Lennar Reports Second Quarter Results

Share Name	Share Symbol	Market	Type
Bastogi Spa	BIT:B	Italy	Ordinary Share

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	-0.015	-3.61%	0.40	0.401	0.414	0.40	0.40	0.40	1,236	09:54:23

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MIAMI, June 25 /PRNewswire-FirstCall/ -- -- Revenues of $891.9 million - down 21% -- Loss per share of $0.76 (includes a $0.38 per share charge related to valuation adjustments and other write-offs; and a $0.27 per share charge related to a non-cash deferred tax asset valuation allowance) -- Gross margin on home sales: -- 14.0% (excluding SFAS 144 valuation adjustments of $34.6 million) - down 190 basis points -- 9.6% (including SFAS 144 valuation adjustments) - up 90 basis points -- S,G&A expenses as a % of revenues from home sales of 14.3% -- Improved 110 basis points from Q2 2008 -- Improved 510 basis points from Q1 2009 -- Homebuilding cash of $1.4 billion and no outstanding borrowings under the Company's credit facility -- Retired $281 million of 7 5/8% senior notes due in March 2009 -- Issued $400 million of 12.25% senior notes due 2017 -- Issued 12.8 million shares for $126.3 million under an equity draw-down program -- Homebuilding debt to total capital, net of homebuilding cash, of 32.9% -- Maximum recourse indebtedness related to the Company's unconsolidated entities of $422.4 million - reduced $51.6 million since Q1 2009 -- Deliveries of 3,149 homes - down 18% from Q2 2008; up 47% from Q1 2009 -- New orders of 3,564 homes - down 19% from Q2 2008; up 63% from Q1 2009 -- Backlog of 2,062 homes - down 48% from Q2 2008; up 25% from Q1 2009 -- Cancellation rate of 15% - compared to 22% in Q2 2008 and 21% in Q1 2009 Lennar Corporation (NYSE:LENNYSE:andNYSE:LEN.B), one of the nation's largest homebuilders, today reported results for its second quarter ended May 31, 2009. Second quarter net loss in 2009 was $125.2 million, or $0.76 per diluted share, compared to second quarter net loss of $120.9 million, or $0.76 per diluted share, in 2008. Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, "During the second quarter, the housing market experienced an uptick in sales of new homes, compared to the first quarter, as more confident homebuyers took advantage of increased affordability. Declining home prices, historically low interest rates and government stimulus programs, such as the $8,000 federal tax credit and the $10,000 California state tax credit, created unique purchasing opportunities and made it more compelling for homebuyers to enter the market. While we are sensing pent-up demand in the market, rising unemployment, increased foreclosures and tighter credit standards continue to present challenges for the industry to generate sales at a more robust pace and at stabilized pricing. This combined with a recent spike in mortgage rates has made it difficult to predict when the market will ultimately turn the corner." Mr. Miller continued, "During the second quarter, we strategically focused on further enhancing our liquidity position as we ended the quarter with $1.4 billion in cash and a responsible homebuilding debt-to-total capital ratio, net of homebuilding cash, of 32.9%. We generated liquidity by reducing our completed, unsold inventory by 53% to 626 homes from 1,321 homes at February 28, 2009. We also issued $400 million of senior notes, retired $281 million of senior notes and generated proceeds of $126 million from the issuance of common stock under an equity draw-down program." "We continue to focus on returning to profitability. We have made significant progress on right-sizing our business and have aggressively reduced our overhead structure. This was evident by a 510 basis point improvement in S,G&A expenses as a percentage of home sales, compared to the first quarter of 2009. In addition, we have made great strides in lowering our construction costs and repositioning our product offering to target first-time and value-focused homebuyers. More efficient, smaller plans have been very well received by our customers and continue to represent an increased percentage of our deliveries." Mr. Miller concluded, "As we continue our intense focus on rebuilding homebuilding profitability and on cash generation, we are well positioned with a strong balance sheet to navigate the current market and to take advantage of opportunities as they present