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BRESLER & REINER, INC., REPORTS SECOND QUARTER RESULTS

 WASHINGTON, Aug. 16 /PRNewswire/ -- Bresler & Reiner, Inc. (OTC), reported net income of $1,462,000, or 52 cents per share, after debt elimination of $2,143,000 for the three months ended June 30, 1993, on revenues of $8,557,000, compared to $7,000 net income on revenues of $9,387,000 for the same period in 1992.
 Charles S. Bresler, chairman of the board, said that in June 1993 the United States renewed its lease of office space in the Waterside Mall and office buildings in southwest Washington, which is partly owned by the company, for a five-year term effective from September 1992. Bresler said the company has included in second quarter 1993 revenues $1,102,000 of rents and management and leasing fees under the lease for the period from September 1992 through March 31, 1993.
 Bresler said the June 1993 quarter also includes a gain of $711,000 from the settlement of defaulted bank commercial paper that had been previously written down by the company and a charge of $5.3 million representing the company's net investment in a Baltimore hotel- condominium project.
 Bresler said the $2.1 million debt elimination resulted form the purchase by the company of a construction loan on one of its Virginia joint ventures.
 Bresler & Reiner, Inc., engages in residential land development and construction directly and through joint ventures, operates a motel, apartment and office projects and a shopping mall/office complex in the Washington metropolitan area. The company also owns a nursing home and operates an equipment leasing business.
 BRESLER & REINER, INC.
 Financial Summary
 Six Months Ending June 30, 1993 1992
 Net Income (Loss) Before Income
 Taxes, Minority Interest and
 Debt Elimination $(763,000) $1,072,000
 Income Taxes (309,000) 225,000
 Minority Interest 115,000 431,000
 Net Income (Loss) Before
 Debt Elimination (569,000) 416,000
 Debt Elimination (Net of Income
 Taxes of $1,162,000) 2,143,000 0
 Net Income $1,574,000 $416,000
 Earnings Per Common Share
 Before Debt Elimination $(0.20) $0.15
 Debt Elimination 0.76 0
 Earnings per Common Share $0.56 $0.15
 Weighted Average Number of Common
 Shares Outstanding 2,836,639 2,836,653
 -0- 8/16/93
 /CONTACT: Philip Friedman, treasurer, Bresler & Reiner, 202-488-8800/


CO: Bresler & Reiner, Inc. ST: District of Columbia IN: SU: ERN

TW-DC -- DC019 -- 3138 08/16/93 14:07 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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