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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.

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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