The Miami-based real estate investment, finance and management company is acquiring the advice and counsel of a retired Republican senator who spent 18 years of as a representative and senator from the southwest Florida city of Fort Myers."His background and wealth of experience will be of immense value to LNR as we strive to achieve our long-term goal of building a premier real estate franchise while we continue to enhance shareholder value,'' Stuart A. Miller, LNR chairman, says in a prepared statement.
The announcement comes as Thompson/First Call forecasts the company to earn 96 cents a share for the three months ending Aug. 31. The company exceeded a forecast of 97 cents a share by 13 cents for the three months ended May 31.
Prior to the announcement, shares in the Miami company closed up 6sox cents Friday at $33.23 on volume of 136,900 -- just $2.27 off the 52-week high of $35.50. The issue has traded as low as $20 each over the same time period.
The spinoff of Miami-based Lennar Corp. reported net earnings of $38.4 million, or $1.10 per diluted share, on total revenue of $130 million for the three months ended May 31, compared with net of $33.3 million, or 96 cents a share, on total revenue of $125 million for the same period in 2000.
Following his retirement last year, Mack accepted a job as a senior policy advisor with the governmental relations division of Shaw Pittman, a Washington, DC law firm. When he decided not to seek re-election, Mack vacated the role as chairman of the Republican Conference. In that job, he served as the third-ranking member of the Senate Republic leadership.
Besides his political activities, Mack also served as a past president and a founding trustee of the American Cancer Society Foundation.
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