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AVATAR HOLDINGS REPORTS RESULTS

 CORAL GABLES, Fla., Nov. 12 /PRNewswire/ -- For the nine months ended Sept. 30, 1993, Avatar Holdings Inc. (NASDAQ: AVTR) reported net income of $8,850,000 ($.88 per share) on revenues of $101,636,000 compared to a net loss of $1,898,000 ($.25 per share) on revenues of $77,974,000 for the nine months ended Sept. 30, 1992. Results for 1993 include a charge to income of $964,000 resulting from the cumulative effect of a change in the method of accounting for income taxes and the net gain on the sale of the Midwest Water Utilities of $11,674,000.
 Selected financial data for the nine months ended Sept. 30, 1993 and 1992 is summarized below.
 AVATAR HOLDINGS INC.
 (Dollars in thousands except per share data)
 1993 1992
 Revenues $101,636 $ 77,974
 Income (loss) before income taxes
 and cumulative effect of change
 in accounting for income taxes $ 20,606 $ (1,898)
 Provision for income taxes 10,792 ---
 Income (loss) before cumulative
 effect of accounting change 9,814 (1,898)
 Cumulative effect of change in
 method of accounting for
 income taxes (964) ---
 Net income (loss) $ 8,850 $ (1,898)
 Per share amounts:
 Income (loss) before cumulative
 effect of accounting change $ 0.98 $ (0.25)
 Net income (loss) $ 0.88 $ (0.25)
 Total assets (A) $ 464,107 $574,239
 Stockholders' equity (B) $ 187,332 $149,482
 (A) -- Reduction in total assets is primarily attributable to the sale of the Midwest Water Utilities which closed on Aug. 31, 1993.
 (B) -- Increase in stockholders' equity is primarily attributable to the company's June 4, 1993 call and related conversion/redemption of all of its outstanding 5 1/4 percent Convertible-Purchase Subordinated Debentures due May 1, 2007. This increase was reduced by the Sept. 30, 1993 purchase of 1 million shares of the company's common stock from the estate of Peter J. Sharp at a purchase price of $27.00 per share.
 -0- 11/12/93
 /CONTACT: Charles L. McNairy, executive vice president, treasurer and chief financial officer of Avatar Holdings Inc., 305-442-7000, ext. 189/
 (AVTR)


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

AW-SS -- FL012 -- 3861 11/12/93 16:21 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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