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DEL-VAL FINANCIAL CORPORATION REPORTS THIRD QUARTER EARNINGS

 BOGOTA, N.J., Nov. 16 /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 third quarter net m?e of $1,300,000 ($.18 income per share) on operating revenues of $601,000, compared to a 1992 third quarter net loss of 1,867,000 ($.27 loss per share) on operating revenues of $1,257,000. For the nine months ending Sept. 30, 1993, Del-Val reported net income of $1,141,000 ($.16 income per share) on operating revenues of $2,298,000, compared to a corresponding 1992 period net loss of $4,043,000, ($.58 loss per share) on operating revenues of $3,426,000.
 The income in 1993 was primarily due to settlements with Del-Val's creditors resulting in an extraordinary gain and a net reduction in Del- Val's potential liability as guarantor of indebtedness. The effects of these settlements were partially offset by Del-Val's operating losses, which are primarily attributable to an additional provision for losses on certain loans, the accrual of interest on the company's remaining defaulted indebtedness and the absence of a yield on a substantial portion of the company's restructured loan portfolio of the prior settlement of litigation.
 Average shares outstanding for the third quarters ended Sept. 30, 1993 and 1992 were 7,396,005 and 6,911,571, respectively.
 DEL-VAL FINANCIAL CORPORATION
 Third Quarter Earnings
 (in thousands, except share data)
 Periods ended Sept. 30 Three Months Nine Months
 1993 1992 1993 1992
 Operating revenues $ 601 $ 1,257 $ 2,298 $ 3,426
 Loss before extraordinary
 item (2,135) (1,867) (4,804) (13,882)
 Extraordinary gain
 on the settlements
 of indebtedness 3,435 -- 5,945 9,839
 Net income (loss) 1,300 (1,867) 1,141 (4,043)
 Earnings per share data:
 Primary
 Loss before
 extraordinary item $(.29) $(.27) $(.65) $(2.00)
 Extraordinary gain on
 the settlement of
 indebtedness .47 -- .81 1.42
 Net income (loss) .18 (.27) .16 (.58)
 Average share
 outstanding 7,396,005 6,911,571 7,308,571 6,911,571
 Fully diluted (A)
 Loss before
 extraordinary item $(.26) -- $(.60) --
 Extraordinary gain on
 the settlement of
 indebtedness .42 -- .75 --
 Net income (loss) .16 -- .15 --
 Average shares
 outstanding 8,087,150 -- 7,957,314 --
 NOTE: (A) Fully diluted earnings per share amounts are not presented for the three and nine month periods ended Sept. 30, 1992 as they are anti-dilutive.
 -0- 11/16/93
 /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 -- NY089 -- 4232 11/16/93 17:05 EST
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Publication:PR Newswire
Date:Nov 16, 1993
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