FPA announces net income of $298,000 for the three months ended Sept. 30, 1995.

(ASE:FPO), a residential builder with operations in Southeastern Pennsylvania and Southern New Jersey, today reported net income of $298,000 ($.03 primary earnings per share) on revenues of $22,878,000 for the three months ended Sept. 30, 1995.

For the three months ended Sept. 30, 1994 the Company reported net income of $506,000 ($.04 primary earnings per share) on revenues of $25,781,000.

Revenues decreased by $2,903,000 for the current year first quarter compared to the prior year primarily due to sluggish sales activity during the third quarter of fiscal 1995. The decrease in revenues is the primary reason for the decline in net income during the first quarter of fiscal 1996. There were 127 new orders during the quarter ended Sept. 30, 1995 which was comparable to the same quarter in the prior year. However, the sales value on new orders increased 7.5% to $21,413,000. The increased sales value was attributable to a shift in the product mix to more single family homes. -0-

                              FPA CORPORATION
                           Results of Operations
            (in thousands - except per share and unit amounts)

                                              Three Months Ended
                                                 September 30,
                                              1995         1994

Earned Revenues                             $22,878      $25,781
Net Income                                  $   298      $   506
Primary earnings per common share           $   .03      $   .04

New Order Data

New Orders                                  $24,413      $19,909
Units                                           127          128
Average price per unit                      $   169      $   156

CONTACT: FPA Corporation

Benjamin D. Goldman or Joseph A. Santangelo, 215/947-8900