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COVINGTON DEVELOPMENT GROUP REPORTS 1992 FIRST QUARTER EARNINGS

 COVINGTON DEVELOPMENT GROUP REPORTS 1992 FIRST QUARTER EARNINGS
 FULLERTON, Calif., May 8 /PRNewswire/ -- Covington Development Group (NASDAQ-NMS: COVT), a California residential real estate development company, reported operating revenues of $8,534,000 and a net loss of $799,000, or $.06 per share, for the three months ended March 31, 1992.
 For the comparable period ended March 31, 1991, the company reported operating revenues of $11,994,000 and net income of $200,000 or $.01 per share.
 The decrease in first quarter revenues and profits was because of a lower number of units closing escrow during the current quarter. The decrease in first quarter earnings was because of lower margins caused by weak residential real estate markets in Northern and Southern California.
 The company's market areas include Orange, Riverside, San Bernardino and Los Angeles counties; California's Central Valley; Northern California's Sonoma and Shasta counties; Las Vegas; and Southern Oregon.
 The following table shows the number of units closing escrow in the first quarter of 1992 vs. the first quarter of 1991:
 Three Months Ended March 31,
 1992 1991
 Single-family 45 43
 Home and income 12 52
 Lots 1 0
 Total 58 95
 In 1991, the limited partner of the company's largest project, The Oasis Country Club in Palm Desert, Calif., filed a lawsuit against the company for nonrepayment of certain advances the limited partner made to the project over the course of its ongoing construction. In order to resolve the lawsuit, the company reached an agreement with the limited partners in January 1992 to sell its interest in the project to an affiliate of the limited partner. The company wrote down its investment in the project by $3,780,000 in 1991 to reflect the substance of this agreement. In April 1992, the transaction was consummated and the company relinquished control of the project.
 -0- 5/8/92
 /CONTACT: George Reinhardt or Robert E. Vedaa of Covington Development Group, 714-879-0111/
 (COVT) CO: Covington Development Group ST: California IN: CST SU: ERN


KJ-JL -- LA034 -- 8342 05/08/92 20:00 EDT
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Date:May 8, 1992
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