Printer Friendly

DEL-VAL FINANCIAL CORPORATION REPORTS SECOND QUARTER EARNINGS

    BOGOTA, N.J., Aug. 13 /PRNewswire/ -- Del-Val Financial Corporation (NYSE: DVL) today announced it has filed its quarterly report on Form 10-Q with the Securities and Exchange Commission, reporting a 1993 second quarter net income of $757,000 ($.10 income per share) on operating revenues of $858,000, compared to a 1992 quarter net loss of $675,000 ($.10 loss per share) on operating revenues of $1,044,000.  For the six months ending June 30, 1993, Del-Val realized a net loss of $159,000 ($.02 loss per share) on operating revenues of $1,697,000, compared to a corresponding 1992 period net loss of $2,176,000 ($.32 loss per share) on operating revenue of $2,169,000.
    The income in 1993 was primarily a result of an extraordinary gain on settlement with one of Del-Val's creditors which was partially offset by Del-Val's continued operating losses.  These losses are primarily attributable to the accrual of interest on the company's remaining defaulted indebtedness and the absence of a yield on a substantial portion of the company's restructured loan portfolio as a result of the prior settlement of litigation.
    Average shares of outstanding for the second quarters ended June 30, 1993 and 1992 were 7,375,269 and 6,911,571, respectively.
                     DEL-VAL FINANCIAL CORPORATION
                        Second Quarter Earnings
                    (in thousands except share data)
    Periods ended           Three months          Six months
     June 30,            1993         1992     1993       1992
    Operating revenues  $  858     $ 1,044    $ 1,697   $ 2,169
    Loss bef. extraord.
     item                 (835)     (9,752)    (2,669)  (12,015)
    Extraord. gain
     on the settlements of
     indebtedness         1,592      9,077       2,510     9,839
    Net inc. (loss)      $  757     $ (675)   $   (159) $ (2,176)
    Per share data:
     Los bef. extraord.
      item              $  (.11)     $  (1.41)  $   (.38) $  (1.74)
     Extraord. gain on
      the settlement
      of indebtedness       .21          1.31        .36       1.42
     Net inc. (loss)    $   .10      $   (.10)   $  (.02) $    (.32)
    Avg. shares outstg. 7,735,269    6,911,571   6,923,420   6,911,571
    -0-             08/13/93
    CONTACT:  Richard K. Moeller of Del-Val Financial Corporation, 201-487-1300
    (DVL) CO:  DEL-VAL FINANCIAL CORPORATION IN:  FIN SU:  ERN ST:  NJ


-- NY051 -- X676 08/13/93
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 13, 1993
Words:354
Previous Article:JOHN NUVEEN COMPANY DECLARES REGULAR QUARTERLY DIVIDEND; FIRM DECLARES FIFTH DIVIDEND SINCE 1992 PUBLIC OFFERING
Next Article:THE LVI GROUP REPORTS RESULTS FOR SECOND QUARTER 1993
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters