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ORIOLE HOMES REPORTS STRONG SECOND QUARTER OPERATING PERFORMANCE

 ORIOLE HOMES REPORTS STRONG SECOND QUARTER OPERATING PERFORMANCE
 DELRAY BEACH, Fla., July 16 /PRNewswire/ -- Oriole Homes Corp. (AMEX: OCH.A; OCH.B) today reported unaudited results for the second quarter and six months ended June 30, 1992.
 For the second quarter ended June 30, 1992, revenues totaled $22,667,024, representing an increase of 12 percent over revenues of $20,162,356 during the second quarter of 1991. Net income during the second quarter of 1992 amounted to $1,589,842, or $.37 per share, vs. net income of $2,918,808, or $.77 per share, during the same period in 1991. Total revenues during the second quarter of 1991 were impacted by the sale of the company's former corporate headquarters building. Net income during the second quarter of 1991 included a gain of $2,866,891, or $.75 per share, resulting from that sale.
 Commenting on the results, Mark A. Levy, president of Oriole Homes, said, "The company's strong performance during the recently ended quarter is even more noticeable if you would subtract from last year's second quarter results the revenues and income realized from the office building sale. On that basis, revenues actually increased from $15,569,537 to $22,667,024, or 46 percent, while net income was up from $51,917 to $1,589,842."
 For the six months ended June 30, 1992, revenues totaled $40,729,824, compared to revenues of $42,933,321 during the six months ended June 30, 1991. Net income during the six months ended June 30, 1992 totaled $2,049,513, or $.51 per share, vs. net income of $4,401,192, or $1.16 per share, during the same period in 1991.
 "This performance," Levy added, "is largely a product of the improving trend of backlog and new sales contracts we have experienced over the past several quarters. In fact, the number of new sales contracts entered into during the 12 months ended June 30, 1992 increased by 29 percent to a total of 705, from 546 new sales contracts entered into during 12 months ended June 30, 1991. As importantly, the total dollar value of those contracts also increased significantly, from $62.5 million for the 12 month period ending June 30, 1991, to $87.7 million for the twelve month period ending June 30, 1992, representing an increase of 40 percent. Consequently, we are confident these improving trends will translate into a further improvement in our operating results throughout the balance of 1992 and into 1993."
 As Oriole Homes previously announced, the value of the company's backlog of undelivered housing, which reflects new sales contracts which have yet to close, increased 47 percent to $44,938,215 (representing 330 units) as of June 30, 1992, from $30,593,637 (representing 250 units) as of June 30, 1991. The company also earlier reported that it entered into 213 new sales contracts, valued at $27,418,664, during the recently ended second quarter, compared with 182 new sales contracts, valued at $21,614,742 during the second quarter of 1991.
 Sales of houses and condominiums during the second quarter ended June 30, 1992 totaled $21,006,322 (170 units), representing an increase of 63 percent over sales of houses and condominiums of $12,894,849 (114 units) during the second quarter of 1991.
 Sales of houses and condominiums for the first six months of 1992 totaled $36,974,219 (303 units), compared with sales of houses and condominiums of $33,750,350 (292) units during the first six months of 1991.
 The company also noted that earnings per share for second quarter and six months ended June 30, 1992 reflect the inclusion of 832,000 Class B common shares from the company's April 1992 stock offering in the computation of weighted average shares outstanding.
 Oriole Homes Corp., one of Florida's largest homebuilders, builds and sells villas, patio homes, single family homes and condominum apartments in planned communities on land which it acquires and develops. These communities generally include amenities such as recreation buildings, tennis courts, swimming pools and open areas. Since 1963, Oriole has built over 21,000 residences.
 ORIOLE HOMES CORP.
 COMPARATIVE OPERATING HIGHLIGHTS
 (Unaudited)
 For the Three Months Ended June 30,
 1992 1991
 Total Revenues $ 22,667,024 $ 20,162,356 (A)
 Income Before Taxes $ 2,548,905 $ 4,679,284
 Provision for Income Taxes 959,063 1,760,476
 Net Income $ 1,589,842 $ 2,918,808 (A)
 Earnings Per Share $.37 (B) $.77 (A)
 Average Number of Shares
 Outstanding 4,287,634 (B) 3,793,524
 For the Six Months Ended June 30,
 1992 1991
 Total Revenues $ 40,729,825 $ 42,933,321 (A)
 Income Before Taxes $ 3,285,481 $ 7,055,320
 Provision for Income Taxes 1,235,968 2,654,128
 Net Income $ 2,049,513 $ 4,401,192 (A)
 Earnings Per Share $.51 (B) $1.16 (A)
 Average Number of Shares
 Outstanding 4,040,579 (B) 3,793,524
 (A) -- Total revenues during both the three and six month periods ended June 30, 1991 included $4,592,819 from the sale of the company's former corporate headquarters building. Net income during those periods included a gain of $2,866,891, or $.75 per share, resulting from that sale.
 (B) -- Earnings per share for second quarter and six months ended June 30, 1992 reflect the inclusion of 832,000 Class B common shares from the company's April 1992 stock offering in the computation of the average number of shares outstanding.
 -0- 7/16/92
 /CONTACT: Mark A. Levy, president of Oriole Homes, 407-274-2000; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Oriole Homes Corp./
 (OHC.A OHC.B) CO: Oriole Homes Corp. ST: Florida IN: CST SU: ERN


JB-AW -- FL007 -- 8476 07/16/92 11:20 EDT
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Date:Jul 16, 1992
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