-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BENbDPoxXS6kTt/o0xgf6JkutLqnaOixzMxPFuCixIz9/BI1b89qV2L1W3usYwgs 52XQ4k463ErqmUVIrqBTkg== 0000950170-97-000412.txt : 19970415 0000950170-97-000412.hdr.sgml : 19970415 ACCESSION NUMBER: 0000950170-97-000412 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970228 FILED AS OF DATE: 19970414 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LENNAR CORP CENTRAL INDEX KEY: 0000058696 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 591281887 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06643 FILM NUMBER: 97580075 BUSINESS ADDRESS: STREET 1: 700 NW 107TH AVE CITY: MIAMI STATE: FL ZIP: 33172 BUSINESS PHONE: 3055594000 10-Q 1 =============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended FEBRUARY 28, 1997 ------------------- Commission File Number: 1-6643 ------- LENNAR CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 59-1281887 -------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 700 NORTHWEST 107TH AVENUE, MIAMI, FLORIDA 33172 --------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (305)559-4000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES [X] NO [ ] Common shares outstanding as of the end of the current fiscal quarter : Common 26,016,432 ---------- Class B Common 9,968,631 ---------- ===============================================================================
PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS LENNAR CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED) FEBRUARY 28, NOVEMBER 30, 1997 1996 ------------ ------------ ASSETS HOMEBUILDING, INVESTMENT AND FINANCIAL SERVICES: Homebuilding and investment assets: Cash and cash equivalents $ 19,969 12,960 Receivables, net 47,421 62,158 Inventories: Construction in progress and model homes 277,727 259,747 Land held for development 472,412 440,136 ---------- ---------- Total inventories 750,139 699,883 Land held for investment 61,478 63,615 Operating properties and equipment, net 226,371 221,312 Investments in and advances to partnerships 135,940 139,578 Other assets 133,813 124,539 Financial services assets 412,577 382,083 ---------- ---------- Total assets - homebuilding, investment and financial services 1,787,708 1,706,128 ---------- ---------- LIMITED-PURPOSE FINANCE SUBSIDIARIES - COLLATERAL FOR BONDS AND NOTES PAYABLE 57,526 59,898 ---------- ---------- $1,845,234 1,766,026 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY HOMEBUILDING, INVESTMENT AND FINANCIAL SERVICES: Homebuilding and investment liabilities: Accounts payable and other liabilities $ 167,848 186,735 Income taxes payable 18,624 26,045 Mortgage notes and other debts payable 579,036 509,672 Financial services liabilities 309,888 291,606 ---------- ---------- Total liabilities - homebuilding, investment and financial services 1,075,396 1,014,058 ---------- ---------- LIMITED-PURPOSE FINANCE SUBSIDIARIES - BONDS AND NOTES PAYABLE 54,564 56,512 ---------- ---------- STOCKHOLDERS' EQUITY: Common stock 2,602 2,594 Class B common stock 997 999 Additional paid-in capital 172,556 171,618 Retained earnings 530,898 512,345 Unrealized gain on securities available-for-sale, net 8,221 7,900 ---------- ---------- Total stockholders' equity 715,274 695,456 ---------- ---------- $1,845,234 1,766,026 ========== ==========
See accompanying notes to consolidated condensed financial statements. 1 LENNAR CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED FEBRUARY 28, FEBRUARY 29, 1997 1996 ------------ ------------ REVENUES: Homebuilding $207,847 174,882 Investment 39,711 31,561 Financial services 23,288 18,362 Limited-purpose finance subsidiaries 1,320 1,719 -------- -------- Total revenues 272,166 226,524 -------- -------- COSTS AND EXPENSES: Homebuilding 193,625 160,924 Investment 21,101 15,391 Financial services 14,225 11,428 Limited-purpose finance subsidiaries 1,314 1,716 Corporate general and administrative 3,355 2,970 Interest 6,698 5,894 -------- -------- Total costs and expenses 240,318 198,323 --------- -------- EARNINGS BEFORE INCOME TAXES 31,848 28,201 INCOME TAXES 12,421 10,998 -------- -------- NET EARNINGS $ 19,427 17,203 -------- -------- AVERAGE SHARES OUTSTANDING 36,282 36,205 -------- -------- NET EARNINGS PER SHARE $ .54 .48 -------- -------- CASH DIVIDENDS PER COMMON SHARE $ .025 .025 -------- -------- CASH DIVIDENDS PER CLASS B COMMON SHARE $ .0225 .0225 -------- -------- See accompanying notes to consolidated condensed financial statements. 2
