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DELTONA CONTINUES TO NARROW LOSSES

 DELTONA CONTINUES TO NARROW LOSSES
 MIAMI, Aug. 7 /PRNewswire/ -- The Deltona Corporation (NYSE: DLT)


today reported a net loss of $1,390,000 on revenues of $2,100,000 for the second quarter of 1992, compared to a net loss of $5,998,000 on revenues of $2,917,000 for the second quarter of 1991. The loss per share in the second quarter of 1992 was $.25, compared to a loss of $1.06 per share in the second quarter of 1991.
 Included in 1991 second quarter results was a $3,500,000 provision related to the first phase of Deltona's debt restructuring. As previously announced, the Miami-based real estate developer successfully completed the restructuring of its $25.3 million bank debt in June, 1992, simultaneously securing $11 million in new financing and resolving outstanding problems with the Division of Florida Land Sales, Condominiums and Mobile Homes. As a result of the completion of these transactions, the company is expanding its marketing organization and resuming land development work. Future quarters are expected to benefit from the recognition of revenue previously deferred as such development proceeds.
 For the first half of 1992, Deltona reported a net loss of $2,485,000 on revenues of $5,541,000, compared to a net loss of $7,785,000 on revenues of $6,735,000 for the first half of 1991. The per share loss for the first half of 1992 was $.44, compared to a loss of $1.38 per share during the first half of 1991. The 68 percent improvement in bottom line results for the first half of the year is due to the inclusion of the above described $3.5 million provision for debt restructuring in the prior period's results, as well as the cost control measures instituted by Deltona to help stabilize its liquidity situation and lower interest expense for the first half of 1992.
 Deltona is the developer of nine planned communities in Florida, extending from the Panhandle to the Gulf Coast, and encompassing approximately 100,000 acres.
 THE DELTONA CORPORATION
 FINANCIAL HIGHLIGHTS
 Three Months Ended
 June 26, 1992 June 28, 1991
 Revenues $ 2,100,000 $ 2,917,000
 Net loss $ (1,390,000) $ (5,998,000)
 Loss from operations $ (1,390,000) $ (5,998,000)
 Extraordinary item $ -- $ --
 Loss per share:
 From operations $ (.25) $ (1.06)
 From reduction of income taxes -- --
 Net loss per share (.25) (1.06)
 Six Months Ended
 June 26, 1992 June 28, 1991
 Revenues:
 Net land sales $ 1,043,000 $ 597,000
 House and apartment sales -- 101,000
 Recognized improvement revenue/
 prior period sales -- --
 Interest income 2,130,000 3,168,000
 Other revenues 2,368,000 2,869,000
 Total revenues $ 5,541,000 $ 6,735,000
 Costs and expenses:
 Cost of sales and improvements 1,246,000 1,428,000
 Provision for debt restructuring -- 3,500,000
 Selling, general and
 administrative and
 other expenses 4,958,000 5,925,000
 Interest expense 1,822,000 3,667,000
 Total cost and expenses 8,026,000 14,520,000
 Loss from operations
 before income taxes (2,485,000) (7,785,000)
 Provision (benefit) for income taxes -- --
 Loss from operations before
 extraordinary item (2,485,000) (7,785,000)
 Extraordinary item:
 Reduction of taxes arising from
 carryforward of prior
 years' losses -- --
 Net loss $ (2,485,000) $ (7,785,000)
 Earnings (loss) per share:
 From operations $ (.44) $ (1.38)
 From reduction of income taxes -- --
 Net loss per share (.44) (1.38)
 Number of common and common
 equivalent shares used to compute
 earnings (loss) per share 5,660,967 5,660,967
 Balance Sheet Data: June 26, 1992 Dec. 27, 1991
 Total assets $ 61,023,000 $ 65,243,000
 Common stockholders' equity
 (deficiency) $(15,654,000) $(13,169,000)
 Per share $ (2.76) $ (2.33)
 -0- 8/7/92
 /CONTACT: Michelle R. Garbis of The Deltona Corporation, 305-854-1111/
 (DLT) CO: The Deltona Corporation ST: Florida IN: CST SU: ERN


JB-AW -- FL006 -- 8152 08/07/92 16:36 EDT
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Publication:PR Newswire
Date:Aug 7, 1992
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