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ANGELES CORP. REPORTS RESULTS FOR SECOND QUARTER FY 1993

 /FOLLOWING IS A REPEAT FOR POINTS NEEDED/
 LOS ANGELES, Feb. 22 /PRNewswire/ -- Angeles Corp. (AMEX: ANG)


today reported a net loss of $22,113,000, or $7.06 per share, in its fiscal year 1993 second quarter ended Dec. 31, 1992. Revenue was $9,983,000.
 The results include a $16,473,000 net loss related to the sale of the company's traditional real estate portfolio business on Nov. 24, 1992. This figure includes provisions for reserves of $22,121,000 against outstanding receivables due Angeles from the formerly affiliated real estate limited partnerships.
 In the fiscal 1992 second quarter ended Dec. 31, 1991, the company reported a net loss of $3,396,000, or $1.09 per share. Revenue was $7,331,000.
 On Feb. 19, 1993, Angeles announced that its previously reported liquidity problems had worsened and that it would be initiating discussions with its major creditors and holders of its contingent liabilities with a view toward restructuring its major obligations.
 In the six months ended Dec. 31, 1992, Angeles had a net loss of $26,922,000, or $8.59 per share. Revenue was $19,558,000. In the like period of fiscal 1992, the company had a net loss of $5,608,000, or $1.79 per share. Revenue was $13,893,000.
 ANGELES CORP.
 Amounts in thousands except per share
 (Unaudited)
 Three Months Ended Six Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenue $9,983 $7,331 $19,558 $13,893
 Loss before
 income taxes,
 discontinued
 operations and
 extraordinary
 gain ($6,124) ($5,394) ($12,204) ($11,824)
 Income tax benefit 80 2,439 2,199 4,346
 Loss before
 discontinued
 operations and
 extraordinary
 gain (6,044) (2,955) (10,005) (7,478)
 Discontinued
 operations:
 Net income (loss)
 from operations
 of discontinued
 property and
 asset management
 businesses
 (net of taxes) 403 (441) (445) 1,689
 Loss on disposal
 of property and
 asset management
 businesses;
 including
 provision of
 $22,121 for
 losses during
 phase-out period
 (net of tax
 benefits
 of $3,621) (16,473) --- (16,473) ---
 Extraordinary
 gain from early
 extinguishment
 of debt - net
 of taxes 1 --- 1 181
 Net loss ($22,113) ($3,396) ($26,922) ($5,608)
 Net loss per
 common and
 common
 equivalent
 share:
 Net loss before
 discontinued
 operations and
 extraordinary
 gain ($1.93) ($.95) ($3.19) ($2.39)
 Net income
 (loss) from
 operations of
 discontinued
 businesses .13 (.14) (.14) .54
 Loss on disposal
 of discontinued
 businesses (5.26) --- (5.26) ---
 Extraordinary gain --- --- --- .06
 Net loss ($7.06) ($1.09) ($8.59) ($1.79)
 Weighted average
 common and common
 equivalent shares
 outstanding 3,133 3,128 3,133 3,128
 -0- 2/22/93R
 /CONTACT: Steve Leach of Angeles Corp., 800-421-4374, ext. 598 or 310-284-3598/
 (ANG)


CO: Angeles Corp. ST: California IN: FIN SU: ERN

550 02-22-93 16:26 EST JB-EH -- LA027R -- 9468 02/23/93 13:45 EST
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Date:Feb 23, 1993
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