Lennar Corp. (LEN)

Lennar Corp. (LEN) released earnings for its fiscal first quarter of 2008 (ending 2/29/08).

Income Statement

Revenues of $1.1 billion.

Loss per share of $0.56 (includes a $0.38 per share charge related to valuation adjustments and write-offs of option deposits and pre- acquisition costs).

Balance Sheet

Homebuilding debt to total capital of 38.2%.

Net homebuilding debt to total capital of 24.5%.

Cash of $1.1 billion.

No outstanding balance under the Company's credit facility.

Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, "Market conditions have remained challenged and continued to deteriorate throughout our first quarter of 2008. The housing industry continues to be impacted by an unfavorable supply and demand relationship, which restricts the volume of new home sales and, concurrently, depresses home prices in most markets across the country."

Sphere: Related Content