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LENNAR ANNOUNCES THIRD QUARTER EARNINGS

 LENNAR ANNOUNCES THIRD QUARTER EARNINGS
 MIAMI, Sept. 29 /PRNewswire/ -- Lennar Corporation (NYSE: LEN), one


of the nation's leading homebuilding and real estate companies, today reported revenues and earnings for its third quarter and nine months ended Aug. 31, 1992.
 Leonard Miller, chairman of the board and president, announced earnings for the quarter of $3,150,000 ($.15 per share) on revenues of $125,007,000, compared with earnings of $5,237,000 ($.26 per share) on revenues of $80,545,000 for the same period in fiscal 1991. Third quarter 1992 results include an unusual charge of $7,600,000 before income taxes, representing the company's estimate of the net cost of damage caused by Hurricane Andrew. Without the effect of the hurricane, the company's net earnings for the third quarter of 1992 would have been a record $7,938,000 or $.39 per share, a 52 percent increase over the third quarter of fiscal 1991.
 For the nine-month period, Lennar's earnings were $18,850,000 ($.92 per share), compared with earnings of $15,423,000 ($.77 per share) for the first nine months of fiscal 1991. Revenues for the first nine months of fiscal 1992 were $304,366,000, compared with revenues $226,410,000 for the same period last year. Without the effect of the hurricane, earnings for the nine months ended Aug. 31, 1992 would have been $23,638,000 or $1.15 per share.
 The company delivered 874 homes during the third quarter of 1992, compared with 634 deliveries during the same period of 1991. Deliveries for the first nine months of fiscal 1992 totaled 2,124, compared with 1,713 homes delivered in the first nine months of last year. At Aug. 31, 1992, Lennar had approximately $198 million in backlog of home sales for future delivery (1,877 homes), compared with $128 million (1,242 homes) a year earlier. The Aug. 31, 1992 backlog has been adjusted for subsequent cancellations in those south Dade County communities affected by the storm. Even after taking these cancellations into consideration, there is a 55 percent increase in the dollar value of backlog as compared to Aug. 31, 1991.
 Miller said, "what was an outstanding quarterly performance has been overshadowed by the devastation of Hurricane Andrew. While business in our Dade County homebuilding operation was seriously affected by the hurricane in the short term, none of our other nine homebuilding operations were impacted.
 "In Dade County, we are already assisting homeowners with their reconstruction efforts, and we expect to play a significant role in that process. An attorney representing several homeowners has brought suit against us, seeking to blame us for damage caused by the hurricane. We believe that the allegations made in these suits are without merit. We intend to defend ourselves vigorously against any such lawsuits and pursue compensation for any costs we incur in our defense. We further believe that we have adequate insurance coverage. As a result of Hurricane Andrew, we will probably deliver 100 to 150 fewer homes than anticipated for this year, but our homebuilding division will nevertheless have an outstanding year.
 "We have decided to open a homebuilding division in Houston, Texas, to build on the great start we have made in our Dallas division this year.
 "Our joint venture with The Morgan Stanley Real Estate Fund, L.P. has now completed the acquisition of the AmeriFirst portfolio, and we look forward to the venture making a solid contribution to 1993 earnings.
 "Our mortgage servicing portfolio has topped $3.8 billion, adding to our growing stream of core income."
 In conclusion, Miller stated, "In 1992, even after the impact of Hurricane Andrew, we expect to outperform last year by a wide margin and, with new orders continuing at very strong levels, we are optimistic about strong growth in 1993."
 LENNAR ANNOUNCES THIRD QUARTER EARNINGS
 Aug. 31 Aug. 31
 QUARTER ENDED 1992 1991
 Revenues $125,007,000 $ 80,545,000
 Earnings before
 income taxes:
 Before Unusual Charge $12,600,000 $ 8,183,000
 After Unusual Charge $ 5,000,000 $ 8,183,000
 Net Earnings:
 Before Unusual Charge $ 7,938,000 $ 5,237,000
 After Unusual Charge $ 3,150,000 $ 5,237,000
 Net Earnings Per Share:
 Before Unusual Charge $ .39 $ .26
 After Unusual Charge $ .15 $ .26
 Average shares
 outstanding 20,528,000 20,184,000
 Aug. 31 Aug. 31
 NINE MONTHS ENDED 1992 1991
 Revenues $304,366,000 $226,410,000
 Earnings before
 income taxes:
 Before Unusual Charge $37,520,000 $ 24,098,000
 After Unusual Charge $29,920,000 $ 24,098,000
 Net Earnings:
 Before Unusual Charge $23,638,000 $ 15,423,000
 After Unusual Charge $18,850,000 $ 15,423,000
 Net Earnings Per Share:
 Before Unusual Charge $ 1.15 $ .77
 After Unusual Charge $ .92 $ .77
 Average shares
 outstanding 20,486,000 20,048,000
 ADDITIONAL INFORMATION
 Aug. 31, Aug. 31,
 QUARTER ENDED 1992 1991
 Earnings from Amount Per Share Amount Per Share
 financial
 services (A) $2,028,000 $.10 $2,463,000 $.12
 Earnings from
 sales of other
 real estate (C) $ 92,000 $.00 $ 116,000 $.01
 Joint Venture
 closings included
 in total
 deliveries 10 34
 Aug. 31, Aug. 31,
 NINE MONTHS ENDED 1992 1991
 Earnings from Amount Per Share Amount Per Share
 financial
 services (B) $6,606,000 $.32 $7,144,000 $.36
 Earnings from
 sales of other
 real estate (C) $2,112,000 $.10 $1,124,000 $.06
 Joint Venture
 closings included
 in total
 deliveries 64 106
 (A) -- Includes profits of $382,000 ($.02) and $895,000 ($.04) from sales of home mortgages in the third quarter of 1992 and 1991, respectively.
 (B) -- Includes profits of $1,842,000 ($.09) and $3,776,000 ($.19) from sales of home mortgages in the first nine months of 1992 and 1991, respectively.
 (C) -- Includes the company's share of earnings from joint venture sales of other real estate.
 -0- 9/29/92
 /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-JJ -- FL013 -- 4595 09/29/92 18:14 EDT
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