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CONTINENTAL MORTGAGE AND EQUITY TRUST REPORTS THIRD QUARTER RESULTS

    CONTINENTAL MORTGAGE AND EQUITY TRUST REPORTS THIRD QUARTER RESULTS
    DALLAS, Nov. 15 /PRNewswire/ -- Continental Mortgage and Equity Trust (NASDAQ: CMETS) today announced operating results for the third quarter and nine months ended Sept. 30, 1991.
    For the three months ended Sept. 30, 1991, the trust recorded a net loss of $62,000, or 2 cents per share, on revenues of $4.3 million, compared with a net loss of $553,000, or 15 cents per share, on revenues of $3.8 million in the third quarter of the prior year.
    For the nine months ended Sept. 30, 1991, the trust recorded net income of $2.3 million, or 65 cents per share, on revenues on $11.5 million.  This compares with a net loss of $1.3 million, or 34 cents per share, on revenues of $11.0 million in the first nine months of 1990. The trust recorded an extraordinary gain of $930,000 and a gain on sale of real estate of $228,000 in the first nine months of 1991.  This compares with an extraordinary gain of $1.1 million in the comparable period in 1990.
    Net rental income (rental income less property operation expenses, excluding debt service) decreased from $679,000 and $2.4 million for the three and nine months ended Sept. 30, 1990, respectively, to $454,000 and $2.0 million for the three and nine months ended Sept. 30, 1991. Although the rental and occupancy rates increased at the properties the trust currently owns, net rental income at the properties sold or transferred was greater-more-than the net rental income at properties acquired since September of 1990.
    Continental Mortgage and Equity Trust is a combination mortgage and equity real estate investment trust which operates nationwide.
                   CONTINENTAL MORTGAGE AND EQUITY TRUST
                          Financial Highlights
           (In thousands, except share and per share amounts)
      Periods ended            Three Months             Nine Months
      Sept. 30                1991       1990          1991       1990
    Total revenues         $  4,316   $  3,818      $ 11,501   $ 10,985
    Gain on sale of
     real estate                 --         --           228         --
    Extraordinary gain           --         --           930      1,126
    Net income (loss)      $    (62)  $   (553)     $  2,330   $ (1,256)
         Per share         $  (0.02)  $  (0.15)     $   0.65   $  (0.34)
    Weighted aver. shares
     outstanding          3,538,384   3,601,306     3,549,797  3,666,901
    -0-                          11/15/91
    /CONTACT:  Jean Krone Bono of Continental Mortgage and Equity Trust, 214-692-4800/
    (CMETS) CO:  Continental Mortgage and Equity Trust ST:  Texas IN:  FIN SU:  ERN GK -- NY052 -- 1542 11/15/91 12:21 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 15, 1991
Words:412
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