Columbus, Ohio-based M/I Homes has reported a net loss of $58.7 million for the third quarter, compared to a net loss of $24.2 million in the year-ago period. The 2008 results reflect a $21.6 million after-tax expense for the FAS 109 increase in the company’s deferred tax asset valuation allowance.
Revenue for the quarter was $160.4 million, down 31 percent from $233.0 million.
The home builder delivered 555 homes in the third quarter, down 29 percent from 787 in same period last year.
New contracts for the quarter were 456, down 19 percent from 561 in the 2007 third quarter.
“We remain in a primarily defensive operating mode -- focusing on generating cash, reducing debt levels and expenses -- and we have made considerable progress on a number of fronts,” said Robert H. Schottenstein, CEO and president. “At the end of the third quarter, the outstanding balance on our home-building credit facility was reduced to zero, our net debt to capital ratio stood at 32 percent, and we had cash of $14 million.”