Lennar Reports 3Q Loss

Miami, FL, September 25, 2007—Homebuilder Lennar posted a quarterly loss, weighed down by charges and write-offs in a deteriorating housing market, and said it will cut more jobs in the fourth quarter.

The company posted a third-quarter loss of $513.9 million, or $3.25 a share, compared with a year-ago profit of $206.7 million, or $1.30 per share. Revenue fell 44% to $2.34 billion.

The latest quarter's results include a $3.33 a share charge related to valuation adjustments and write-offs of option deposits, the company said in a statement.

Lennar's home sale revenue fell 44% to $2.2 billion, as the number of homes deliveries declined. Cancellation rate was 32% in the latest quarter.

New orders during the quarter fell 48% to 5,804 homes, the company said.

Analysts, on average, had expected the company to post a loss of $.55 a share, excluding items, on revenue of $2,296.9 million, in the third quarter.