Edgar Filing: LENNAR CORP /NEW/

Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

May 9, 2003

Date of Report

LENNAR CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction

of Incorporation)

1-11749

(Commission File Number)

95-4337490

(IRS Employer

Identification Number)

700 Northwest 107th Avenue, Miami, Florida

(Address of Principal Executive Offices)

33172

(Zip Code)

(305) 559-4000

(Registrant’s Telephone Number, Including Area Code)

Item 5. Other Events.

On April 21, 2003, Lennar Corporation (the “Company”) distributed to the holders of record of its Class A and Class B Common Stock at the close of business on April 9, 2003, one share of Class B Common Stock for each ten shares of Class A or Class B Common Stock already held. In accordance with Statement of Financial Accounting Standards No. 128, Earnings per Share, basic and diluted per share amounts and average shares outstanding were adjusted to reflect the effect of this one for ten stock distribution. The adjusted amounts could not be determined until the adjustment to the conversion ratios of the Company’s convertible securities was known. The Company determined that the conversion ratios of the convertible securities were increased by a factor of 1.1102.

The following schedule reflects the average shares outstanding and basic and diluted earnings per share amounts for the quarters and full years from fiscal 1998 through the first quarter of 2003, as originally reported in the Company’s filings with the Securities and Exchange Commission and as adjusted for the Company’s April 2003 stock distribution:

(In thousands, except earnings per share)

	Quarter Ended February 28,
	2003		2003
	Reported		Adjusted
Average shares outstanding:
Basic		70,633		70,633
Diluted		78,813		78,876

Earnings per share:
Basic	$	1.51	$	1.51
Diluted	$	1.37	$	1.37

	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
	Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted
Average shares outstanding:
Basic		63,303		69,633		63,724		70,096		63,992		70,391		64,124		70,536		63,786		70,165
Diluted		71,090		78,261		71,441		78,647		71,544		78,761		71,629		78,854		71,426		78,632

Earnings per share:
Basic	$	1.14	$	1.03	$	1.66	$	1.51	$	2.22	$	2.02	$	3.51	$	3.19	$	8.55	$	7.77
Diluted	$	1.03	$	0.94	$	1.51	$	1.37	$	2.01	$	1.83	$	3.16	$	2.87	$	7.72	$	7.01


	Quarter Ended February 28,				Quarter Ended May 31,				Quarter Ended August 31,				Quarter Ended November 30,				Year Ended November 30,
	2001		2001		2001		2001		2001		2001		2001		2001		2001		2001
	Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted
Average shares outstanding:
Basic		62,097		68,307		62,699		68,969		63,025		69,328		63,127		69,440		62,737		69,011
Diluted		70,141		77,218		70,580		77,701		70,825		77,971		70,770		77,910		70,579		77,700

Earnings per share:
Basic	$	0.83	$	0.75	$	1.55	$	1.41	$	1.69	$	1.54	$	2.58	$	2.35	$	6.66	$	6.05
Diluted	$	0.75	$	0.68	$	1.40	$	1.27	$	1.53	$	1.39	$	2.32	$	2.11	$	6.01	$	5.46


	Quarter Ended February 29,				Quarter Ended May 31,				Quarter Ended August 31,				Quarter Ended November 30,				Year Ended November 30,
	2000		2000		2000		2000		2000		2000		2000		2000		2000		2000
	Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted
Average shares outstanding:
Basic		53,160		58,476		52,779		58,057		61,650		67,815		61,773		67,950		57,341		63,075
Diluted		59,676		65,706		59,426		65,431		69,145		76,122		69,748		76,785		64,499		71,011

Earnings per share:
Basic	$	0.42	$	0.38	$	0.69	$	0.63	$	0.99	$	0.90	$	1.77	$	1.61	$	4.00	$	3.63
Diluted	$	0.40	$	0.36	$	0.64	$	0.58	$	0.90	$	0.82	$	1.59	$	1.44	$	3.64	$	3.31


	Quarter Ended February 28,				Quarter Ended May 31,				Quarter Ended August 31,				Quarter Ended November 30,				Year Ended November 30,
	1999		1999		1999		1999		1999		1999		1999		1999		1999		1999
	Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted
Average shares outstanding:
Basic		58,216		64,038		58,281		64,109		58,324		64,156		58,163		63,979		58,246		64,071
Diluted		65,200		71,783		65,158		71,736		65,097		71,669		64,686		71,217		65,035		71,601

Earnings per share:
Basic	$	0.48	$	0.44	$	0.68	$	0.62	$	0.78	$	0.71	$	1.03	$	0.93	$	2.97	$	2.70
Diluted	$	0.45	$	0.41	$	0.63	$	0.57	$	0.72	$	0.65	$	0.95	$	0.86	$	2.74	$	2.49


	Quarter Ended February 28,				Quarter Ended May 31,				Quarter Ended August 31,				Quarter Ended November 30,				Year Ended November 30,
	1998		1998		1998		1998		1998		1998		1998		1998		1998		1998
	Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted
Average shares outstanding:
Basic		53,248		58,573		53,806		59,187		57,447		63,192		58,138		63,952		55,660		61,226
Diluted		54,157		59,573		54,941		60,435		60,477		66,545		64,921		71,476		58,624		64,507

Earnings per share:
Basic	$	0.30	$	0.28	$	0.48	$	0.43	$	0.61	$	0.55	$	1.16	$	1.05	$	2.59	$	2.35
Diluted	$	0.30	$	0.27	$	0.47	$	0.42	$	0.59	$	0.53	$	1.06	$	0.96	$	2.49	$	2.26

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.

Dated: May 9, 2003

LENNAR CORPORATION (Registrant)

By:		/s/ BRUCE E. GROSS
Name:		Bruce E. Gross
Title:		Vice President and Chief Financial Officer