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DEL-VAL FINANCIAL FILES ANNUAL FORM 10-K WITH THE SEC

 DEL-VAL FINANCIAL FILES ANNUAL FORM 10-K WITH THE SEC
 BOGOTA, N.J., April 13 /PRNewswire/ -- Del-Val Financial Corporation


(NYSE: DVL) has filed its annual Form 10-K with the SEC, reporting a net loss of $13,819,000 on operating revenues of $4,912,000, compared to a 1990 net loss of $59,079,000 on operating revenues of $17,832,000. Del- Val reported net losses per share of $2.00 for 1991 and $9.29 for 1990.
 Del-Val's 1991 net loss is primarily a result of (a) the classification of a substantial portion of its loan portfolio as non- performing, (b) the continued accrual of interest, at contract or default rates, on indebtedness which Del-Val is negotiating to settle or restructure, (c) the losses incurred on the settlement of claims and (d) additional loss provisions resulting primarily from the settlement of guaranteed indebtedness.
 Del-Val's independent auditor, Richard A. Eisner & Company, issued a disclaimer of opinion due to the existence of major uncertainties, including pending litigation and administrative investigations.
 -0- 4/13/92
 /CONTACT: Richard K. Moeller of Del-Val Financial, 201-487-1300/
 (DVL) CO: Del-Val Financial Corporation ST: New Jersey IN: SU: ERN


PS -- NY094 -- 8003 04/13/92 18:36 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
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