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LENNAR ANNOUNCES RECORD FIRST QUARTER EARNINGS

 LENNAR ANNOUNCES RECORD FIRST QUARTER EARNINGS
 MIAMI, March 18 /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. 29, 1992.
 Leonard Miller, chairman of the board and president, announced earnings for the quarter of $8,082,000 ($.40 per share) on revenues of $84,901,000, compared with earnings of $5,171,000 ($.26 per share) on revenues of $72,328,000 for the same period in fiscal 1991. This represents the highest first quarter earnings in the company's history. The company delivered 559 homes during the first quarter of 1992, compared with 517 deliveries during the same period of 1991.
 At Feb. 29, 1992, Lennar had approximately $150 million in backlog of home sales for future delivery (1,429 homes), compared with $85 million (870 homes) a year earlier. This represents a 64 percent increase in the number of homes in backlog and a 76 percent increase in the dollar value of the homes in backlog, when compared to the end of the same period of the prior year.
 Miller stated that all of Lennar's three divisions, homebuilding, financial services and asset management, contributed significantly to the first quarter performance.
 In homebuilding, new orders in the first quarter topped those of the first quarter last year by 66 percent. During the first quarter the company experienced strong new orders in its newly opened Dallas, Texas homebuilding operation.
 The financial services division continues to make significant contributions to current earnings while building future earnings through additions to its servicing portfolio. This division has recently acquired or contracted to acquire approximately $700 million of servicing rights which will increase its servicing portfolio to approximately $3.6 billion.
 The asset management division continues to contribute to earnings through its successful management of rental properties and from sales of properties, which contributed $1,917,000 ($.09 per share) to earnings in the first quarter of 1992 and $982,000 ($.05 per share) in the first quarter of 1991. As previously announced, the company will join The Morgan Stanley Real Estate Fund, L.P. in a partnership which has been selected as the successful bidder to purchase a major portfolio of loans and real estate from the RTC. Miller stated, "We look forward to the purchase of this portfolio and our relationship with the Morgan Stanley organization." This transaction is expected to close in the coming months.
 Miller concluded that the company is now capitalizing on its careful and conservative management during the downcycle.
 LENNAR ANNOUNCES RECORD FIRST QUARTER EARNINGS
 Feb. 29, Feb. 28,
 QUARTER ENDED 1992 1991
 Revenues $84,901,000 $72,328,000
 Earnings before
 income taxes $12,829,000 $ 7,955,000
 Income taxes $ 4,747,000 $ 2,784,000
 Net earnings $ 8,082,000 $ 5,171,000
 Net earnings per share $ .40 $ .26
 Average shares
 outstanding 20,442,000 19,942,000
 ADDITIONAL INFORMATION
 Feb. 29, Feb. 28,
 QUARTER ENDED 1992 1991
 Earnings from Amount Per Share Amount Per Share
 financial
 services (A) $2,041,000 $.10 $1,921,000 $.10
 Earnings from
 sales of other
 real estate (B) $1,917,000 $.09 $ 982,000 $.05
 Joint Venture
 closings included
 in total
 deliveries 23 36
 (A) -- Includes profits of $321,000 ($.02) and $1,016,000 ($.05) from sales of home mortgages in the first quarter of 1992 and 1991, respectively.
 (B) -- Includes the company's share of earnings from joint venture sales of other real estate.
 -0- 3/18/92
 /CONTACT: Allan J. Pekor, financial vice president of Lennar Corporation, 305-559-4000/
 (LEN) CO: Lennar Corporation ST: Florida IN: CST SU: ERN


JJ-SS -- FL013 -- 9402 03/18/92 16:54 EST
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Date:Mar 18, 1992
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