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LENNAR REPORTS RECORD EARNINGS, REVENUES AND BACKLOG

 MIAMI, Sept. 23 /PRNewswire/ -- Lennar Corporation (NYSE:LEN), one of the nation's leading homebuilding and real estate companies, today reported record earnings of $12,011,000 ($.50 per share) for its third quarter ended August 31, 1993, up from the $3,150,000 ($.15 per share) for the same period last year. Revenues for the quarter totaled $167,121,000, up from revenues of $125,007,000 for the same period of 1992. This repreents the hightest earnings and revenues for any quarter in the company's history.
 For the nine-month period, Lennar's earnings were a record $31,688,000 ($1.39 per share), compared with earnings of $18,850,000 ($.92 per share) for the first nine months of fiscal 1992. Revenues for the first nine months of fiscal 1993 were a record $426,536,000 compared with revenues of $304,366,000 for the same period last year.
 The fiscal 1992 third quarter and nine-month results included an unusual charge of $4,788,000 after income taxes ($.23 per share).
 The company delivered 1,176 homes during the third quarter of 1993, compared with 874 deliveries during the same period of 1992. Deliveries for the first nine months of fiscal 1993 totaled 2,974, compared with 2,124 homes delivered in the first nine months of last year.
 At August 31, 1993, Lennar had approximately $336 million in backlog of home sales for future delivery (2,747 homes), compared with $198 million (1,877 homes) a year earlier. This represents a 70 percent increase in the dollar value of backlog as compared to August 31, 1992, and is the highest dollar value of backlog in the company's history.
 Leonard Miller, chairman of the board and president, said that 1993 is proving to be the best year in Lennar history. Earnings for the first nine months of fiscal 1993 have already exceeded the full year 1992 and we have our strongest quarter still ahead of us. In homebuilding, a record breaking third quarter backlog of new home sales virtually assures a very strong finish for this fiscal year. Our financial services division continues to make a strong contribution to Lennar's bottom line. In asset management, our joint venture with The Morgan Stanley Real Estate Fund, L.P. and our Lehman/Westinghouse partnership are now important elements of our business and should provide a continuing earnings stream for a number of years. All signs now point not only to a record breaking 1993 performance, but also to a great beginning for fiscal 1994.
 LENNAR CORPORATION
 Quarter Ended
 August 31, August 31,
 1993 1992
 Revenues $167,121,000 $125,007,000
 Earnings before income
 taxes (A) $ 19,372,000 $ 5,000,000
 Net earnings (A) $ 12,011,000 $ 3,150,000
 Net earnings per share (A) $ .50 $ .15
 Average Shares Outstanding 24,045,000 20,528,000
 Nine Months Ended
 August 31, August 31,
 1993 1992
 Revenues $426,536,000 $304,366,000
 Earnings before income
 taxes (A) $ 50,360,000 $ 29,920,000
 Net earnings (A) $ 31,688,000 $ 18,850,000
 Net earnings per share (A) $ 1.39 $ .92
 Average shares outstanding 22,837,000 20,486,000
 (A) -- The 1992 results included an unusual charge in the amount of $7,600,000 ($4,788,000 after tax or $.23 per share).
 ADDITIONAL INFORMATION
 Quarter ended
 August 31, August 31,
 1993 1992
 Amount Per Share Amount Per Share
 Earnings from financial
 services (A) $1,888,000 $ .08 $2,028,000 $ .10
 Earnings from asset
 management partnerships (C) $1,599,000 $ .07 $ 201,000 $ .01
 Earnings from sales of
 other real estate $ 45,000 $ .00 $ 92,000 $ .00
 Nine Months Ended
 August 31, August 31,
 1993 1992
 Amount Per Share Amount Per Share
 Earnings from financial
 services (B) $6,758,000 $ .30 $6,606,000 $ .32
 Earnings from asset
 management partnerships (C) $5,014,000 $ .22 $ 201,000 $ .01
 Earnings from sales of
 other real estate $ 275,000 $ .01 $2,112,000 $ .10
 (A) -- Includes profits of $15,000 ($.00) and $382,000 ($.02) from sales of packages of home mortgage loans in the third quarter of 1993 and 1992, respectively, and profits from bulk sales of mortgage servicing rights of $641,000 ($.03) in the third quarter of 1993. There were no bulk sales of mortgage servicing rights during the 1992 period.
 (B) -- Includes profits of $843,000 ($.04) and $1,842,000 ($.09) from sales of packages of home mortgage loans in the first nine months of 1993 and 1992, respectively, and profits from bulk sales of mortgage servicing rights or $1,921,000 ($.08) in the first nine months of 1993. There were no bulk sales of mortgage servicing rights during the 1992 period.
 (C) -- Represents equity in earnings, management fees and disposition fees.
 -0- 9/23/93
 /CONTACT: Allan J. Pekor, financial vice president of Lennar Corporation, 305-559-4000/
 (LEN)


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

RC-PC -- FL005 -- 5037 09/23/93 08:23 EDT
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Date:Sep 23, 1993
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