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Lennar Corporation, founded in 1954, is one of the nation's largest builders of quality homes for all generations. The company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's operations include Financial Services, Rialto and Multifamily we don't disclose publicly.

Lennar's core principles of Quality, Value and Integrity is the underlying foundation upon which we were built. When we care for our company, our customers and our associates, we know that our shareholders receive the best results.

Lennar Corporation (LEN)

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    Lennar Reports Third Quarter Results

    - Revenues of $2.3 billion - down 44%

    - Loss per share of $3.25 (includes a $3.33 per share charge related to valuation adjustments and write-offs of option deposits and pre- acquisition costs, goodwill and financial services notes receivable)

    - Homebuilding operating loss of $787.7 million (includes $847.5 million of homebuilding valuation adjustments and write-offs noted above)

    - Financial Services operating loss of $5.2 million (includes $9.3 million of write-offs of notes receivable)

    - Homebuilding debt decreased $212.8 million; homebuilding debt to total capital of 33.5%

    - Deliveries of 7,636 homes - down 41%

    - New orders of 5,804 homes - down 48%; cancellation rate of 32%

    - Backlog dollar value of $2.2 billion - down 60%

    MIAMI, Sept. 25 /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, today reported results for its third quarter ended August 31, 2007. Third quarter net loss in 2007 was $513.9 million, or $3.25 per diluted share, compared to third quarter net earnings of $206.7 million, or $1.30 per diluted share, in 2006.

    Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, "It is already well documented that the housing market has continued to deteriorate throughout our third quarter. Heavy discounting by builders, and now the existing home market as well, has continued to drive pricing downward. Consumer confidence in housing has remained low, while the mortgage market has continued to redefine itself, creating higher cancellation rates."

    Mr. Miller continued, "Our response to, and primary focus in, this environment continues to be to adjust pricing to meet current market conditions in order to keep inventories low and to keep our balance sheet positioned for the future. The net effect has been a continued deterioration of our net margin and accordingly, higher impairments to our inventory."

    "We also have, and continue to, reduce overhead to be 'right-sized' for new and anticipated lower volume levels. While it has been challenging to stay ahead of rapidly adjusting market conditions and resulting revenue reductions, we have reduced our workforce to date by approximately 35% and expect continued reductions in the fourth quarter."

    Mr. Miller concluded, "The combination of moving our stated inventory to current market valuations, 'right-sizing' our overhead to reduced volume levels and a stabilization of market conditions should ultimately bring us back to profitability."

                                RESULTS OF OPERATIONS
    
                    THREE MONTHS ENDED AUGUST 31, 2007 COMPARED TO
                          THREE MONTHS ENDED AUGUST 31, 2006
    
        Homebuilding

    Revenues from home sales decreased 44% in the third quarter of 2007 to $2.2 billion from $3.9 billion in 2006. Revenues were lower primarily due to a 41% decrease in the number of home deliveries and a 6% decrease in the average sales price of homes delivered in 2007. New home deliveries, excluding unconsolidated entities, decreased to 7,266 homes in the third quarter of 2007 from 12,337 homes last year. In the third quarter of 2007, new home deliveries were lower in each of the Company's homebuilding segments and Homebuilding Other, compared to 2006. The average sales price of homes delivered decreased to $296,000 in the third quarter of 2007 from $316,000 in the same period last year, primarily due to higher sales incentives offered to homebuyers ($46,000 per home delivered in the third quarter of 2007, compared to $35,900 per home delivered in the same period last year).

    Gross margins on home sales excluding FAS 144 valuation adjustments were $304.1 million, or 14.0%, in the third quarter of 2007, compared to $761.2 million, or 19.5%, in 2006. Gross margin percentage on home sales decreased compared to last year in all of the Company's homebuilding segments primarily due to higher sales incentives offered to homebuyers. Gross margins on home sales were $1.0 million in the third quarter of 2007, which included $303.1 million of FAS 144 valuation adjustments, compared to gross margins on home sales of $729.2 million, or 18.7%, in the third quarter of 2006, which included $32.0 million of FAS 144 valuation adjustments. Gross margins on home sales excluding FAS 144 valuation adjustments is a non-GAAP financial measure disclosed by certain of the Company's competitors and has been presented because the Company finds it useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors.

    Selling, general and administrative expenses were reduced by $122.3 million, or 29%, in the third quarter of 2007, compared to the same period last year, primarily due to reductions in associate headcount and variable compensation expense. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 14.0% in the third quarter of 2007, from 10.9% in 2006. The 310 basis point increase was primarily due to lower revenues.