themselves." RESULTS OF OPERATIONS THREE MONTHS ENDED MAY 31, 2009 COMPARED TO THREE MONTHS ENDED MAY 31, 2008 Homebuilding Revenues from home sales decreased 23% in the second quarter of 2009 to $788.6 million from $1,018.9 million in 2008. Revenues were lower primarily due to a 16% decrease in the number of home deliveries, excluding unconsolidated entities, and an 8% decrease in the average sales price of homes delivered in 2009. New home deliveries, excluding unconsolidated entities, decreased to 3,138 homes in the second quarter of 2009 from 3,729 homes last year. In the second quarter of 2009, new home deliveries were lower in each of the Company's homebuilding segments and Homebuilding Other, compared to 2008. The average sales price of homes delivered decreased to $251,000 in the second quarter of 2009 from $274,000 in the same period last year, primarily due to reduced pricing. Sales incentives offered to homebuyers were $52,600 per home delivered in the second quarter of 2009, compared to $48,700 per home delivered in the same period last year. Gross margins on home sales were $76.1 million, or 9.6%, in the second quarter of 2009, which included $34.6 million of SFAS 144 valuation adjustments, compared to gross margins on home sales of $88.4 million, or 8.7%, in the second quarter of 2008, which included $73.6 million of SFAS 144 valuation adjustments. Gross margins on home sales excluding SFAS 144 valuation adjustments were $110.7 million, or 14.0%, in the second quarter of 2009, compared to $162.0 million, or 15.9%, in 2008. Gross margin percentage on home sales, excluding SFAS 144 valuation adjustments, decreased compared to last year primarily due to higher sales incentives offered to homebuyers as a percentage of revenues from home sales as the Company focused on reducing its completed, unsold inventory. Gross margins on home sales excluding SFAS 144 valuation adjustments is a non-GAAP financial measure (please refer to the Non-GAAP Financial Measure section within this release). Selling, general and administrative expenses were reduced by $44.4 million, or 28%, in the second quarter of 2009, compared to the same period last year, primarily due to reductions in associate headcount, variable selling expenses and fixed costs. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 14.3% in the second quarter of 2009, from 15.4% in 2008. Gross profits on land sales totaled $2.4 million in the second quarter of 2009, net of $5.6 million of SFAS 144 valuation adjustments and $1.8 million of write-offs of deposits and pre-acquisition costs related to homesites under option that the Company does not intend to purchase. In the second quarter of 2008, losses on land sales totaled $5.4 million, which included $2.1 million of SFAS 144 valuation adjustments and $6.6 million of write-offs of deposits and pre-acquisition costs related to homesites that were under option. Equity in loss from unconsolidated entities was $59.9 million in the second quarter of 2009, which included $50.1 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments, compared to equity in loss from unconsolidated entities of $18.9 million in the second quarter of 2008, which included $8.0 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments. Other income (expense), net, totaled ($22.5) million in the second quarter of 2009, which included $7.0 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities, compared to other income (expense), net, of ($47.9) million in the second quarter of 2008, which included $46.9 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities. Minority interest income, net was $6.5 million and $0.2 million, respectively, in the second quarter of 2009 and 2008. Sales of land, equity in loss from unconsolidated entities, other income (expense), net and minority interest income, 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 earnings for the Financial Services segment was $16.5 million in the second quarter of 2009, compared to an operating loss of $3.0 million in the same period last year. Improved consumer confidence and lower interest rates resulted in increased volume and a higher profit per transaction in the segment. The segment was also able to leverage lower fixed costs as a result of its successful cost reduction initiatives implemented throughout the downturn. Corporate General and Administrative Expenses Corporate general and