Printer Friendly

DEL-VAL FINANCIAL CORPORATION REPORTS FIRST QUARTER EARNINGS

 BOGOTA, N.J., May 19 /PRNewswire/ -- Del-Val Financial Corporation (NYSE: DVL) today announced it has filed its quarterly report on Form 10-Q with the Securities and Exchange Commission, reporting a 1993 first quarter net loss of $916,000 ($.13 per share) on operating revenues of $839,000, compared to a 1992 first quarter net loss of $1,501,000, ($.22 per share) on operating revenues of $1,125,000.
 The first quarter net loss is primarily attributable to the continued accrual of interest expense on defaulted indebtedness, the increase in the value of the stock price based performance units issued to certain officers and the minimal accrual of interest income on a substantial portion of the company's loan portfolio as a result of the prior settlement of litigation. These items were partially offset by an extraordinary gain on the settlement with one of the company's creditors.
 The company also disclosed that it expects to finalize a settlement with another one of its creditors in the second quarter of 1993, which settlement is currently being documented. If the settlement is completed as proposed, it will result in a reduction of the company's defaulted indebtedness by approximately $5.7 million and the recognition of an extraordinary gain on the settlement of indebtedness of approximately $1.5 million.
 Average shares outstanding for the first quarters ended March 31, 1993 and 1992 were 6,911,571.
 DEL-VAL FINANCIAL CORPORATION
 First Quarter Results of Operations
 (In thousands except share data)
 Three months ended March 31 1993 1992
 Operating revenues $ 839 $ 1,125
 Loss before extraordinary item (1,834) 2,263
 Extraordinary gain on the settlements
 of indebtedness 918 762
 Net loss (916) 1,501
 Per share data:
 Loss before extraordinary item (.26) (.33)
 Extraordinary gain on the
 settlements of indebtedness .13 .11
 Net loss (.13) (.22)
 Average shares outstanding 6,911,571 6,911,571
 -0- 5/19/93
 /CONTACT: Richard K. Moeller of Del-Val Financial Corporation, 201-487-1300/
 (DVL)


CO: Del-Val Financial Corporation ST: New Jersey IN: FIN SU: ERN

TM-WB -- NY096 -- 0515 05/19/93 18:08 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 19, 1993
Words:344
Previous Article:A.L. LABORATORIES RECEIVES SHAREHOLDER APPROVAL OF PROXY MEASURES AND DECLARES REGULAR QUARTERLY DIVIDEND
Next Article:THE EQUITABLE BOARD DECLARES REGULAR QUARTERLY DIVIDENDS FOR NEXT TWO QUARTERS
Topics:


Related Articles
DEL-VAL FINANCIAL CORPORATION REPORTS FIRST QUARTER EARNINGS
DEL-VAL FINANCIAL REPORTS RESULTS
OMEGA FIRST QUARTER EARNINGS UP
UNIVEST CORPORATION -- UNION NATIONAL AND PENNVIEW SAVINGS BANKS -- ANNOUNCES SECOND QUARTER AND YEAR-TO-DATE EARNINGS
UNIVEST CORP - UNION NATIONAL & PENNVIEW SAVINGS BANKS ANNOUNCE THIRD QUARTER AND YEAR-TO-DATE EARNINGS
DEL-VAL FINANCIAL CORPORATION REPORTS THIRD QUARTER EARNINGS
DEL-VAL FINANCIAL CORPORATION ANNOUNCES FINAL JUDGMENT APPROVING SETTLEMENT OF SHAREHOLDER CLASS ACTION SUIT
DEL-VAL FINANCIAL CORPORATION HAS ANNUAL MEETING; CHANGES COMPANY NAME
DVL, INC. REPORTS SECOND QUARTER RESULTS
Wilmington Trust Announces Record Second Quarter Earnings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters