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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

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FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

September 24, 2003

Date of Report

 

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LENNAR CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware		1-11749		95-4337490
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification Number)

 

700 Northwest 107th Avenue, Miami, Florida		33172
(Address of Principal Executive Offices)		(Zip Code)

 

(305) 559-4000

(Registrant’s Telephone Number, Including Area Code)

 

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Item 9.

Regulation FD Disclosure.

 

The homebuilding results of Lennar Corporation (the “Company”) for the three and nine months ended August 31, 2003, as disclosed in the Company’s Form 8-K dated September 16, 2003, reflect certain reclassifications within the statement of earnings. Certain of these reclassifications were (a) to include interest in cost of sales related to sales of homes or land, rather than disclosing interest as a separate expense item, and (b) to separately disclose management fees and other income, net.

 

The following schedule discloses selected financial information showing the effect of these reclassifications for the quarters and nine months ended August 31, 2003 and for the quarters and fiscal year ended November 30, 2002. These reclassifications have no impact on reported net earnings.

 

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Lennar Corporation

In thousands, except gross margin %

 

		Quarter Ended February 28,							Quarter Ended May 31,						Quarter Ended August 31,						Nine Months Ended August 31,
		2003				2003			2003			2003			2003			2003			2003			2003
		Prior Classification				Current Classification			Prior Classification			Current Classification			Prior Classification			Current Classification			Prior Classification			Current Classification
Net earnings		$	106,318			106,318			160,315			160,315			201,577			201,577			468,210			468,210
Sales of homes		$	1,440,159			1,440,159			1,894,991			1,894,991			2,041,378			2,041,378			5,376,528			5,376,528
Cost of homes sold		$	1,097,275			1,097,275			1,430,100			1,430,100			1,524,930			1,524,930			4,052,305			4,052,305
Interest		$	—			28,662			—			34,633			—			32,551			—			95,846
Total cost of homes sold		$	1,097,275			1,125,937			1,430,100			1,464,733			1,524,930			1,557,481			4,052,305			4,148,151
Gross profit—sales of homes		$	342,884			314,222			464,891			430,258			516,448			483,897			1,324,223			1,228,377
Gross margin %—sales of homes			23.8	%		21.8	%		24.5	%		22.7	%		25.3	%		23.7	%		24.6	%		22.8	%
Sales of land		$	32,176			32,176			72,022			72,022			67,056			67,056			171,254			171,254
Cost of land sold		$	27,444			27,444			58,323			58,323			58,338			58,338			144,105			144,105
Interest		$	—			346			—			746			—			925			—			2,017
Total cost of land sold		$	27,444			27,790			58,323			59,069			58,338			59,263			144,105			146,122
Gross profit—sales of land		$	4,732			4,386			13,699			12,953			8,718			7,793			27,149			25,132
Gross margin %—sales of land			14.7	%		13.6	%		19.0	%		18.0	%		13.0	%		11.6	%		15.9	%		14.7	%
Total interest expense		$	30,202			—			36,266			—			33,564			—			100,032			—
Management fees and other income, net (includes other interest expense)		$	6,624			5,430			6,182			5,295			4,952			4,864			17,758			15,589

 

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Lennar Corporation

In thousands, except gross margin % (continued)

 

		Quarter Ended February 28,							Quarter Ended May 31,						Quarter Ended August 31,						Quarter Ended November 30,						Year Ended November 30,
		2002				2002			2002			2002			2002			2002			2002			2002			2002			2002
		Prior Classification				Current Classification			Prior Classification			Current Classification			Prior Classification			Current Classification			Prior Classification			Current Classification			Prior Classification			Current Classification
Net earnings		$	71,891			71,891			106,007			106,007			142,219			142,219			225,012			225,012			545,129			545,129
Sales of homes		$	1,109,774			1,109,774			1,397,596			1,397,596			1,691,282			1,691,282			2,383,051			2,383,051			6,581,703			6,581,703
Cost of homes sold		$	853,396			853,396			1,062,109			1,062,109			1,276,772			1,276,772			1,790,449			1,790,449			4,982,726			4,982,726
Interest		$	—			22,857			—			30,134			—			36,674			—			47,277			—			136,942
Total cost of homes sold		$	853,396			876,253			1,062,109			1,092,243			1,276,772			1,313,446			1,790,449			1,837,726			4,982,726			5,119,668
Gross profit—sales of homes		$	256,378			233,521			335,487			305,353			414,510			377,836			592,602			545,325			1,598,977			1,462,035
Gross margin %—sales of homes			23.1	%		21.0	%		24.0	%		21.8	%		24.5	%		22.3	%		24.9	%		22.9	%		24.3	%		22.2	%
Sales of land		$	21,502			21,502			42,075			42,075			41,214			41,214			64,807			64,807			169,598			169,598
Cost of land sold		$	21,124			21,124			47,153			47,153			30,350			30,350			64,225			64,225			162,852			162,852
Interest		$	—			1,048			—			348			—			2,675			—			717			—			4,788
Total cost of land sold		$	21,124			22,172			47,153			47,501			30,350			33,025			64,225			64,942			162,852			167,640
Gross profit—sales of land		$	378			(670	)		(5,078	)		(5,426	)		10,864			8,189			582			(135	)		6,746			1,958
Gross margin %—sales of land			1.8	%		-3.1	%		-12.1	%		-12.9	%		26.4	%		19.9	%		0.9	%		-0.2	%		4.0	%		1.2	%
Total interest expense		$	24,048			—			30,530			—			39,706			—			51,283			—			145,567			—
Management fees and other income, net (includes other interest expense)		$	4,287			4,144			14,259			14,211			7,458			7,102			11,145			7,856			37,149			33,313

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: September 24, 2003

 

 

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