BRIEF: For the three months ended 28 February 2013, Lennar Corporation revenues increased 37% to $989.9M. Net income applicable to common stockholders increased from $14.7M to $56.7M. Revenues reflect Homebuilding Central segment increase of 74% to $149M, Homebuilding West segment increase of 41% to $174.1M. Net income benefited from Lennar Homebuilding other income (expens increase of 5% to $4.3M (income). Dividend per share remained flat at $0.04.
Cl. A Common Stock $.10 Par, 02/11, 300M auth., 167,295,873 issd., less 11,665,494 shs. in Treas. @ cost. Insiders own 3.58%. Cl. B Common $.10 Par, 90M auth., 32,982,817 issd., less 1,679,620 shs. in Treas. @ cost. Insiders own 69.06%. PO3/93, 3.45M shs. @ $29.50 by Lehman Brothers.
Lennar Corporation is a homebuilder and a provider of financial services and through its Rialto Investments (Rialto) segment, an investor, and manager of funds that invest in real estate assets. The Company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development and sale of residential land directly and through unconsolidated entities in which it has investments. Its homebuilding activities have five segments: Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida, and Homebuilding Houston. It has two other segments: financial services and rialto. Its financial services reportable segment provides mortgage financing, title insurance and closing services for both buyers of its homes and others. Rialto segment focuses on real estate investments and asset management.