| M/I Homes Third Quarter Numbers | ||
|---|---|---|
| Quarter Three | Fiscal Year | |
Profit/(Loss) | ($4.7 M) –127% | ($31.8 M)– 103% |
Home Deliveries | 582 +13% | 1,611–10% |
New Orders | 587+20% | 1,876 +1% |
Behind the Numbers:
For M/I Homes, it didn’t really pay to sell more homes in its 2011 third quarter than the same quarter in 2010. Selling more houses for less helped contribute to a bigger quarterly loss. The company closed 13% more homes but brought in only 4% more in revenue than the same quarter in 2010 because the average sales price fell 7%. One reason for the decreased sales price might be that a greater portion of the sales came from its southern markets while sales in its Midwest markets fell and its Mid-Atlantic community sales were flat.
*Quarter ended Sept. 30, 2011
