UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT |
Pursuant to Section 13 or 15(d) of Securities Exchange Act of 1934 |
Date of Report (Date of earliest event reported): January 7, 2020
M/I HOMES, INC. | ||||
(Exact name of registrant as specified in its charter) | ||||
Ohio | 1-12434 | 31-1210837 | ||
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) |
3 Easton Oval, Suite 500 Columbus, OH 43219
(Address of principal executive offices) (Zip Code)
(614) 418-8000
(Telephone Number)
N/A |
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Shares, par value $.01 | MHO | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On January 7, 2020, M/I Homes, Inc. (the “Company”) announced preliminary results for homes delivered, new contracts and sales backlog for its fourth quarter and year ended December 31, 2019. Homes delivered in 2019’s fourth quarter increased 5% from the comparable period in the prior year to 1,921 deliveries, and homes delivered for the twelve months ended December 31, 2019 increased 9% from 2018 to 6,296 deliveries. New contracts for 2019’s fourth quarter increased 43% from the fourth quarter of 2018 to 1,677 contracts, and contracts for the twelve months ended December 31, 2019 increased 16% from 2018 to 6,773 contracts. Homes in backlog increased 22% to 2,671 units with a sales value of $1,058 million, and the average sales price in backlog decreased 3% to $396,000, in each case, at December 31, 2019 compared to the end of 2018. At December 31, 2018, there were 2,194 homes in backlog with a sales value of $897 million, and the average sales price in backlog was $409,000. The Company expects to report final fourth quarter financial results in early February.
The foregoing information is preliminary, has been prepared by, and is the responsibility of, our management and has not been compiled or examined by our independent auditors nor have our independent auditors performed any procedures with respect to this information or expressed any opinion or any form of assurance on such information. In addition, the foregoing information is subject to revision as we complete our financial closing procedures for the three and twelve-month periods ended December 31, 2019 and prepare our financial statements and other disclosures for such periods, including all disclosures required by U.S. GAAP. Our final results and other disclosures for such periods may differ materially from the foregoing information which should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP or as a measure of performance. See “Forward-Looking Statements” in this Current Report.
ITEM 7.01 REGULATION FD DISCLOSURE
The information set forth in Item 2.02 is incorporated under this Item 7.01 by reference.
The information furnished under Items 2.02 and 7.01 herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by reference in such a filing.
Forward-Looking Statements
This Current Report on Form 8-K includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “targets,” “envisions,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements also include statements regarding our preliminary results. Forward-looking statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, integration of acquisitions, construction defects, product liability and warranty claims and various governmental rules and regulations, as more fully discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 7, 2020
M/I Homes, Inc.
By: | /s/ Ann Marie W. Hunker |
Ann Marie W. Hunker | |
Vice President, Controller and Chief Accounting Officer |