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J.M. PETERS CO. INC. REPORTS RESULTSFOR THE FIRST QUARTER OF FISCAL 1994

 NEWPORT BEACH, Calif., July 2 /PRNewswire/ -- J.M. Peters Co. Inc. (AMEX: JMP) today reported first quarter financial results for the period ended May 31, 1993.
 For the first quarter of fiscal 1994, revenue from housing sales was $3.6 million on 17 closings, compared to the $15.4 million on 45 closings reported for the corresponding period of fiscal 1993. The company had no land sale activity during the first quarter of fiscal 1994 vs. land sales of $730,000 for the first quarter of fiscal 1993.
 A net loss for the first quarter of $2.0 million, or $0.14 per share, on 13,980,000 shares outstanding was recorded vs. a net loss of $2.3 million, or $0.16 per share, on 13,980,000 shares outstanding for the comparable period of fiscal 1993.
 At May 31, 1993, the company had 121 homes in its backlog vs. 62 homes at May 31, 1992. For the quarter, the company booked 46 net orders (homes contracted for sale less cancellations), which was higher than the prior-year's comparable quarter by 20 homes.
 The company currently has 120 homes under construction including 11 new model homes. The model homes are scheduled to be completed and open for viewing in early July 1993. Deliveries of the production homes begin in August 1993.
 J.M. PETERS CO. INC.
 Financial Highlights
 (Unaudited)
 (Dollars in thousands, except per share data)
 Three months ended Pct
 May 31, Increase
 1993 1992 (Decrease)
 Total revenue $4,004 $16,675 (76.0 pct)
 Housing sales $3,604 $15,410 (76.6 pct)
 Land and lot sales $0 $730
 Earnings (loss) before
 income taxes ($1,951) ($2,297) (15.1 pct)
 Net earnings (loss) ($1,951) ($2,297) (15.1 pct)
 Earnings (loss) per share ($0.14) ($0.16) (15.1 pct)
 Weighted average number of
 shares 13,980 13,980
 Homes closed 17 45 (62.2 pct)
 Homes in backlog 121 62 95.2 pct
 Home orders 46 26 76.9 pct
 -0- 7/2/93
 /CONTACT: Greg Petersen of J.M. Peters Co., 714-854-2500/
 (JMP)


CO: J.M. eters Co. Inc.

ST: California IN: CST SU: ERN

MF-JL -- LA021 -- 8362 07/02/93 19:02 EDT
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Publication:PR Newswire
Date:Jul 2, 1993
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