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M/I Homes Announces Share Repurchase Program

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M/I Homes Announces Share Repurchase Program

PR Newswire

COLUMBUS, Ohio, Aug. 14, 2018 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced today that its Board of Directors has approved a share repurchase program, pursuant to which the Company may purchase up to $50.0 million of its common shares through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws.  The timing, amount and other terms and conditions of any repurchases will be determined by the Company's management at its discretion based on a variety of factors, including the market price of the Company's common shares, corporate considerations, general market and economic conditions and legal requirements.  The repurchase program may be modified, discontinued or suspended at any time.  The Company intends to fund the program through cash on hand, future cash flow from operations and its $500 million senior credit facility.

M/I Homes, Inc. Logo (PRNewsfoto/M/I Homes, Inc.)

M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having sold over 109,000 homes. The Company's homes are marketed and sold primarily under the trade names M/I Homes and Showcase Collection (exclusively by M/I Homes), and also currently are sold under the name Hans Hagen Homes in its Minneapolis/St. Paul, Minnesota market and Pinnacle Homes in its Detroit, Michigan market.  The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C.

Certain statements in this press release are 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.  These 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 defect, 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, 2017, 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 in this press release 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.

 

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SOURCE M/I Homes, Inc.

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