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M/I Homes swings to a 3Q loss including charges; new contracts fall 2%


Published : Tue, 30 Oct 2007 14:00
By : Agencies
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BOSTON (Thomson Financial) - M/I Homes Inc. Tuesday reported a third-quarter loss of $21.7 million, or $1.73 a share, compared to net income of $15.2 million, or $1.08 a share, in the year-ago period.

The latest results include pretax charges totaling $33.4 million, which include land impairment and abandonment charges, joint venture investment write-offs, and severance costs.

The Columbus, Ohio-based home builder said revenue for the period fell to $243.7 million from $306.2 million a year earlier. M/I Homes cited 'challenging' market conditions.

New contracts for the quarter also fell 2% to 561 from 571 in 2006, the company said.

Shares of M/I Homes closed Monday at $17.03.

Casey Logan

cl/pc

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Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

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