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COVINGTON DEVELOPMENT GROUP ANNOUNCES EARNINGS FOR THE YEAR ENDED DEC. 31, 1991

 COVINGTON DEVELOPMENT GROUP ANNOUNCES EARNINGS
 FOR THE YEAR ENDED DEC. 31, 1991
 FULLERTON, Calif., April 10 /PRNewswire/ -- Covington Development Group (NASDAQ-NMS: COVT), a California real estate development company, reported a net loss for the year ended Dec. 31, 1991 of $12,994,000, or 93 cents per share, on revenues of $53,294,000. These results compare with a 1990 net loss of $2,068,000, or 15 cents per share, on revenues of $59,048,000.
 The 1991 results reflect both severe difficulties in procuring construction financing and depressed real estate markets in Northern and Southern California. The major part of the company's losses were caused by write downs of real estate inventories to their net realizable value and abandonment of certain projects.
 The following table compares the number of units closing escrow for 1991 vs. 1990:
 COVINGTON DEVELOPMENT GROUP
 Number of Units Closing Escrow
 1991 vs. 1990
 Year Ended Dec. 31,
 1991 1990
 Single-family 256 197
 Home and income 80 212
 Land 5 35
 Total 341 444
 -0- 4/10/92
 /CONTACT: George Reinhardt or Robert E. Vedaa of Covington Development Group, 714-879-0111/
 (COVT) CO: Covington Development Group ST: California IN: CST SU: ERN


DM-KJ -- LA028 -- 7467 04/10/92 20:03 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
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