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M/I SCHOTTENSTEIN HOMES REPORTS RECORD FINANCIAL RESULTS FOR 1993 THIRD QUARTER AND NINE-MONTH PERIOD

 COLUMBUS, Ohio, Nov. 11 /PRNewswire/ -- M/I Schottenstein Homes, Inc. (NYSE: MHO), a leading residential home builder, today reported record financial results for the third quarter and nine-month period, which ended Sept. 30, 1993.
 For the third quarter of 1993, pretax income increased 16 percent to $5,542,000 from $4,763,000 in 1992. Quarterly net income in 1993 increased to $5,397,000 from 1992's $4,590,000, with the provision for income taxes being minimal, since the company was an S Corporation during those periods. On a per-share basis, earnings were $0.98, compared with $0.83, based on 5,500,000 shares outstanding (prior to completion of the company's initial public offering on Nov. 2, 1993). During the quarter, 743 homes were delivered, compared with 699 last year, a six percent increase. In addition, the average selling price of the homes delivered was six percent higher than a year ago. Quarterly revenue was $118,138,000, up 13 percent from $104,324,000 in the same period a year ago.
 For the nine-month period, pretax income was $10,716,000 compared to 1992's $9,144,000, with net income of $10,520,000, or $1.91 per share, up 20 percent from $8,756,000, or $1.59 per share, in the corresponding period in 1992. During the first nine months of 1993, the company delivered 1,858 homes, up five percent from 1,765 in the same period a year ago. Nine-month revenue for 1993 was $282,348,000 versus $255,393,000 for the comparable 1992 period, an 11 percent increase.
 The backlog of homes at Sept. 30, 1993, was 1,758 units with a total sales value of $271,000,000. At the same time a year ago, the backlog numbered 1,265 units with a value of $185,000,000. The average sales price of homes in backlog was $154,000 at the end of the 1993 third quarter and $146,000 at the end of the 1992 third quarter.
 "The third quarter was a period of strong operating results in terms of both revenue and margins, and we believe the Company is well positioned for further growth," commented Irving E. Schottenstein, the company's president and chief executive officer. "Our operating divisions are building homes in economically attractive geographic areas. We provide home buyers with numerous design options in a broad range of prices, and we back our quality construction with superior customer service. Because of the current high level of business activity and our increasing backlog, we are optimistic about the outlook for continued improvements in financial results."
 Mr. Schottenstein added, "Proceeds from our recently completed public offering of common stock have strengthened the company's financial condition." M/I Schottenstein Homes, Inc. completed its initial public offering of common stock on Nov. 2, 1993, in which 3,000,000 shares were issued. There are now 8,500,000 shares of common stock outstanding.
 M/I Schottenstein Homes, Inc., is one of the nation's leading builders of single-family homes. The company's homes are marketed and sold under the trade names M/I Homes and Showcase Homes. The company currently operates homebuilding divisions in Columbus and Cincinnati, Ohio; Tampa, Orlando and Palm Beach County, Fla.; Charlotte and Raleigh, N.C.; Indianapolis, Ind.; and the Washington, D.C. area.
 M/I SCHOTTENSTEIN HOMES, INC. AND SUBSIDIARY
 Consolidated Statements of Income (Unaudited)
 (In thousands, except per-share amounts)
 Three months ended Nine months ended
 September 30, September 30,
 1993 1992 1993 1992
 Revenue $118,138 $104,324 $282,348 $255,393
 Income before income
 taxes 5,542 4,763 10,716 9,144
 Net income 5,397 4,590 10,520 8,756
 Net income per share $0.98 $0.83 $1.91 $1.59
 Weighted average shares
 outstanding 5,500 5,500 5,500 5,500
 M/I SCHOTTENSTEIN HOMES, INC. AND SUBSIDIARY
 Selected Supplemental Financial and Operating Data (Unaudited)
 (Dollars in thousands)
 Three months ended Nine months ended
 September 30, September 30,
 1993 1992 1993 1992
 Revenue $118,138 $104,324 $282,348 $255,393
 Gross profit $ 21,765 $ 18,722 $ 51,253 $ 45,293
 Operating income $ 7,821 $ 6,890 $ 17,191 $ 15,418
 Interest expense 2,279 2,127 6,475 6,274
 Income before income
 taxes 5,542 4,763 10,716 9,144
 Income taxes 145 173 196 388
 Net income $ 5,397 $ 4,590 $ 10,520 $ 8,756
 Unit Data:
 New contracts, net of
 cancellations 882 757 2,472 2,128
 Homes delivered 743 699 1,858 1,765
 Backlog at end of period 1,758 1,265 1,758 1,265
 Aggregate sales value of
 homes in backlog $271,000 $185,000 $271,000 $185,000
 -0- 11/11/93
 /CONTACT: Phillip G. Creek, senior vice president, of M/I Schottenstein Homes, 614-221-5700/
 (MHO)


CO: M/I Schottenstein Homes, Inc. ST: Ohio IN: CST SU: ERN

BM-KL -- CL020 -- 3332 11/11/93 15:24 EST
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Date:Nov 11, 1993
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