administrative expenses as a percentage of total revenues increased to 3.4% in the second quarter of 2009, from 2.6% in 2008, primarily due to lower revenues. Deferred Tax Asset Valuation Allowance SFAS 109 requires a reduction of the carrying amounts of deferred tax assets by a valuation allowance, if based on available evidence, it is more likely than not that such assets will not be realized. As a result of its net loss during the three months ended May 31, 2009, the Company generated deferred tax assets of $44.4 million and recorded a non-cash valuation allowance in accordance with SFAS 109 against the entire amount of deferred tax assets generated. Debt Repurchase/Debt Issuance In March 2009, the Company retired its $281 million 7 5/8% senior notes due March 2009 for 100% of the outstanding principal amount, plus accrued interest as of the maturity date. In April 2009, the Company issued $400 million of 12.25% senior notes due 2017 in a private placement under SEC Rule 144A. Equity Draw-down Program As of May 31, 2009, the Company issued a total of 12.8 million common shares of its Class A common stock under an equity offering for gross proceeds of $126.3 million, or $9.86 per share. The Company is authorized to sell shares for up to $275 million under the equity offering. The Company will use the proceeds from the equity offering for general corporate purposes. SIX MONTHS ENDED MAY 31, 2009 COMPARED TO SIX MONTHS ENDED MAY 31, 2008 Homebuilding Revenues from home sales decreased 33% in the six months ended May 31, 2009 to $1.3 billion from $2.0 billion in 2008. Revenues were lower primarily due to a 26% decrease in the number of home deliveries, excluding unconsolidated entities, and a 10% decrease in the average sales price of homes delivered in 2009. New home deliveries, excluding unconsolidated entities, decreased to 5,274 homes in the six months ended May 31, 2009 from 7,166 homes last year. In the six months ended May 31, 2009, new home deliveries were lower in each of the Company's homebuilding segments and Homebuilding Other, compared to 2008. The average sales price of homes delivered decreased to $248,000 in the six months ended May 31, 2009 from $276,000 in 2008, primarily due to reduced pricing. Sales incentives offered to homebuyers were $51,800 per home delivered in 2009, compared to $48,400 per home delivered in 2008. Gross margins on home sales were $110.3 million, or 8.4%, in the six months ended May 31, 2009, which included $75.3 million of SFAS 144 valuation adjustments, compared to gross margins on home sales of $225.1 million, or 11.4%, in the six months ended May 31, 2008, which included $99.8 million of SFAS 144 valuation adjustments. Gross margins on home sales excluding SFAS 144 valuation adjustments were $185.6 million, or 14.2%, in the six months ended May 31, 2009, compared to $324.9 million, or 16.5%, in 2008. Gross margin percentage on home sales, excluding SFAS 144 valuation adjustments, decreased compared to last year, primarily due to higher sales incentives offered to homebuyers as a percentage of revenues from home sales as the Company focused on reducing its completed, unsold inventory. Gross margins on home sales excluding SFAS 144 valuation adjustments is a non-GAAP financial measure (please refer to the Non-GAAP Financial Measure section within this release). Selling, general and administrative expenses were reduced by $118.3 million, or 36%, in the six months ended May 31, 2009, compared to the same period last year, primarily due to reductions in associate headcount, variable selling expenses and fixed costs. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 16.3% in the six months ended May 31, 2009, from 16.8% in 2008. Losses on land sales totaled $8.1 million in the six months ended May 31, 2009, which included $5.8 million of SFAS 144 valuation adjustments and $12.1 million of write-offs of deposits and pre-acquisition costs related to homesites under option that the Company does not intend to purchase. In the six months ended May 31, 2008, losses on land sales totaled $31.9 million, which included $17.6 million of SFAS 144 valuation adjustments and $23.4 million of write-offs of deposits and pre-acquisition costs related to homesites that were under option. Equity in loss from unconsolidated entities was $62.8 million in the six months ended May 31, 2009, which included $50.1 