LENNAR CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN THOUSANDS) THREE MONTHS ENDED FEBRUARY 28, FEBRUARY 29, 1997 1996 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 19,427 17,203 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization 2,240 3,006 Equity in earnings of partnerships (15,271) (13,365) Gains on sales of other real estate (1,920) (477) Changes in assets and liabilities, net of effect of acquisition: Decrease (increase) in receivables 16,669 (1,909) Increase in inventories (47,782) (15,273) Decrease (increase) in financial services' loans held for sale or disposition (4,028) 25,491 Decrease in accounts payable and other liabilities (15,978) (9,835) Decrease (increase) in income taxes currently payable (7,421) 720 Other, net 16 (1,652) --------- --------- Net cash provided by (used in) operating activities (54,048) 3,909 --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Operating properties and equipment: Additions (10,971) (11,794) Sales 4,001 2,000 Sales of land held for investment 4,593 109 Decrease in investments in and advances to partnerships 21,198 15,355 Increase in financial services' loans held for investment (155) (3,648) Purchase of investment securities (47,476) (26,675) Receipts from investment securities 9,725 12,365 Acquisition of business -- (108,500) Other, net (814) (3,312) --------- --------- Net cash used in investing activities (19,899) (124,100) --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings under revolving credit agreement 31,200 90,400 Net borrowings (repayments) under financial services' short-term debt (22,379) 11,273 Mortgage notes and other debts payable: Proceeds from borrowings 84,635 23,047 Principal payments (14,363) (15,858) Limited-purpose finance subsidiaries: Principal reduction of mortgage loans and other receivables 2,467 3,548 Principal reduction of bonds and notes payable (2,481) (3,449) Common stock: Issuance 944 569 Dividends (874) (872) --------- --------- Net cash provided by financing activities 79,149 108,658 --------- --------- Net increase (decrease) in cash and cash equivalents 5,202 (11,533) Cash and cash equivalents at beginning of quarter 26,520 30,243 --------- --------- Cash and cash equivalents at end of quarter $ 31,722 18,710 --------- --------- Summary of cash and cash equivalent balances: Homebuilding and investment $ 19,969 13,057 Financial services 11,753 5,653 --------- --------- $ 31,722 18,710 --------- --------- Supplemental disclosures of cash flow information: Cash paid for interest, net of amounts capitalized $ 8,079 6,832 Cash paid for income taxes $ 19,364 12,422 --------- ---------
See accompanying notes to consolidated condensed financial statements. 3 LENNAR CORPORATION AND SUBSIDIARIES Notes to Consolidated Condensed Financial Statements (1) BASIS OF CONSOLIDATION The accompanying consolidated condensed financial statements include the accounts of Lennar Corporation, all wholly-owned subsidiaries and partnerships in which a controlling interest is held (the "Company"). All significant intercompany transactions and balances have been eliminated. The Company's investments in partnerships (and similar entities) in which less than a controlling interest is held are accounted for by the equity method. The financial statements have been prepared by management without audit by independent public accountants and should be read in conjunction with the November 30, 1996 audited financial statements in the Company's Annual Report on Form 10-K for the year then ended. