M/I Homes Reports Unit Results and Amendment to Credit Facility

COLUMBUS, Ohio, April 10 /PRNewswire-FirstCall/ -- M/I Homes, Inc. (NYSE:
MHO) announces new contracts, homes delivered, and backlog for the first
quarter of 2008. The Company also announced an amendment to its homebuilding
credit facility.
New contracts and homes delivered during the first quarter of 2008 were
554 and 450, respectively, compared to new contracts of 931 and homes
delivered of 686 for the first quarter of 2007. The Company's cancellation
rate was 23% in the first quarter of 2008, compared to 25% in the comparable
2007 quarter. Backlog units at March 31, 2008 were 816 with a sales value of
$243 million and an average sales price of $297,000. Backlog units at March
31, 2007 were 1,678 with an average sales price of $323,000 and a sales value
of $543 million. M/I Homes had 148 active communities at March 31, 2008
compared to 161 at March 31, 2007.
Robert H. Schottenstein, Chief Executive Officer and President, commented,
"Selling conditions in most of our markets remain difficult. We continue to
focus on our predominantly defensive operating strategy and are making
meaningful progress on a number of fronts. During the first quarter, we
reduced our homebuilding bank borrowings from $115 million to $42 million, and
we successfully amended our unsecured credit facility thereby providing us
with additional financial flexibility. We are positioning M/I Homes for
improved market conditions."
The Company expects to report first quarter financial results on April 30,
2008. You are invited to listen to the conference call over the Internet at
4:00 p.m. Eastern Time. To hear the call, log on to the M/I Homes website at
mihomes.com, click on "Investors" and select "Listen to the Conference Call."
The call, along with non-GAAP financial measures, will be available through
April 2009.
M/I Homes, Inc. is one of the nation's leading builders of single-family
homes, having delivered over 71,000 homes. The Company's homes are marketed
and sold under the trade names M/I Homes and Showcase Homes. The Company has
homebuilding operations in Columbus and Cincinnati, Ohio; Chicago, Illinois;
Indianapolis, Indiana; Tampa and Orlando, Florida; Charlotte and Raleigh,
North Carolina; South 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," "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 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 relating to the economic environment, interest rates,
availability of resources, competition, market concentration, land development
activities and various governmental rules and regulations, as more fully
discussed in the Risk Factors section in the Company's Annual Report on Form
10-K for the year ended December 31, 2007. 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 in this
Press Release will increase with the passage of time. The Company undertakes
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.

M/I HOMES, INC.
Homebuilding Operational Data

NEW CONTRACTS HOMES DELIVERED
Three months ended Three months ended
March 31, March 31,

% %
Region 2008 2007 Change 2008 2007 Change

Midwest 240 475 (49) 189 296 (36)

Florida 149 163 (9) 140 224 (38)

Mid-Atlantic 165 293 (44) 121 166 (27)

Continuing
Operations 554 931 (40) 450 686 (34)

Discontinued
Operations - 11 (100) 24 18 33

Total 554 942 (41) 474 704 (33)

BACKLOG
March 31, 2008 March 31, 2007
Dollars Average Dollars Average
Region Units (millions) Sales Price Units (millions) Sales Price

Midwest 442 $118 $267,000 811 $212 $262,000

Florida 130 $38 $294,000 432 $153 $353,000

Mid-Atlantic 244 $87 $355,000 435 $178 $409,000

Continuing
Operations 816 $243 $297,000 1,678 $543 $323,000

Discontinued
Operations 12 $3 $311,000 83 $46 $557,000

Total 828 $246 $298,000 1,761 $589 $335,000

SOURCE M/I Homes, Inc.

Phillip G. Creek, Executive Vice President and Chief Financial Officer,
+1-614-418-8011, or Ann Marie W. Hunker, Vice President and Corporate
Controller, +1-614-418-8225, investorrelations@mihomes.com, both of M-I Homes,
Inc.