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments, compared to equity in loss from unconsolidated entities of $41.9 million in the six months ended May 31, 2008, which included $26.9 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments. Other income (expense), net, totaled ($70.4) million in the six months ended May 31, 2009, which included $44.2 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities, compared to other income (expense), net, of ($69.7) million in the six months ended May 31, 2008, which included $76.5 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities. Minority interest income (expense), net totaled $8.3 million and ($16) thousand, respectively, in the six months ended May 31, 2009 and 2008. Sales of land, equity in loss from unconsolidated entities, other income (expense), net and minority interest income (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 earnings for the Financial Services segment were $17.0 million in the six months ended May 31, 2009, compared to an operating loss of $12.7 million in the same period last year. Improved consumer confidence and lower interest rates resulted in increased volume and a higher profit per transaction in the segment. The segment was also able to leverage lower fixed costs as a result of its successful cost reduction initiatives implemented throughout the downturn. Corporate General and Administrative Expenses Corporate general and administrative expenses were reduced by $6.1 million, or 10%, for the six months ended May 31, 2009, compared to the same period last year. As a percentage of total revenues, corporate general and administrative expenses increased to 3.9% in the six months ended May 31, 2009, from 2.9% in the same period last year, due to lower revenues. Deferred Tax Asset Valuation Allowance SFAS 109 requires a reduction of the carrying amounts of deferred tax assets by a valuation allowance, if based on available evidence, it is more likely than not that such assets will not be realized. As a result of its net loss during the six months ended May 31, 2009, the Company generated deferred tax assets of $102.2 million and recorded a non-cash valuation allowance in accordance with SFAS 109 against the entire amount of deferred tax assets generated. Non-GAAP Financial Measure Gross margins on home sales excluding SFAS 144 valuation adjustments is a non-GAAP financial measure, and is defined by the Company as sales of homes revenue less costs of homes sold excluding SFAS 144 valuation adjustments recorded during the period. Management finds this to be an important and useful measure in evaluating the Company's performance because it discloses the profit the Company generates on homes it actually delivered during the period, as the Company's SFAS 144 valuation adjustments relate to inventory that it did not deliver during the period. Gross margins on home sales excluding SFAS 144 valuation adjustments also is important to management, because it assists management in making strategic decisions regarding the Company's construction pace, product mix and product pricing based upon the profitability the Company generated on homes it actually delivered during previous periods. The Company believes investors also find gross margins on home sales excluding SFAS 144 valuation adjustments to be important and useful because it discloses a profitability measure on homes the Company actually delivered in a period that can be compared to the profitability on homes the Company delivered in a prior period without regard to the variability of SFAS 144 valuation adjustments recorded from period to period. In addition, to the extent that the Company's competitors provide similar information, disclosure of the Company's gross margins on home sales excluding SFAS 144 valuation adjustments helps readers of the Company's financial statements compare the Company's ability to generate profits with regard to the homes it delivers in a period to its competitors' ability to generate profits with regard to the homes they deliver in the same period. Although management finds gross margins on home sales excluding SFAS 144 valuation adjustments to be an important measure in conducting and evaluating the Company's operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. This is because it excludes charges the Company recorded, in accordance with SFAS 144, relating to inventory that was