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LENNAR REPORTS RECORD SECOND QUARTER EARNINGS, REVENUES AND BACKLOG

 MIAMI, June 24 /PRNewswire/ -- Lennar Corporation (NYSE: LEN), one of the nation's leading homebuilding and real estate companies, today reported record earnings of $10,672,000 for its second quarter ended May 31, 1993, up 40 percent from the $7,618,000 for the same period last year. Earnings per share for the quarter were $.45, compared with $.37 in the second quarter of fiscal 1992. Revenues for the quarter totaled $141,965,000, up 50 percent from revenues of $94,458,000 for the same period of 1992. This represents the highest earnings and revenues for any quarter in the company's history.
 For the six-month period, Lennar's earnings were $19,677,000 ($.89 per share), compared with earnings of $15,700,000 ($.77 per share) for the first half of fiscal 1992. Revenues for the first six months of fiscal 1993 were $259,415,000, compared with revenues of $179,359,000 for the same period last year.
 The company delivered 982 homes during the second quarter of 1993, compared with 691 deliveries during the same period of 1992. Deliveries for the first six months of fiscal 1993 totaled 1,798 compared with 1,250 homes delivered in the first six months of last year.


LENNAR REPORTS RECORD SECOND QUARTER EARNINGS, REVENUES AND BACKLOG
 At May 31, 1993, Lennar had approximately $328 million in backlog of home sales for future delivery (2,780 homes), compared with $197 million (1,808 homes) a year earlier. This represents a 66 percent increase in the dollar value of backlog as compared to May 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 each of Lennar's three operating divisions had made major contributions to this strong quarter. Homebuilding produced outstanding closings and continued its very strong new order performance. It is now likely that homebuilding will produce even stronger revenues and earnings contributions during the second six months of the year, most particularly in the fourth quarter.
 Lennar's asset management division continues to increase its contribution to the company's bottom line. The division is experiencing excellent occupancy rates from its own portfolio of commercial and residential rental properties and is beginning to derive significant profits from its joint venture with The Morgan Stanley Real Estate Fund., L.P.
 Lennar's financial services division has expanded its origination capabilities to 32 states. The origination of new mortgage loans is now proceeding at a pace that could well exceed last year's record level of $1. billion.
 The strong backlog of new home sales contracts and the continuing strong performance of the asset management and financial services divisions suggests that Lennar is on a path to materially surpass last year's record earnings performance.


LENNAR ANNOUNCES RECORD SECOND QUARTER EARNINGS, REVENUES AND BACKLOG
 May 31 May 31
 QUARTER ENDED 1993 1992
 Revenues $141,965,000 $ 94,458,000
 Earnings before
 income taxes $ 16,806,000 $ 12,091,000
 Net Earnings $ 10,672,000 $ 7,618,000
 Net Earnings Per Share $ .45 $ .37
 Average shares
 outstanding 23,912,000 20,487,000
 May 31 May 31
 SIX MONTHS ENDED 1993 1992
 Revenues $259,415,000 $179,359,000
 Earnings before
 income taxes $30,988,000 $ 24,920,000
 Net Earnings $19,677,000 $ 15,700,000
 Net Earnings Per Share $ .89 $ .77
 Average shares
 outstanding 22,233,000 20,464,000
 ADDITIONAL INFORMATION
 May 31, May 31,
 QUARTER ENDED 1993 1992
 Earnings from Amount Per Share Amount Per Share
 financial
 services (A) $3,230,000 $.14 $2,537,000 $.12
 Earnings from
 joint ventures $1,426,000 $.06 $ 350,000 $.02
 Earnings from
 sales of other
 real estate $ 218,000 $.01 $ 104,000 $.01
 May 31, May 31,
 SIX MONTHS ENDED 1993 1992
 Earnings from Amount Per Share Amount Per Share
 financial
 services (B) $4,889,000 $.22 $4,578,000 $.22
 Earnings from
 joint ventures $3,471,000 $.16 $ 744,000 $.04
 Earnings from
 sales of other
 real estate $ 232,000 $.01 $2,021,000 $.10
 (A) -- Includes profits of $277,000 ($.01) and 1,139,000 ($.05) from sales of home mortgages in the second quarter of 1993 and 1992 respectively, and profits from sales of mortgage servicing rights of $1,282,000 ($.05) in the second quarter of 1993. There were no sales of mortgage servicing rights during the 1992 period.
 (B) -- Includes profits of $835,000 ($.04) and $1,460,000 ($.07) from sales of home mortgages in the first six months of 1993 and 1992, respectively, and profits from sales of mortgage servicing rights of $1,282,000 ($.05) in the first six months of 1993. There were no sales of mortgage servicing rights during the 1992 period.
 -0- 6/24/93
 /CONTACT: Allan J. Pekor, financial vice president of Lennar Corporation, 305-559-4000/
 (LEN)


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

SS-XX -- FL013 -- 5465 06/24/93 16:50 EDT
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Date:Jun 24, 1993
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