Lennar Narrows Fourth Quarter Loss

Miami, FL, Dec. 18, 2008--Homebuilder Lennar reported a smaller fourth-quarter loss, helped by smaller charges to write down land values.

The company reported a loss of $811 million, or $5.12 per share, compared with a loss of $1.25 billion, or $7.92 per share, a year ago.

Results included $0.94 per share for writeoffs and valuation adjustments and $4.61 per share for a tax asset valuation allowance.

Lennar says revenue for the period ended Nov. 30 fell 41 percent to $1.28 billion from $2.18 billion, partly on fewer home deliveries.

Analysts forecast a loss of $1.61 per share on revenue of $1.08 billion.