BF Enterprises Reports Third Quarter Results.

SAN FRANCISCO--(BUSINESS WIRE)--Nov. 3, 1998--BF Enterprises, Inc. (Nasdaq NMS: BFEN) reported that for the three months and nine months ended September 30, 1998, net income was $927,000, or $.23 per share, and $2,195,000, or $.54 per share, respectively. Revenues were $1,673,000 for the three-month period and $4,325,000 for the nine-month period. For the same periods in 1997, net income was $783,000, or $.19 per share, and $2,344,000, or $.57 per share. Revenues in the third quarter and first nine months of 1997 were $1,290,000 and $4,225,000.

The Company reported that the increase in revenue and income in the 1998 third quarter was due primarily to results of operations at its Meadow Pointe project in Tampa, Florida. Although sales of lots to homebuilders at Meadow Pointe increased from 221 in the first nine months of 1997 to 246 in the same period of 1998, income in the 1998 period was adversely affected by increased general and administrative expenses.

BF Enterprises is a San Francisco-based real estate holdings and development company. -0-

                 BF Enterprises, Inc. and Subsidiaries
             Consolidated Statements of Income (Unaudited)
                (in thousands, except per share amounts)

                               Three Months Ended   Nine Months Ended
                                 September 30,        September 30,
                                  1998     1997        1998    1997
                                  ----     ----        ----    ----
Revenues:

 Real estate sales                $1,166    $ 749      $2,785  $2,619

 Real estate rental income           460      461       1,381   1,381

 Interest and dividends               47       78         159     215

 Other                                --        2          --      10
                                   -----    -----       -----   -----
                                   1,673    1,290       4,325   4,225

Costs and Expenses:

 Cost of real estate sold           238       86         587     538

 Depreciation and
  amortization                       23       23          72      72

 Interest on subordinated
  debentures                         14       14          39      42

 General and administrative         471      384       1,432   1,229
                                  -----    -----       -----   -----
                                    746      507       2,130   1,881


Income before income taxes          927      783       2,195   2,344

Provision for income taxes           --       --          --      --
                                  -----    -----       -----   -----
Net income                         $927     $783      $2,195  $2,344


Net income per share:

 Basic                             $.26     $.21        $.60    $.63

 Diluted                           $.23     $.19        $.54    $.57