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ANGELES CORP. REPORTS RESULTS FOR THIRD QUARTER FY 1992

 ANGELES CORP. REPORTS RESULTS FOR THIRD QUARTER FY 1992
 LOS ANGELES, May 15 /PRNewswire/ -- Angeles Corp. (AMEX: ANG) today


reported a net loss of $3,584,000, or $1.14 per share, in its fiscal year 1992 third quarter ended March 31, 1992. Revenue was $11,175,000.
 In the fiscal 1991 third quarter ended March 31, 1991, the company's revenue was $9,436,000. The net loss was $1,745,000, including $1,421,000 in income from operations of its discontinued securities investment services subsidiary, First Pacific Advisors, which was sold at the end of the 1991 fiscal year. The per share loss of $.47 reflects the deduction of $188,000 in dividends to preferred shareholders.
 In the nine months ended March 31, 1992, Angeles had a net loss of $9,192,000, or $2.94 per share. Revenue was $34,497,000. In the like period of fiscal 1991, the company had a net loss of $2,026,000. Revenue was $26,667,000. The prior period's per share loss of $.67 reflects the deduction of $563,000 in dividends to preferred shareholders.
 The fiscal 1992 nine months included pre-tax losses of $3.7 million relating to depreciation of real estate owned and $6.7 million from operations of congregate-type senior housing facilities. Losses from this segment are anticipated until the projects in the portfolio achieve stabilized occupancy.
 Angeles Corp. is a real estate investment management company with approximately $1.5 billion of assets under management.
 ANGELES CORP.
 Amounts in thousands except per share (unaudited)
 Three Months Ended Nine Months Ended
 March 31 March 31
 1992 1991 1992 1991
 Revenue $11,175 $9,436 $34,497 $26,667
 Loss before
 discontinued
 operations and
 extraordinary
 gain (3,599) (3,166) (9,388) (8,017)
 Income from operations
 of discontinued
 securities investment
 services (net of
 taxes) -- 1,421 -- 4,592
 Extraordinary gain from
 early extinguishment
 of debt (net of
 taxes) 15 -- 196 1,399
 Net loss (3,584) (1,745) (9,192) (2,026)
 Dividends to preferred
 shareholders -- (188) -- (563)
 Net loss applicable
 to common
 shareholders ($3,584) ($1,933) ($9,192) ($2,589)
 Net income (loss)
 per common and common
 equivalent share:
 Net loss before
 discontinued
 operations and
 extraordinary
 gain ($1.14) ($0.82) ($3.00) ($2.21)
 Income from
 operations of
 discontinued
 segment -- 0.35 -- 1.18
 Extraordinary gain -- -- 0.06 0.36
 Net loss per share ($1.14) ($0.47) ($2.94) ($0.67)
 Weighted average number
 of common and common
 equivalent shares
 outstanding 3,133 4,094 3,131 3,883
 -0- 5/15/92
 /CONTACT: Steve Leach of Angeles, 800-421-4374, ext. 598, or 213-284-3598/
 (ANG) CO: Angeles Corp. ST: California IN: SU: ERN


SE-AL -- LA022 -- 0796 05/15/92 13:42 EDT
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Date:May 15, 1992
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