impaired during the period. In addition, because gross margins on home sales excluding SFAS 144 valuation adjustments is a financial measure that is not calculated in accordance with GAAP, it may not be completely comparable to similarly titled measures of the Company's competitors due to differences in methods of calculation and charges being excluded. Management compensates for the limitations of using gross margins on home sales excluding SFAS 144 valuation adjustments by using this non-GAAP measure only to supplement the Company's GAAP results in order to provide a more complete understanding of the factors and trends affecting the Company's operations. In order to analyze the Company's overall performance and actual profitability relative to its homebuilding operations, the Company also compares its gross margins on home sales during the period, inclusive of SFAS 144 valuation adjustments, with the same measure during prior comparable periods. Due to the limitations discussed above, gross margins on home sales excluding SFAS 144 valuation adjustments should not be viewed in isolation as it is not a substitute for GAAP measures of gross margins. 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, http://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, cash flows, 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, 2008. We do not undertake any obligation to update forward-looking statements, except as required by Federal securities laws. ------------------------------------------------------------------------- A conference call to discuss the Company's second quarter earnings will be held at 11:00 a.m. Eastern time on Thursday, June 25, 2009. The call will be broadcast live on the Internet and can be accessed through the Company's website at http://www.lennar.com/. If you are unable to participate in the conference call, the call will be archived at http://www.lennar.com/ for 90 days. A replay of the conference call will also be available later that day by calling 402-220-6422 and entering 5932669 as the confirmation number. LENNAR CORPORATION AND SUBSIDIARIES Selected Revenues and Operational Information (In thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended May 31, May 31, 2009 2008 2009 2008 ------------------ ------------------ Revenues: Homebuilding $ 805,229 1,046,544 1,334,263 2,040,320 Financial services 86,624 81,372 150,653 150,509 ------------------- -------------------- Total revenues $ 891,853 1,127,916 1,484,916 2,190,829 ------------------- -------------------- Homebuilding operating loss $(109,938) (140,584) (236,480) (250,364) Financial services operating earnings (loss) 16,539 (3,014) 17,031 (12,706) Corporate general and administrative expenses (30,239) (29,584) (58,270) (64,406) ------------------- ------------------- Loss before (provision) benefit for income taxes (123,638) (173,182) (277,719) (327,476) (Provision) benefit for income taxes (1,547) 52,266 (3,395) 118,344 ------------------- ------------------- Net loss $(125,185) (120,916) (281,114) (209,132) =================== =================== Basic and diluted average shares outstanding 164,582 158,347 161,601 158,275 =================== ================== Basic and diluted loss per share $ (0.76) (0.76) (1.74) (1.32) =================== ================= Supplemental information: Interest incurred (1) $ 39,037 36,573 77,541 74,668 =================== ================= EBIT before valuation adjustments and write-offs of option deposits and pre- acquisition costs (2): Loss before (provision) benefit for income taxes $(123,638) (173,182) (277,719) (327,476) Interest expense 41,855 37,911 58,839 70,354 Valuation adjustments and write-offs of option deposits and pre-acquisition costs 99,068 137,220 187,521 244,331 EBIT before valuation adjustments and write- offs of option deposits and pre-acquisition ------------------- ------------------- costs $ 17,285 1,949 (31,359) (12,791) =================== =================== (1) Amount represents interest incurred related to homebuilding debt. (2) EBIT before valuation adjustments and write-offs of option deposits and pre-acquisition costs is a non-GAAP financial measure derived by adding back interest expense, valuation adjustments and write-offs of option deposits and pre-acquisition costs reflected in loss before (provision) benefit for income taxes. This financial measure has been presented because