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 period ended FEBRUARY 28, 1994
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 107 Avenue, Miami, Florida 33172
(Address of principal executive offices) (Zip Code)
(305) 559-4000
(Registrant's telephone number, including area code)
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 end of current fiscal quarter (adjusted to
reflect a three-for-two stock split payable in the form of a 50% stock
dividend on April 20, 1994 to stockholders of record on April 5, 1994):
Common 25,769,916
Class B Common 9,986,631
Part I. Financial Information
Item 1. Financial Statements
LENNAR CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Earnings
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
February 28, February 28,
1994 1993
REVENUES:
Real estate operations:
Sales of homes $ 147,442 84,764
Other sales and revenues 27,426 16,533
Financial services operations 14,728 12,095
Limited-purpose finance subsidiaries 2,714 4,058
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Total revenues 192,310 117,450
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COSTS AND EXPENSES:
Real estate operations:
Cost of homes sold 130,539 75,423
Cost of other sales and revenues 15,067 8,093
General and administrative expenses 8,095 6,196
Financial services operations 11,635 9,482
Limited-purpose finance subsidiaries 2,790 4,074
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Total costs and expenses 168,126 103,268
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EARNINGS BEFORE INCOME TAXES AND CUMULATIVE
EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES 24,184 14,182
INCOME TAXES 9,432 5,177
------- -------
EARNINGS BEFORE CUMULATIVE EFFECT OF CHANGES IN
ACCOUNTING PRINCIPLES 14,752 9,005
CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING
PRINCIPLES FOR:
INCOME TAXES 4,745 -
PURCHASED MORTGAGE SERVICING RIGHTS (3,784) -
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NET EARNINGS $ 15,713 9,005
------- -------
------- -------
AVERAGE SHARES OUTSTANDING 36,087 30,830
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------- -------
EARNINGS PER SHARE:
BEFORE CUMULATIVE EFFECT OF CHANGES IN
ACCOUNTING PRINCIPLES $ 0.41 0.29
CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING
PRINCIPLES $ 0.03 -
------- -------
NET EARNINGS PER SHARE $ 0.44 0.29
------- -------
------- -------
CASH DIVIDENDS PER COMMON SHARE $ 0.02 0.02
------- -------
------- -------
CASH DIVIDENDS PER CLASS B COMMON SHARE $ 0.0167 0.0167
------- -------
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NOTE: PRESENTATION OF THE THREE-FOR-TWO STOCK SPLIT
Per share amounts and shares outstanding in this report have been restated
to reflect a three-for-two stock split approved by the Board of Directors
on February 1, 1994.
See accompanying notes to consolidated condensed financial statements.
1
LENNAR CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)
(In thousands)
February 28, November 30,
ASSETS 1994 1993
REAL ESTATE AND FINANCIAL SERVICES:
Real estate assets:
Cash $ 11,857 10,606
Receivables, net 63,956 53,136
Inventories:
Construction in progress and model homes 176,237 175,085
Land held for development 288,259 269,449
--------- ---------
Total inventories 464,496 444,534
Land held for investment 73,967 61,697
Operating properties and equipment, net 154,036 156,174
Investments in and advances to partnerships
and joint ventures 51,214 39,410
Other assets 30,942 17,699
Financial services assets 239,754 284,391
--------- ---------
Total assets - real estate and
financial services 1,090,222 1,067,647
--------- ---------
LIMITED-PURPOSE FINANCE SUBSIDIARIES:
Collateral for bonds and notes payable 113,295 127,075
Other 857 768
--------- ---------
Total assets - limited-purpose
finance subsidiaries 114,152 127,843
--------- ---------
$1,204,374 1,195,490
--------- ---------
--------- ---------
LIABILITIES AND STOCKHOLDERS' EQUITY
REAL ESTATE AND FINANCIAL SERVICES:
Real estate liabilities:
Accounts payable and accrued liabilities $ 83,932 79,680
Customer deposits 15,355 16,796
Income taxes:
Currently payable 11,513 8,247
Deferred 57,472 59,638
Mortgage notes and other debts payable 302,055 242,193
Financial services liabilities 143,924 199,737
--------- ---------
Total liabilities - real estate
and financial services 614,251 606,291
--------- ---------
LIMITED-PURPOSE FINANCE SUBSIDIARIES:
Bonds and notes payable 106,761 121,361
Other 181 365
--------- ---------
Total liabilities - limited-purpose
finance subsidiaries 106,942 121,726
--------- ---------
STOCKHOLDERS' EQUITY:
Common stock 2,577 1,715
Class B common stock 999 666
Additional paid-in capital 169,505 170,023
Retained earnings 310,100 295,069
--------- ---------
Total stockholders' equity 483,181 467,473
--------- ---------
$1,204,374 1,195,490
--------- ---------
--------- ---------
NOTE: PRESENTATION OF THE THREE-FOR-TWO STOCK SPLIT
Per share amounts and shares outstanding in this report have been restated
to reflect a three-for-two stock split approved by the Board of Directors
on February 1, 1994.
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 28,
1994 1993
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 15,713 9,005
Adjustments to reconcile net earnings to
net cash provided by (used in) operating
activities:
Depreciation and amortization 2,098 2,634
Gain on sales of other real estate (544) (21)
Equity in earnings of partnerships and
joint ventures (4,912) (1,836)
Decrease in deferred income taxes (1,475) (415)
Cumulative effect of changes in accounting
principles (961) -
Changes in assets and liabilities, net of
effects from accounting changes:
Decrease (increase) in receivables (12,785) 917
Increase in inventories (20,414) (31,033)
Decrease in loans held for sale or
disposition 57,232 46,073
Increase (decrease) in customer deposits (1,441) 4,943
Decrease in accounts payable and accrued
liabilities (25,429) (8,479)
Increase (decrease) in income taxes
currently payable 3,266 (978)
------ ------
Net cash provided by operating activities 10,348 20,810
------ ------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to operating properties and equipment (4,157) (3,878)
Increase in investments in and advances to
partnerships and joint ventures (4,014) (486)
Increase in loans held for investment (10,025) (7,245)
Other investing activities, net (8,654) (4,774)
------ ------
Net cash used in investing activities (26,850) (16,383)
------ ------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings under revolving credit agreement 32,200 40,400
Net repayments under financial services lines
of credit (42,896) (43,649)
Mortgage notes and other debts payable:
Proceeds from borrowings 35,961 2,968
Principal payments (8,299) (3,321)
Limited-purpose finance subsidiaries:
Principal reduction of mortgage loans and
other receivables 15,193 15,483
Principal reduction of bonds and notes payable (14,401) (14,891)
Common stock:
Issuance 677 608
Dividends (682) (576)
------ ------
Net cash provided by (used in) financing
activities 17,753 (2,978)
------ ------
Net increase in cash 1,251 1,449
Cash at beginning of quarter 10,606 4,913
------ ------
Cash at end of quarter $ 11,857 6,362
------ ------
------ ------
Supplemental disclosures of cash flow
information:
Cash paid for interest, net of amounts
capitalized $ 4,160 4,744
Cash paid for income taxes $ 7,140 5,465
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 and all wholly-owned subsidiaries (the
"Company"). All significant intercompany transactions and balances have
been eliminated. The Company's investments in partnerships and joint
ventures 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, 1993
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) LINES OF BUSINESS
The Company operates principally in two lines of business: (1) real
estate, which includes the activities of the parent company (Lennar
Corporation), the Homebuilding Division and the Investment Division; and
(2) financial services, which includes certain activities of Lennar
Financial Services, Inc. ("LFS"), but excludes the limited-purpose finance
subsidiaries.
The Homebuilding Division constructs and sells single-family (attached
and detached) and multi-family homes. The Investment Division is involved
in the development, management and leasing, as well as the acquisition and
sale, of commercial and residential properties and land. This division
also manages and participates in partnerships with financial institutions.
Financial services activities are conducted primarily through five LFS
subsidiaries: Universal American Mortgage Company, AmeriStar Financial
Services, Inc., Universal Title Insurors, Inc., Lennar Funding Corporation
and Loan Funding, Inc. These subsidiaries arrange mortgage financing,
title insurance, and closing services for Lennar homebuyers and others,
acquire, package and resell home mortgage loans, and perform mortgage loan
servicing activities.
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 for lines of business purposes and, as such,
are reported separately.
(3) STOCK SPLIT
On February 1, 1994, the Company's Board of Directors approved a
three-for-two stock split for Lennar's common stock and Class B common
stock subject to shareholder approval of an increase in authorized shares.
On April 5, 1994, Lennar's shareholders approved an amendment to the
Company's Certificate of Incorporation to increase the number of authorized
shares. The stock split will be payable in the form of a 50% stock
dividend on April 20, 1994 to stockholders of record on April 5, 1994. The
stockholders' equity section in the accompanying consolidated condensed
financial statements has been adjusted to reflect the stock split and all
references in the financial statements and notes to the number of shares
outstanding and per share amounts have been restated to reflect the stock
split.
(4) NET EARNINGS PER SHARE
Net earnings per share is calculated by dividing net earnings by the
weighted average number of total common shares and Class B common shares
outstanding and common equivalent shares outstanding during the period.
(5) RESTRICTED CASH
Cash includes restricted deposits of $3.6 million and $4.2 million as
of February 28, 1994 and November 30, 1993, respectively. These balances
are comprised primarily of escrow deposits held related to condominium
purchases and security deposits from tenants of commercial and apartment
properties.
4
(6) ACCOUNTING CHANGES
INCOME TAXES
Effective December 1, 1993, the Company adopted Statement of Financial
Accounting Standards ("SFAS") No. 109, "Accounting for Income Taxes", and
has reported the cumulative effect of that change in the method of
accounting for income taxes in the February 28, 1994 consolidated condensed
statement of earnings. SFAS No. 109 requires a change from the deferred
method under Accounting Principles Board Opinion No. 11 to the asset and
liability method of accounting for income taxes. Under the asset and
liability method of SFAS No. 109, deferred tax assets and liabilities are
recognized for future tax consequences of events that have been recognized
in the Company's financial statements or tax returns. Under SFAS No. 109,
the effect on deferred taxes of a change in tax rates is recognized in the
period that includes the enactment date. The cumulative effect of adopting
SFAS No. 109 on the Company's consolidated condensed financial statements
was to increase net earnings by $4.7 million ($.13 per share) for the
three months ended February 28, 1994.
Deferred income taxes reflect the net tax effects of temporary
differences between the carrying amounts of the assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes.
The tax effects of significant temporary differences which comprise the net
deferred tax liability as of December 1, 1993 are as follows (in thousands):
Deferred tax liabilities:
Capitalized expenses $ 37,340
Acquisition adjustments 19,958
Installment sales 8,278
Deferred gains 6,837
Depreciation 1,005
Other 5,494
------
Total deferred tax liabilities 78,912
------
Deferred tax assets:
Reserves and accruals not currently deductible 13,308
Other 6,657
------
Total deferred tax assets 19,965
------
Net deferred tax liability $ 58,947
------
5
The provision for income taxes for the three months ended
February 28, 1994 was $9.4 million of which $10.6 million is current tax
expense and $1.2 million is deferred tax credit. The Company's effective
tax rate during the first quarter of 1994 was 39%. This compares to an
effective tax rate of 36% for fiscal 1993. The increase in the effective
tax rate is due primarily to the SFAS No. 109 requirement to adjust the
assets and liabilities for prior business combinations from net-of-tax
to pre-tax amounts.
PURCHASED MORTGAGE SERVICING RIGHTS
The Company's financial services operations capitalize the cost of
bulk purchases of mortgage servicing rights. These costs are amortized in
proportion to, and over the period of, the estimated net mortgage servicing
income. The Company performs periodic impairment tests on these assets and
during the first quarter of 1994 changed the way in which it evaluates
these assets for impairment from an undiscounted and disaggregated cash
flow basis to a discounted and disaggregated cash flow basis. The Company
believes that this is a preferable method because the discounted cash flow
approach provides a better method of determining the value of the assets.
The cumulative effect on prior years of this accounting change,
recorded in the first quarter of 1994, was a decrease in net earnings
of $3.8 million (net of income taxes of $2.4 million) or $.10 per share.
This change increased earnings before cumulative effect of changes in
accounting principles in the first quarter of 1994 by approximately
$397,000 (net of income taxes of $253,000) or $.01 per share. If this
accounting change had been applied retroactively, the pro forma effect
would have increased net earnings by approximately $422,000 (net of income
taxes of $251,000) or $.01 per share for the first quarter of 1993.
(7) FINANCIAL SERVICES
The assets and liabilities related to the Company's financial services
operations (as described in Note 2) are summarized as follows:
February 28, November 30,
1994 1993
Assets:
Loans held for sale or disposition, net $ 185,955 243,095
Servicing acquisition costs 5,536 12,249
Cash and receivables, net 16,138 9,949
Other 32,125 19,098
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$ 239,754 284,391
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Liabilities:
Notes payable $ 124,665 167,561
Other 19,259 32,176
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$ 143,924 199,737
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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
(1) Material changes in results of operations.
Revenues in the three months ended February 28, 1994 were $192.3
million, including sales of homes of $147.4 million, compared to revenues
of $117.5 million and sales of homes of $84.8 million in the same period of
fiscal 1993.
The increased homebuilding revenues in the three-month period resulted
primarily from an increase in the number of deliveries to 1,176 from 816 in
the corresponding period of 1993. Additionally, the average price of a
home delivered during the three-month period ended February 28, 1994 was
$125,000, compared to $105,000 for the corresponding period of the prior
year. The higher average sales prices were due to a proportionately
greater number of sales of higher-priced homes as well as price increases
for existing products.
Other sales and revenues increased to $27.4 million in the first quarter of
1994, compared to $16.5 million in the same period of 1993. The increase
in revenues during the first quarter of 1994 was partially attributable to
a $3.9 million increase in earnings from the Company's Investment Division
partnerships and management fees. This increase was a result of earnings
and management fees from the Company's partnership with Westinghouse
Electric Corporation and an affiliate of Lehman Brothers which was entered
into in the latter half of 1993, as well as an increase in earnings from
Lennar Florida Partners during the first quarter of 1994. Rental income
increased by $2.2 million primarily as a result of the addition of
operating properties throughout 1993. The first quarter of 1994 also
included sales of other real estate of $6.1 million. There were no
significant sales of other real estate during the first quarter of 1993.
Gross profits from the sales of homes increased to $16.9 million
($14,400 per home) in the first quarter of 1994 from $9.3 million
($11,400 per home) in the same period of fiscal 1993. This increase
was a result of the higher number of deliveries, an increase in the
gross profit percentage on higher average sales prices and the absorbtion
of construction and selling overhead by a higher number of home deliveries.
Gross profit percentages increased to 11.5% in the first quarter of 1994
from 11.0% in the corresponding quarter of the prior year.
At February 28, 1994, the Company had approximately $270 million (2,122
homes) of sales contracts in backlog, as compared to $254 million (2,280
homes) at the end of the same period a year ago. The increase in backlog
was due to an increase in the average sales price of homes in backlog at
February 28, 1994 partially offset by a lower number of homes in backlog.
Gross profits from other sales and revenues increased to $12.4 million
during the three months ended February 28, 1994, up from $8.4 million
during the same period last year. This increase was attributable to the
additional contribution to earnings by the Company's Investment Division
partnerships as well as increases in rental income as a result of the
addition of operating properties as discussed above.
General and administrative expenses were $8.1 million in the three-month
period ended February 28, 1994, compared to $6.2 million in the same period
of 1993. The increase was due primarily to increases in personnel and
other costs resulting from the expansion of the Company's operations.
However, as a percentage of real estate revenues, these expenses decreased
in the three months ended February 28, 1994, to 4.6%, compared to 6.1% in
the corresponding period of 1993.
Earnings before income taxes from financial services operations were $3.1
million for the three months ended February 28, 1994, compared to $2.6
million for the same period one year ago. The increase was a result of
additional earnings from servicing and origination activities which
increased as a result of the high levels of mortgage loan origination
activity experienced in recent months, along with a reduction of
amortization expense for purchased mortgage servicing rights.
7
This amortization decreased as a result of the change in accounting for
purchased mortgage servicing rights which is discussed below. These
increases in earnings were partially offset by higher general and
administrative costs associated with the expansion of loan origination
operations and increased mortgage payoffs.
The provision for income taxes was 39.0% of pre-tax income in the three-
month period ended February 28, 1994. This compares to a provision of
36.0% of pre-tax income in fiscal 1993. The higher 1994 tax rate is due
primarily to the Company's adoption of the Statement of Financial
Accounting Standards ("SFAS") No. 109, "Accounting for Income Taxes", which
required the Company to adjust the assets and liabilities for prior
business combinations from net-of-tax to pre-tax amounts.
Effective December 1, 1993, the Company adopted the provisions of SFAS
No. 109. This change in accounting principle resulted in an increase to
net earnings of $4.7 million in the first quarter of 1994. The change in
accounting for income taxes did not have a significant impact on the
Company's results of operations. The Adoption of SFAS No. 109 is more
fully explained in Note 6 to the consolidated condensed financial
statements.
The first quarter of 1994 also included a charge of $3.8 million (net of
income taxes of $2.4 million) for the cumulative effect on prior years of a
change in accounting for purchased mortgage servicing rights. This change,
which is discussed in more detail in Note 6 to the consolidated condensed
financial statements, changed the way in which the Company evaluates these
assets for impairment from an undiscounted cash flow basis to a discounted
cash flow basis. Excluding the cumulative effect, this change increased
net earnings in the first quarter of 1994 by $0.4 million.
(2) Material changes in financial condition.
