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LENNAR ANNOUNCES 69 PERCENT INCREASE IN FOURTH QUARTER EARNINGS AND 55 PERCENT INCREASE IN ANNUAL EARNINGS

 LENNAR ANNOUNCES 69 PERCENT INCREASE IN FOURTH QUARTER EARNINGS
 AND 55 PERCENT INCREASE IN ANNUAL EARNINGS
 MIAMI, Jan. 16 /PRNewswire/ -- Lennar Corporation (NYSE: LEN) one of the nation's leading homebuilding and real estate companies, today reported revenues and earnings for its fourth quarter and fiscal year ended Nov. 30, 1991.
 Leonard Miller, chairman of the board and president, announced earnings for the 1991 fiscal year of $21,148,000 ($2.10 per share) on revenues of $325,743,000, compared with earnings of $13,658,000 ($1.36 per share) on revenues of $350,870,000 in fiscal 1990. This represented a 55 percent increase in earnings for the fiscal year.
 For the fourth quarter of its fiscal year, Lennar's revenues were $99,333,000, compared with revenues of $95,259,000 for the same period of 1990. Fourth quarter earnings were $5,725,000 ($.56 per share), compared with earnings of $3,395,000 ($.34 per share) for the fourth quarter of fiscal 1990. This represented a 69 percent earnings increase in the fourth quarter of Lennar's fiscal year.
 The company delivered 767 homes during the fourth quarter of 1991, compared with 798 deliveries during the same period of 1990. Deliveries for fiscal 1991 totaled 2,480 homes, compared with 3,011 homes delivered during fiscal 1990.
 At Nov. 30, 1991, Lennar had approximately $106 million in backlog of home sales for future delivery (1,039 homes), compared with $80 million (815 homes) a year earlier. This represented a 27 percent increase in the number of homes in backlog, when compared to the end of the previous fiscal year.
 Miller stated that he was delighted with the company's improvements in fourth quarter and annual earnings in 1991 and the increase in the year-end backlog of sales for future delivery. Based upon the strong backlog and the fact that new orders in early fiscal 1992 are materially higher than those of the previous year, he expects that 1992 will be another year of significant growth for Lennar.
 LENNAR CORPORATION
 Nov. 30, Nov. 30,
 QUARTER ENDED 1991 1990
 Revenues $ 99,333,000 $ 95,259,000
 Earnings before income
 taxes $ 8,945,000 $ 5,223,000
 Income taxes $ 3,220,000 $ 1,828,000
 Net earnings $ 5,725,000 $ 3,395,000
 Net earnings per share $ .56 $ .34
 Average Shares Outstanding 10,155,000 9,977,000
 Nov. 30, Nov. 30,
 YEAR ENDED 1991 1990
 Revenues $325,743,000 $350,870,000
 Earnings before
 income taxes $ 33,043,000 $ 21,013,000
 Income taxes $ 11,895,000 $ 7,355,000
 Net earnings $ 21,148,000 $ 13,658,000
 Net earnings per share $ 2.10 $ 1.36
 Average Shares Outstanding 10,057,000 10,034,000
 ADDITIONAL INFORMATION
 Nov. 30, Nov. 30
 QUARTER ENDED 1991 1990
 Amount Per Share Amount Per Share
 Earnings from
 financial
 services (A) $1,316,000 $.13 $1,204,000 $.12
 Earnings from sales
 of other
 real estate (C) $1,049,000 $.10 $386,000 $.04
 Joint venture closings
 included in total
 deliveries 21 -- 50 --
 Nov. 30, Nov. 30
 YEAR ENDED 1991 1990
 Earnings from
 financial
 services (B) $8,460,000 $.84 $3,130,000 $.31
 Earnings from sales
 of other
 real estate (C) $2,173,000 $.22 $1,901,000 $.19
 Joint venture closings
 included in total
 deliveries 127 -- 170 --
 (A) -- Includes profits of $328,000 ($.03) and $343,000 ($.03) from sales of home mortgages in the fourth quarter of 1991 and 1990, respectively.
 (B) -- Includes profits of $4,104,000 ($.41) and $607,000 ($.06) from sales of home mortgages in the 1991 and 1990 fiscal years, respectively.
 (C) -- Includes the company's share of earnings from joint venture sales of other real estate.
 -0- 1/16/92
 /CONTACT: Allan J. Pekor, financial vice president of Lennar Corporation, 305-559-4000/
 (LEN) CO: Lennar Corporation ST: Florida IN: CST SU: ERN


SS-AW -- FL001 -- 0485 01/16/92 11:43 EST
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Publication:PR Newswire
Date:Jan 16, 1992
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