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for fair presentation of the accompanying consolidated condensed financial statements have been made. (2) BUSINESS SEGMENTS The Company has three business segments: Homebuilding, Investment and Financial Services. The limited-purpose finance subsidiaries are not considered a business segment. Homebuilding operations include the construction and sale of single-family and multi-family homes. These activities also include the purchase, development and sale of residential land. The Investment Division is involved in the development, management and leasing, as well as the acquisition and sale, of commercial and residential rental properties and land. This division also manages and participates in partnerships with financial institutions. This division acquires, at a discount, issues of the unrated portion of debt securities which are collateralized by commercial real estate loans. The division has only invested in securities in which it is the special servicer on behalf of all the certificate holders of these securities. The division earns interest on its investment as well as fees for the special servicing activities. Financial services activities are conducted primarily through Lennar Financial Services, Inc. ("LFS") and its subsidiaries. These companies arrange mortgage financing, title insurance and closing services for Lennar homebuyers and others; acquire, package and resell residential and commercial mortgage loans and mortgage-backed securities and perform mortgage loan servicing activities. This division also invests in issues of rated portions of commercial real estate mortgage-backed securities for which Lennar's Investment Division is the special servicer and an investor in the unrated portion of those securities. The limited-purpose finance subsidiaries of LFS have placed mortgages and other receivables as collateral for various long-term financings. These limited-purpose finance subsidiaries are not considered a part of the financial services operations and are reported separately. (3) NET EARNINGS PER SHARE Net earnings per share is calculated by dividing net earnings by the weighted average number of the total of common shares, Class B common shares and common share equivalents outstanding during the period. 4 (4) ACCOUNTING CHANGES In March 1995, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of". SFAS No. 121 requires companies to evaluate long-lived assets for impairment based on the undiscounted future cash flows of the asset. If a long-lived asset is identified as impaired, the value of the asset must be reduced to its fair value. The Company's land holdings and operating properties are considered long-lived assets under this pronouncement. The Company's adoption of SFAS No. 121 in the first quarter of 1997 did not have any material affect on the Company's financial position or results of operation. In May 1995, the Financial Accounting Standards Board issued SFAS No. 122, "Accounting for Mortgage Servicing Rights". SFAS No. 122, among other provisions, requires the recognition of originated mortgage servicing rights as assets by allocating total costs incurred in originating a loan between the loan and the servicing rights based on their relative fair values. Previously, the cost of originated mortgage servicing rights was included with the costs of the related loans and written off against income when the loans were sold. Also, under SFAS No. 122, all capitalized mortgage servicing rights are evaluated for impairment based on the excess of the carrying amount of the mortgage servicing rights over their fair value. The Company adopted SFAS No. 122 effective December 1, 1996. The adoption of this statement resulted in an increase of $.3 million of after-tax net earnings in the first quarter of 1997. In accordance with SFAS No. 122, prior period financial statements have not been restated. (5) RESTRICTED CASH Cash includes restricted deposits of $2.4 million and $2.5 million as of February 28, 1997 and November 30, 1996, respectively. These balances are comprised primarily of escrow deposits held related to sales of homes and security deposits from tenants of commercial and apartment properties. (6) FINANCIAL SERVICES The assets and liabilities related to the Company's financial services operations (as described in Note 2) are summarized as follows: (UNAUDITED) FEBRUARY 28, NOVEMBER 30, (IN THOUSANDS) 1997 1996 ------------ ------------ Assets: Investment securities available-for-sale $224,869 193,869 Loans held for sale or disposition, net 132,109 127,606 Loans and mortgage-backed securities held for investment, net 21,625 21,323 Investments in and advances to partnerships 9,138 11,428 Cash and receivables, net 18,485 