Wednesday, property developer M/I Homes, Inc. (MHO) reported a first-quarter net loss that widened from the year-ago period primarily due to lower revenue and absence of income tax benefit.
The Columbus, Ohio-based company reported a first-quarter net loss attributable to common shareholders of $28.13 million or $2.01 per share that widened from $22.21 million or $1.58 per share in the corresponding quarter last year.
Loss from continuing operations for the quarter widened to $28.13 million or $2.01 per share from a net loss of $20.15 million or $1.61 per share in the corresponding period last year.
The company had no income from discontinued operations for the quarter compared to $0.38 million or $0.03 per share in the prior-year similar period.
Revenue for the first-quarter of fiscal 2009 declined to $96.15 million from $156.09 million in the corresponding period last year.
Robert Schottenstein, CEO and President, commented, "We are, for the most part, pleased with our first quarter results as there are a number of positives worth noting. We sold 667 homes during the quarter, a 20% increase over last year, and we achieved this growth in sales despite our community count being down by 20%. Our gross margin for the quarter, while below last year, improved 400 basis points from fourth quarter of 2008's gross margin. In addition, for the first time since March 2006, our backlog units are up from the prior year."
The company reported other expense of $0.94 million compared to other income of $5.56 million in the first-quarter of fiscal 2008.
Provision for income taxes for the quarter was $0.17 million compared to income tax benefit of $6.61 million in the comparable period of fiscal 2008.
The company underlined that it ended the quarter with $65 million of cash on hand, zero bank borrowings and no debt maturing until 2012. M/I Homes also entered into a new mortgage warehouse line for M/I Financial. The company's net debt to capital ratio stands at 30% at quarter end, one of the lowest levels in the industry.
M/I Homes is currently trading at $15.45, up $1.77 or 12.94%, on a volume of 274,544 shares on the NYSE.
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