As previously reported, the Company achieved an all-time quarterly record in homes delivered, delivering 1,339 homes in the fourth quarter -- a 13% increase over 2002. Homes delivered for the twelve months ended December 31, 2003, increased slightly to 4,148 from 4,140 in 2002. All-time record new contracts of 4,485 were 9% higher than 2002's new contracts of 4,130 for the same period. New contracts for the fourth quarter decreased 4% to 874, with active subdivisions declining to 135 versus 140 a year ago.

The Company's units, sales value and average sales price in backlog of homes also surpassed previous year-end records, reaching 2,658 units with a value of $704 million and an average sales price of $265,000. This compares to units of 2,321 with a value of $567 million and an average sales price of $244,000 at December 31, 2002.

Robert H. Schottenstein, Chief Executive Officer and President, commented, "We are very pleased to announce our eighth consecutive year of record results. In particular, our fourth quarter represented the strongest quarter in M/I's history -- reaching new records in revenue, net income, diluted earnings per share, and homes delivered. The quarter results were indicative of our annual results where numerous records were achieved. In 2003, we also strengthened our balance sheet with year-end shareholders' equity exceeding $400 million and book value per share exceeding $28. We also significantly enhanced our land position as planned -- purchasing $220 million of land."

Schottenstein continued, "Our record results were led by our gross and operating margins, with gross margins of 25.5% and operating margins of 13.5% for the year. With our record year-end backlog of $704 million, the strength of our land position and balance sheet, and our continued focus on customer service and profitability, we believe that 2004 will be our ninth consecutive record income year, producing diluted earnings per share between $5.95 and $6.10. We are also happy to report that January, 2004 new contracts were a record, rising 23% over January, 2003 levels."

The Company will broadcast live its earnings conference call today at 4:00 p.m. EST. To hear the call, log on to the M/I Homes' website at www.mihomes.com, click on "Investor Relations" section of the site, and select "Listen to the Conference Call." The call, along with any applicable reconciliation of non-GAAP financial measures, will continue to be available on our website through February 5, 2005.

M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having sold over 56,000 homes. The Company's homes are marketed and sold under the trade names M/I Homes and Showcase Homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Tampa, Orlando and Palm Beach County, Florida; Charlotte and Raleigh, North Carolina; Virginia and Maryland.

Certain statements in this Press Release are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to, changes in general economic conditions, fluctuations in interest rates, availability and cost of land in desirable areas, increases in raw materials and labor costs, levels of competition, the impact of war on the economy, and other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2002.