22,224 Other 6,351 5,633 -------- -------- $412,577 382,083 ======== ======== Liabilities: Notes and other debts payable $286,845 271,314 Other 23,043 20,292 -------- -------- $309,888 291,606 ======== ======== 5 (7) SUMMARY OF NONCASH INVESTING AND FINANCIAL ACTIVITIES During the first quarter of 1997, the Company acquired certain land held for development for $7.8 million. Of this amount, $2.0 million was paid in cash and the balance of $5.8 million was financed by the seller. During the first quarter of 1996, the Company acquired commercial mortgage-backed securities for $37.8 million. Of this amount, $26.7 million was paid in cash and the balance of $11.1 million was financed by the sellers. Also in 1996, the Company acquired a commercial property for $26.1 million, of which $8.7 million was paid in cash and the Company assumed a $17.4 million mortgage. (8) RECLASSIFICATIONS Certain prior year amounts in the consolidated condensed financial statements have been reclassified to conform with the current period presentation. 6 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION CERTAIN STATEMENTS CONTAINED IN THE FOLLOWING MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION MAY BE "FORWARD-LOOKING STATEMENTS" AS DEFINED IN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO, CHANGES IN GENERAL ECONOMIC CONDITIONS, MATERIAL AND LABOR COSTS, INTEREST RATES, CONSUMER CONFIDENCE, COMPETITION, ENVIRONMENTAL FACTORS AND GOVERNMENT REGULATIONS AFFECTING THE COMPANY'S OPERATIONS. SEE THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED NOVEMBER 30, 1996 FOR A FURTHER DISCUSSION OF THESE AND OTHER RISKS AND UNCERTAINTIES APPLICABLE TO THE COMPANY'S BUSINESS. (1) MATERIAL CHANGES IN RESULTS OF OPERATIONS. OVERVIEW Net earnings for the three months ended February 28, 1997 were $19.4 million, compared to $17.2 million for the same period in 1996. The increase in 1997 was due to higher operating earnings from the Homebuilding, Investment and Financial Services Divisions which were partially offset by higher interest expense and corporate general and administrative expenses. HOMEBUILDING The following tables set forth selected financial and operational information related to the Homebuilding Division for the periods indicated (unaudited): (DOLLARS IN THOUSANDS, EXCEPT THREE MONTHS ENDED AVERAGE SALES PRICES) FEBRUARY 28, FEBRUARY 29, 1997 1996 REVENUES: ------------ ------------ Sales of homes $196,949 169,396 Other 10,898 5,486 -------- -------- Total revenues 207,847 174,882 COSTS AND EXPENSES: Cost of homes sold 161,041 138,135 Cost of other revenues 4,967 2,756 Selling, general and administrative 27,617 20,033 -------- -------- Total costs and expenses 193,625 160,924 -------- -------- OPERATING EARNINGS $ 14,222 13,958 ======== ======== Gross profit - home sales $ 35,908 31,261 Gross profit percentage 18.2% 18.5% S,G&A as a percentage of homebuilding revenues 13.3% 11.5% Average sales price $156,700 144,000 ======== ======= 7 SUMMARY OF HOME AND BACKLOG DATA THREE MONTHS ENDED FEBRUARY 28, FEBRUARY 29, 1997 1996 DELIVERIES ------------ ------------ Florida 612 760 Arizona 142 126 Texas 471 290 California 32 -- -------- -------- 1,257 1,176 ======== ======== NEW ORDERS Florida 780 832 Arizona 147 185 Texas 437 428 California 91 -- -------- -------- 1,455 1,445 ======== ======== BACKLOG - HOMES Florida 1,373 1,389 Arizona 252 361 Texas 404 524 California 98 -- -------- -------- 2,127 2,274 -------- -------- BACKLOG - DOLLAR VALUE (in thousands) $350,616 336,755 ======== ======== Homebuilding revenues in the three-month period ended February 28, 1997 were $207.8 million, compared to $174.9 million during the same period of 1996. Homebuilding revenues were higher in the first quarter of 1997 due to a higher number of home deliveries and an increase in the average sales price. New home deliveries for the 1997 three-month period were 1,257, compared to 1,176 for the same period of 1996. The average sales price of a home delivered during the three-month period ended February 28, 1997 was $156,700, compared to $144,000 for the corresponding period of the prior year. The higher average sales price was due to a proportionately greater number of sales of higher-priced homes and price