But, at the same time, it started giving Gordon his back problems that hindered his performance that season.He came back strong last year, and I think he’s ready to put that accident behind him.Not a bad way to start it either, he’s qualified on the outside pole. The Pepsi Max/DuPont Chevrolet will for sure be a tough contender.Kevin Harvick ?He’s the hottest driver right now in NASCAR. After a 2009 that was dismal and not worth remembering, he has come out strong at the beginning of 2010.The current points leader has been on a roll, leading laps and running consistently in the top five. His crew has fed off that momentum, and have kept him out front as well.I say that will continue come Sunday. In a race that will be honoring Carrol Shelby and the brand new Shelby Mustang, there will be a lot of horsepower when the race goes green Coverage begins at 2 p.m on FOX, with the race to go green around 3:15 p.m.. COLUMBUS, Ohio, April 30 /PRNewswire-FirstCall/ — M/I Homes, Inc. (NYSE: MHO)announced results for the first quarter ended March 31, 2009, highlighted by(i) a 20% increase in new contracts compared to the first quarter of 2008,representing the Company’s highest quarterly sales in six quarters, (ii) ayear-over-year increase in backlog units, and (iii) an $11.9 million loss fromoperations on 394 deliveries comparing favorably to the fourth quarter 2008loss from operations of $18.2 million on 554 deliveries.For the quarter, theCompany reported a net loss of $28.1 million consisting of the aforesaidoperating loss, $11.0 million for asset impairments, and a $4 million chargefor issues related to imported drywall.During the first quarter of 2008, theCompany had a net loss of $22.2 million, which included a $6.6 million incometax benefit.
New contracts and homes delivered for the first quarter of 2009 were 667 and394, respectively, compared to new contracts of 554 and homes delivered of 474for the first quarter of 2008.The Company’s cancellation rate was 20%,compared to 23% in 2008’s first quarter.Backlog of homes at March 31, 2009had a sales value of $193 million, with an average sales price of $230,000 andbacklog units of 839 – slightly higher than a year-ago’s backlog units of 828. Backlog of homes at March 31, 2008 had a sales value of $246 million, with anaverage sales price of $298,000.M/I Homes had 119 active communities atMarch 31, 2009 compared to 148 at March 31, 2008.Robert H. Schottenstein, Chief Executive Officer and President, commented, “Weare, for the most part, pleased with our first quarter results as there are anumber of positives worth noting.We sold 667 homes during the quarter, a 20%increase over last year, and we achieved this growth in sales despite ourcommunity count being down by 20%.Our gross margin for the quarter, whilebelow last year, improved 400 basis points from fourth quarter of 2008’s grossmargin.In addition, for the first time since March 2006, our backlog unitsare up from the prior year.”Mr. Schottenstein continued, “We have made considerable progress in reducingour expense levels and improving our cost structure.During the past year, wereduced our selling, general and administrative expenses by 33% – thesereductions, along with our improved gross margin, are major reasons why wewere able to narrow our operating loss by 35% from the fourth quarter of 2008on 160 fewer homes delivered.We continue to focus on cash generation, endingthe quarter with $65 million of cash on hand, zero bank borrowings and no debtmaturing until 2012.We also entered into a new mortgage warehouse line forM/I Financial.Our net debt to capital ratio stands at 30% at quarter end,one of the lowest levels in our industry.”Mr. Eastern Time.To hear the call, log on to the M/I Homes’ website atmihomes , click on the “Investors” section of the site, and select “Listento the Conference Call.”The call, along with any applicable reconciliationof non-GAAP financial measures, will continue to be available on our websitethrough April 2010.M/I Homes, Inc.
and Subsidiaries Consolidated Statements of Income (In thousands, except per share amounts)(Unaudited)Three Months EndedMarch 31,20092008Revenue: $96,149$156,085Net loss:Loss from continuing operations $(28,129) $(20,150)Income from discontinued operation – 380Net loss$(28,129)(19,770)Preferred share dividends- 2,437Net loss to common shareholders $(28,129) $(22,207)Loss per share:Basic and Diluted: Continuing operations$(2.01) $(1.61) Discontinued operation-0.03 Total$(2.01) $(1.58)Weighted average shares outstanding:Basic 14,02714,007Diluted 14,02714,007 M/I Homes, Inc. NEW CONTRACTS HOMES DELIVERED Three Months Ended Three Months EndedMarch 31,March 31, %%Region 2009 2008Change 20092008ChangeMidwest 34724045176 189 (7)Florida 111149 (26) 102 140(27)Mid-Atlantic20916527116 121 (4)Continuing Operations 66755420394 450(12)Discontinued Operation– –24 (100)Total 66755420394 474(17) BACKLOGMarch 31, 2009 March 31, 2008 DollarsAverageDollars AverageRegion Units(millions) SalesUnits (millions)Sales PricePriceMidwest 536 $110 $206,000 442$118 $267,000Florida86$21 $240,000 130 $38 $294,000Mid-Atlantic217$62 $285,000 244 $87 $355,000Continuing Operations 839 $193 $230,000 816$243 $297,000Discontinued Operation—12$3 $311,000Total 839 $193 $230,000 828$246 $298,000 M/I Homes, Inc. and Subsidiaries Selected Supplemental Financial and Operating Data(Unaudited)LAND POSITION SUMMARY March 31, 2009 March 31, 2008 LotsLots UnderLots Lots UnderRegion Owned Contract TotalOwnedContract TotalMidwest 5,161 582 5,7436,195 527 6,722Florida 1,80142 1,8434,183 261 4,444Mid-Atlantic1,469 330 1,7991,950 881 2,831Total 8,431 954 9,385 12,328 1,66913,997SOURCEM/I Homes, Inc.M/I Homes, Inc., Phillip G. Creek, Executive Vice President, Chief FinancialOfficer, +1-614-418-8011, Ann Marie W Hunker, Corporate Controller,+1-614-418-8225. BELLINGHAM, Wash., April 30, 2009 (GLOBE NEWSWIRE) — Horizon Financial Corp.(Nasdaq:HRZB), the bank holding company for Horizon Bank (“Bank”), todayreported that a $40.0 million provision for loan losses contributed to a netloss of $25.7 million, or $2.15 per share, for the fiscal fourth quarter endedMarch 31, 2009. The net loss totaled $33.4 million, or $2.79 per share,including a $65.0 million loan loss provision for the year ended March 31, 2009.”Fiscal 2009 was one of the most challenging years on record, and the regionaland national recession is likely to continue to present challenges to our assetquality.
We continue to make significant progress in de-leveraging our balancesheet, diversifying our loan portfolio and maintaining strong liquidity,” saidRich Jacobson, Chief Executive Officer. “Despite the difficult environment, wegenerated net revenues (net-interest income plus non-interest income) in excessof non-interest expenses, resulting in pre-tax, pre-provision income of $11.1million for the fiscal year ended March 31, 2009.”The recent increase in home sales in most of our markets during the quarterended March 31, 2009, was a positive sign. We believe residential real estatevalues, however, will likely test the market as the excess inventory of newlybuilt homes, including those owned by other regional banks, come onto the marketin the coming months,” said Jacobson. “As a result of our impairment analysis ofour loan portfolio and measurement of the accounting estimate for probablelosses, we charged off $26.3 million in loans during the fourth quarter andrecorded a $40.0 million provision for loan losses.

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