws Offering of Senior Notes and Terminates Tender Offer and Consent Solicitation
Oct 27 14
M/I Homes, Inc. announced that it has withdrawn its previously announced offering of $350 million aggregate principal amount of senior notes in response to market conditions. The company also announced that it has terminated its previously announced cash tender offer to purchase any and all of its outstanding 8.625% senior notes due 2018 and concurrent solicitation of consents. The offer was conditioned upon the completion of an offering of senior notes on terms satisfactory to the company. None of the existing senior notes were purchased in the offer and as a result of the termination, any of the existing senior notes previously tendered will be promptly returned to the holders thereof. No consideration will be paid in the offer for any tendered existing senior notes.
M/I Homes, Inc. Plans to Offer $350 Million Aggregate Principal Amount of Senior Notes in Two Series
Oct 27 14
M/I Homes, Inc. announced that it plans to offer, subject to market and other conditions, $350 million aggregate principal amount of senior notes in two series in an unregistered offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. One series of the New Senior Notes will mature in 2019 and the other series will mature in 2022. The offering of the New Senior Notes has not been registered under the Securities Act or any state securities laws, and the New Senior Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The Company intends to use a portion of the net proceeds from this offering to repurchase or redeem all $230 million aggregate principal amount of its outstanding 8.625% senior notes due 2018. Any remaining proceeds from this offering will be used for general corporate purposes.
M/I Homes, Inc. Announces Cash Tender Offer to Purchase Any and All of Outstanding 8.625% Senior Notes Due 2018
Oct 27 14
M/I Homes, Inc. announced that the Company has commenced a cash tender offer to purchase any and all of its outstanding 8.625% Senior Notes due 2018 and a concurrent solicitation of consents to the adoption of proposed amendments to the indenture governing the Senior Notes to eliminate substantially all of the restrictive covenants and a number of events of default under the indenture. Holders who tender their Senior Notes will be deemed to consent to all of the Proposed Amendments. Holders may not deliver Consents without tendering their Senior Notes in the Offer. The terms and conditions of the Offer are described in the Offer to Purchase and Consent Solicitation Statement dated October 27, 2014 and the related Consent and Letter of Transmittal. The Offer is conditioned upon, among other things, the completion by the Company of a private placement of senior notes on satisfactory terms, as determined by the Company in its sole discretion. Subject to the Financing Condition, to the extent any Senior Notes are not tendered and accepted for purchase pursuant to the Offer, the Company intends to redeem such Senior Notes in accordance with the indenture governing the Senior Notes at a redemption price of $1,043.13 per $1,000 principal amount of Senior Notes, plus accrued and unpaid interest on such principal amount of Senior Notes to, but not including, the date of redemption. The Offer will expire at 11:59 p.m., New York City time, on November 24, 2014, unless extended.
M/I Homes, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Impairment for the Third Quarter of 2014; Provides Capital Expenditure Guidance for the Full Year 2014
Oct 23 14
M/I Homes, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenue of $330,767,000 compared to $275,195,000 a year ago. Operating income was $24,830,000 compared to $18,649,000 a year ago. Income before income taxes was $22,203,000 compared to $13,752,000 a year ago. Net income to common shareholders was $12,399,000 or $0.44 per diluted share compared to $124,092,000 or $4.22 per diluted share a year ago. Adjusted EBITDA was $32,317,000 compared to $27,262,000 a year ago. Cash flow used in operating activities was $40,042,000 compared to $15,258,000 a year ago. The big increase in pretax income was largely due to a 5% increase in homes delivered, a 13% increase in average closing price and continued improvement in returns. During 2014's third quarter, the company spent $59 million on land purchases and $41 million on land development for a total of $100 million.
For the nine months period, the company reported total revenue of $847,216,000 compared to $700,475,000 a year ago. Operating income was $59,478,000 compared to $39,667,000 a year ago. Income before income taxes was $49,991,000 compared to $26,033,000 a year ago. Net income to common shareholders was $36,147,000 or $1.30 per diluted share compared to $132,534,000 or $4.79 per diluted share a year ago. Book value per common share as at September 30, 2014 was $19.75 compared to $17.64 a year ago. Adjusted EBITDA was $80,094,000 compared to $62,667,000 a year ago. Cash flow used in operating activities was $106,711,000 compared to $40,436,000 a year ago. Year-to-date, the company has spent $277 million on land purchases and land development.
The company reported impairment of $622,000 for the third quarter of 2014 compared to $2,136,000 a year ago. These third quarter charges were for older land assets in Midwest operations.
The company currently estimates total 2014 land purchase and development spending to be approximately $375 million to $425 million, and that includes the $277 million spent year-to-date.