Columbus, Ohio-based M/I Homes recorded $20.15 million in losses in the first quarter, swinging from $2.07 million in earnings last year. The national home builder saw revenues drop 28 percent to $156.1 million from $216.6 million a year earlier.
"Looking ahead, we will remain focused on a predominantly defensive operating strategy aimed at further reducing inventories and expense levels as well as continuing to improve and strengthen our balance sheet,” said Robert Schottenstein, president and CEO of M/I Homes.
New contracts for the first quarter of 2008 were 554 compared with new contracts of 931 in the first quarter of 2007. The company’s backlog of homes had an average sales price of $297,000, compared with $323,000 in the same period last year.
M/I Homes builds in Ohio, Illinois, Indiana, Florida, North Carolina, South Carolina, Virginia and Maryland.