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J.M. PETERS CO. INC. REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 1993

                J.M. PETERS CO. INC. REPORTS RESULTS
                 FOR THE FIRST QUARTER OF FISCAL 1993
    NEWPORT BEACH, Calif., June 24 /PRNewswire/ -- J.M. Peters Co. Inc., (AMEX: JMP) today reported first quarter financial results for the period ended May 31, 1992.
    For the first quarter of fiscal 1993, revenue from housing sales was $15.4 million on 45 closings compared to the $61.2 million on 169 closings reported for the corresponding period of fiscal 1992. In addition to the housing sales, the company recorded land sales of $730,000 for the first quarter of fiscal 1993 vs. $11.1 million for the first quarter of fiscal 1992.
    A net loss for the first quarter of $2.3 million, or $0.16 per share on 13,980,000 shares outstanding was recorded vs. a net loss of $3.4 million, or $0.24 per share on 13,980,000 shares outstanding for the comparable period of fiscal 1992.
    At May 31, 1992, the company had 62 homes in its backlog vs. 180 homes at May 31, 1991.  For the quarter the company booked 26 net orders (homes contracted for sale less cancellations), which was lower than the prior year's comparable quarter by 173 homes.
                        J.M. PETERS CO. INC.
                        Financial Highlights
                             (Unaudited)
            (Dollars in thousands except per share data)
                                Three Months Ended
                                     May 31,              Percent
                               1992            1991       Increase
                                                         (Decrease)
    Total revenue           $16,675         $72,809       (77.1 pct)
    Housing sales           $15,410         $61,161       (74.8 pct)
    Land & lot sales           $730         $11,077       (93.4 pct)
    Earnings/(loss) before
     income taxes           ($2,297)        ($3,402)      (32.5 pct)
    Net earnings/(loss)     ($2,297)        ($3,402)      (32.5 pct)
    Earnings/(loss)
     per share               ($0.16)         ($0.24)      (32.5 pct)
    Weighted average number
     of shares               13,980          13,980
    Homes closed                 45             169       (73.4 pct)
    Homes in backlog             62             180       (65.6 pct)
    Home orders                  26             199       (86.9 pct)
    -0-                    6/24/92
    /CONTACT:  Greg Petersen of J.M. Peters, 714-854-2500/
    (JMP) CO:  J.M. Peters Co. Inc. ST:  California IN:  CST SU:  ERN AL-EH -- LA032 -- 3524 06/24/92 18:59 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
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