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DEL-VAL FINANCIAL CORPORATION REPORTS FIRST QUARTER EARNINGS

 DEL-VAL FINANCIAL CORPORATION REPORTS FIRST QUARTER EARNINGS
 BOGOTA, N.J., May 15 /PRNewswire/ -- Del-Val Financial Corporation


(NYSE: DVL), a real estate investment trust, today announced a 1992 first quarter net loss of $1,501,000 ($.22 per share) on operating revenues of $1,125,000, compared to a 1991 first quarter net loss of $4,723,000, ($.68 per share) on operating revenues of $1,324,000.
 The first quarter net loss, in large part, reflects the company's continued accrual of interest, at contract or default rates, on indebtedness which Del-Val is negotiating to restructure and its accrual of losses in connection with the settlement of guaranteed indebtedness. The net loss was partially offset by the extraordinary gain on the restructuring of indebtedness with one of Del-Val's creditors and a reduction in the company's allowance for loan losses.
 Average shares outstanding for the first quarters ended March 31, 1992 and 1991 were 6,911,571.
 DEL-VAL FINANCIAL CORPORATION
 First Quarter Earnings
 (in thousands except share amounts)
 Period ended March 31 1992 1991
 Operating revenues $ 1,125 $ 1,324
 Net loss $ (1,501) $(4,723)
 Net loss per share $ (.22) $ (.68)
 Average shares outstanding 6,911,571 6,911,571
 -0- 5/15/92
 /CONTACT: Richard K. Moeller of Del-Val Financial, 201-487-1300/
 (DVL) CO: Del-Val Financial Corporation ST: New Jersey IN: FIN SU: ERN


KD-LR -- NY099 -- 0961 05/15/92 17:02 EDT
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Date:May 15, 1992
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