Earnings Call Excerpt
M/O Homes, Inc. (MHO)
Q4 2007 Earnings Call
February 7, 2008 4:00 pm ET
Executives
Phillip Creek – CFO
Ann Marie Hunker - Corporate Controller
Bob Schottenstein – CEO
Paul Rosen – Sr. VP, Chief Exec.
Analysts
Alex Barron – Agency Trading Group
Dennis McGill – Salman & Associates
Lee Brading – Wachovia
Eric Landry – Morningstar
Thomas Herring – Pine River Capital
Jim Wilson -- JMP Securities
Presentation
Operator
At this time, I would like to welcome everyone to the M/I Homes Yearend Earnings Conference call.
(Operator Instructions)
It is now my pleasure to turn the floor over to your host, Mr. Phil Creek, sir, you may begin your conference.
Phillip Creek
Thank you for joining us from Columbus, Ohio. Joining me on the call today call today is Bob Schottenstein, our CEO and President, Paul Rosen, the President of our mortgage company, and Ann Marie Hunker, our Corporate Controller.
First to address regulation for disclosure, we encourage you to ask any questions regarding issues that you consider material during this call because as you know, we are prohibited from discussing significant non-public items with you directly. As to forward-looking statements, this presentation includes forward-looking statements as characterized by the Private Securities Litigation Reform Act of 1995. Any statements that are not historical in nature are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.
Please refer to our most recent 10-K, 10-Q, and our earnings press releases for other factors that could cause results to differ. Be advised that the company undertakes no obligation to update any forward-looking statements made during this call. The audio of which will be available on our website through February 2009.
I will now turn the call over to Bob.
Bob Schottenstein
Conditions continue to be challenging in most of our markets, and we believe we are likely to remain so throughout 2008. For nearly two years now, we have been engaged in what we refer to as a predominantly defensive operating mode, focusing on improving our balance sheet, rightsizing our operation, reducing our own lots, our operating cost, and reducing our debt levels.
Market conditions are clearly difficult. Demand is weak, fire confidence is low, and the difficulty surrounding the used-home market continue to serve as a major barrier for new home purchases. In the face of what many feel are unprecedented industry conditions, we believe that M/I Homes has made significant progress on a number of fronts during the past year, all of which will serve to better position our company as we look towards the future.
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