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ESSEX FINANCIAL PARTNERS, L.P., ANNOUNCES FOURTH QUARTER RESULTS

 VIRGINIA BEACH, Va., April 16 /PRNewswire/ -- Essex Financial Partners, L.P. (AMEX: ESX), today announced a $3.7 million loss for the fourth quarter of 1992. The loss was attributable to a $1.5 million operating loss incurred at Essex Mortgage Corporation (EMC), the Partnership's non-bank mortgage subsidiary, further provisions for losses on foreclosed properties of $1.5 million, and impairment adjustments of approximately $800,000 to the Partnership's excess servicing assets. The Partnership's net loss for the quarter ended Dec. 31, 1992, resulted in a net loss of $1.74 per Class A limited partnership unit as compared to a net loss of $2.04 per unit for the quarter ended Dec. 31, 1991.
 The operating losses at EMC continue to result from the unanticipated level of prepayments in mortgage loans underlying purchased mortgage servicing rights (PMSRs) owned by EMC. However, as mentioned in the Partnership's April 14, 1993, press release, the PMSRs are expected to be sold to a third party purchaser in connection with a proposed restructuring of the obligations of EMC and the partnership with respect to $23.4 million in debt securities. The restructuring would mitigate the adverse impact on EMC's and the Partnership's operations resulting from future impairment adjustments to PMSRs.
 The Partnership's savings banks were significantly affected by provisions for losses on foreclosed properties. In order to reduce their level of non-performing assets, the savings banks have made efforts to dispose of a significant portion of their foreclosed properties. As a result, the level of loss provisions has increased substantially in response to the resolution of certain non-performing assets and the accelerated real estate sales activity.
 The impairment to excess servicing assets in the fourth quarter of 1992 was attributable to the Partnership's use of more conservative prepayment and servicing cost estimates than utilized in the past, in addition to unanticipated prepayment activity.
 The Partnership recently filed a first amended and restated Form 10-K under the cover of Form 8 and reported a 1992 net loss of $17.9 million, or $8.55 per Class A limited partnership unit. The 1991 net loss was $7.4 million, or $3.58 per unit. Furthermore, partners' capital decreased from approximately $21.5 million at Dec. 31, 1991, to approximately $3.5 million at Dec. 31, 1992.
 -0- 4/16/93
 /CONTACT: Essex Financial Partners, L.P., Investor Relations, 804-431-5612/
 (ESX)


CO: Essex Financial Partners, L.P. ST: Virginia IN: FIN SU: ERN

TW-MH -- DC019 -- 6776 04/16/93 12:51 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
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