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ORIOLE HOMES REPORTS HIGHER YEAR-END RESULTS; COMPLETION OF SENIOR NOTE OFFERING; AND DECLARES SPECIAL DIVIDEND

 DELRAY BEACH, Fla., Jan. 21 /PRNewswire/ -- Oriole Homes Corp. (AMEX: OHC.A, OHC.B) today reported unaudited results for the fourth quarter and year ended Dec. 31, 1992.
 For the fourth quarter ended Dec. 31, 1992, revenues totaled $34,777,838, representing an increase of 27 percent over revenues of $27,286,526 during the fourth quarter of 1991. Net income during the fourth quarter of 1992 amounted to $1,971,111, or $.43 per share, representing an increase of 177 percent over net income of $711,544, or $.18 per share, during the same period in 1991.
 For the year ended Dec. 31, 1992, revenues totaled $96,592,521, representing an increase of 15 percent over revenues of $83,761,183 during the year ended Dec. 31, 1991. Net income during the year ended Dec. 31, 1992 totaled $5,050,737, or $1.17 per share, vs. net income of $5,176,827, or $1.36 per share, during 1991. Net income during the year ended Dec. 31, 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.
 Oriole Homes also reported the completion of its public offering of $70 million of 12 1/2 percent senior notes due 2003 priced at 97.242 to yield 13 percent. The net proceeds of the offering will be used to repay all of the company's bank credit agreement, and to redeem the company's outstanding 12 7/8 percent subordinated debentures due July 15, 2000 at par, plus accrued and unpaid interest to the redemption date. The repayment of the company's bank credit agreement will remove a variety of limitations imposed on the company's operations by that agreement, including restrictions on land purchases and dividend payments. The remaining net proceeds will be used for land acquisitions and development, working capital and general corporate purposes.
 Commenting further, Mark A. Levy, president of Oriole Homes stated, "The closing yesterday of our senior notes offering and concurrent repayment of our bank credit agreement will allow us significantly greater flexibility in many aspects of our business. We are also gratified by the company's strong performance during the past year. Based on current indications, we expect Oriole's positive trend in operating performance to continue into 1993."
 The company also reported that it has declared a special dividend of $.40 per share for holders of its Class A common stock and $.425 per share for holders of its Class B common stock, payable Feb. 10, 1993 to holders of record as of Feb. 3, 1993. The company also noted that it intends to reinstate its policy of paying semi-annual dividends.
 As previously reported, 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.
 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 Dec. 31
 1992 1991
 TOTAL REVENUES $ 34,777,838 $ 27,286,526
 INCOME BEFORE TAXES $ 3,240,405 $ 1,140,881
 PROVISION FOR INCOME TAXES 1,269,294 429,337
 NET INCOME $ 1,971,111 $ 711,544
 EARNINGS PER SHARE $.43 $.18
 AVERAGE NUMBER OF SHARES
 OUTSTANDING 4,625,524 3,793,524
 For the 12 Months Ended Dec. 31,
 1992 1991
 TOTAL REVENUES $ 96,592,521 $ 83,761,183
 INCOME BEFORE TAXES $ 8,177,355 $ 8,298,585
 PROVISION FOR INCOME TAXES 3,126,618 3,121,758
 NET INCOME $ 5,050,737 $ 5,176,827
 EARNINGS PER SHARE $ 1.17 $ 1.36
 AVERAGE NUMBER OF SHARES
 OUTSTANDING 4,334,650 3,793,524
 -0- 1/21/93
 /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: ERN

JJ-AW -- FL010 -- 7369 01/21/93 11:38 EST
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Date:Jan 21, 1993
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