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Lennar Corp (LEN) SEC Filing 10-K Annual report for the fiscal year ending Sunday, November 30, 2014

Lennar Corp

CIK: 920760 Ticker: LEN
Exhibit 99.1

Contact:
Allison Bober
Investor Relations
Lennar Corporation
(305) 485-2038
FOR IMMEDIATE RELEASE
Lennar Reports Fourth Quarter EPS of $1.07
2014 Fourth Quarter
Net earnings of $245.3 million, or $1.07 per diluted share, compared to $164.1 million, or $0.73 per diluted share
Deliveries of 6,950 homes – up 23%
New orders of 5,492 homes – up 22%; new orders dollar value of $1.8 billion up 24%
Backlog of 5,832 homes – up 21%; backlog dollar value of $2.0 billionup 22%
Revenues of $2.6 billion – up 35%
Gross margin on home sales of 25.6%
Improved 40 basis points from Q3 2014
Down 120 basis points from Q4 2013
S,G&A expenses as a % of revenues from home sales of 9.6% – improved 30 basis points
Operating margin on home sales of 16.0%
Improved 120 basis points from Q3 2014
Down 90 basis points from Q4 2013
Lennar Homebuilding operating earnings of $375.1 million, compared to $294.2 million
Lennar Financial Services operating earnings of $30.2 million, compared to $17.0 million
Rialto operating earnings totaled $38.2 million (after an add back of $1.8 million of net loss attributable to noncontrolling interests), compared to $13.9 million (net of $1.7 million of net earnings attributable to noncontrolling interests)
Lennar Multifamily operating loss of $6.1 million, compared to $6.5 million
Lennar Homebuilding cash and cash equivalents of $886 million
Issued $350 million of 4.50% senior notes due November 2019
No outstanding borrowings under the $1.5 billion credit facility
Lennar Homebuilding debt to total capital, net of cash and cash equivalents, of 44.1%
2014 Fiscal Year
Net earnings of $638.9 million, or $2.80 per diluted share, compared to $479.7 million, or $2.15 per diluted share
Deliveries of 21,003 homes – up 15%
New orders of 22,029 homes – up 16%
Revenues of $7.8 billion – up 31%



(more)