the Company finds it useful and important in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors. LENNAR CORPORATION AND SUBSIDIARIES Homebuilding Information (In thousands) (unaudited) Three Months Ended Six Months Ended May 31, May 31, ------------------ ------------------ 2009 2008 2009 2008 ------------------ ------------------ Revenues: Sales of homes $ 788,600 1,018,854 1,311,358 1,971,920 Sales of land 16,629 27,690 22,905 68,400 ------------------- ------------------- Total revenues 805,229 1,046,544 1,334,263 2,040,320 ------------------- ------------------- Costs and expenses: Cost of homes sold 712,508 930,488 1,201,084 1,746,859 Cost of land sold 14,241 33,093 31,047 100,253 Selling, general and administrative 112,526 156,972 213,703 331,990 ------------------ --------- --------- Total costs and expenses 839,275 1,120,553 1,445,834 2,179,102 ------------------ -------------------- Equity in loss from unconsolidated entities (59,890) (18,919) (62,807) (41,899) Other income (expense), net (22,522) (47,874) (70,356) (69,667) Minority interest income (expense), net 6,520 218 8,254 (16) ------------------- ------------------- Operating loss $(109,938) (140,584) (236,480) (250,364) =================== =================== Reconciliation of gross margins on home sales excluding SFAS 144 valuation adjustments to gross margins on home sales: Sales of homes $ 788,600 1,018,854 1,311,358 1,971,920 Cost of homes sold 712,508 930,488 1,201,084 1,746,859 ------------------- -------------------- Gross margins on home sales 76,092 88,366 110,274 225,061 SFAS 144 valuation adjustments to finished homes, CIP and land on which the Company intends to build homes 34,558 73,620 75,338 99,849 Gross margins on home sales excluding SFAS 144 valuation ------------------- ------------------- adjustments $ 110,650 161,986 185,612 324,910 =================== =================== LENNAR CORPORATION AND SUBSIDIARIES Valuation Adjustments and Write-offs (In thousands) (unaudited) Three Months Six Months Ended Ended May 31, May 31, -------------- -------------- 2009 2008 2009 2008 SFAS 144 valuation adjustments to -------------- -------------- finished homes, CIP and land on which the Company intends to build homes: East $ 8,793 34,176 22,271 42,282 Central 2,173 17,382 10,254 19,049 West 15,626 20,140 34,024 30,060 Houston 97 - 243 112 Other 7,869 1,922 8,546 8,346 -------------- -------------- Total 34,558 73,620 75,338 99,849 -------------- -------------- SFAS 144 valuation adjustments to land the Company intends to sell or has sold to third parties: East 1,978 1,135 2,117 2,507 Central 1,100 336 1,178 9,569 West 2,528 623 2,528 4,815 Houston - 45 - 109 Other - 7 - 601 -------------- -------------- Total 5,606 2,146 5,823 17,601 -------------- -------------- Write-offs of option deposits and pre- acquisition costs: East - 3,124 5,780 10,178 Central - 51 82 4,130 West 1,188 843 1,703 4,207 Houston - 480 721 745 Other 653 2,088 3,786 4,178 ------------- -------------- Total 1,841 6,586 12,072 23,438 ------------- -------------- Company's share of SFAS 144 valuation adjustments related to assets of unconsolidated entities: East 251 3,084 251 7,241 Central 854 - 854 158 West 48,945 4,926 48,945 18,951 Houston - - - - Other - - - 597 -------------- -------------- Total 50,050 8,010 50,050 26,947 -------------- -------------- APB 18 valuation adjustments to investments in unconsolidated entities: East - 9,158 2,566 10,095 Central 4,537 193 12,155 421 West 2,476 37,507 28,026 65,946 Houston - - - - Other - - 1,491 34 ------------- -------------- Total 7,013 46,858 44,238 76,496 ------------- -------------- Total valuation adjustments and write-offs of option deposits -------------- --------------- and pre-acquisitions costs $99,068 137,220 187,521 244,331 ============== =============== LENNAR CORPORATION AND SUBSIDIARIES Summary of Deliveries and New Orders (Dollars in thousands) (unaudited) Three Months Ended Six Months Ended May 31, May 31, ------------------ ---------------- 2009 2008 2009 2008 ------------------ ---------------- Deliveries - Homes: East 975 1,078 1,769 2,243 Central 466 672 781 1,276 West 798 1,065 1,207 1,989 Houston 580 612 985 1,187 Other 330 403 549 731 ---------------- --------------- Total 3,149 3,830 5,291 7,426 ================ =============== Of the total home deliveries listed above, 11 and 17 represent deliveries from unconsolidated