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GREEN TREE FINANCIAL CORPORATION ANNOUNCES RECORD FIRST QUARTER RESULTS

 SAINT PAUL, Minn., April 13 /PRNewswire/ -- Green Tree Financial Corporation today reported record net earnings of $22,061,000 for the quarter ended March 31, 1993. This was a 74 percent increase over earnings of $12,695,000 in the first quarter of 1992. First quarter 1993 earnings per share increased 65 percent to $.71 compared to $.43 per share in 1992. Income totaled $66,645,000 compared with $51,907,000 for the first quarter of 1992.
 Contract originations for the quarter rose 45 percent to $355 million from $245 million in 1992.
 Lawrence M. Coss, chairman and chief executive officer, said "The Company is pleased to report another record quarter. The markets that we serve are strong, and our people are working hard to increase production. It is these increases in loan originations that are primarily providing the Company's earnings growth."
 Green Tree Financial Corporation makes loans to individuals in the 48 contiguous states for manufactured homes, home improvements and motorcycles. It currently services approximately 350,000 contracts totaling $5.7 billion in outstanding principal balances. Green Tree's common stock is traded on the New York and Pacific Stock Exchanges under the symbol "GNT".
 GREEN TREE FINANCIAL CORPORATION
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (unaudited)
 Three Months Ended March 31
 1993 1992
 INCOME:
 Net gains on contract sales $45,125,000 $73,707,000
 Provision for losses on
 contract sales (12,444,000) (51,380,000)
 Interest 21,687,000 17,618,000
 Service 7,215,000 7,097,000
 Commissions and other 5,062,000 4,865,000
 -- 66,645,000 51,907,000
 EXPENSES:
 Interest 11,477,000 11,687,000
 Cost of serving 6,159,000 4,826,000
 General and administrative 12,844,000 14,582,000
 -- 30,480,000 31,095,000
 EARNINGS BEFORE INCOME TAXES 36,165,000 20,812,000
 INCOME TAXES 14,104,000 8,117,000
 NET EARNINGS $22,061,000 $12,695,000
 EARNINGS PER COMMON SHARE AND
 COMMON SHARE EQUIVALENT $.71 $.43
 WEIGHTED AVERAGE COMMON
 AND COMMON EQUIVALENT
 SHARES OUTSTANDING (a) 31,198,949 24,872,458
 (a) All share and per share mounts have been restated to reflect the two-for-one stock split payable Jan. 31, 1993.
 -0- 4/13/93
 /CONTACT: John W. Brink of Green Tree Financial Corporation, 612-293-3400; or John Mackay of Padilla Speer Beardsley, 612-871-8877, for Green Tree Financial/
 (GNT)


CO: Green Tree Financial Corporation ST: Minnesota IN: FIN SU: ERN

KH -- MN002 -- 5094 04/13/93 09:24 EDT
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Publication:PR Newswire
Date:Apr 13, 1993
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