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AVATAR HOLDINGS REPORTS RESULTS

 CORAL GABLES, Fla., March 29 /PRNewswire/ -- For the year ended Dec. 31, 1992, Avatar Holdings Inc. (NASDAQ: AVTR) reported a net loss of $6,744,000 ($.91 per share) on revenues of $105,161,000 compared to a net loss of $8,635,000 ($1.17 per share) on revenues of $104,083,000 for the year ended Dec. 31, 1991. Included in the net loss for 1992 was an extraordinary item of $2,402,000 resulting from a loss on the exchange of 8 percent debentures for 9 percent debentures.
 Selected financial data for the years ended Dec. 31, 1992 and 1991 is summarized below.
 AVATAR HOLDINGS INC.
 (Dollars in thousands except per share data)
 1992 1991
 Revenues $105,161 $104,083
 Loss before income taxes and
 extraordinary item $ (4,342) $(12,307)
 Provision (credit) for
 income taxes --- (3,672)
 Loss before extraordinary item (4,342) (8,635)
 Extraordinary item (2,402) ---
 Net loss $ (6,744) $ (8,635)
 Per share amounts:
 Primary
 Net loss before
 extraordinary item $ (0.59) $ (1.17)
 Net loss $ (0.91) $ (1.17)
 Fully diluted
 Net loss before
 extraordinary item $ (0.59) $ (1.17)
 Net loss $ (0.91) $ (1.17)
 Total assets (A) $474,448 $572,890
 Stockholders' equity $144,639 $151,244
 (A) -- Reduction in total assets is primarily attributable to reclassification of midwest water utilities' assets and liabilities to property held for sale.
 -0- 3/29/93
 /CONTACT: Charles L. McNairy, senior vice president, treasurer and chief financial officer of Avatar Holdings Inc., 305-442-7000, ext. 189/
 (AVTR)


CO: Avatar Holdings Inc. ST: Florida IN: CST SU: ERN

JB-AW -- FL009 -- 0667 03/29/93 16:17 EST
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Publication:PR Newswire
Date:Mar 29, 1993
Words:273
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