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ORIOLE HOMES REPORTS FIRST QUARTER RESULTS; VALUE OF THE COMPANY'S BACKLOG INCREASES 76 PERCENT

 ORIOLE HOMES REPORTS FIRST QUARTER RESULTS;
 VALUE OF THE COMPANY'S BACKLOG INCREASES 76 PERCENT
 DELRAY BEACH, Fla., April 16 /PRNewswire/ -- Oriole Homes Corp. (AMEX: OHC.A; OHC.B) today reported unaudited results for the first quarter ended March 31, 1992.
 For the first quarter ended March 31, 1992, revenues totaled $18,062,800, compared to revenues of $22,770,965 during the first quarter of 1991. Net income during the first quarter of 1992 amounted to $459,671, or $.12 per share, vs. net income of $1,482,384, or $.39 per share, during the same period in 1991. Net income during the first quarter of 1992 included a gain of $305,628, or $.08 per share, from the sale of a golf course in January 1992, the company delivered 133 units during the recently ended first quarter, compared to 178 units during the first quarter of 1991.
 The value of the company's backlog of undelivered housing, which reflects new sales contracts that have yet to close, increased 76 percent to $38,525,873 (representing 287 units) as of March 31, 1992, from $21,873,744 (representing 182 units) as of March 31, 1991. The company's backlog of undelivered housing totaled 205 units valued at $27,684,369 as of Dec. 31, 1991.
 Mark A. Levy, president of Oriole Homes, noted that the company entered into 215 new contracts during the recently ended first quarter, representing an increase of 26 percent over the 170 new contracts written during the first quarter of 1991. "As such," Levy stated, "the increase in the company's backlog, coupled with this rising trend in new sales activity, is expected to translate into higher revenues beginning in the second half of 1992 and continuing into 1993."
 Oriole Homes Corp., one of Florida's largest homebuilders, builds and sells villas, patio homes, single family homes and condominium apartments in planned communities on land which it acquires and develops. These communities generally include amenities such as recreation buildings, tennis courts, swimming pools and open areas. Since 1963, Oriole has built over 21,000 residences.
 ORIOLE HOMES CORP.
 COMPARATIVE OPERATING HIGHLIGHTS
 (Unaudited)
 For the Three Months Ended March 31,
 1992 1991
 Total Revenues $18,062,800 $22,770,965
 Income Before Taxes $ 736,576 $ 2,376,036
 Provision for Income Taxes 276,905 893,652
 Net Income $ 459,671 $ 1,482,384
 Earnings per Class A and
 Class B Common Share $.12 $.39
 Average Number of Class A and
 Class B Common Shares
 Outstanding 3,793,524 3,793,524
 -0- 4/16/92
 /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) CO: Oriole Homes Corp. ST: Florida IN: CST SU: ERN


AK-SS -- FL005 -- 9128 04/16/92 09:40 EDT
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Date:Apr 16, 1992
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