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GREEN TREE FINANCIAL CORPORATION ANNOUNCES SECOND QUARTER $1.30 PER SHARE OPERATING EARNINGS

 GREEN TREE FINANCIAL CORPORATION ANNOUNCES SECOND QUARTER
 $1.30 PER SHARE OPERATING EARNINGS
 ST. PAUL, Minn., July 15 /PRNewswire/ -- Green Tree Financial Corporation (NYSE: GNT) today reported second quarter operating earnings of $19,730,000, or $1.30 per share. This compares with operating earnings of $16,557,000, or $1.21 per share, in the same quarter of 1991. Net earnings for the quarter ended June 30 were $2,273,000, or $.15 per share, after recording a previously announced extraordinary loss of $17,457,000, or $1.15 per share, as a result of the company's debt exchange. The extraordinary loss represents the write-off of the unamortized deferred debt expense on the old debentures. The company will benefit from the $267 million exchange by extending the term from 1995 to 2002 and reducing the blended yield on the debt from 13.10 percent to 10.82 percent.
 For the six months, earnings per share before extraordinary loss increased 27 percent to $2.20 per share, over the $1.73 per share, for the same period last year. Net earnings were $14,968,000, or $.94 per share, for the first six months of 1992 after reflecting the extraordinary loss.
 Second quarter income increased 8 percent to a record $60,700,000 from $56,368,000 last year. For the first six months of 1992, income was $112,607,000, compared with $96,791,000 for the same period last year.
 In the second quarter, Green Tree loan originations increased 6 percent to a record $329 million, compared with $309 million in the second quarter of 1991. For the six months, contract production was $547 million, compared with $514 million for the first six months of 1991.
 Lawrence M. Coss, chairman, president and chief executive officer said, "The company continues to expand its core manufactured housing financing business which grew 11 percent in the second quarter versus last year's second quarter. The company increased its operating earnings per share to a record $1.30, from $1.21 per share, last year through increased loan production and excellent spreads on the company's loan sales."
 Green Tree Financial Corporation makes loans to individuals in the 48 contiguous states for manufactured homes, home improvements and motorcycles. Green Tree currently services approximately 325,000 contracts totaling $5.3 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 STATEMENT OF EARNINGS
 (unaudited)
 Three Months Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 INCOME:
 Gains on contract
 sales $47,078,000 $44,413,000 $120,785,000 $73,952,000
 Provision for
 losses on contract
 sales (18,066,000)(14,852,000) (69,446,000) (28,303,000)
 Interest 19,596,000 15,832,000 37,214,000 30,531,000
 Service 7,703,000 6,892,000 14,800,000 13,169,000
 Commission
 and other 4,389,000 4,083,000 9,254,000 7,442,000
 -- 60,700,000 56,368,000 112,607,000 96,791,000
 EXPENSES:
 Interest 11,398,000 12,548,000 23,085,000 24,000,000
 Cost of
 servicing 5,807,000 4,908,000 10,633,000 9,417,000
 General and
 administrative 11,151,000 11,990,000 25,733,000 22,929,000
 -- 28,356,000 29,446,000 59,451,000 56,346,000
 EARNINGS BEFORE INCOME
 TAXES AND EXTRAORDINARY
 LOSS 32,344,000 26,922,000 53,156,000 40,445,000
 INCOME TAXES 12,614,000 10,365,000 20,731,000 15,571,000
 EARNINGS BEFORE
 EXTRAORDINARY
 LOSS 19,730,000 16,557,000 32,425,000 24,874,000
 EXTRAORDINARY
 LOSS ON DEBT
 EXCHANGE (17,457,000) -- (17,457,000) --
 NET EARNINGS $2,273,000 $16,557,000 $14,968,000 $24,874,000
 EARNINGS (LOSS) PER SHARE:
 Earnings before
 extraordinary loss $1.30 $1.21 $2.20 $1.73
 Extraordinary loss (1.15) -- (1.26) --
 Net earnings $.15 $1.21 $.94 $1.73
 WEIGHTED AVERAGE COMMON
 AND EQUIVALENT SHARES
 OUTSTANDING 15,225,995 11,799,704 13,841,556 11,717,537
 -0- 7/15/92
 /CONTACT: John W. Brink of Green Tree, 612-293-3400, or John Mackay of Padilla Speer Beardsley, 612-871-8877, for Green Tree/
 (GNT) CO: Green Tree Acceptance, Inc. ST: Minnesota IN: FIN SU: ERN


DS -- MN005 -- 9393 07/15/92 09:01 EDT
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Date:Jul 15, 1992
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