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/C O R R E C T I O N -- CAMDEV CORPORATION/

 In NY086, Camdev Corporation earnings, moved earlier today, we are advised by a representative of the company that numerous errors were included. Following is a corrected version and supercedes earlier release:
 CAMDEV CORPORATION REPORTS RESULTS FOR YEAR ENDED JAN. 31, 1993
 TORONTO, April 23 /PRNewswire/ -- Camdev Corporation today reported its financial results for the fiscal year ended January 31, 1993.
 Camdev Corporation reported revenues of $ 83.9 million for the year ended Jan. 31, 1993. Of this amount, $ 79.1 million was generated from rental operations and $ 4.8 million resulted from disposition of land held for sale or development.
 Cash flow from operations for the year showed a deficiency of $2.9 million. This deficiency resulted in part from a delay due to difficult market conditions in the sale of non-strategic assets to complete the corporation's debt reduction program, which contributed to higher interest expense. The lower level of rental rates commanded in the real estate market also influenced the cash flow deficiency. The corporation will continue its efforts to sell non-core assets in order to complete its debt reduction program.
 Because the corporation expects that it will carry certain of its land held for sale or development for a longer period of time than originally anticipated, the Corporation has taken a provision of $6 million to reflect the cost of carrying this land.
 The loss before income taxes and provision for carrying cost of land amounted to $ 6.7 million. This loss is comprised of a rental operating profit of $ 43.8 million; land sales and related costs which resulted in a $ 1.4 million operating loss; $ 39.7 million of financing expense, $ 5.4 million of general and administrative expenses; and $ 4.0 million of depreciation and amortization.
 The net loss for the year was $ 13.7 million.
 During the year, the corporation reduced its overall debt by $ 15.0 million. At the end of the year, cash and short term investments amounted to $ 13.2 million compared to $ 13.9 million at the previous year.
 "These results must be viewed in the light of some significant achievements in bringing many of the risk factors affecting the Corporation under control," said Stanley H. Hartt, chairman, president and chief executive officer. "Our leasing efforts in the core Ottawa properties during the year and subsequently have resulted in long-term leases for Journal Towers and other projects, reducing our vacancy rate in our downtown Ottawa office portfolio to 1 per cent. We refinanced $ 288 million of debt which was to mature in 1993 and obtained $ 44 million of new financing for capital projects and working capital purposes."
 Camdev stated that financial results for the year ended Jan. 31, 1993 are not comparable with those of previous periods. Results for the Corporation's year ended January 31, 1992 incorporated the effects of the conclusion of the Chapter 11 filings of the corporation's former U.S. subsidiaries and the corporation's capital reorganization. The financial year ended Jan. 31, 1993 was the first full year of operations under the corporation's new capital structure and reflects the change in the corporation's operations and business following its reorganization.
 Camdev Corporation is a Canadian, publicly held owner and manager of commercial real estate properties, which include more than 3.1 million square feet of commercial and retail space, of which approximately 2.3 million square feet is located in the National Capital Region. The corporation's common shares are listed on the Toronto and Montreal stock exchanges (Symbol: CVO).
 CAMDEV CORPORATION
 Balance Sheets
 (In thousands of Canadian dollars)
 Periods ended Jan. 31 1993 1992
 Assets
 Rental properties $461,218 452,141
 Land held for sale or development 32,300 44,200
 Amounts receivable 19,791 39,709
 Investment 79,574 87,195
 Other assets 2,826 3,316
 Cash 13,247 13,941
 Total assets $608,956 640,502
 Liabilities and shareholders' equity
 liabilities
 Secured debt $457,935 472,982
 Accounts payable and accrued liabilities 20,341 23,147
 Total liabilities 478,276 496,129
 Shareholders' Equity
 Capital stock 144,373 144,373
 Deficit (13,693) -
 Total 130,680 144,373
 Total liabilities and shareholders' equity $608,956 640,502
 CAMDEV CORPORATION
 Statement of Operations and Deficit
 (In thousands of Canadian dollars except per share amounts)
 Year ended Jan. 31 1993
 Revenue
 Rental $79,162
 Sale of land 4,775
 Total 83,937
 Expenses
 Rental 35,341
 Land - cost of sales and other 6,154
 Financing 39,730
 Depreciation and amortization 3,978
 General and administrative 5,438
 Total 90,641
 (6,704)
 Provision for carrying cost of land (6,000)
 (12,704)
 Income taxes (989)
 Net loss and deficit, end of year $(13,693)
 Net loss per common share $(2.16)
 CAMDEV CORPORATION
 Statement of Changes in Financial Position
 (in thousands of Canadian dollars)
 Year ended January 31, 1993
 Operating activities
 Net loss $(13,693)
 Add (deduct):
 Depreciation and amortization 3,978
 Amortization of financing costs 825
 Provision for carrying cost of land 6,000
 Cash flow from operations (2,890)
 Net changes in non-cash balances
 related to operations:
 Amounts receivable and other 330
 Accounts payable and accrued liabilities 1,663
 Cash provided by (applied to) operating activities (897)
 Financing activities
 Debt issued 12,012
 Debt repaid (27,059)
 Cash provided by (applied to) financing activities (15,047)
 Investment activities
 Expenditures on rental properties (12,840)
 Costs recovered from sale of land 5,900
 Notes receivable 19,574
 Proceeds from investment 7,621
 Other (5,005)
 Cash provided by (applied to) investment activities 15,250
 Decrease in cash during year (694)
 Cash - beginning of year 13,941
 Cash - end of year $13,247
 Cash comprises cash and short-term deposits.
 -0- 4/23/93 C NY086
 /CONTACT: Monika Quinn of Camdev Corporation, 416-365-2519/
 (CVO.)


CO: Camdev Corporation ST: Ontario IN: SU:

TS -- NY086A -- 0338 04/23/93 19:38 EDT
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