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HILCOAST DEVELOPMENT CORPORATION REPORTS SECOND QUARTER/SIX MONTHS RESULTS

 WEST PALM BEACH, Fla., March 11 /PRNewswire/ -- Hilcoast Development Corporation (NASDAQ: HCDV), today reported net income of $149,000 for the second quarter ended Jan. 31, 1993. After giving effect to dividends on the company's cumulative preferred stock, the net loss applicable to common stock amounted to $18,000 or one cent per share. Revenues were $7,382,000, including $4,772,000 from the sales of 58 condominium apartments at the Century Village at Pembroke Pines adult condominium community.
 Six-month net loss was $6,000 and the net loss applicable to common stock was $258,000 or 11 cents per share. Revenues totaled $16,080,000, including $10,682,000 from the sales of 143 condominium apartments at the Pembroke Pines Century Village. Revenues from sales of condominium apartments are reflected only upon the closing of the sale of an apartment.
 Hilcoast was organized in July 1992 to acquire certain real property in south Florida, principally at the Century Village at Pembroke Pines, including the recreation facilities at the project. Michael S. Rubin, president and chief operating officer, stated that "sales activity at Century Village during Hilcoast's initial six months of operations was satisfactory and was positively affected by the housing demand resulting from the damage caused by Hurricane Andrew." During that period, the company's new sales contracts at Century Village amounted to 235 apartments with an aggregate sales value of $16.9 million, including 117 during the second quarter. At Jan. 31, 1993, there was a backlog of 199 apartments at Century Village which have been sold, but not yet closed, with an aggregate sales value of $14.2 million, substantially all of which are expected to close by the end of calendar 1993, compared to a backlog on Oct. 31, 1992, of 140 apartments with an aggregate sales value of $10.5 million, Rubin noted.
 HILCOAST DEVELOPMENT CORPORATION
 Statement of Operations (Unaudited)
 Periods ended Three months(A) Six months(A)
 Jan. 31 1993 1993
 Revenues $7,382,000 $16,080,000
 Net income (loss) 149,000 (6,000)
 Net loss applicable to
 common stock (18,000) (258,000)
 Net loss per common share (.01) (.11)
 Average shares outstanding 2,352,320 2,373,776
 (A) No comparative results are available. The company commenced business activities on July 31, 1992.
 -0- 3/11/93
 /CONTACT: Jack Jaiven of Hilcoast Development Corporation, 407-471-5700/
 (HCDV)


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

AH-OS -- NY018 -- 5022 03/11/93 09:59 EST
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Publication:PR Newswire
Date:Mar 11, 1993
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