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ANGELES MORTGAGE INVESTMENT TRUST REPORTS THIRD QUARTER FISCAL 1993 RESULTS

 LOS ANGELES, Nov. 12 /PRNewswire/ -- Angeles Mortgage Investment Trust (AMEX: ANM) today reported a net income of $49,000, or $.01 per Class A share, in the fiscal year 1993 third quarter ended Sept. 30. Revenue was $833,000. In the 1992 third quarter, net income was $1,789,000, or $.52 per Class A share, on revenue of $2,402,000.
 For the nine months ended Sept. 30, 1993, net income was $773,000, or $.23 per Class A share, on revenue of $3,097,000, compared with net income of $5,038,000, or $1.56 per Class A share, and revenue of $7,166,000, in the 1992 like period.
 The substantial decline in revenues and income is attributable to the failure of a significant number of the Trust's borrowers to meet their respective debt service obligations and Angeles Corp.'s failure to satisfy its guaranty obligations to the Trust or to service its separate $10 million line of credit facility. As previously announced, the Trust has suspended payment of dividends.
 -0- 11/12/93
 /CONTACT: Ann Merguerian, 310-772-0147/
 (ANM)


CO: Angeles Mortgage Investment Trust ST: California IN: FIN SU: ERN

MF-JB -- LA017 -- 3706 11/12/93 12:58 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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