increases for existing products. The gross profit percentage from the sales of homes was 18.2% in the first quarter of 1997, compared to 18.5% in the corresponding period of last year. This decrease was primarily attributable to start-up costs related to the division's expansion into California. Start-up costs, including field supervisory salaries and construction overhead, are expensed as incurred. Selling, general and administrative expenses in the Homebuilding Division were $27.6 million and $20.0 million, respectively, in the three months ended February 28, 1997 and during the same period of 1996. The higher level of expenses in 1997 was attributable to additional expenses associated with the increased sales revenues, additional expenses resulting from start-up costs in California, as well as additional expenses associated with new communities in the Company's other markets. As a result of these factors, selling, general and administrative expenses as a percentage of total homebuilding revenues increased from 11.5% in the first quarter of 1996 to 13.3% in the first quarter of 1997. Increased revenues from California, in the second half of the year, should result in a selling, general and administrative percentage which is more consistent with 1996 levels. 8 INVESTMENT The following table presents the selected financial data related to the Investment Division for the periods indicated (unaudited): THREE MONTHS ENDED FEBRUARY 28, FEBRUARY 29, (IN THOUSANDS) 1997 1996 ------------ ------------ REVENUES Rental income $14,616 13,412 Equity in earnings of partnerships 8,860 9,174 Management fees 4,284 4,330 Sales of other real estate 7,653 2,109 Other 4,298 2,536 ------- ------- Total revenues 39,711 31,561 COST OF SALES AND EXPENSES 21,101 15,391 ------- ------- OPERATING EARNINGS $18,610 16,170 ======= ======= Investment Division revenues increased to $39.7 million in the first quarter of 1997, compared to $31.6 million in the same period of 1996. Operating earnings from the Investment Division increased to $18.6 million in the first three months of fiscal 1997 from $16.2 million in the corresponding period of 1996. The increase in revenues and operating earnings was mainly attributable to increases in sales of other real estate and other revenues generated as a result of the division's increased investment in commercial mortgage-backed securities. Equity in earnings of partnerships and management fees were down slightly in the first quarter of 1997 when compared to the first quarter of 1996. A significant portion of partnership earnings and management fees are derived from loan payoffs and asset sales which can vary substantially from period to period. FINANCIAL SERVICES The following table presents the selected financial data related to the Financial Services Division for the periods indicated (unaudited): THREE MONTHS ENDED FEBRUARY 28, FEBRUARY 29, (DOLLARS IN THOUSANDS) 1997 1996 ------------ ------------ REVENUES $ 23,288 18,362 COSTS AND EXPENSES 14,225 11,428 INTERCOMPANY INTEREST EXPENSE 16 140 ---------- ---------- OPERATING EARNINGS $ 9,047 6,794 ---------- ---------- Dollar volume of mortgages originated $ 67,819 153,868 ---------- ---------- Number of mortgages originated 597 1,305 ---------- ---------- Principal balance of servicing portfolio $3,236,862 3,362,332 ---------- ---------- Number of loans serviced 41,400 43,720 ========== ========== Operating earnings of the Financial Services Division increased to $9.0 million in the first quarter of 1997, compared to $6.8 million in the same period of last year. This increase was primarily attributable to $1.2 million in operating earnings from the division's investment in commercial mortgage-backed securities and commercial loans and $.5 million from the 9 implementation of Statement of Financial Accounting Standards No. 122 "Accounting for Mortgage Servicing Rights". Mortgage loan originations were lower for the first quarter of 1997, when compared to the same period in 1996, due to a decrease in the division's involvement in the less profitable wholesale loan origination business. INTEREST EXPENSE Interest expense during the three-month period ended February 28, 1997 was $6.7 million, compared to $5.9 million in the corresponding