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DELTONA REPORTS FIRST QUARTER LOSS

 MIAMI, May 6 /PRNewswire/ -- The Deltona Corporation (NYSE: DLT) today reported a net loss of $997,000 on revenues of $3,335,000 for the first quarter of 1993, compared to a net loss of $1,095,000 on revenues of $3,441,000 for the first quarter of 1992. The per share loss in the first quarter of 1993 was $.16 compared to a loss of $.19 per share in the first quarter of 1992.
 At the company's Annual Meeting of Stockholders held May 4 at its community of Marion Oaks, Fla., Marcellus H.B. Muyres, chairman of the board and chief executive officer, noted that while Deltona had recently implemented its new marketing program, following the successful completion of its debt restructuring, the results of such program would not be apparent until later this year. Muyres anticipated that stockholders would begin to see an improvement in Deltona's revenues in the third quarter of 1993.
 Over 89 percent of Deltona's outstanding stock was represented in person or by proxy at the Stockholders Meeting, at which Neil E. Bahr, George W. Fischer, Antony Gram, Thomas B. McNeill, Marcellus H.B. Muyres, Leonardus G.M. Nipshagen, Cornelis van de Peppel and Cornelis L.J.J. Zwaans were re-elected as directors of the company by a plurality vote in excess of 99 percent. Over 99 percent of the shares voting also appointed Deloitte & Touche, subject to the discretion of the board of directors, to audit the company's financial statements for 1993.
 Deltona is the developer of nine planned communities, extending from the Florida Panhandle to the state's Gulf Coast, and encompassing approximately 100,000 acres.
 THE DELTONA CORPORATION
 FINANCIAL HIGHLIGHTS
 Three Months Ended
 March 26, 1993 March 27, 1992
 Revenues
 Net land sales $ 647,000 $ 892,000
 Sales -- housing --- ---
 Recognized improvement
 revenue/prior period sales 1,441,000 ---
 Interest income 311,000 1,161,000
 Other revenues 1,336,000 1,388,000
 Total revenues $ 3,735,000 $ 3,441,000
 Costs and expenses:
 Costs of sales
 and improvements 2,254,000 696,000
 Selling, general and
 administrative and
 other expenses 2,216,000 2,682,000
 Interest expense 262,000 1,158,000
 Total costs and expenses 4,732,000 4,536,000
 Net loss $ (997,000) $ (1,095,000)
 Earnings (loss) per share:
 From operations $ (.16) $ (.19)
 Extraordinary gain (loss) --- ---
 Net loss per share $ (.16) $ (.19)
 Number of common and common
 equivalent shares used to
 compute earnings (loss)
 per share 6,056,967 5,660,967
 Balance Sheet Data: March 26, 1993 Dec. 25, 1992
 Total assets $ 33,664,000 $ 37,050,000
 Common stockholders'
 equity (deficiency) $ (6,516,000) $ (5,519,000)
 Per share $ (1.09) $ (.93)
 -0- 5/6/93
 /CONTACT: Michelle R. Garbis of The Deltona Corporation, 305-854-1111/
 (DLT)


CO: The Deltona Corporation ST: Florida IN: CST SU: ERN

AW-JB -- FL008 -- 5387 05/06/93 11:38 EDT
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Publication:PR Newswire
Date:May 6, 1993
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