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M/I Homes sells 3,700 lots for $82 million, sees further impairment charges


Published : Mon, 31 Dec 2007 14:48
By : Agencies
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BOSTON (Thomson Financial) - M/I Homes Inc. Monday said it sold 3,700 lots of land to various buyers for $82 million.

The Columbus, Ohio-based home builder said it will record fourth-quarter pretax land impairment charges of about $80 million, and expects to receive a cash tax refund in the second quarter of 2008 for about $50 million.

M/I Homes also said, in connection with its quarterly inventory review, it is 'likely' to record further impairment charges in the fourth quarter.

M/I Homes also announced that it will be exiting the West Palm Beach market.

Shares closed Friday at $10.10.

Casey Logan

cl/pc

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Copyright Thomson Financial News Limited 2007. All rights reserved.

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