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DEL-VAL FINANCIAL REPORTS SECOND QUARTER EARNINGS

 DEL-VAL FINANCIAL REPORTS SECOND QUARTER EARNINGS
 BOGOTA, N.J., Aug. 20 /PRNewswire/ -- Del-Val Financial Corporation


(NYSE: DVL), a real estate investment trust, today announced a 1992 second quarter net loss of $675,000 ($.10 per share) on operating revenue of $1,044,000 compared to a 1991 second quarter net loss of $2,067,000 ($.30 per share) on operating revenue of $1,323,000. For the six months ending June 30, 1992, the net loss aggregated $2,176,000 ($.32 per share) on operating revenues of $2,169,000, compared to a corresponding 1991 period net loss of $6,790,000 ($.98 per share) on operating revenues of $2,647,000.
 The 1992 second quarter net loss in large part reflects the company's accrual of losses in connection with the settlement of certain litigation matters as well as the continued accrual of interest at contract or default rates. The company's operating loss was partially offset by the extraordinary gain recognized upon the restructuring of indebtedness with certain of Del-Val's creditors.
 Average shares outstanding for the second quarters ended June 30, 1992 and 1991 were 6,991,571.
 The company has entered into a stipulation of settlement with the representatives of various partnerships and partners which were the subject of a class action lawsuit before the United States District Court for the District of New Jersey. Under the terms of the stipulation, which is subject to approval by the court as well as the limited partners of the various partnerships, the company's mortgage loan portfolio collateralized by partnership properties will be restructured. The restructuring will include reductions in payment amounts and interest rates as well as discounts on the prepayment of such loans.
 DEL-VAL FINANCIAL CORPORATION
 (In thousands, except share amounts)
 Periods Ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Operating revenues $1,044 $1,323 $2,169 $2,647
 Net loss (675) (2,067) (2,176) (6,790)
 Net loss per share $(.10) $(.30) $(.32) $(.98)
 Avg. shrs. outstanding 6,911,571 6,911,571 6,911,571 6,911,571
 -0- 8/20/92
 /CONTACT: Richard K. Moeller of Del-Val Financial, 201-487-1300/
 (DVL) CO: Del-Val Financial Corporation ST: New Jersey IN: SU: ERN


TM-PS -- NY076 -- 1901 08/20/92 16:56 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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