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HILCOAST DEVELOPMENT CORP. REPORTS FIRST QUARTER RESULTS

 WEST PALM BEACH, Fla., Dec. 18 /PRNewswire/ -- Hilcoast Development Corp. (OTC: HCDV) today reported a net loss of $155,000 or 7 cents per share on revenues of $8,698,000 for the first quarter ended Oct. 31, 1992. After giving effect to an $85,000 cash dividend paid on the company's cumulative preferred stock, the net loss applicable to common stock amounted to $240,000 or 10 cents per share.
 Hilcoast was organized in July 1992 as a 75 percent owned affiliate of CV Reit, Inc. (NYSE: CVI) to acquire certain real property at the Century Village at Pembroke Pines adult condominium community, including the recreation facilities located at the project, subject to CV Reit loans and certain other indebtedness. The acquisition was completed on July 31, 1992 and CV Reit distributed its 75 percent interest in Hilcoast to its shareholders as a taxable dividend in October. At that time, Hilcoast became independent of CV Reit and commenced trading on the over-the-counter market. The first quarter report is the first quarter of operations for Hilcoast.
 Michael S. Rubin, president and chief operating officer, stated that "We are pleased with the progress of Hilcoast during its initial operating quarter. During that time, the company's new sales contracts at Century Village amounted to 113 apartments with an aggregate sales value of $8.2 million. At quarter end, there was a backlog of 145 undelivered apartments at Century Village with an aggregate sales value of $10.9 million compared to a backlog on July 31, 1992 of 118 apartments with an aggregate sales value of $8.7 million.
 HILCOAST DEVELOPMENT CORP.
 Statement of Operations (unaudited)
 Three months ended Oct. 31, 1992 (A)
 Revenues $8,698,000
 Net (loss) (155,000)
 Preferred stock dividend (85,000)
 Net loss applicable to common stock (240,000)
 Net loss per common share (.10)
 Average shares outstanding 2,394,000
 (A) No comparative results are available. The company commenced business activities on July 31, 1992.
 -0- 12/18/92
 /CONTACT: Jack Jaiven of Hilcoast Development Corp., 407-471-5700/
 (HCDV)


CO: Hilcoast Development Corp. ST: Florida IN: SU: ERN

PS-LR -- NY006 -- 8066 12/18/92 08:56 EST
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Date:Dec 18, 1992
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