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ORIOLE HOMES REPORTS 28 PERCENT INCREASE IN 1992 HOME SALES; FOURTH QUARTER HOME SALES RISE 35 PERCENT; NEW CONTRACTS, YEAR-END BACKLOG RISE

 DELRAY BEACH, Fla., Jan. 4 /PRNewswire/ -- Oriole Homes Corp. (AMEX: OCH.A, OCH.B) today reported preliminary unaudited sales data for the fourth quarter and fiscal year ended Dec. 31, 1992.
 Sales of houses and condominiums closed during the fourth quarter ended Dec. 31, 1992 amounted to $32,952,564 (256 units), representing an increase of 35 percent over $24,457,685 (218 units) during the fourth quarter of 1991. Sales of houses and condominiums for 1992 totaled $89,423,637 (708 units), a 28 percent increase compared with sales of houses and condominiums of $70,100,998 (614 units) during 1991.
 The value of the company's backlog of undelivered housing, which reflects new sales contracts which have yet to close, increased 6 percent to $29,476,929 (representing 240 units) as of Dec. 31, 1992, from $27,684,369 (representing 205 units) as of Dec. 31, 1991. The value of the backlog of undelivered housing was $44,490,545 (representing 345 units) as of Sept. 30, 1992.
 The company also reported that it entered into 151 new sales contracts, valued at $17,938,948, during the recently ended fourth quarter, compared with 121 new sales contracts, valued at $14,565,005 during the fourth quarter of 1991. In 1992 the company entered into new sales contracts valued at $91,216,197 (743 units), representing an increase of 23 percent over new contracts valued at $74,260,234 (629 units) entered into during 1991.
 "We are very pleased to report," said Mark A. Levy, president of Oriole Homes, "the positive trend of revenues (deliveries) established in the first nine months of 1992 continued into our recently ended fourth quarter. The significant increase in home sales in 1992 reflects the improvement in new sales contracts and a strong backlog which began in the second quarter of 1991. Based on current indications, we expect Oriole's positive trend in operating performance to continue into 1993."
 Oriole Homes is engaged principally in the design, construction, marketing and sale of single-family homes, patio homes, townhomes, villas, duplexes and low- and mid-rise condominiums in Palm Beach and Broward counties in Florida.
 -0- 1/4/93
 /CONTACT: Mark A. Levy, president of Oriole Homes Corp., 407-274-2000; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Oriole Homes Corp./
 (OHC.A OHC.B)


CO: Oriole Homes Corp. ST: Florida IN: CST SU:

JB-AW -- FL005 -- 1239 01/04/93 10:37 EST
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Date:Jan 4, 1993
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