Lennar Sees Losses Swell in Poor Builder Market

Miami, FL, January 24, 2008-- Lennar Corp. reported a $1.25 billion fourth-quarter loss on Thursday, the biggest loss in its history, as lower sale prices and hefty charges to write down land values hit profits.

Lennar, one of the nation's largest homebuilders, said it lost $1.25 billion, or $7.92 per share, up from $195.6 million, or $1.24 per share, a year ago.

Excluding the land option write down, the company would have lost 42 cents per share.

Revenue also fell 49 percent to $2.18 billion from $4.27 billion in the 2006 period, and home deliveries fell 50 percent to 7,044 homes. New orders also fell 50 percent to 4,761 homes.