period of the prior year. The increase in interest expense was the result of higher debt levels. Previously capitalized interest charged to expense during the first quarters of 1997 and 1996 was $3.8 million and $4.1 million, respectively. (2) MATERIAL CHANGES IN FINANCIAL CONDITION. During the three months ended February 28, 1997, $54.0 million in cash was used by the Company's operations, compared to $3.9 million provided during the corresponding period of the prior year. The Company's primary use of cash was $47.8 million to increase inventories through land purchases, land development and construction. In addition, $16.0 million was used to decrease accounts payable and other liabilities. These uses of cash were partially offset by $19.4 million provided by net earnings and $16.7 million provided by the decrease in receivables. In the fiscal 1996 period, sources of cash flow consisted primarily of net earnings and a $25.5 million decrease in loans held for sale or disposition by the Company's Financial Services Division. These sources of cash were partially offset by the use of $15.3 million to increase inventories. Cash used in investing activities was $19.9 million in the first quarter of 1997, compared to $124.1 million in the first quarter of 1996. During the 1997 quarter, $47.5 million was used to purchase investment securities (commercial mortgage-backed securities) by both the Investment and Financial Services Divisions and $11.0 million was used to acquire operating properties. These uses of cash were partially offset by $21.2 million of cash provided by the Company's investments in partnerships and $9.7 million of sales and principal payments provided by the Company's portfolio of investment securities. In the 1996 period, the primary uses of cash were $108.5 million for the acquisition of the assets and operations of Friendswood Development Company, $11.8 million for the acquisition of operating properties and $26.7 million for the purchase of investment securities (commercial mortgage-backed securities) by both the Investment and Financial Services Divisions. These uses of cash were partially offset by $15.4 million of cash provided by the Company's investments in partnerships. At February 28, 1997, the Company had an unsecured revolving credit agreement with a five-year commitment of $450.0 million. Certain Financial Services Division subsidiaries are co-borrowers under this facility and at February 28, 1997 their borrowings under this agreement amounted to $77.0 million. The total amount outstanding under the Company's revolving credit agreement at February 28, 1997 was $356.1 million. 10 PART II OTHER INFORMATION ITEMS 1-3. NOT APPLICABLE. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. The following matters were resolved by vote at the April 8, 1997 annual meeting of stockholders of Lennar Corporation: The following members of the Board of Directors were re-elected to hold office until 2000: Robert B. Cole Arnold P. Rosen Other directors whose term of office continued after the meeting: Charles I. Babcock, Jr. Irving Bolotin Leonard Miller Stuart A. Miller Steven J. Saiontz ITEM 5. NOT APPLICABLE. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) Exhibits: (27) Financial Data Schedule. (b) Reports on Form 8-K: Registrant was not required to file, and has not filed, a Form 8-K during the quarter for which this report is being filed. 11 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. LENNAR CORPORATION ---------------------------- (Registrant) Date: APRIL 11, 1997 /s/ ALLAN J. PEKOR -------------- ---------------------------- Allan J. Pekor Financial Vice President Chief Financial Officer Date: APRIL 11, 1997 /s/ JAMES T. TIMMONS -------------- --------------------------- James T. Timmons Controller Chief Accounting Officer 12 INDEX TO EXHIBITS SEQUENTIALLY EXHIBIT NUMBERED NUMBER DESCRIPTION PAGE - ------- ----------- ------------ 27 Financial Data Schedule EX-27 2
5 3-MOS NOV-30-1997 DEC-01-1996 FEB-28-1997 19,969 0 47,421 0 750,139 817,529 270,294 (43,923) 1,845,234 186,472 920,445 0 0 3,599 711,675 1,845,234 196,949 272,166 161,041 187,109 46,511 0 6,698 31,848 12,421 19,427 0 0 0 19,427 0.54 0.54
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