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J.M. PETERS CO. INC. REPORTS RESULTSFOR THE THIRD QUARTER OF FISCAL 1993

 NEWPORT BEACH, Calif., Dec. 18 /PRNewswire/ -- J.M. Peters Co. Inc. (AMEX: JMP) today reported third quarter financial results for the period ended Nov. 30, 1992.
 For the third quarter of fiscal 1993, revenue from housing sales was $3.5 million on 16 closings, compared to the $22.7 million on 71 closings reported for the corresponding period of fiscal 1992. In addition to the housing sales, the company recorded land sales of $8.9 million for the third quarter of fiscal 1993 vs. $370,000 for the third quarter of fiscal 1992.
 For the third quarter of fiscal 1993, the company had a net profit of $2.0 million, or $0.14 per share, as compared to a net profit of $8.8 million, or $0.63 per share, for the comparable quarter of fiscal 1992. During the third quarter of fiscal 1993 the company received a tax refund in the amount of $3.1 million.
 J.M. PETERS CO. INC.
 Financial Highlights
 (Unaudited)
 (Dollars in thousands, except per share data)
 Nine months ended
 Nov. 30, Increase
 1992 1991 (Decrease)
 Total revenue $68,095 $146,832 (53.6 pct)
 Housing sales $35,131 $111,948 (68.6 pct)
 Land sales $30,844 $33,084 (6.8 pct)
 (Loss)/earnings
 before income
 taxes ($81,412) ($20,675) ---
 Net (loss)/
 earnings ($79,620) ($6,780) ---
 Net (loss)/earnings
 per share ($5.70) ($0.48) ---
 Weighted average
 number of shares 13,980 13,980 ---
 Homes closed 106 322 (67.1 pct)
 Homes in backlog 28 137 (79.6 pct)
 Home orders 53 309 (82.8 pct)
 Three months ended
 Nov. 30, Increase
 1992 1991 (Decrease)
 Total revenue $13,873 $23,499 (41.0 pct)
 Housing sales $3,463 $22,712 (84.8 pct)
 Land Sales $8,900 $370 ---
 (Loss)/earnings
 before income taxes $199 ($5,124) ---
 Net (loss)/earnings $1,991 $8,771 ---
 Net (loss)/earnings
 per share $0.14 $0.63 ---
 Weighted average
 number of shares 13,980 13,980 ---
 Homes closed 16 71 (77.5 pct)
 Homes in backlog 28 137 (79.6 pct)
 Home orders 22 17 29.4 pct
 -0- 12/18/92
 /CONTACT: Greg Petersen of JM Peters, 714-854-2500/
 (JMP)


CO: J.M. Peters Co. Inc. ST: California IN: CST SU: ERN

BP-JB -- LA028 -- 8470 12/18/92 19:00 EST
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Publication:PR Newswire
Date:Dec 18, 1992
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