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ANGELES CORP. REPORTS RESULTS FOR SECOND QUARTER FY 1992

 ANGELES CORP. REPORTS RESULTS FOR SECOND QUARTER FY 1992
 LOS ANGELES, Feb. 13 /PRNewswire/ -- Angeles Corp. (AMEX: ANG) today


reported a net loss of $3,396,000, or $1.09 per share, in its fiscal year 1992 second quarter ended Dec. 31, 1991. Revenue was $11,129,000.
 In the fiscal 1991 second quarter ended Dec. 31, 1990, the company's revenue was $9,417,000. Net income was $435,000, including $1,575,000 in income from operations of its discontinued securities investment services subsidiary, First Pacific Advisors, which was sold at the end of the 1991 fiscal year, and an extraordinary gain of $1,399,000 from early retirement of debt. The per share gain of $.06 reflects the deduction of $188,000 in dividends to preferred shareholders.
 In the six months ended Dec. 31, 1991, Angeles had a net loss of $5,608,000, or $1.79 per share. Revenue was $23,322,000. In the like period of fiscal 1991, the company had a net loss of $281,000. Revenue was $17,231,000. The prior period's per share loss of $.17 reflects the deduction of $375,000 in dividends to preferred shareholders.
 The fiscal 1992 six months included losses of $2.5 million relating to depreciation of real estate owned and $4.6 million from operations of congregate-type senior housing facilities. Senior housing properties typically require extended leaseup periods. Overall occupancy of Angeles' senior housing portfolio was 71 percent at Dec. 31, 1991, a better than 10 percent improvement over Dec. 31, 1990. Also during the six months, the company established additional reserves of $2,557,000 in recognition of the impact of the current economy on notes and other receivables from affiliated programs.
 Angeles Corp. is a real estate investment management company with approximately $1.5 billion of assets under management.
 ANGELES CORP.
 (Amounts in thousands except per share)
 (Unaudited)
 Three Months Ended Six Months Ended
 Dec. 31, Dec., 31
 1991 1990 1991 1990
 Revenue $11,129 $9,417 $23,322 $17,231
 Loss before
 discontinued
 operations and
 extraordinary
 gain (3,396) (2,539) (5,789) (4,851)
 Income from oper-
 ations of dis-
 continued
 securities
 investment
 services (net
 of taxes) --- 1,575 --- 3,171
 Extraordinary
 gain from early
 extinguishment
 of debt (net of
 taxes) --- 1,399 181 1,399
 Net income
 (loss) (3,396) 435 (5,608) (281)
 Dividends to
 preferred
 shareholders --- (188) --- (375)
 Net income (loss)
 applicable to
 common share-
 holders ($3,396) $247 ($5,608) ($656)
 Net income (loss)
 per share ($1.09) $0.06 ($1.79) ($0.17)
 Weighted average
 number of common
 and common equiv-
 alent shares
 outstanding 3,128 3,940 3,128 3,780
 -0- 2/13/92
 /CONTACT: Steve Leach of Angeles Corp., 800-421-4374, ext. 598 or 213-284-3598/
 (ANG) CO: Angeles Corp. ST: California IN: SU: ERN


DM-CH -- LA013 -- 9785 02/13/92 13:26 EST
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Date:Feb 13, 1992
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