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NVR L.P. ANNOUNCES RESULTS FOR ITS SECOND QUARTER ENDED JUNE 30, 1993

 MCLEAN, Va., July 30 /PRNewswire/ -- NVR L.P. (AMEX: NVR) reported net income of $8.64 million (28 cents per unit) for its second quarter ended June 30, 1993, compared to net income of $6.034 million (19 cents per unit) during the second quarter of 1992. The second quarter 1993 included $3.461 million of non-recurring expenses associated with NVR's Chapter 11 reorganization compared to $4.77 million of similar expenses during the second quarter of 1992. Since its Chapter 11 filing, NVR has continued to accrue and pay interest on its senior secured bank debt but has not accrued or paid interest on its subordinated debt.
 In NVR's homebuilding business, the number of units in backlog increased 7.9 percent from 2,134 at June 30, 1992, to 2,302 at June 30, 1993, and the total dollar value increased 13.0 percent from $357.9 million at June 30, 1992, to $404.6 million at June 30, 1993. NVR attributes its increase in backlog primarily to strong sales during the second quarter of 1993, which increased 24.7 percent to 1,356 units as compared to 1,087 units for the second quarter of 1992.
 NVR's management emphasized that its homebuilding and financial services business segments continued to generate positive operating profits in each of the five quarters since NVR and certain of its subsidiaries filed for relief under Chapter 11 of the U.S. Bankruptcy Code on April 6, 1992.
 Table follows.
 NVR L.P.
 Consolidated Statement of Operations
 (In thousands, except per Unit amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Total revenues $ 211,639 $ 217,599 $ 384,207 $ 400,990
 Income before
 reorganization/
 non-recurring items $ 12,101 $ 10,804 $ 16,898 $ 1,383
 Reorganization/
 non recurring items (3,461) (4,770) (8,069) (4,770)
 Net income (loss) $ 8,640 $ 6,034 $ 8,829 $ (3,387)
 Net income (loss)
 per Unit $ 0.28 $ 0.19 $ 0.29 $ (0.13)
 Weighted average
 Units outstanding 30,396 30,396 30,396 30,390
 Homebuilding Unit Data
 New orders (units) 1,356 1,087 2,519 2,348
 Settlements (units) 1,044 1,113 1,937 2,062
 Backlog (units) 2,302 2,134
 Backlog ($)(000s) 404,547 357,953
 -0- 7/30/93
 /CONTACT: Doug Poretz of NVR L.P., 703-506-1778 or, after hours, 703-448-1312/
 (NVR)


CO: NVR L.P. ST: Virginia IN: CST SU: ERN

KD-IH -- DC025 -- 7843 07/30/93 15:01 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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