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CARDINAL REALTY SERVICES, INC. ANNOUNCES THIRD QUARTER EARNINGS OF $93,000

 COLUMBUS, Ohio, Nov. 15 /PRNewswire/ -- Cardinal Realty Services, Inc. (OTC Bulletin Board: CNRV), one of the nation's largest apartment management and realty services companies, today reported a net income of $93,000 or 3 cents per share for the quarter ended Sept. 30, 1993. Revenues for the three months and nine months ended Sept. 30, 1993, were $4.4 million and $12.9 million, respectively.
 For the nine-month period, Cardinal reported a loss of $69,000 before an extraordinary gain of $1.04 million taken in the first quarter. After consideration of the gain Cardinal's net income through Sept. 30, 1993 was $966,000 or 26 cents per share.
 Cardinal's tangible net worth as of Sept. 30, 1993 was $30.3 million, an increase of 1 percent over the balance as of June 30, 1993.
 Cardinal President and Chief Executive Officer Frank McDowell said the company's performance represents a positive trend over the prorated business plan projections in Cardinal's disclosure statement and plan of reorganization.
 On Sept. 1, Cardinal resumed management of 33 apartment communities which had previously been subcontracted to another management company. The resumption of the management contracts is expected to increase management services fees by about $30,000 per month with a nominal increase in overhead expenses.
 Headquartered in Columbus, Ohio, Cardinal manages 555 apartment properties (36,235 units) and is ranked 18th among the nation's largest apartment managers.
 CARDINAL REALTY SERVICES, INC.
 SUMMARY OF FINANCIAL INFORMATION
 (Unaudited) (Unaudited)
 3 mo. ended 3 mo. ended
 Sept. 30, 1993 June 30, 1993
 Revenues
 Management Services $2,691,858 $2,713,362
 Interest 422,285 448,096
 Ancillary and Other 1,318,278 1,165,255
 Total 4,432,421 4,326,713
 Expenses
 General and Administrative 3,816,104 3,854,225
 Interest 433,146 393,501
 Depreciation 89,988 92,446
 Total 4,339,238 4,340,172
 Net Income (Loss) before
 Extraordinary Item 93,183 (13,459)
 Extraordinary Items:
 Gain from Debt Restructuring 0 0
 Net Income/(Loss) $93,183 $(13,459)
 Income/(Loss) Per Common Share
 before Extraordinary Item
 (as reported) $0.03 $0.00
 Income/(Loss) Per Common Share
 (as reported) $0.03 $0.00
 Estimated Weighted Average
 Common Shares Outstanding 3,656,000 3,752,000
 Income/(Loss) Per Common
 Share before Extraordinary
 Item (Restated)(A) $0.03 $0.00
 Net Income/(Loss) Per Common
 Share (Restated)(A) $0.03 $0.00
 BALANCE SHEET INFORMATION
 Total Assets $248,638,464 $255,576,130
 Total Liabilities 218,363,223 225,394,072
 Shareholders' Equity 30,275,241 30,182,058
 Book Value Per Share
 (as reported) $8.28 $8.04
 Book Value Per Share
 (Restated)(A) $8.28 $8.26
 CARDINAL REALTY SERVICES, INC.
 SUMMARY OF FINANCIAL INFORMATION
 (Unaudited) (Audited)
 3 mo. ended Sept. 11, 1992
 through
 March 31, 1993 Dec. 31, 1992
 Revenues
 Management Services $2,631,555 $3,329,933
 Interest 415,774 756,930
 Ancillary and Other 1,091,948 1,380,714
 Total 4,139,277 5,467,577
 Expenses
 General and Administrative 3,772,865 4,719,040
 Interest 433,429 503,345
 Depreciation 82,175 58,575
 Total 4,288,469 5,280,960
 Net Income (Loss) before
 Extraordinary Item (149,192) 186,617
 Extraordinary Items:
 Gain from Debt Restructuring 1,035,545 0
 Net Income/(Loss) $886,353 $186,617
 Income/(Loss) Per Common Share
 before Extraordinary Item
 (as reported) ($0.04) $0.05
 Income/(Loss) Per Common Share
 (as reported) $0.22 $0.05
 Estimated Weighted Average
 Common Shares Outstanding 4,081,000 4,081,000
 Income/(Loss) Per Common
 Share before Extraordinary
 Item (Restated)(A) ($0.04) $0.05
 Net Income/(Loss) Per Common
 Share (Restated)(A) $0.24 $0.05
 BALANCE SHEET INFORMATION
 Total Assets $254,360,318 $257,432,682
 Total Liabilities 224,164,801 228,123,518
 Shareholders' Equity 30,195,517 23?09,164
 Book Value Per Share
 (as reported) $7.40 $7.18
 Book Value Per Share
 (Restated)(A) $8.26 $8.02
 (A) -- Earnings per share and book value per share, as restated based on 3,656,000 shares outstanding.
 -0- 11/15/93
 /CONTACT: Carol Merry, corporate marketing director, of Cardinal Realty Services, 614-575-5277/
 (CNRV)


CO: Cardinal Realty Services, Inc. ST: Ohio IN: SU: ERN

BM-KL -- CL018 -- 4412 11/15/93 12:21 EST
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Date:Nov 15, 1993
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