    Loss on land sales totaled $344.7 million in the third quarter of 2007, which included $114.6 million of FAS 144 valuation adjustments and $242.5 million of write-offs of deposits and pre-acquisition costs related to 15,000 homesites under option that the Company does not intend to purchase. In the third quarter of last year, loss on land sales totaled $0.3 million, which included $11.8 million of FAS 144 valuation adjustments and $15.8 million of write-offs of deposits and pre-acquisition costs related to 8,400 homesites that were under option.

    Equity in loss from unconsolidated entities was $127.4 million in the third quarter of 2007, which included $138.7 million of FAS 144 valuation adjustments to the Company's investments in unconsolidated entities, compared to equity in loss from unconsolidated entities of $5.9 million, which included $16.5 million of FAS 144 valuation adjustments to the Company's investments in unconsolidated entities last year. Management fees and other expense, net, totaled $10.5 million in the third quarter of 2007 (including $32.1 million of valuation adjustments and $16.5 million of goodwill write-offs, partially offset by the recognition of $24.7 million of profit deferred at the time of the recapitalization of the LandSource joint venture), compared to management fees and other income, net of $21.8 million in the third quarter of 2006. Minority interest expense, net was $1.8 million and $1.1 million, respectively, in the third quarter of 2007 and 2006. Sales of land, equity in loss from unconsolidated entities, management fees and other income (expense), net and minority interest expense, net may vary significantly from period to period depending on the timing of land sales and other transactions entered into by the Company and unconsolidated entities in which it has investments.

    Financial Services

    Operating loss for the Financial Services segment was $5.2 million in the third quarter of 2007, compared to operating earnings of $61.7 million last year, which included a $17.7 million pretax gain generated from monetizing the segment's personal lines insurance policies. The decrease was primarily due to a decline in profitability from both the segment's mortgage and title operations and $9.3 million of partial write-offs of land seller notes receivable. The decline in profitability was due to the overall weakness in the homebuilding market, which led to a decrease in volume and transactions for the mortgage and title operations compared to last year.

    Corporate General and Administrative Expenses

    Corporate general and administrative expenses were reduced by $6.2 million, or 12%, in the third quarter of 2007, compared to the same period last year. As a percentage of total revenues, corporate general and administrative expenses increased to 1.9% in the third quarter of 2007, from 1.2% in 2006, primarily due to lower revenues.

                    NINE MONTHS ENDED AUGUST 31, 2007 COMPARED TO
                          NINE MONTHS ENDED AUGUST 31, 2006
    
        Homebuilding

    Revenues from home sales decreased 31% in the nine months ended August 31, 2007 to $7.5 billion from $10.8 billion in 2006. Revenues were lower primarily due to a 27% decrease in the number of home deliveries and a 7% decrease in the average sales price of homes delivered in 2007. New home deliveries, excluding unconsolidated entities, decreased to 24,772 homes in the nine months ended August 31, 2007 from 33,747 homes last year. In the nine months ended August 31, 2007, new home deliveries were lower in each of the Company's homebuilding segments and Homebuilding Other, compared to 2006. The average sales price of homes delivered decreased to $299,000 in the nine months ended August 31, 2007 from $321,000 in 2006 primarily due to higher sales incentives offered to homebuyers ($45,000 per home delivered in 2007, compared to $25,900 per home delivered in 2006).

    Gross margins on home sales excluding inventory valuation adjustments were $1.1 billion, or 14.4%, in the nine months ended August 31, 2007, compared to $2.4 billion, or 22.5%, in 2006. Gross margin percentage on home sales decreased compared to last year in all of the Company's homebuilding segments and Homebuilding Other primarily due to higher sales incentives offered to homebuyers. Gross margins on home sales were $555.1 million, or 7.4%, in the nine months ended August 31, 2007, which included $523.0 million of FAS 144 valuation adjustments, compared to gross margins on home sales of $2.4 billion, or 22.2%, in the nine months ended August 31, 2006, which included $40.7 million of FAS 144 valuation adjustments.

    Selling, general and administrative expenses were reduced by $211.1 million, or 16%, in the nine months ended August 31, 2007, compared to the same period last year, primarily due to reductions in associate headcount and variable compensation expense. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 14.3% in the nine months ended August 31, 2007, from 11.8% in 2006. The 250 basis point increase was primarily due to lower revenues.

    Loss on land sales totaled $480.0 million in the nine months ended August 31, 2007, which included $197.2 million of FAS 144 valuation adjustments and $312.4 million of write-offs of deposits and pre-acquisition costs related to 24,400 homesites under option that the Company does not intend to purchase. In the nine months ended August 31, 2006, gross profit from land sales totaled $89.9 million, net of $35.8 million of FAS 144 valuation adjustments and $41.1 million of write-offs of deposits and pre-acquisition costs related to 14,800 homesites that were under option.

