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DELTONA REPORTS SECOND QUARTER LOSS

 MIAMI, Aug. 6 /PRNewswire/ -- The Deltona Corporation (NYSE: DLT) today reported a net loss of $1,797,000 on revenues of $2,084,000 for the second quarter of 1993, compared to a net loss of $1,390,000 on revenues of $2,100,000 for the second quarter of 1992. The per share loss in the second quarter of 1993 was $.30 compared to a loss of $.25 per share in the second quarter of 1992.
 For the first half of 1993, Deltona reported a net loss of $2,794,000 on revenues of $5,819,000, compared to a net loss of $2,485,000 on revenues of $5,541,000 for the first half of 1992. The per share loss for the first half of 1993 was $.46 compared to a loss of $.44 per share during the first half of 1992.
 The increased loss is due to costs involved in the start-up of Deltona's marketing organization, the benefits of which have not yet been realized. The company noted that full implementation of its new marketing program has been delayed pending the completion of negotiations to secure $5 million in financing. A favorable conclusion to such negotiations within the next month would result in an improvement in revenue by late 1993 and is necessary for the company to accomplish the objectives of its business plan.
 Deltona is the developer of nine planned communities in Florida, extending from the Panhandle to the Gulf Coast, and encompassing approximately 100,000 acres.
 DELTONA CORPORATION
 (Financial Highlights)
 Three Months Ended
 June 25, June 26,
 1993 1992
Revenues $ 2,084,000 $ 2,100,000
Net loss $ (1,797,000) $ (1,390,000)
Loss from operations $ (1,797,000) $ (1,390,000)
Extraordinary item $ --- $ ---


Loss per share:
 From operations $ (.30) $ (.25)
 Extraordinary gain (loss) --- ---
 Net loss per share $ (.30) $ (.25)
 Six Months Ended
 June 25, June 26,
 1993 1992


Revenues:
 Net land sales $ 1,022,000 $ 1,043,000
 House and apartment sales --- ---


Recognized improvement
 revenue/prior period sales 1,935,000 ---
 Interest income 558,000 2,130,000
 Other revenues 2,304,000 2,368,000
 Total revenues $ 5,819,000 $ 5,541,000
Costs and expenses: Cost of sales and improvements 3,258,000
 1,246,000 Selling, general and


administrative and
 other expenses 4,834,000 4,958,000
 Interest expense 521,000 1,822,000
 Total cost and expenses 8,613,000 8,026,000
Net loss: $ (2,794,000) $ (2,485,000)


Earnings (loss) per share:
 From operations $ (.46) $ (.44)
 Extraordinary gain (loss) --- ---
 Net loss per share $ (.46) $ (.44)


Number of common and common equivalent shares used to compute earnings
 (loss) per share 6,056,743 5,660,967
 June 25, Dec. 25,
 1993 1992
Balance Sheet Data: Total assets $ 31,243,000 $ 37,050,000 Common stockholders'
 (deficiency) $ (8,313,000) $ (5,519,000)
 Per share $ (1.40) $ (.93)
 -0- 8/6/93
 /CONTACT: Michelle R. Garbis of The Deltona Corporation, 305-854-1111/
 (DLT)


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

RC-SB -- FL009 -- 0490 08/06/93 18:44 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
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