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CONTINENTAL MORTGAGE AND EQUITY TRUST REPORTS SECOND QUARTER RESULTS

CONTINENTAL MORTGAGE AND EQUITY TRUST REPORTS SECOND QUARTER RESULTS
 DALLAS, Aug. 14/PRNewswire/ -- Continental Mortgage and Equity Trust (NASDAQ; CMETS) reported a net loss of $498,000, or 15 cents per share, on revenues of $4.9 million for the quarter ended June 30, 1992. This compares with a net income of $1.3 million, or 38 cents per share, on revenues of $3.3 million for the second quarter of 1991.
 For the six months ended June 30, 1992, Continental Mortgage and Equity Trust recorded net loss of $535,000, or 16 cents per share, compared with net income of $2.3 million, or 67 cents per share, in the first six months of 1991. Revenues were $9.9 million compared with $7.1 million for the same period in 1991.
 Net rental income increased to $1.2 million for the three months ended June 30, 1992, from $623,000 for the same period in 1991. These increases were primarily because of the acquisition of two apartment complexes and three commercial buildings in 1991.
 Continental Mortgage and Equity Trust is a combination mortgage and equity real estate investment trust which operates nationwide.
 CONTINENTAL MORTGAGE AND EQUITY TRUST
 FINANCIAL HIGHLIGHTS
 (in thousands, except share and per share data)
 Three months ended Six months ended
 June 30, June 30,
 1992 1991 1992 1991
Total revenue 4,889 3,275 9,937 7,185
Income (loss) before gain on sale of real estate and extraordinary gain $
(498) $ 205 $ (535) $ 1,234


Gain on sale of
 real estate - 228 - 228
Extraordinary gain - 930 - 930
Net income (loss) $ (498) $1,363 $ (535) $ 2,392
Income (loss) per share $(0.15) $ 0.38 $(0.16) $ 0.67


Weighted average shares of beneficial
 interest 3,418,471 3,553,517 3,434,543 3,700,256
 -0- 8/14/92
 /CONTACT: Kevin LeBlanc of Continental Mortgage and Equity Trust, 214-692-4800/
 (CMETS) CO: Continental Mortgage and Equity Trust ST: Texas IN: FIN SU: ERN


DC -- NY064 -- 0139 08/14/92 15:56 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
Words:336
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