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M / I HOMES M / I Homes Reports 2021 First Quarter Results Columbus , Ohio ( April 28 , 2021 ) - M / I Homes , Inc. ( NYSE : MHO ) announced results for the three months ended March 31 , 2021 . 2021 First Quarter Highlights : • New contracts increased 49 % to 3,109 contracts , an all - time quarterly record • Backlog units increased 68 % to 5,479 , an all - time quarterly record • Backlog sales value reached $ 2.4 billion , an all - time quarterly record • Homes delivered increased 35 % to 2,019 , a first quarter record • Revenue increased 43 % to $ 828.8 million , a first quarter record • • • Pre - tax income increased 167 % to $ 110.3 million , an all - time quarterly record First quarter net income of $ 84.9 million ( $ 2.85 per diluted share ) , a 167 % increase compared to $ 31.7 million ( $ 1.09 per diluted share ) in 2020 Shareholders ' equity reached an all - time record of $ 1.4 billion , a 30 % increase from a year ago , with book value per share of $ 46 Homebuilding debt to capital of 32 % compared to 39 % at March 31 , 2021 For the first quarter of 2021 , the Company reported pre - tax income of $ 110.3 million and net income of $ 84.9 million , or $ 2.85 per diluted share . This compares to pre - tax income of $ 41.4 million and net income of $ 31.7 million , or $ 1.09 per diluted share , for the first quarter of 2020 . Homes delivered in 2021's first quarter increased 35 % to a first quarter record of 2,019 . This compares to 1,495 homes delivered in 2020's first quarter . New contracts for the first quarter of 2021 were an all - time quarterly record 3,109 , a 49 % increase over 2020's 2,089 new contracts . Homes in backlog at March 31 , 2021 had a total sales value of $ 2.4 billion , an 82 % increase from a year ago and an all - time quarterly record . Backlog units at March 31 , 2021 increased 68 % to an all - time quarterly record 5,479 homes , with an average sales price of $ 433,000 . At March 31 , 2020 , backlog sales value was $ 1.3 billion , with backlog units of 3,265 and an average sales price of $ 399,000 . M / I Homes had 187 active communities at March 31 , 2021 compared to 223 communities at March 31 , 2020. The Company's cancellation rate was 7 % in the first quarter of 2021 compared to 11 % in the first quarter of 2020 . Robert H. Schottenstein , Chief Executive Officer and President , commented , " We had an outstanding record - setting first quarter , highlighted by a 49 % increase in new contracts , a 35 % increase in homes delivered and a 167 % increase in pre - tax income . All of our homebuilding operations had a very strong quarter and our financial service business produced record results . Our gross margins improved by 420 basis points over last year , and our overhead expense ratio improved by 120 basis points . As a result , our first quarter pre - tax income percentage improved to 13.3 % from 7.2 % last year , and we achieved a 25 % return on equity . ” Mr. Schottenstein continued , " We ended the quarter with a record backlog of $ 2.4 billion , 82 % better than last year , record shareholders ' equity of $ 1.4 billion , an increase of 30 % from 2020's first quarter , book value of $ 46 per