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DEL-VAL FINANCIAL REPORTS THIRD QUARTER EARNINGS

 DEL-VAL FINANCIAL REPORTS THIRD QUARTER EARNINGS
 BOGOTA, N.J., Feb. 3 /PRNewswire/ -- Del-Val Financial Corporation


(NYSE: DVL), a real estate investment trust, today announced a 1991 third quarter net loss of $6,444,000 ($.93 per share) on operating revenues of $1,250,000, compared to a 1990 third quarter net loss of $61,149,000 ($8.85 per share) on operating revenues of $4,737,000. For the nine months ended Sept. 30, 1991, the net loss aggregated $13,234,000 ($1.91 per share) on operating revenues of $3,897,000, compared to a net loss of $55,531,000 ($8.97 per share) on operating revenues of $16,538,000 for the nine months ended Sept. 30, 1990.
 The third quarter net loss, in large part, reflects the company's continued accrual of interest, at contract or default rates, on indebtedness which Del-Val is negotiating to restructure and its accrual of a $2,988,000 loss in the third quarter in connection with the settlement of certain claims. The decrease in operating revenues is a result of the company's continued classification of a substantial portion of its loan portfolio as non-performing.
 Average shares outstanding for the third quarters ended Sept. 30, 1991 and 1990 were 6,911,571.
 DEL-VAL FINANCIAL CORPORATION
 Third Quarter Earnings
 (In thousands, except share amounts)
 Periods ended Three Months Nine Months
 Sept. 30; 1991 1990 1991 1990
 Operating revenues $1,250 $4,737 $3,897 $16,538
 Net loss (6,444) (61,149) (13,234) (55,531)
 Net loss per share (.93) (8.85) (1.91) (8.97)
 Average shares
 outstanding 6,911,571 6,911,571 6,911,571 6,191,571
 -0- 2/3/92
 /CONTACT: Richard K. Moeller of Del-Val Financial, 201-487-1300/
 (DVL) CO: Del-Val Financial Corporation ST: New Jersey IN: FIN SU: ERN


JT -- NY108 -- 6420 02/03/92 18:03 EST
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Publication:PR Newswire
Date:Feb 3, 1992
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