On Wednesday, Homebuilder Lennar Corp. reported minor loss for the first quarter of financial 2010. The company also asserted that it is back on track to accomplish its goal of prosperity in fiscal 2010.

Established in 1954, Lennar operates as a home builder and provider of financial services in the U. S. The company's homebuilding processes comprise the construction and sale of single-family attached and detached homes, and multi-storied residential buildings, along with purchase, development, and sale of residential land.

While Lennar's Financial Services section largely provides mortgage financing, title insurance and closing services for both buyers of the company's homes and others.

The company saw net loss of $6.52 million or $0.04 per share in first-quarter, compared with a loss of $155.93 million or $0.98 per share in the previous-year quarter.

Stuart Miller, President and Chief Executive Officer of Lennar, remarked, "We continue to see that the overall housing market is moving towards stabilization, as more confident homebuyers recognize the increased affordability of homeownership. In the first quarter, this was evidenced by our improved traffic levels, higher backlog, lower cancellation rates and reduced sales incentives".

Miller also asserted that the company's focus on lowering construction costs mingled with lower sales incentives resulted in a 1,270 basis point improvement in gross margin on homes sales.

Also, the company's right-sizing of the business led in a 360 basis point improvement in selling, general and administrative, or SG&A, expenses as a percentage of home sales, compared to last year.

As homebuyers identify the benefits of homeownership, Lennar is hopeful to tread on the path of profitability this year and also recover the minor loss that it witnessed in the first quarter.