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AVATAR HOLDINGS REPORTS RESULTS

 CORAL GABLES, Fla., Aug. 13 /PRNewswire/ -- For the six months ended June 30, 1993, Avatar Holdings Inc. (NASDAQ: AVTR) reported a net loss of $1,495,000 ($.20 per share primary) on revenues of $55,301,000 compared to a net loss of $838,000 ($.11 per share) on revenues of $52,140,000 for the six months ended June 30, 1992. Included in the net loss for 1993 was a charge to income of $964,000 ($.13 per share primary) resulting from the cumulative effect of a change in the method of accounting for income taxes.
 Selected financial data for the six months ended June 30, 1993 and 1992 is summarized below.
 AVATAR HOLDINGS INC.
 (Dollars in thousands except per share data)
 1993 19
 Revenues $ 55,301 $ 52,140
 Income (loss) before income taxes
 and cumulative effect of change in
 accounting for income taxes $143 $(838)
 Provision for income taxes 674 ---
 Loss before cumulative effect of
 accounting change (531) (838)
 Cumulative effect of change in
 method of accounting for income
 taxes (964) ---
 Net loss $ (1,495) $ (838)
 Per share amounts:
 Primary
 Loss before cumulative effect
 of accounting change $ (0.07) $ (0.11)
 Net loss $ (0.20) $ (0.11)
 Fully diluted
 Loss before cumulative effect
 of accounting change $ (0.05) $ (0.11)
 Net loss $ (0.15) $ (0.11)
 Total assets (A) $488,107 $566,402
 Stockholders' equity (B) $204,127 $150,542
 (A) -- Reduction in total assets is primarily attributable to reclassification of midwest water utilities' assets and liabilities to property held for sale.
 (B) -- Increase in stockholders' equity is primarily attributable to the company's June 4, 1993 call and related conversion/redemption of all of its outstanding 5 1/4 percent Convertible-Purchased Subordinated Debentures due May 1, 2007.
 -0- 8/13/93
 /CONTACT: Charles L. McNairy, senior vice president, treasurer and chief financial officer of Avatar Holdings Inc., 305-442-7000, ext. 189/
 (AVTR)


CO: Avatar Holdings Inc. ST: Florida IN: CST SU: ERN

JB-SS -- FL010 -- 2682 08/13/93 16:20 EDT
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Publication:PR Newswire
Date:Aug 13, 1993
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