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LENNAR ANNOUNCES RECORD FIRST QUARTER EARNINGS, REVENUES AND BACKLOG

 MIAMI, March 24 /PRNewswire/ -- Lennar Corporation (NYSE: LEN), one of the nation's leading homebuilding and real estate companies, today reported revenues and earnings for its first quarter ended Feb. 28.
 Leonard Miller, chairman of the board and president, announced earnings for the first quarter of 1993 of $9,005,000 ($.44 per share) on revenues of $117,450,000, compared with earnings of $8,082,000 ($.40 per share) on revenues of $84,901,000 in the first quarter of 1992. This represents the highest first quarter earnings and revenues in the company's history.
 The company delivered 816 homes during the first quarter of 1993, compared with 559 deliveries during the same period of 1992. This represents a 46 percent increase in the number of homes delivered over the first quarter of 1992.
 At Feb. 28, Lennar had approximately $254 million in backlog of home sales for future delivery (2,280 homes), compared with $150 million (1,429 homes) a year earlier. This represents a 69 percent increase in the dollar value of backlog as compared to Feb. 29, and is the highest dollar value of backlog in the company's history.
 Miller stated, "Despite a year marked by economic recession and a devastating hurricane, Lennar managed to accomplish record earnings in 1992. Now, we have eclipsed last year's first quarter performance with record earnings for the first quarter of fiscal 1993 and the highest dollar backlog in our history. With the economy and consumer psychology on the upswing and with interest rates at a 20-year low, there is every reason to expect that each of our three divisions, homebuilding, financial services and asset management, will contribute to an even stronger performance during the remainder of this fiscal year and new earnings records for Lennar."
 LENNAR CORPORATION
 Feb. 28 Feb. 29
 QUARTER ENDED 1993 1992
 Revenues $117,450,000 $ 84,901,000
 Earnings before
 Income taxes $14,182,000 $ 12,829,000
 Income Taxes $ 5,177,000 $ 4,747,000
 Net Earnings $ 9,005,000 $ 8,082,000
 Net Earnings Per Share $ .44 $ .40
 Average shares
 outstanding 20,553,000 20,442,000
 ADDITIONAL INFORMATION
 Feb. 28, Feb. 29,
 QUARTER ENDED 1993 1992
 Amount Per Share Amount Per Share
 Earnings from
 financial
 services $1,659,000 $.08 $2,041,000 $.10
 Earnings from
 sales of other
 real estate $ 13,000 $.00 $1,917,000 $.09
 -0- 3/24/93
 /CONTACT: Allan J. Pekor, financial vice president of Lennar Corporation, 305-559-4000/
 (LEN)


CO: Lennar Corporation ST: Florida IN: CST SU: ERN

AW-JB -- FL008 -- 9252 03/24/93 16:32 EST
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Publication:PR Newswire
Date:Mar 24, 1993
Words:428
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