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| U.S. homebuilder Lennar reduces quarterly dividend Lennar Corp., one of America's largest homebuilders, said its Board of Directors has declared a quarterly cash dividend of $0.04 per share for both Class A and Class B common stock payable on November 13, 2008 to holders of record at the close of business on October 23, 2008. The $0.04 per share dividend represents a 75% decrease from the quarterly dividend previously paid by the company during the year. Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, "After thorough consideration by the Company's Board of Directors and management, we have decided to reduce the Company's quarterly dividend. Despite ending our third quarter with $857 million of cash and a 30.2% net debt-to-capital ratio, we concluded that it is prudent to preserve cash to fund future operations and opportunities." write your comments about the article :: © 2008 Construction News :: home page |