UPDATE 1-M/I Homes posts narrower Q1 loss

Wed Apr 28, 2010 8:50am EDT

* Q1 loss/shr $0.45 vs. yr-ago loss/shr $2.01

* New contracts up 22 pct

April 28 (Reuters) - Single-family homebuilder M/I Homes Inc (MHO.N) posted a narrower quarterly loss, helped by higher backlog and a rise in new contracts.

The company posted a first-quarter net loss of $8.3 million, or 45 cents a share, compared to a net loss of $28.1 million, or $2.01 per share, a year earlier.

The quarter included an adjusted pre-tax operating loss of $4.9 million and $3.2 million of asset impairments.

Revenue rose 24 percent to $119.4 million.

Analysts on average were expecting a loss of 24 cents a share, on revenue of $115.2 million, according to Thomson Reuters I/B/E/S.

New contracts were up 22 percent. Backlog of homes at March 31, 2010 had a sales value of $247 million, up from $193 million, a year earlier.

Shares of the company closed at $16.81 Tuesday on the New York Stock Exchange. (Reporting by Amulya Nagaraj in Bangalore; Editing by Roshni Menon)

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