M/I Homes Second Quarter 2012 Numbers | ||
Quarter Two | Fiscal Year | |
Profit/(Loss) | $ 3.2 M +135.0% | $.018 M +100% |
Home Deliveries | 625 +5.9% | 1,132 +10.0% |
New Orders | 826 +30.0% | 1,590 +23.4% |
Behind the Numbers:
M/I turned a profit in its second quarter, essentially canceling out its first quarter loss and bringing the company to near break-even for the first half of 2012. More encouraging was a 30% jump in new orders, close to the order gains other public builders are reporting for the second quarter. M/I also pointed out that the quarter was its 12th consecutive quarter of increased earnings before interest, taxes, depreciation, and amortization. However, the company’s cash balance has dropped by a half in the last year to a relatively low balance of nearly $57 million.
M/I Homes’ fiscal year ends Dec. 31.