entities for the three and six months ended May 31, 2009, compared with 101 and 260 deliveries from unconsolidated entities in the same periods last year. Deliveries - Dollar Value: East $214,937 275,323 393,309 589,080 Central 91,624 144,916 153,526 277,725 West 284,101 404,530 432,217 771,053 Houston 116,534 124,044 195,154 233,701 Other 89,550 130,424 152,923 238,223 ----------------- ------------------- Total $796,746 1,079,237 1,327,129 2,109,782 ================= =================== Of the total dollar value of home deliveries listed above, $8,146 and $15,771 represent dollar value of deliveries from unconsolidated entities for the three and six months ended May 31, 2009, compared with $60,383 and $137,862 dollar value of deliveries from unconsolidated entities in the same periods last year. New Orders - Homes: East 1,107 1,304 1,823 2,246 Central 563 688 929 1,257 West 890 1,145 1,381 1,892 Houston 649 788 1,044 1,280 Other 355 471 577 766 ---------------- ---------------- Total 3,564 4,396 5,754 7,441 ================ ================ Of the total new orders listed above, 23 and 31 represent new orders from unconsolidated entities for the three and six months ended May 31, 2009, compared to 100 and 162 new orders from unconsolidated entities in the same periods last year. New Orders - Dollar Value: East $242,867 315,344 398,148 546,346 Central 113,091 150,031 185,937 272,040 West 314,402 432,707 476,078 725,789 Houston 132,313 165,829 206,382 265,106 Other 89,745 126,922 149,209 210,309 ----------------- ------------------- Total $892,418 1,190,833 1,415,754 2,019,590 ================= =================== Of the total dollar value of new orders listed above, $15,266 and $20,164 represent dollar value of new orders from unconsolidated entities for the three and six months ended May 31, 2009, compared to $50,810 and $90,109 dollar value of new orders from unconsolidated entities in the same periods last year. LENNAR CORPORATION AND SUBSIDIARIES Summary of Backlog (Dollars in thousands) (unaudited) May 31, ----------------- 2009 2008 ----------------- Backlog - Homes: East 843 1,794 Central 271 266 West 421 785 Houston 328 682 Other 199 431 ----------------- Total 2,062 3,958 ================= Of the total homes in backlog listed above, 21 represents homes in backlog from unconsolidated entities at May 31, 2009, compared to 197 homes in backlog from unconsolidated entities at May 31, 2008. Backlog - Dollar Value: East $208,733 524,533 Central 56,726 58,148 West 152,619 331,428 Houston 68,915 159,745 Other 58,742 180,271 ------------------- Total $545,735 1,254,125 =================== Of the total dollar value of homes in backlog listed above, $16,458 represents the backlog dollar value from unconsolidated entities at May 31, 2009, compared to $102,465 of backlog dollar value from unconsolidated entities at May 31, 2008. Lennar's reportable homebuilding segments and homebuilding other consist of homebuilding divisions located in: East: Florida, Maryland, New Jersey and Virginia Central: Arizona, Colorado and Texas (1) West: California and Nevada Houston: Houston, Texas Other: Illinois, Minnesota, New York, North Carolina and South Carolina (1) Texas in the Central reportable segment excludes Houston, Texas, which is its own reportable segment. Supplemental Data (Dollars in thousands) (unaudited) May 31, November 30, May 31, ---------- ------------ ---------- 2009 2008 2008 ---------- ------------ ---------- Homebuilding debt $2,664,853 2,544,935 2,310,494 Stockholders' equity 2,482,006 2,623,007 3,539,590 ---------- ---------- ---------- Total capital $5,146,859 5,167,942 5,850,084 ---------- ---------- ---------- Homebuilding debt to total capital 51.8% 49.2% 39.5% =========== =========== ========== Homebuilding debt $2,664,853 2,544,935 2,310,494 Less: Homebuilding cash and cash equivalents 1,447,011 1,091,468 882,433 ----------- ---------- ---------- Net homebuilding debt $1,217,842 1,453,467 1,428,061 ----------- ---------- ---------- Net homebuilding debt to total capital (1) 32.9% 35.7% 28.7% =========== ========== ========== (1) Net homebuilding debt to total capital consists of net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). DATASOURCE: Lennar Corporation CONTACT: Scott Shipley, Investor Relations, Lennar Corporation, +1-305-485-2054 Web Site: http://www.lennar.com/

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