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J.M. PETERS COMPANY INC., REPORTS RESULTS FOR THE THIRD QUARTER OF FISCAL 1992

 J.M. PETERS COMPANY INC., REPORTS RESULTS FOR
 THE THIRD QUARTER OF FISCAL 1992
 NEWPORT BEACH, Calif., Dec. 17 /PRNewswire/ -- J.M. Peters Company Inc. (AMEX: JMP), today reported third quarter financial results for the period ended Nov. 30, 1991.
 For the third quarter of fiscal 1992, revenue from housing sales was $22.7 million on 71 closings vs. $39.0 million on 105 closing for the corresponding period of fiscal 1991.
 For the third quarter of fiscal 1992, the company recorded a pre- tax loss of $5.1 million vs. a pre-tax loss of $11.5 million for the third quarter of the prior year. During the third quarter of fiscal 1992, the company recorded a reduction to income taxes in the amount of $13.9 million. The adjustment resulted from a recently completed tax audit. As a result of the tax adjustment, the company will record net income of $8.8 million, or $0.63 per share on 13,980,000 shares outstanding, for the third quarter of fiscal 1992 vs. a net loss of $11.5 million, or $0.51 per share on the same number of shares outstanding, for the corresponding period of the prior year.
 At Nov. 30, 1991, the company had 137 homes in its backlog which was 27 homes lower than at Nov. 30, 1990. For the quarter the company booked 17 net orders vs. 89 in the prior year's period.
 J.M. PETERS COMPANY INC.
 Financial Highlights
 (Unaudited)
 (Dollars in thousands except per share data)
 Nine months ended
 Nov. 30, Increase
 1991 1990 (Decrease)
 Total revenue $146,832 $161,868 (9.3 pct.)
 Housing sales $111,948 $157,250 (28.8 pct.)
 Land sales $33,084 ---
 (Loss) before
 income taxes ($20,675) ($9,214)
 Net (loss)/
 earnings ($6,780) (a) ($6,011)
 Net (loss)/
 earnings per
 share ($0.48) (a) ($0.43)
 Weighted average
 number of shares 13,980 13,980
 Homes closed 322 394 (18.3 pct.)
 Homes in backlog 137 164 (16.5 pct.)
 Home orders 309 297 4.0 pct.
 Three months ended
 Nov. 30, Increase
 1991 1990 (Decrease)
 Total revenue $23,499 $39,980 (41.2 pct.)
 Housing sales $22,712 $39,031 (41.8 pct.)
 Land sales $370 ---
 (Loss) before
 income taxes ($5,124) ($11,488)
 Net (loss)/
 earnings $8,771 (a) ($7,141)
 Net (loss)/
 earnings per
 share $0.63 (a) ($0.51)
 Weighted average
 number of shares 13,980 13,980
 Homes closed 71 105 (32.4 pct.)
 Homes in backlog 137 164 (16.5 pct.)
 Home orders 17 89 (80.9 pct.)
 (a) Includes a $13,895 reduction in taxes as a result of a recently completed tax audit.
 -0- 12/17/91
 /CONTACT: Greg Petersen of J.M. Peters, 714-854-2500/
 (JMP) CO: J.M. Peters Company Inc. ST: California IN: FIN SU: ERN


SE-DM -- LA023 -- 3208 12/17/91 18:59 EST
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Publication:PR Newswire
Date:Dec 17, 1991
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