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DEL WEBB CORP. POSTS SECOND QUARTER PROFIT

 DEL WEBB CORP. POSTS SECOND QUARTER PROFIT
 PHOENIX, Jan. 22 /PRNewswire/ -- Del Webb Corp. (NYSE: WBB) today


announced results for its second fiscal quarter and six months ended Dec. 31, 1991.
 Revenues for the quarter were $67.8 million, compared to $69.4 million in the comparable 1990 period. Net income was $3.8 million, or 31 cents per share, compared to $5.6 million, or 60 cents per share, in the same period in 1990.
 Net income for the six-month period was $7 million, or 56 cents per share, on revenues of $115 million, compared to $8 million, or 85 cents per share, on revenues of $118.2 million, in the same period in 1990.
 The number of shares outstanding during the quarter and six-month periods increased by approximately three million shares from the same periods last year as a result of a public stock offering this past summer.
 Home closings at the company's Sun Cities declined 10 percent on a quarter-to-quarter basis with 454 closings vs. 506 in the same period one year ago. Coventry Homes, the conventional homebuilding operation in Phoenix acquired in January 1991, had 53 closings in the three months ended Dec. 31.
 During the quarter, total new sales orders at Webb's Sun Cities in Arizona and Nevada increased nine percent to 389 units, compared to 357 units during the second quarter of fiscal 1991. Coventry Homes had 74 new sales orders during the quarter.
 Philip J. Dion, chairman and chief executive officer said, "Orders for new homes have remained steady despite the current economic environment and its impact on consumer confidence."
 The company's backlog of homes under contract but not yet closed at its Sun Cities increased nearly 14 percent to 990, compared to 869 during the same period a year ago. The contract value of homes in backlog was $149 million. Coventry had 154 homes in backlog with a contract value of $16 million.
 During the quarter, the company began land development activity at Sun City Palm Springs. Its model homes and sales complex are also under construction. If further regulatory approvals are met, the company anticipates the delivery of homes in the fall of 1992.
 Del Webb Corp. is the nation's leading developer of active adult communities with projects in the Phoenix, Tucson, Las Vegas and Palm Springs metropolitan areas.
 DEL WEBB CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In Thousands Except per Share Data)
 Three Months Ended Six Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Revenues $67,778 $69,404 $115,038 $118,201
 Costs and expenses 63,420 63,803 109,154 110,065
 Earnings from continuing
 operations
 before income taxes 4,358 5,601 5,884 8,136
 Income tax expense
 (benefit) 524 (702) (1,123) (410)
 Earnings from continuing
 operations 3,834 6,303 7,007 8,546
 Loss from discontinued
 operations (net of tax) --- (5,308) --- (5,564)
 Earnings before
 extraordinary item 3,834 995 7,007 2,982
 Extraordinary item:
 gain from early
 extinguishment of debt
 (net of tax) --- 4,588 --- 5,006
 Net earnings $3,834 $5,583 $7,007 $7,988
 Earnings Per Share Information
 Average common shares
 outstanding 12,522,098 9,343,806 12,442,033 9,377,129
 Earnings (loss)
 per common share:
 Continuing
 operations $0.31 $0.68 $0.56 $0.91
 Discontinued
 operations --- (0.57) --- (0.59)
 Earnings before
 extraordinary item 0.31 0.11 0.56 0.32
 Extraordinary item --- 0.49 --- 0.53
 Net earnings per
 common share $0.31 $0.60 $0.56 $0.85
 Cash dividends paid
 per common share $0.05 $0.05 $0.10 $0.10
 DEL WEBB CORP. AND SUBSIDIARIES
 Selected Operating Data
 Three Months Ended Six Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Number of home sales
 contracts:
 Sun City West 187 136 359 259
 Sun City Tucson 51 53 113 111
 Sun City Las Vegas 151 168 312 351
 Total active adult
 communities 389 357 784 721
 Del Webb's Coventry Homes 74 N/A 175 N/A
 Total 463 357 959 721
 Number of home closings:
 Sun City West 210 221 335 347
 Sun City Tucson 60 82 109 124
 Sun City Las Vegas 184 203 328 403
 Total active adult
 communities 454 506 772 874
 Del Webb's Coventry Homes 53 N/A 75 N/A
 Total 507 506 847 874
 Average revenue per home
 closing $132,000 $135,000 $134,000 $133,000
 At Dec. 31,
 1991 1990
 Homes Under Contract (Backlog):
 Sun City West 406 303
 Sun City Tucson 216 162
 Sun City Las Vegas 368 404
 Total active adult communities 990 869
 Del Webb's Coventry Homes 154 N/A
 Total 1,144 869
 Contract sales amounts $165,000,000 $121,000,000
 -0- 1/22/92 R
 /CONTACT: Ken Plonski of Del Webb Corp., 602-468-6871 (office), or 602-972-1210 (home)/
 (WBB) CO: Del Webb Corporaton ST: Arizona IN: CST SU: ERN


JL -- SD001 -- 2294 01/22/92 12:14 EST
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/C O R R E C T I O N -- Del Webb Corp./

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