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GREEN TREE FINANCIAL CORPORATION ANNOUNCES RECORD ANNUAL AND FOURTH QUARTER RESULTS

 ST. PAUL, Minn., Feb. 8 /PRNewswire/ -- Green Tree Financial Corporation (NYSE: GNT) today reported record fourth quarter earnings per share of $.55 compared with $.50 per share earned in the fourth quarter of 1991. For the full year 1992, earnings per share before extraordinary loss increased 21 percent to $2.41 versus $2.00 in 1991. All per share amounts have been restated to reflect the two-for-one stock split the company effected in January 1993.
 For the fourth quarter, Green Tree had net earnings of $16,950,000 compared with net earnings of $14,223,000 in the fourth quarter of 1991. For the year 1992, earnings before extraordinary loss increased 28 percent and were $72,472,000 compared with net earnings of $56,688,000 in 1991. The reduction in 1992 net earnings comes from a second quarter extraordinary loss of $17,457,000 representing a write- off of unamortized deferred debt expense on debentures tendered during the company's bond exchange. That transaction extended the maturity on $267 million of debt from 1995 to 2002 and reduced the blended debt yield from 13.1 percent to 10.8 percent.
 Income in 1992 was a record $246,615,000 which was a 15 percent increase over 1991 income of $214,765,000. Fourth quarter income was $67,706,000 compared with 1991 fourth quarter income of $59,956,000.
 Green Tree originated a record $1.32 billion in loans during 1992. This was a 23 percent increase over the $1.07 billion in loans originated in 1991. During 1992, Green Tree originated a company record $1.21 billion of loans in its core manufactured home lending business. This was a 29 percent increase from $940 million in manufactured home loans produced in 1991. In the fourth quarter, loan originations increased 52 percent to $384 million compared with $253 million in the fourth quarter of 1991. Fourth quarter manufactured home loan originations advanced 58 percent to $357 million from $226 million.
 Lawrence M. Coss, chairman and CEO said, "We are gratified with the results that the company generated in 1992. We are particularly pleased that we were able to increase nationwide loan production in our core manufactured housing financing business. Green Tree not only had excellent loan production and profits in 1992, but it took a number of significant steps to strengthen the organization and its financial condition. We look forward to building on this foundation in 1993."
 Green Tree Financial Corporation makes loans to individuals in the 48 contiguous states for manufactured homes, home improvements and motorcycles. It currently services approximately 340,000 contracts totaling $5.6 billion in outstanding principal balances. Green Tree's common stock is traded on the New York and Pacific Stock Exchanges under the symbol "GNT".
 GREEN TREE FINANCIAL CORPORATION
 CONSOLIDATED STATEMENT OF EARNINGS
 (In thousands, except per share amounts)
 (unaudited)
 Three Months Year
 Ended Dec. 31, Ended Dec. 31
 1992 1991 1992 1991
 INCOME:
 Net gains on
 contract sales $54,692 $63,241 $226,754 $183,689
 Provision for losses
 on contract sales (17,880) (31,141) (105,357) (74,845)
 Interest 19,723 15,622 77,461 63,441
 Service 7,236 7,464 29,252 27,895
 Commissions and other 3,935 4,770 18,505 14,585
 -- 67,706 59,956 246,615 214,765
 EXPENSES:
 Interest 11,010 12,166 44,868 48,957
 Cost of servicing 7,165 5,483 23,557 19,637
 General and
 administrative 21,744 19,180 59,384 53,995
 -- 39,919 36,829 127,809 122,589
 EARNINGS BEFORE
 INCOME TAXES AND
 EXTRAORDINARY LOSS 27,787 23,127 118,806 92,176
 INCOME TAXES 10,837 8,904 46,334 35,488
 EARNINGS BEFORE
 EXTRAORDINARY LOSS 16,950 14,223 72,472 56,688
 EXTRAORDINARY LOSS
 ON DEBT EXCHANGE -- -- (17,457) --
 NET EARNINGS $16,950 $14,223 $55,015 $56,688
 EARNINGS (LOSS) PER
 SHARE (a):
 Earnings before
 extraordinary loss $.55 $.50 $2.41 $2.00
 Extraordinary loss -- -- (.59) --
 Net earnings $.55 $.50 $1.82 $2.00
 WEIGHTED AVERAGE COMMON
 AND COMMON
 EQUIVALENT SHARES
 OUTSTANDING (a) 30,878,632 23,877,866 29,199,970 23,641,446
 (a) All share and per share amounts have been restated to reflect the two-for-one stock split.
 -0- 2/8/93
 /CONTACT: John Mackay of Padilla Speer Beardsley, 612-871-8877, or In New York, 212-752-8338, for Green Tree Financial; or John W. Brink, Sr. Vice President, Treasurer, and Chief Financial Officer of Green Tree Financial, 612-293-3400/
 (GNT)


CO: Green Tree Financial Corporation ST: Minnesota IN: FIN SU: ERN

AL -- MN008 -- 4052 02/08/93 11:18 EST
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Date:Feb 8, 1993
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