Lennar Corp. (NYSE:LEN), Miami, Monday night reported a net loss of $155.9 million (-$0.98 per share) for its fiscal first quarter ended Feb. 28, including impairments, write-downs and valuation adjustments of $88.45 million. The consensus estimate among analysts who follow Lennar was a loss of -$0.64 per share.

Revenues from home sales decreased 45% in the quarter to $522.8 million on a 38% decline in deliveries to 2,136 homes and a 12% drop in the average sales price to $244,000. Sales incentives totaled $50,500 per home delivered in the quarter, compared to $48,000 per home delivered in the first quarter of 2008.

New orders fell 28% to 2,190 homes with an aggregate value of $523.3 million, a drop of 36.9%. Backlog was down 51.5% to 1,647 homes with a value of $450.1 million, down 60.9% from the same period last year.

Selling, general and administrative expenses were reduced 42% ($73.8million) during the quarter due to staff and other cost cuts. As a percentage of revenues from home sales, SG&A was up to 19.4% in the quarter, a rise of 100 basis points from a year ago, due to lower revenues.Gross margins on home sales were $34.2 million, or 6.5%, in the quarter, including $40.8 million of SFAS 144 valuation adjustments, compared to$136.7 million, or 14.3%, in the first quarter of 2008, which included $26.2 million of SFAS 144 valuation adjustments.

As a result of its net loss during the three months ended February 28, 2009, the Company generated deferred tax assets of $57.7 million and recorded a non-cash valuation allowance in accordance with SFAS 109 against the entire amount of deferred tax assets generated.

Lennar ended the quarter with home building cash of $1.1 billion and no borrowings on its revolving credit facility. The ratio of home building debt to total capital was 51.1%, up from 49.2% in the previous quarter and 38.2% in the first quarter of fiscal 2008. Net debt to total capital was 37.4% , up sequentially from 35.7% and year-over-year from 24.5%.

The company said its equity in the loss from unconsolidated ventures was $2.9 million in the first quarter of 2009, compared to $23.0 million in the first quarter of 2008. Lennar reduced the number of unconsolidated joint ventures in which it is involved to 95 from 116 at the end of last year's fourth quarter 270 at peak in 2006. Maximum recourse indebtedness related to the JVs was $474.0 million, down $45.9 million from the end of the previous quarter and down $1.3 billion from the 2006 peak.

"The housing market continued its downward trend throughout our first quarter," said Stuart Miller, Lennar president and CEO. "Despite historically low interest rates and some indicators pointing toward market stabilization, low consumer confidence, increased unemployment and growing foreclosure rates negatively impacted new home sales in most of our markets."

Miller said Lennar continues to work on "repositioning our product to meet today's consumer demand for more affordable product."

Shares of Lennar were down 11.6% to $7.70 in heavy morning trading amid a broad selloff of builder stocks.