    Equity in loss from unconsolidated entities was $168.1 million in the nine months ended August 31, 2007, which included $172.7 million of FAS 144 valuation adjustments to the Company's investments in unconsolidated entities, compared to equity in earnings from unconsolidated entities of $47.1 million, net of $16.7 million of FAS 144 valuation adjustments to the Company's investments in unconsolidated entities last year. Management fees and other expense, net, totaled $9.5 million in the nine months ended August 31, 2007 (including $46.4 million of valuation adjustments and $16.5 million of goodwill write-offs, partially offset by the recognition of $24.7 million of profit deferred at the time of the recapitalization of the LandSource joint venture), compared to management fees and other income, net of $57.7 million in 2006. Minority interest expense, net was $3.2 million and $12.1 million, respectively, in the nine months ended August 31, 2007 and 2006. Sales of land, equity in earnings (loss) from unconsolidated entities, management fees and other income (expense), net and minority interest expense, net may vary significantly from period to period depending on the timing of land sales and other transactions entered into by the Company and unconsolidated entities in which it has investments.

    In February 2007, the Company's LandSource joint venture admitted MW Housing Partners as a new strategic partner. The transaction resulted in a cash distribution to the Company of $707.6 million. The Company's resulting ownership of LandSource is 16%. If LandSource reaches certain financial targets, the Company will have a disproportionate share of the entity's future positive net cash flow. As a result of the recapitalization, the Company recognized a pretax gain of $175.9 million in 2007 and could potentially recognize additional profits in future years, in addition to profits from its continuing ownership interest.

    Financial Services

    Operating earnings for the Financial Services segment were $24.8 million in the nine months ended August 31, 2007, compared to $106.9 million last year, which included a $17.7 million pretax gain generated from monetizing the segment's personal lines insurance policies. The decrease was primarily due to a decline in profitability from both the segment's mortgage and title operations and $27.9 million of partial write-offs of land seller notes receivable. The decline in profitability was due to the overall weakness in the homebuilding market, which led to a decrease in volume and transactions for the mortgage and title operations compared to last year.

    Corporate General and Administrative Expenses

    Corporate general and administrative expenses were reduced by $21.8 million, or 14%, for the nine months ended August 31, 2007, compared to 2006. As a percentage of total revenues, corporate general and administrative expenses increased to 1.7% in the nine months ended August 31, 2007, from 1.3% in the same period last year, primarily due to lower revenues.

    Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides primarily mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, www.lennar.com.

    Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our business, financial condition, results of operations, strategies and prospects. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described under the caption "Risk Factors" in Item 1A of our Annual Report on Form 10-K for our fiscal year ended November 30, 2006. We do not undertake any obligation to update forward-looking statements.

    A conference call to discuss the Company's third quarter earnings will be held at 11:00 a.m. Eastern time on Tuesday, September 25, 2007. The call will be broadcast live on the Internet and can be accessed through the Company's website at www.lennar.com. If you are unable to participate in the conference call, the call will be archived at www.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 320-365- 3844 and entering 887014 as the confirmation number.

                           LENNAR CORPORATION AND SUBSIDIARIES
    
                        Selected Revenues and Earnings Information
                         (In thousands, except per share amounts)
                                       (unaudited)
    
    
                                     Three Months Ended       Nine Months Ended
                                         August 31,               August 31,
                                       2007     2006           2007      2006
    
        Revenues:
         Homebuilding               $2,229,188  3,996,791   7,634,168  11,520,811
         Financial services            112,665    185,644     375,708     479,786
            Total revenues          $2,341,853  4,182,435   8,009,876  12,000,597
    
        Homebuilding operating
         earnings (loss)            $ (787,698)   317,222    (999,388)  1,305,507
        Financial services
         operating earnings (loss)      (5,245)    61,694      24,834     106,910
        Corporate general and
         administrative expenses        44,700     50,861     137,436     159,284
        Earnings (loss) before
         provision (benefit) for
         income taxes                 (837,643)   328,055  (1,111,990)  1,253,133
        Provision (benefit) for
         income taxes                 (323,791)   121,380    (422,556)    463,659
    
        Net earnings (loss)         $ (513,852)   206,675    (689,434)    789,474
    
        Average shares outstanding:
         Basic                         157,973    157,634     157,600     158,344
         Diluted                       157,973    159,225     157,600     162,231
    
        Earnings (loss) per share:
         Basic                      $    (3.25)      1.31       (4.37)       4.99
         Diluted                    $    (3.25)      1.30       (4.37)       4.88
    
