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CVD FINANCIAL CORP. ANNOUNCES FISCAL 1994 FIRST QUARTER RESULTS

 PASADENA, Calif., Nov. 15 /PRNewswire/ -- CVD Financial Corp. (AMEX: common CVL, bonds CVL.A) announced a loss of $83,000, or $0.03 per share, on revenues of $301,000 for the quarter ended Sept. 30, 1993. The company was formed in June 1993 and therefore no comparable prior years' results are available. In August 1993 CVD Financial completed its initial public offering of 10,000 units at $5,750 per unit, resulting in gross proceeds of $57.5 million. Each unit was comprised of 200 shares of CVD Financial common stock and five $1,000 15-year variable rate bonds.
 Roy McCann, president and chief executive officer of CVD Financial, commented on the quarterly results saying, "We are pleased with the progress we have made to date. Following the completion of our public offering in August, we have evaluated and approved loans aggregating $27.8 million to 10 borrowers. These loans bear interest at the prime rate plus 7 percent and have generated equity fees representing 3,825,000 shares and/or warrants to acquire shares of the respective borrowers. As these borrowers complete their public offerings, we expect to be in a position to sell these securities.
 "If this favorable trend continues, we expect to place the remaining $20 million available from our recent bond offering by the first quarter of 1994. We also anticipate the sale of a portion of our share/warrant positions during the first calendar quarter of 1994, with increased sales in the second calendar quarter of 1994, which will further benefit our bondholders and stockholders."
 McCann also noted that as of Nov. 10 the company has repurchased approximately $3.8 million of its bonds on the open market, utilizing equity funds. On Sept. 28, 1993, the company announced a $5 million principal amount bond repurchase program.
 CVD Financial Corp. provides asset secured loans to emerging growth companies that intend to complete a public offering of securities within two years.
 CVD FINANCIAL CORP.
 Summary of Operations
 (Unaudited)
 Three Months Ended
 Sept. 30, 1993
 Revenues $301,000
 Net loss ($83,000)
 Net loss per share ($0.03)
 Weighted average number
 of shares outstanding 2,736,000
 -0- 11/15/93
 /CONTACT: Donald B. Clark, 818-793-7526, or Roy McCann, 818-564-0593; or William F. Coffin, president of Coffin Communications Group, 818-578-0500/
 (CVL)


CO: CVD Financial Corp. ST: California IN: FIN SU: ERN

JB-JL -- LA006 -- 4232 11/15/93 09:03 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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