For the nine months ended Aug. 31, net earnings were $89.9 million, or $2.91 per share diluted, after a one-time charge of 22 cents per share diluted, compared with net earnings of $113.5 million, or $3.24 per share diluted for the comparable period last year. The one-time charge of 22 cents per-share to earnings in the third quarter was related to the early retirement of LNR's $200 million 9.375% notes.
The company reported $143 million in total revenue and other operating income for the third quarter, compared with $144.3 million for the same quarter in 2002. This represents a $1.3 million, or 1%, decrease.
Jeffrey P. Krasnoff, president and CEO of LNR, says in a statement: "We continue to see great success in implementing our strategic plan by taking advantage of current economic conditions to create long-term value for our shareholders. We have carefully controlled our investment strategy, keeping our focus on opportunities where our unique franchise, expertise and relationships give us a competitive advantage and an ability to add value, while carefully measuring and controlling downside risk.
"In addition, we are very excited about other long-term value creation opportunities such as Newhall Land, which we expect will add substantial cash flow and earnings beginning in 2005 and for many years to come," Krasnoff adds. "Looking ahead, as the real estate markets continue to evolve, our highly sought-after workout and value-add skills will enable us to capitalize on the higher-yielding investment opportunities that we expect will emerge."
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