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ORIOLE HOMES REPORTS 56 PERCENT INCREASE IN THIRD QUARTER REVENUES

 ORIOLE HOMES REPORTS 56 PERCENT INCREASE IN THIRD QUARTER REVENUES
 DELRAY BEACH, Fla., Oct. 22 /PRNewswire/ -- Oriole Homes Corp. (AMEX: OHC.A, OHC.B) today reported unaudited results for the third quarter and nine months ended Sept. 30, 1992.
 For the third quarter ended Sept. 30, 1992, revenues totaled $21,084,859, representing an increase of 56 percent over revenues of $13,541,336 during the third quarter of 1991. Net income during the third quarter of 1992 amounted to $1,030,113, or $.22 per share, vs. net income of $64,091, or $.02 per share, during the same period in 1991.
 For the nine months ended Sept. 30, 1992, revenues totaled $61,814,683, compared to revenues of $56,474,657 during the nine months ended Sept. 30, 1991. Net income during the nine months ended Sept. 30, 1992 totaled $3,079,626, or $.73 per share, vs. net income of $4,465,283, or $1.18 per share, during the same period in 1991. Net income during the first nine months of 1991 benefited from the sale of the company's former corporate headquarters building, which resulted in a gain of $2,866,891, or $.75 per share.
 Sales of houses and condominiums during the third quarter ended Sept. 30, 1992 totaled $19,496,854 (149 units), representing an increase of 64 percent over sales of houses and condominiums of $11,892,963 (104 units) during the third quarter of 1991. Sales of houses and condominiums for the first nine months of 1992 totaled $56,471,073 (452 units), compared with sales of houses and condominiums of $45,643,313 (396 units) during the first nine months of 1991.
 "Our company's strong performance during the recently ended third quarter," said Mark A. Levy, president of Oriole Homes, "again reflects the improving trend of new sales contracts. Based on current indications, we expect this positive trend to continue. As a result, we expect our strong operating performance to continue throughout the balance of 1992."
 As previously announced, the value of the company's backlog of undelivered housing, which reflects new sales contracts which have yet to close, increased 18 percent to $44,490,545 (representing 345 units) as of Sept. 30, 1992, from $37,577,049 (representing 302 units) as of Sept. 30, 1991.
 The company also reported that it entered into 164 new sales contracts, valued at $19,049,184, during the recently ended third quarter, compared with 156 new sales contracts, valued at $18,876,375 during the third quarter of 1991. For the nine months ended Sept. 30, 1992, the company entered new sales contracts valued at $73,277,249 (592 units), representing an increase of 23 percent over the $59,695,229 (508 units) entered into during the same period in 1991.
 On Aug. 24, 1992, Hurricane Andrew struck the coast of southeast Florida and caused extensive damage, primarily in southern Dade County. Commenting on its effect on Oriole Homes, Richard D. Levy, the company's chairman, stated, "The hurricane caused no damage to the company's projects or properties, all of which are located in Broward, Palm Beach and Martin counties, which are north of the significantly affected areas. It is not possible at this time to determine the long term effects of Hurricane Andrew on those builders, including the company, that were not directly affected by the hurricane. However, some costs of material and labor have been increasing and some shortages have caused short term delays in the delivery of units. These factors, however, do not appear to be having any significant effect on the company's business.
 "Dade County, which was severely impacted by the storm, has started to make changes in its building codes. We expect that these changes will be reviewed and possibly adopted in the counties in which the company's projects are located. We also believe it is likely that the initial changes will deal with the roof systems. Oriole Homes feels that it has always built to a standard that meets and often exceeds the standards set by building codes. Obviously, to meet a more stringent code may increase the cost of a home in the future," Levy concluded.
 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.
 ORIOLE HOMES CORP.
 COMPARATIVE OPERATING HIGHLIGHTS
 (Unaudited)
 For the Three Months Ended Sept. 30
 1992 1991
 TOTAL REVENUES $ 21,084,859 $ 13,541,336
 INCOME BEFORE TAXES $ 1,651,469 $ 102,384
 PROVISION FOR INCOME TAXES 621,356 38,293
 NET INCOME $ 1,030,113 $ 64,091
 EARNINGS PER SHARE $.22 (B) $.02
 AVERAGE NUMBER OF SHARES
 OUTSTANDING 4,625,524 (B) 3,793,524
 For the Nine Months Ended Sept. 30
 1992 1991
 TOTAL REVENUES $ 61,814,683 $ 56,474,657 (A)
 INCOME BEFORE TAXES $ 4,936,950 $ 7,157,704
 PROVISION FOR INCOME TAXES 1,857,324 2,692,421
 NET INCOME $ 3,079,626 $ 4,465,283 (A)
 EARNINGS PER SHARE $.73 (B) $1.18 (A)
 AVERAGE NUMBER OF SHARES
 OUTSTANDING 4,236,984 (B) 3,793,524
 (A) -- Total revenues during the nine months period ended Sept. 30, 1991 included $4,592,819 from the sale of the company's former corporate headquarters building. Net income during this period included a gain of $2,866,891, or $.75 per share, resulting from that sale.
 (B) -- Earnings per share for three and nine months ended Sept. 30, 1992 reflect the inclusion of 832,000 Class B common shares from the company's April 1992 stock offering in the computation of the average number of shares outstanding.
 -0- 10/22/92
 /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: ERN


JB-AW-JJ -- FL012 -- 3795 10/22/92 15:54 EDT
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Date:Oct 22, 1992
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