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DEL-VAL FINANCIAL REPORTS SECOND QUARTER EARNINGS

 DEL-VAL FINANCIAL REPORTS SECOND QUARTER EARNINGS
 BOGOTA, N.J., Dec. 13 /PRNewswire/ -- Del-Val Financial Corporation


(NYSE: DVL), a real estate investment trust, today announced a 1991 second quarter net loss of $2,067,000 ($.30 loss per share) on operating revenues of $1,323,000, compared to 1990 second quarter net income of $2,934,000 ($.48 income per share) on operating revenues of $5,974,000. For the six months ended June 30, 1991, the net loss aggregated $6,790,000 ($.98 loss per share) on operating revenues of $2,647,000, compared to net income of $5,618,000 ($.95 income per share) on operating revenues of $11,801,000 for the six months ended June 30, 1990.
 The second quarter decreases in net income and operating revenues, in large part, reflect the company's continued classification of a substantial portion of its loan portfolio as non-performing and the continued accrual of interest, at contract or default rates, on indebtedness which Del-Val is negotiating to restructure.
 Average shares outstanding for the second quarter ended June 30, 1991 and 1990, were 6,911,571 and 6,111,571, respectively.
 DEL-VAL FINANCIAL CORPORATION
 Second Quarter Earnings
 (In thousands except share amounts)
 Three Months Six Months
 Periods ended June 30; 1991 1990 1991 1990
 Operating revenues $1,323 $5,974 $2,647 $11,801
 Net income (loss) (2,067) 2,934 (6,790) 5,618
 Net income (loss) per share (.30) .48 (.98) .95
 Average shares
 outstanding 6,911,571 6,111,571 6,911,571 5,883,000
 -0- 12/13/91
 /CONTACT: Richard K. Moeller of Del-Val, 201-487-1300/
 (DVL) CO: Del-Val Financial Corporation ST: New Jersey IN: FIN SU: ERN


KD-JT -- NY068 -- 2576 12/13/91 17:51 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 13, 1991
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