The following information was filed by Lennar Corp (LEN) on Thursday, January 15, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Consolidated Statements Of Operations (parenthetical)
Capital Stock
Capital Stock (details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (narrative) (details)
Commitments And Contingent Liabilities (schedule Of Operating Leases) (details)
Commitments And Contingent Liabilities (tables)
Comprehensive Income (loss)
Comprehensive Income (loss) (schedule Of Comprehensive Income (loss)) (details)
Consolidation Of Variable Interest Entities
Consolidation Of Variable Interest Entities (estimated Maximum Exposure To Loss) (details)
Consolidation Of Variable Interest Entities (narrative) (details)
Consolidation Of Variable Interest Entities (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Financial Instruments And Fair Value Disclosure
Financial Instruments And Fair Value Disclosure (carrying Amounts And Estimated Fair Value Of Financial Instruments) (details)
Financial Instruments And Fair Value Disclosure (fair Value Assets Measured On Nonrecurring Basis) (details)
Financial Instruments And Fair Value Disclosure (fair Value Measured On Recurring Basis) (details)
Financial Instruments And Fair Value Disclosure (schedule Of Gains And Losses Of Financial Instruments) (details)
Financial Instruments And Fair Value Disclosure (tables)
Financial Instruments And Fair Value Disclosure Financial Instruments And Fair Value Disclosure (reconcilation Of Beginning And Ending Balance Of The Company's Level 3 Recurring Fair Value Measurements (details)
Income Taxes
Income Taxes (component Of Income Taxes Benefit (provision)) (details)
Income Taxes (deferred Income Taxes Assets And Liabilities, Carrying Amount) (details)
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of Statutory Rate And Effective Tax Rate) (details)
Income Taxes (summary Of Changes In Gross Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Income Taxes Net Deferred Tax Assets (liabilities) (details)
Lennar Financial Services Segment
Lennar Financial Services Segment (financial Services Segment) (details)
Lennar Financial Services Segment (narrative) (details)
Lennar Financial Services Segment (tables)
Lennar Financial Services Segment Lennar Financial Services Segment (warehouse Repurchase Facilities) (details)
Lennar Homebuilding Investments In Unconsolidated Entities
Lennar Homebuilding Investments In Unconsolidated Entities (balance Sheets) (details)
Lennar Homebuilding Investments In Unconsolidated Entities (narrative) (details)
Lennar Homebuilding Investments In Unconsolidated Entities (statements Of Operations) (details)
Lennar Homebuilding Investments In Unconsolidated Entities (tables)
Lennar Homebuilding Investments In Unconsolidated Entities (total Debt Of Unconsolidated Entities) (details)
Lennar Homebuilding Operating Properties And Equipment
Lennar Homebuilding Operating Properties And Equipment (details)
Lennar Homebuilding Operating Properties And Equipment (tables)
Lennar Homebuilding Receivables
Lennar Homebuilding Receivables (schedule Of Lennar Homebuilding Receivables) (details)
Lennar Homebuilding Receivables (tables)
Lennar Homebuilding Senior Notes And Other Debts Payable
Lennar Homebuilding Senior Notes And Other Debts Payable (narrative) (details)
Lennar Homebuilding Senior Notes And Other Debts Payable (schedule Of Maturities Of Senior Notes And Other Debts Payable) (details)
Lennar Homebuilding Senior Notes And Other Debts Payable (schedule Of Senior Notes And Other Debts Payable) (details)
Lennar Homebuilding Senior Notes And Other Debts Payable (tables)
Lennar Homebuilding Senior Notes And Other Debts Payable Lennar Homebuilding Senior Notes And Other Debts Payable (schedule Of Senior And Convertible Senior Notes) (details)
Lennar Multifamily Segment
Lennar Multifamily Segment (narrative) (details)
Lennar Multifamily Segment (tables)
Lennar Multifamily Segment Lennar Multifamily Segment (assets And Liabilities Related To The Multifamily Segment) (details)
Lennar Multifamily Segment Lennar Multifamily Segment (condensed Financial Information By Equity Method Investment) (details)
Operating And Reporting Segments
Operating And Reporting Segments (disclosure Of Financial Information Relating To Company's Operations) (details)
Operating And Reporting Segments (schedule Of Interest Expense Depreciation & Amortization Additions & Ue Income (loss)) (details)
Operating And Reporting Segments (tables)
Quarterly Data (unaudited)
Quarterly Data (unaudited) (schedule Of Quarterly Financial Information) (details)
Quarterly Data (unaudited) (tables)
Rialto Investment Segment
Rialto Investment Segment (accretable Yield For The Fdic Portfolios And Bank Portfolios) (details)
Rialto Investment Segment (assets And Liabilities Related To The Rialto Segment) (details)
Rialto Investment Segment (changes In Real Estate Owned) (details)
Rialto Investment Segment (condensed Financial Information By Equity Method Investment) (details)
Rialto Investment Segment (loans Receivable By Aggregate Collateral Type) (details)
Rialto Investment Segment (narrative) (details)
Rialto Investment Segment (nonaccrual Loans) (details)
Rialto Investment Segment (operating Earnings Related To Rialto Segment) (details)
Rialto Investment Segment (outstanding Balance And Carrying Value Of Loans) (details)
Rialto Investment Segment (risk Categories) (details)
Rialto Investment Segment (tables)
Rialto Investment Segment Rialto Investment Segment (allowance On Loan Receivables) (details)
Rialto Investment Segment Rialto Investment Segment (other Income Expense) (details)
Rialto Investment Segment Rialto Investments (equity In Earnings (loss) On Investments) (details)
Rialto Investment Segment Rialto Investments Segment (equity Funds Related To Rialto Segment) (details)
Schedule Ii-valuation And Qualifying Accounts
Schedule Ii-valuation And Qualifying Accounts (schedule Of Valuation And Qualifying Accounts) (details)
Share-based Payments
Share-based Payments (compensation Expense, Share-based Payment Awards) (details)
Share-based Payments (narrative) (details)
Share-based Payments (schedule Of Nonvested Shares Activity) (details)
Share-based Payments (schedule Of Option-pricing Assumptions) (details)
Share-based Payments (summary Of Stock Option Activity) (details)
Share-based Payments (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (loan Origination Liabilities) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Interest Expense) (details)
Summary Of Significant Accounting Policies (schedule Of Warranty Reserve) (details)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (schedule Of Accounts, Notes, Loans And Financing Receivable (details)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (unobservable Inputs) (details)
Supplemental Financial Information
Supplemental Financial Information (condensed Consolidating Balance Sheet) (details)
Supplemental Financial Information (condensed Consolidating Statement Of Cash Flows) (details)
Supplemental Financial Information (condensed Consolidating Statement Of Operations) (details)
Supplemental Financial Information (narrative) (details)
Supplemental Financial Information Supplemental Financial Information (tables)
Ticker: LEN
CIK: 920760
Form Type: 10-K Annual Report
Accession Number: 0001628280-15-000218
Submitted to the SEC: Fri Jan 23 2015 8:51:37 AM EST
Accepted by the SEC: Fri Jan 23 2015
Period: Sunday, November 30, 2014
Industry: General Bldg Contractors Residential Bldgs

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