Printer Friendly

LENNAR'S SECOND QUARTER EARNINGS UP 52 PERCENT -- A NEW RECORD

 LENNAR'S SECOND QUARTER EARNINGS UP 52 PERCENT -- A NEW RECORD
 MIAMI, June 24 /PRNewswire/ -- Lennar Corporation (NYSE: LEN), one of the nation's leading homebuilding and real estate companies, today reported revenues and earnings for its second quarter and six months ended May 31, 1992.
 Leonard Miller, chairman of the board and president, announced earnings for the quarter of $7,618,000 ($.37 per share) on revenues of $94,458,000, compared with earnings of $5,015,000 ($.25 per share) on revenues of $73,537,000 for the same period in fiscal 1991. This represents the highest second quarter earnings in the company's history, and reflects a 52 percent increase in net income over the second quarter of last year.
 For the six-month period, Lennar's earnings were $15,700,000 ($.77 per share), compared with earnings of $10,186,000 ($.51 per share) for the first half of fiscal 1991. Revenues for the first six months of fiscal 1992 were $179,359,000, compared with revenues of $145,865,000 for the same period last year.
 The company delivered 691 homes during the second quarter of 1992, compared with 562 deliveries during the same period of 1991. Deliveries for the first six months of fiscal 1992 totaled 1,250, compared with 1,079 homes delivered in the first six months of last year.
 At May 31, 1992, Lennar had approximately $197 million in backlog of home sales for future delivery (1,808 homes), compared with $115 million (1,152 homes) a year earlier. This represents a 57 percent increase in the number of homes in backlog and a 71 percent increase in the dollar value of the homes in backlog, when compared to the end of the same period last year.
 Miller stated that Lennar continues to demonstrate its ability to capitalize on opportunity and build strong performance records in each of its three businesses.
 In homebuilding, new orders continued to outpace those of last year. The company has now opened eight communities in its new Dallas division, and new orders there have exceeded management expectations. The buildup in total sales backlog to its current level assures continued growth in homebuilding revenues during the balance of this fiscal year.
 In financial services, the mortgage loan servicing portfolio has continued to grow to its current level of more than $3.5 billion. This has produced increased revenues from servicing fees, adding valuable core income to the consolidated total. The company has continued to expand its mortgage origination network and during the first half of fiscal 1992 it originated $449 million in new loans, a 245 percent increase from the $130 million in new loans originated during the first half of fiscal 1991.
 In asset management the company continues its excellent performance. The company previously announced that it would join with Morgan Stanley Real Estate Fund, L.P. in a partnership that had won the bid to acquire a major portfolio of loans and real estate from the RTC. All of the complex advance preparations are proceeding on schedule and we hope to close the transaction and be fully operational during the third quarter of this fiscal year. The venture will add a new and significant dimension to our business and we are continuing to look at other opportunities for our asset management division.
 Miller concluded that Lennar has enjoyed an outstanding first six months of fiscal 1992, with each of our businesses contributing to our performance. All signs point to even stronger performance during the balance of fiscal 1992.
 LENNAR CORPORATION
 QUARTER ENDED May 31, May 31,
 1992 1991
 REVENUES $ 94,458,000 $ 73,537,000
 EARNINGS BEFORE INCOME TAXES $ 12,091,000 $ 7,960,000
 INCOME TAXES $ 4,473,000 $ 2,945,000
 NET EARNINGS $ 7,618,000 $ 5,015,000
 NET EARNINGS PER SHARE $ .37 $ $ .25
 AVERAGE SHARES OUTSTANDING 20,487,000 20,018,000
 SIX MONTHS ENDED May 31, May 31,
 1992 1991
 REVENUES $179,359,000 $145,865,000
 EARNINGS BEFORE INCOME TAXES $ 24,920,000 $ 15,915,000
 INCOME TAXES $ 9,220,000 $ 5,729,000
 NET EARNINGS $ 15,700,000 $ 10,186,000
 NET EARNINGS PER SHARE $ .77 $ $ .51
 AVERAGE SHARES OUTSTANDING 20,464,000 19,980,000
 ADDITIONAL INFORMATION
 QUARTER ENDED May 31, May 31,
 1992 1991
 Amount Per Share Amount Per Share
 Earnings from financial
 services (A) $ 2,537,000 $.12 $ 2,746,000 $.14
 Earnings from sales of
 other real estate (C) $ 104,000 $.01 $ 26,000 $.00
 Joint venture closings
 included in total
 deliveries 31 36
 SIX MONTHS ENDED May 31, May 31,
 1992 1991
 Amount Per Share Amount Per Share
 Earnings from financial
 services (B) $ 4,578,000 $.22 $ 4,681,000 $.23
 Earnings from sales of
 other real estate (C) $ 2,021,000 $.10 $ 1,008,000 $.05
 Joint venture closings
 included in total
 deliveries 54 72
 (A) -- Includes profits of $1,139,000 ($.05) and $1,851,000 ($.09)
 from sales of home mortgages in the second quarter of 1992
 and 1991, respectively.
 (B) -- Includes profits of $1,460,000 ($.07) and $2,881,000 ($.14)
 from sales of home mortgages in the first six months of 1992
 and 1991, respectively.
 (C) -- Includes the company's share of earnings from join venture
 sales of other real estate.
 -0- 6/24/92
 /CONTACT: Allan J. Pekor, financial vice president of Lennar Corporation, 305-559-4000/
 (LEN) CO: Lennar Corporation ST: Florida IN: CST SU: ERN


AW-XX -- FL002 -- 3143 06/24/92 08:30 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 24, 1992
Words:912
Previous Article:JACOBS RECEIVES MULTIMILLION DOLLAR CONTRACT FROM CPC
Next Article:CEPHALON, INC. RECEIVES SBIR GRANT FROM THE NIH TO RESEARCH NOVEL THERAPEUTICS FOR BRAIN AND SPINAL CORD NERVE DAMAGE AND DEGENERATION
Topics:


Related Articles
LENNAR CORPORATION ANNOUNCES RECORD YEAR-END RESULTS
LENNAR CORPORATION ANNOUNCES RECORD FIRST QUARTER RESULTS
Lennar Corporation Announces Record Third Quarter Results
Lennar Corporation Reports First Quarter 1998 Results
Lennar Corporation Reports Record Fourth Quarter and Fiscal Year 1998 Earnings.
Lennar Corporation Reports 72% Increase In First Quarter 1999 Net Earnings.
Lennar Corporation Reports 55% Increase in Second Quarter 1999 Net Earnings.
Lennar Corporation Reports Record Fiscal Year 1999 Earnings And Fourth Quarter Results.
Lennar Corporation Reports Second Quarter 2000 Results.
Lennar Corporation Reports Record $3.64 Earnings Per Share For Fiscal 2000.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters