MIAMI, Oct. 7 FL-Lennar-Corp-div
MIAMI, Oct. 7 /PRNewswire-FirstCall/ -- Lennar Corporation
(NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced
that its Board of Directors has declared a quarterly cash dividend of $0.04
per share for both Class A and Class B common stock payable on November 13,
2008 to holders of record at the close of business on October 23, 2008. The
$0.04 per share dividend represents a 75% decrease from the quarterly dividend
previously paid by the Company during the year. Stuart Miller, President and
Chief Executive Officer of Lennar Corporation, said, "After thorough
consideration by the Company's Board of Directors and management, we have
decided to reduce the Company's quarterly dividend. Despite ending our third
quarter with $857 million of cash and a 30.2% net debt-to-capital ratio, we
concluded that it is prudent to preserve cash to fund future operations and
opportunities."
Lennar Corporation, founded in 1954, is one of the nation's leading
builders of quality homes for all generations. The Company builds affordable,
move-up and retirement homes primarily under the Lennar brand name. Lennar's
Financial Services segment provides primarily mortgage financing, title
insurance and closing services for both buyers of the Company's homes and
others. Previous press releases and further information about the Company may
be obtained at the "Investor Relations" section of the Company's website,
www.lennar.com.
Some of the statements in this press release are "forward-looking
statements," as that term is defined in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include statements
regarding our business, financial condition, results of operations, cash
flows, strategies and prospects. You can identify forward-looking statements
by the fact that these statements do not relate strictly to historical or
current matters. Rather, forward-looking statements relate to anticipated or
expected events, activities, trends or results. Because forward-looking
statements relate to matters that have not yet occurred, these statements are
inherently subject to risks and uncertainties. Many factors could cause our
actual activities or results to differ materially from the activities and
results anticipated in forward-looking statements. These factors include those
described under the caption "Risk Factors" in Item 1A of our Annual Report on
Form 10-K for our fiscal year ended November 30, 2007. We do not undertake any
obligation to update forward-looking statements, except as required by Federal
securities laws.
SOURCE Lennar Corporation
