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COVINGTON DEVELOPMENT GROUP REPORTS 1991 THIRD QUARTER EARNINGS

   COVINGTON DEVELOPMENT GROUP REPORTS 1991 THIRD QUARTER EARNINGS
    FULLERTON, Calif., Nov. 15 /PRNewswire/ -- Covington Development Group (NASDAQ-NMS: COVT), one of California's leading real estate development companies, reported operating revenues of $13,754,000 and a net loss of $1,188,000, or $.09 per share, for the three months ended Sept. 30, 1991.
    For the comparable three months ended Sept. 30, 1990, the company reported operating revenues of $13,191,000 and a net income of $279,000, or $.02 per share.
    Operating revenues and net loss for the first nine months of 1991 were $42,731,000 and $533,000, respectively.  This compared with $48,264,000 in operating revenues and $1,190,000 of net income for the first nine months of 1991.
    Included in the results for the nine months ended Sept. 30, 1991, is an extraordinary gain of $688,000, which resulted from the repayment of a note payable at an amount less than the carrying value of the note and accrued interest.
    The decrease in 1991 revenues and earnings resulted from the significant downturn in the company's primary market areas of Northern and Southern California.  The poor market conditions caused a decline in the number of housing units sold, the average unit sales price, and gross profit margins.
        The following table shows the number of units closing escrow in the third quarter of 1991 vs. the third quarter of 1990:
                                     Three months ended Sept. 30,
                                          1991          1990
    Single-family                          77            60
    Home and income apartments              4             8
    Lots                                    2            --
    Total                                  83            68
                                        Nine months Sept. 30,
                                          1991          1990
    Single-family                         205            182
    Home and income apartments             64            104
    Lots                                    2             35
    Total                                 271            321
    The company's market areas include Orange, Riverside, San Bernardino, and Los Angeles counties; Northern California's Sonoma and Shasta counties; Las Vegas, Nevada; and Oregon.
    -0-                11/15/91
    /CONTACT:  George Reinhardt or Robert E. Vedaa of Covington Development Group, 714-879-0111/
    (COVT) CO:  Covington Development Group ST:  California IN: SU:  ERN AL-EH -- LA023 -- 1820 11/15/91 19:39 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 15, 1991
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