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NAB ASSET CORPORATION ANNOUNCES THIRD QUARTER 1993 RESULTS AND ORGANIZATION OF A $49.3 MILLION PARTNERSHIP

 HOUSTON, Nov. 15 /PRNewswire/ -- NAB Asset Corporation (NASDAQ: NABC) announced that for the quarter ended Sept. 30, 1993, it had a net loss of $691,000, or $.16 per share, compared to a net loss of $208,000 or $.05 per share for the quarter ended Sept. 30, 1992. The year to date net loss for the nine months ended Sept. 30, 1993, was $363,000 or $.09 per share, compared to net income of $369,000 or $.09 per share for the nine months ended Sept. 30, 1992.
 For the quarter ended Sept. 30, 1993, the company reported operating income of $108,000, compared to operating income of $401,000 for the quarter ended Sept. 30, 1992. Included in operating income for the 1993 quarter was $294,000 of management fees relating to the management and collection of loans for two partnerships in which subsidiaries of the company act as the general partners. Other income for the quarter ended Sept. 30, 1993, was $89,000. The net loss for the quarter ended Sept. 30, 1993, was primarily attributable to a provision for losses of $333,000 and a net loss on sales of assets aggregating $234,000. The $333,000 provision for losses consists primarily of a $325,000 write- down on real estate held for sale. The loss on sales of assets was primarily due to a $436,000 loss from various real estate sold in a land auction, which was partially off set by a gain of $197,000 from the sale of a commercial complex located in Baton Rouge, La.
 The company also announced that it had recently entered into an agreement with various institutional investors for the formation of NAB Asset Venture III, L.P. to be capitalized with $49.3 million. The funds of the partnership will be used to acquire loans with a goal of restructuring, collecting and realizing on such loans over a three to four year period. A subsidiary of the company will contribute up to $1,000,000 to the partnership and will receive as general partner a management fee and a carried interest subject to certain performance criteria.
 NAB Asset Corporation is a financial services corporation that is primarily engaged in the management, acquisition and collection of loans and in collecting loans and disposing of real estate acquired through the acquisition of National Asset Bank (a bank in liquidation).
 -0- 11/15/93
 /CONTACT: Richard A. Durham, chief financial officer of NAB Asset Corporation, 713-952-6800/
 (NABC)


CO: NAB Asset Corporation ST: Texas IN: FIN SU: ERN

CK -- NY095 -- 4549 11/15/93 14:38 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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