During the three months ended February 28, 1994, $10.3 million of
cash was provided by the Company's operations, compared to $20.8 million
provided by operations in the first three months of the prior year. The
net cash provided by operations in the 1994 quarter was primarily due to
cash generated from a $57.2 million decrease in loans held for sale or
disposition, which compares to $46.1 million of cash provided in the 1993
period. Partially offsetting this source of cash was cash used to decrease
accounts payable and accrued liabilities of $25.4 million during the first
quarter of 1994. This compares to a decrease of only $8.5 million in the
the first three months of 1993. Receivables increased by approximately
$12.8 million during the first quarter of 1994, compared to a decrease in
receivables of $0.9 million in the quarter ended February 28, 1993. The
cash used to increase receivables in the 1994 period was primarily
comprised of a $17.8 million purchase of a loan which the Company acquired
for the underlying real estate assets. In addition, there was a $20.4
million increase in inventories in the first quarter of 1994 through land
purchases, land development and construction, due to existing and
anticipated demand for the Company's homes. Inventories increased $31.0
million during the 1993 period.
Cash used in investing activities increased to $26.9 million in the first
quarter of 1994, compared to $16.4 million in the first quarter of 1993.
This increase was attributable to an increase in loans held for investment
by the Company's financial services operations, and an increase in other
assets primarily related to the Company's purchase of participation
certificates in two commercial real estate securitizations.
8
The Company's ratio of real estate debt to total equity was 62.5% at
February 28, 1994, compared to 80.8% at February 28, 1993 and 51.8% at
November 30, 1993. The increase in this ratio from November 30, 1993 was
due primarily to borrowings made to finance the increases in real estate
operating assets and investing activities discussed above.
At both February 28, 1994 and November 30, 1993, Universal American
Mortgage Company was servicing a portfolio of loans with an unpaid
principal balance of $3.4 billion. These loans were acquired from
unaffiliated third parties or originated through its mortgage loan
origination activities. The balance of this portfolio at February 28,
1993 was approximately $3.8 billion. The decrease in the portfolio from
February 28, 1993 was primarily attributable to the significant refinancing
volume experienced during 1993. The Company expects the refinancing trend
to slow during fiscal 1994 and believes that the lower interest rate loans
recently originated will be less susceptible to refinancing and will
therefore increase the stability and value of its servicing portfolio.
9
Part II. Other Information
Item 1. LEGAL PROCEEDINGS
During 1993, the Company settled two lawsuits and a number of
claims in which owners of approximately 550 homes built by the Company
sought damages as a result of Hurricane Andrew. There still remain
approximately 125 additional homeowners who have asserted claims. Other
homeowners or homeowners' insurers are not precluded from making similar
claims against the Company. Four insurance companies have contacted the
Company seeking reimbursement for sums paid by them with regard to homes
built by the Company and damaged by the storm. The Company has settled all
outstanding claims with two of these insurance companies which represented
the majority of the claims made. In addition to the claims, there are two
pending lawsuits in which homeowners or homeowners' insurers seek
relatively minor damages. Other claims of this type may be asserted. The
Company's insurers have asserted that their policies cover some, but not
all, aspects of these claims. However, to date, the Company's insurers
have made all payments required under settlements. Even if the Company were
required to make any payments with regard to Hurricane Andrew related
claims, the Company believes that the amount it would pay would not be
material to the results of operations or financial position of the Company.
Items 2-3. Not applicable
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The following matters were resolved by vote at the April 5,
1994 annual meeting of stockholders of Lennar Corporation:
(a) The following members of the Board of Directors were
re-elected to hold office until 1997:
Robert B. Cole
James W. McLamore
Arnold P. Rosen
Other directors whose term of office continued after
the meeting:
Charles I. Babcock, Jr.
Irving Bolotin
Leonard Miller
Richard W. McEwen
Stuart A. Miller
Steven J. Saiontz
(b) Stockholders, by a vote of 76,476,799 votes for vs.
1,715,419 votes against (including a vote of the
common stock voting as a separate class of 10,099,599
votes for and 1,715,419 votes against), approved an
amendment to the Company's Certificate of Incorporation
to increase the number of shares of common stock which
the Company is authorized to issue to 130,000,000
shares, of which 100,000,000 shares would be Common
Stock and 30,000,000 shares would be Class B Common
Stock.
Item 5. Not applicable
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
(18) Letter regarding change in accounting principle.
(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.
10
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 14, 1994 ALLAN J. PEKOR
Allan J. Pekor
Financial Vice President
Chief Financial Officer
Date: April 14, 1994 JAMES T. TIMMONS
James T. Timmons
Controller
Chief Accounting Officer
11