MIAMI, Oct. 11 /PRNewswire-FirstCall/ -- Lennar Corporation
(NYSE: LEN LEN.B) announced today that it is reviewing the classification of
an item on its statements of cash flows. If a change in classification is
made, cash flows from operating activities will increase and cash flows from
investing activities will decrease, with no change in the Company's cash
position. Additionally, the change in classification, if made, will have no
effect on the Company's balance sheets, statements of earnings or earnings per
share amounts.
Because the Company has not completed its review of the classification of
this item on its statements of cash flows, it has filed for an extension for
the filing of its Form 10-Q for the quarterly period ended August 31, 2005,
which was due today. The Company expects to file the Form 10-Q within the
five-day extension period provided under Rule 12b-25.
The classification under review concerns whether distributions of earnings
from unconsolidated entities, which have previously been classified by the
Company as cash flows from investing activities, should instead be classified
as cash flows from operating activities.
The Company previously announced its results of operations for the three
and nine months ended August 31, 2005 in both a press release and a Current
Report on Form 8-K, which was furnished to the Securities and Exchange
Commission.
Lennar Corporation, founded in 1954, is headquartered in Miami, Florida,
and is one of the nation's leading builders of quality homes for all
generations, building affordable, move-up and retirement homes. The Company
operates primarily under the Lennar and U.S. Home brand names and utilizes a
Dual Marketing strategy consisting of the Everything's Included(R) and Design
Studio(SM) programs. Lennar's Financial Services Division provides mortgage
financing, title insurance, closing services and insurance agency services for
both buyers of the Company's homes and others. Its Strategic Technologies
Division provides high-speed Internet and cable television services to
residents of the Company's communities and others. Previous press releases
may be obtained at http://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. 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 Relating to Our Business" included in our Annual Report
on Form 10-K for our fiscal year ended November 30, 2004, and in our other
filings with the Securities and Exchange Commission. We do not undertake any
obligation to update forward-looking statements.
SOURCE Lennar Corporation
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http://www.lennar.com
Company News On-Call:
http://www.prnewswire.com/comp/507038.html
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20040604/LENLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Contact:
CONTACT:
Marshall Ames, Investor Relations, Lennar
Corporation, +1-305-485-2092
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