Printer Friendly

DEL-VAL FINANCIAL REPORTS RESULTS

 BOGOTA, N.J., April 21 /PRNewswire/ -- Del-Val Financial Corporation (NYSE: DVL) announced today it has filed its annual report on form 10-k with the Securities and Exchange Commission, reporting for fiscal year ended Dec. 31, 1992, a net loss of $6,556,000 on operating revenues of $4,352,000, ($.95) per share, compared to a 1991 net loss of $13,819,000 on operating revenues of $4,912,000, ($2.00) per share.
 Del-Val's 1992 net loss is primarily attributable to losses incurred in connection with the settlement of claims, including its class action shareholder and limited partner litigations, which losses were partially offset by the extraordinary gains on the settlements with creditors; and the continued classification of a substantial portion of its loan portfolio as non-performing.
 Del-Val's financial statements contain the qualified opinions for 1992 and 1991 of its independent auditors, Richard A. Eisner & Company, which are subject to Del-Val's ability to continue as a going concern and the outcome of pending legal proceedings.
 Among the most significant items disclosed in Del-Val's form 10-k are: a) the terms of a settlement, subject to court approval, of the shareholder class action litigation pursuant to which Del-Val will issue certain notes and shares to members of the class; b) the terms of the final settlement of the limited partner litigation; and c) a discussion of the upcoming proposal to shareholders to amend the By-Laws whereby Del-Val would elect to be taxed as a C corporation rather than as a REIT to facilitate the utilization of its tax loss carryforwards to offset anticipated profits from new business.
 DEL-VAL FINANCIAL CORPORATION
 Annual Results of Operations
 (In thousands except share data)
 1992 1991
 Operating revenues $ 4,352 $ 4,912
 Loss before extraordinary item (A) (23,038) (13,819)
 Extraordinary gain on the settlements
 of indebtedness $ 16,482 --
 Net loss $ (6,556) $(13,819)
 Per share data:
 Loss before extraordinary item (3.33) (2.00)
 Extraordinary gain on the settlements
 of indebtedness 2.38 --
 Net loss (.95) (2.00)
 Average shares outstanding 6,911,571 6,911,571
 (A) Includes a net provision for losses of $11, 219 in 1992 and $2,146 in 1991, and a reserve for the estimated loss on litigation settlement of $6,400 in 1992.
 -0- 4/21/93
 /CONTACT: Richard K. Moeller of Del-Val Corporation, 201-487-1300/
 (DVL)


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

KD-WB -- NY113 -- 9019 04/21/93 17:30 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:Apr 21, 1993
Words:409
Previous Article:E'TOWN CORPORATION WILL ISSUE 500,000 SHARES OF COMMON STOCK
Next Article:OPTICAL DATA SYSTEMS REPORTS FIRST QUARTER RESULTS
Topics:


Related Articles
DEL-VAL FINANCIAL FILES ANNUAL FORM 10-K WITH THE SEC
DEL-VAL FINANCIAL CORPORATION REPORTS FIRST QUARTER EARNINGS
DEL-VAL FINANCIAL ANNOUNCES SETTLEMENT
DEL-VAL FINANCIAL CORPORATION REPORTS FIRST QUARTER EARNINGS
DEL-VAL FINANCIAL CORPORATION REPORTS SECOND QUARTER EARNINGS
DEL-VAL FINANCIAL REACHES SETTLEMENT ON SHAREHOLDER CLASS ACTION
DEL-VAL FINANCIAL CORPORATION COMPLETES SETTLEMENT WITH CREDITOR
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

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters