M/I Homes Fourth Quarter 2011 Numbers | ||
Quarter Four | Fiscal Year | |
Profit/(Loss) | ($ 2.98M) +73.0% | ($33.9M) -29.0% |
Home Deliveries | 667 +2.6% | 2,278 -6.4% |
New Orders | 505 +9.7% | 2,278 -6.4% |
Behind the Numbers:
For M/I Homes 2011 was another year of red ink, thanks to asset impairments. Before the write-downs, M/I had $1.4 million in income for the quarter. Like many builders, M/I started to see some improvements in sales in the fourth quarter that helped the company end the year on a more optimistic note. Backlog units were higher than they have been since 2007. CEO Robert Schottenstein credited the improvement to the company’s numbers to more new communities that are more profitable and desirable. M/I opened 46 new communities in the year, representing an 11% jump in community count.
M/I Homes’ fourth quarter and fiscal year ended Dec. 31.
