Profile: M/I Homes, Inc. (MHO.N)

M/I Homes, Inc., incorporated in 1973, is a builder of single-family homes. The Company sells and constructs single-family homes, attached townhomes and condominiums to first-time, move-up, empty-nester and luxury buyers under the M/I Homes and Showcase Homes trade names. As of December 31, 2008, the Company delivered 2,025 homes. Its homes are sold in the geographic markets, including Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Tampa and Orlando, Florida; Charlotte and Raleigh, North Carolina, and the Virginia and Maryland suburbs of Washington, D.C. The Company supports its homebuilding operations by providing mortgage financing services through its wholly owned subsidiary, M/I Financial Corp. (M/I Financial), and title and insurance brokerage services through subsidiaries that are either wholly or majority-owned by the Company.

The Company’s segments consist of Midwest homebuilding, Florida homebuilding, Mid-Atlantic homebuilding and financial services. The homebuilding operations comprise the substantial part of the Company’s business, representing more than 97% of consolidated revenue, during 2008. Its homebuilding operations generate over 93% of their revenue from the sale of completed homes, with the remaining amount generated from the sale of land and lots. The Company’s financial services operations generate revenue from originating and selling mortgages, collecting fees for title insurance and closing services, and collecting commissions as a broker of property and casualty insurance policies.

On a regional basis, the Company offers homes ranging in square footage from approximately 1,200 to 4,500 square feet. In addition to single-family detached homes, it also offers attached townhomes in its markets, as well as condominiums in its Columbus, Orlando, and Washington, D.C. markets. In each of its home lines, upgrades and options are available to the homebuyer for an additional charge. Major options include fireplaces, additional bathrooms and flooring, cabinets and appliances.

The mortgage loans originated by M/I Financial are generally sold to a third party within two weeks of originating the loan. The Company also provides title services to purchasers of its homes through its wholly owned subsidiaries, TransOhio Residential Title Agency, Ltd. and M/I Title Agency, Ltd, and its majority-owned subsidiary, Washington/Metro Residential Title Agency, LLC. Through these entities, the Company serves as a title insurance agent by providing title insurance policies, examination and closing services to purchasers of its homes in all of its housing markets except Raleigh, Charlotte and Chicago. In addition, it collects commissions as a broker of property and casualty insurance policies through M/I Insurance Agency, LLC, a majority-owned subsidiary.