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DEL-VAL FINANCIAL CORPORATION REPORTS THIRD QUARTER EARNINGS

 BOGOTA, N.J., Nov. 16 ~PRNewswire~ -- Del-Val Financial Corporation (NYSE: DVL), a real estate investment trust, today announced a 1992 third quarter net loss of $1,867,000 ($.27 per share) on operating revenue of $1,257,000 compared to a 1991 third quarter net loss of $6,444,000 ($.93 per share) on operating revenue of $1,250,000. For the nine months ending Sept. 30, 1992, the net loss aggregated $4,043,000 ($.58 per share) on operating revenues of $3,426,000, compared to a corresponding 1991 period net loss of $13,234,000 ($1.91 per share) on operating revenues of $3,897,000.
 The 1991 third quarter net loss in large part reflects the company's provision for additional losses in connection with the settlement of certain litigation matters and as a result of the anticipated sale of certain mortgages. In addition, the company continues to accrue interest at contract or default rates on indebtedness it is currently negotiating to restructure.
 Average shares outstanding for the third quarters ended Sept. 30, 1992 and 1991 were 6,911,571.
 DEL-VAL FINANCIAL CORPORATION
 Third Quarter Earnings
 (In thousands, except share amounts)
 Periods ended Sept. 30 Three Months Nine Months
 1992 1991 1992 1991
 Operating revenues $ 1,257 $ 1,250 $ 3,426 $ 3,897
 Net loss (1,867) (6,444) (4,043) (13,234)
 Net loss per share $ (.27) $ (.93) $ (.58) $ (1.91)
 Average shares
 outstanding 6,911,571 6,911,571 6,911,571 6,911,571
 -0- 11~16~92
 ~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

PS-TM -- NY131 -- 1580 11~16~92 19:13 EST
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Publication:PR Newswire
Date:Nov 16, 1992
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