        Supplemental information:
         Interest incurred (1)      $   45,191     59,453     157,460     171,940
         EBIT before valuation
           adjustments and write-offs
           of option deposits and
           pre-acquisition costs,
           goodwill and financial services
           notes receivable (2):
          Earnings (loss) before
           provision (benefit) for
           income taxes             $ (837,643)   328,055  (1,111,990)  1,253,133
          Interest expense              40,299     60,868     155,659     177,960
          Valuation adjustments and
           write-offs of option
           deposits and pre-
           acquisition costs,
           goodwill and financial
           services notes receivable   856,758     76,170   1,296,101     134,325
             EBIT before valuation
              adjustments and write-
              offs of option deposits
              and pre-acquisition
              costs, goodwill and
              financial services
              notes receivable      $   59,414    465,093     339,770   1,565,418
    
        (1) Amount represents interest incurred related to homebuilding debt,
            which is capitalized to inventories and relieved as cost of sales when
            homes are delivered or land is sold.
        (2) EBIT before valuation adjustments and write-offs of option deposits
            and pre-acquisition costs, goodwill and financial services notes
            receivable is a non-GAAP financial measure derived by adding back
            interest expense, valuation adjustments and write-offs of option
            deposits and pre-acquisition costs, goodwill and financial services
            notes receivable reflected in earnings (loss) before provision
            (benefit) for income taxes.  This financial measure is used in the
            Company's revolving credit facility's covenant calculation.
    
    
    
                         LENNAR CORPORATION AND SUBSIDIARIES
    
                              Homebuilding Information
                                   (In thousands)
                                     (unaudited)
    
                                   Three Months Ended       Nine Months Ended
                                        August 31,              August 31,
                                     2007      2006          2007      2006
    
        Revenues:
         Sales of homes            $2,169,443  3,902,540  7,479,322  10,846,508
         Sales of land                 59,745     94,251    154,846     674,303
          Total revenues            2,229,188  3,996,791  7,634,168  11,520,811
    
        Costs and expenses:
         Cost of homes sold         2,168,446  3,173,342  6,924,224   8,442,879
         Cost of land sold            404,444     94,547    634,808     584,425
         Selling, general
         administrative               304,254    426,520  1,069,575   1,280,676
          Total costs and
           expenses                 2,877,144  3,694,409  8,628,607  10,307,980
    
        Gain on recapitalization of
         unconsolidated entity              -          -    175,879           -
        Equity in earnings (loss)
         from unconsolidated entities(127,409)    (5,903)  (168,137)     47,079
        Management fees and other
         income (expense), net        (10,511)    21,844     (9,501)     57,652
        Minority interest expense,
         net                            1,822      1,101      3,190      12,055
    
        Operating earnings (loss)  $ (787,698)   317,222   (999,388)  1,305,507
    
    
    
    
                       LENNAR CORPORATION AND SUBSIDIARIES
    
                      Valuation Adjustments and Write-offs
                                 (In thousands)
                                   (unaudited)
    
    
                                            Three Months Ended  Nine Months Ended
                                                  August 31,       August 31,
                                               2007     2006     2007      2006
        FAS 144 valuation adjustments to
         finished homes,
         CIP and land the Company intends to
          build homes on:
         East                                $ 92,542  10,918    211,950   16,816
         Central                               35,645     -       63,112    1,578
         West                                 149,893  19,292    216,071   20,507
         Other                                 25,056   1,802     31,899    1,802
        Total FAS 144 valuation adjustments
         to finished homes,
         CIP and land the Company intends to
          build homes on                      303,136  32,012    523,032   40,703
        FAS 144 valuation adjustments to land
         the Company intends to sell to
         third parties:
         East                                  32,228   5,116     72,306    8,137
         Central                               16,334     614     19,044   13,319
         West                                  41,242     -       64,041      -
         Other                                 24,755   6,084     41,827   14,311
        Total FAS 144 valuation adjustments
         to land the Company intends to sell
         to third parties                     114,559  11,814    197,218   35,767
        Write-offs of option deposits and
         pre-acquisition costs:
         East                                  44,553   3,955     74,331    7,122
         Central                               38,205   2,232     49,413    2,822
         West                                 139,719   8,522    164,459   16,786
         Other                                 20,037   1,109     24,182   14,411
        Total write-offs of option deposits
         and pre-acquisition costs            242,514  15,818    312,385   41,141
        FAS 144 valuation adjustments to
         investments in unconsolidated entities:
         East                                   3,178     926      7,011      926
         Central                                9,445     -       10,588      -
         West                                 126,062  14,395    155,113   14,395
         Other                                    -     1,205        -      1,393
        Total FAS 144 valuation adjustments
         to investments in
         unconsolidated entities              138,685  16,526    172,712   16,714
        Valuation adjustments to investments
         in unconsolidated entities:
         East                                  19,850     -       26,719      -
         Central                                5,752     -        5,752      -
         West                                   2,990     -       10,396      -
         Other                                  3,505     -        3,505      -
        Total valuation adjustments to
         investments in unconsolidated
         entities:                             32,097     -       46,372      -
        Goodwill write-offs:
         East                                     -       -          -        -
         Central                                2,828     -        2,828      -
         West                                     -       -          -        -
         Other                                 13,669     -       13,669      -
        Total goodwill write-offs              16,497     -       16,497      -
        Financial services write-offs of
         notes receivable                       9,270     -       27,885      -
        Total valuation adjustments and
         write-offs of option deposits and
         pre-acquisition costs, goodwill and
         financial services notes receivable $856,758  76,170  1,296,101  134,325
    
    
    
                         LENNAR CORPORATION AND SUBSIDIARIES
                    Summary of Deliveries, New Orders and Backlog
                                (Dollars in thousands)
                                     (unaudited)
    
                                                               At or for the
                                         Three Months Ended  Nine Months Ended
                                              August 31,          August 31,
                                            2007     2006     2007       2006
        Deliveries:
          East                              2,089    3,679    7,753     10,083
          Central                           2,739    4,485    9,137     12,439
          West                              2,043    3,565    6,884      9,923
          Other                               765    1,309    2,465      3,117
           Total                            7,636   13,038   26,239     35,562
    
        Of the total deliveries listed above, 370 and 1,467, respectively,
        represent deliveries from unconsolidated entities for the three and
        nine months ended August 31, 2007, compared to 701 and 1,815 deliveries
        in the same periods last year.
    
        New Orders:
          East                              1,552    2,747    6,295      8,615
          Central                           2,064    4,353    7,073     12,419
          West                              1,591    2,937    5,347      8,761
          Other                               597    1,019    2,277      2,811
           Total                            5,804   11,056   20,992     32,606
    
        Of the total new orders listed above, 232 and 968, respectively,
        represent new orders from unconsolidated entities for the three and nine
        months ended August 31, 2007, compared to 532 and 1,433 new orders in
        the same periods last year.
    
    
        Backlog - Homes:
         East                                                 2,687      6,240
         Central                                              1,534      4,527
         West                                                 1,454      4,043
         Other                                                  692      1,198
          Total                                               6,367     16,008
    
        Of the total homes in backlog listed above, 550 represents homes in
        backlog from unconsolidated entities at August 31, 2007, compared to 1,335
        homes in backlog at August 31, 2006.
    
        Backlog - Dollar Value:
         East                                            $  922,909  2,190,137
         Central                                            340,236  1,089,275
         West                                               686,393  1,866,180
         Other                                              276,510    458,463
          Total                                          $2,226,048  5,604,055
    
        Of the total dollar value of homes in backlog listed above, $268,698
        represents the backlog dollar value from unconsolidated entities at
        August 31, 2007, compared to $577,630 of backlog dollar value at August
        31, 2006.
    
        Lennar's reportable homebuilding segments and homebuilding other consist
        of homebuilding divisions located in the following states:
        East:         Florida, Maryland, New Jersey and Virginia
        Central:      Arizona, Colorado and Texas
        West:         California and Nevada
        Other:        Illinois, Minnesota, New York, North Carolina and South
                      Carolina
    
    
    
                           LENNAR CORPORATION AND SUBSIDIARIES
    
                                    Supplemental Data
                                 (Dollars in thousands)
                                       (unaudited)
    
    
                                                           August 31,
                                                     2007              2006
    
        Homebuilding debt                         $2,571,291         2,784,074
        Stockholders' equity                       5,097,259         5,930,798
          Total capital                           $7,668,550         8,714,872
        Homebuilding debt to total capital             33.5%             31.9%
    
        Homebuilding debt                         $2,571,291         2,784,074
        Less: Homebuilding cash                      128,049           143,677
          Net homebuilding debt                   $2,443,242         2,640,397
        Net homebuilding debt to total
         capital (1)                                   32.4%             30.8%
    
        (1) Net homebuilding debt to total capital consists of net homebuilding
            debt (homebuilding debt less homebuilding cash) divided by total
            capital (net homebuilding debt plus stockholders' equity).
    

    SOURCE Lennar Corporation

    CONTACT:
    Scott Shipley
    Investor Relations
    Lennar Corporation
    +1-305-485-2054

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