M/I Homes says deliveries fell 24 percent
Home builder M/I Homes has withdrawn its full-year earnings guidance, citing persistent problems in the housing market and large one-time charges.
The company said it could take up to $75 million in charges in the second quarter, including $60 to $70 million in asset impairment charges.
The company will report official financial results for the second quarter on July 31. The company said the number of homes delivered in the period fell 24 percent to 755 homes from 987 last year, while new contracts fell 10 percent to 688 from 764.
“Conditions deteriorated in the second quarter as a result of the widely reported and well documented concerns over credit tightening and difficulties in the sub-prime market, excess inventory of new and used homes and weakening demand,” said Robert Schottenstein, CEO and president of M/I Homes.
Columbus, Ohio-based M/I Homes builds residences in the Midwest, the Mid-Atlantic region and Florida.
LP names new vp–oriented strand board
Louisiana-Pacific has named Jamey Barnes, 56, vp–oriented strand board (OSB).
Barnes joined the company in 2006 as Eastern region OSB manager. He has more than 30 years experience in wood products manufacturing, having held previous posts at International Paper and Georgia-Pacific.
In his new role, Barnes will oversee manufacturing at LP’s 13 OSB facilities in North America. LP’s OSB products include sheathing, TopNotch sub-flooring and TechShield radiant barriers.
“His extensive management experience in wood products manufacturing and impressive leadership abilities will help us continue to drive our efficiency, modernization and innovation efforts,” said Jeff Wagner, executive vp–OSB.
LP, based in Nashville, Tenn., is one of the country’s largest suppliers of building products for the retail, wholesale and home building industries.
Wal-Mart, Menards approved for Mundelein, Ill.
The town of Mundelein, Ill., has approved a controversial plan to build a $90 million shopping center that will include a Wal-Mart and a Menards.
Village trustees approved the plan Monday by a 5-1 vote, although they made it clear that more work needs to be done with the Rubloff Development Group to satisfy concerns about the project’s architectural design.
Mundelein Town Center is a 94-acre, 600,000-square-foot retail project to be built just west of the existing Mundelein Crossings mall near Ivanhoe.
Anchoring the mall will be a 160,000-square-foot Menards, a 204,000-square-foot Wal-Mart Super Center, and an 88,000-square-foot Kohl’s. Also planned for the site are a Dick’s Sporting Goods and an OfficeMax.
The project has been opposed by some local residents who say that such a mall is too big, and when coupled with the nearby Crossings mall will create traffic congestion in the area.