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ORIOLE HOMES REPORTS INCREASED PROFITS FROM OPERATIONS IN FIRST QUARTER OF 1993

 DELRAY BEACH, Fla., April 21 /PRNewswire/ -- Oriole Homes Corp. (AMEX: OHC.A, OHC.B) today reported unaudited results for the first quarter ended March 31, 1993.
 Net income from operations during the first quarter of 1993 increased to $513,344, or $.11 per share on 4,625,524 average number of shares outstanding, from $152,924, or $.04 per share on 3,793,524 average number of shares outstanding, during the same period in 1992. For the first quarter ended March 31, 1993, revenues totaled $19,899,392, representing an increase of 10 percent over revenues of $18,062,800 during the first quarter of 1992.
 The company noted that its net results for the 1993 period were affected by a non-recurring extraordinary expense in the amount of $999,288, net of taxes, or $.22 per share, in connection with the redemption on Feb. 16, 1993 of the company's outstanding 12 7/8 percent Subordinated Debentures due July 15, 2000, and the early repayment of a bank credit agreement. This charge represents upfront costs incurred in obtaining those financings, which are normally amortized over the life of the debt, and which prior to the recently ended period had not yet been fully expensed. As a result, the company experienced a net loss after taxes of $485,944, or $.11 per share.
 Commenting further, Mark A. Levy, president of Oriole Homes, stated, "Overall, we are generally pleased with the company's operational performance during the recently ended quarter. Although the non- recurring charge caused Oriole to experience its first net quarterly loss after 30 consecutive profitable quarters, more meaningful are the long-term benefits to be realized from our recent financing activities. Most importantly, we have further strengthened the company's balance sheet, increased cash flow and reduced debt service requirements, while gaining significantly greater flexibility in many aspects of our business."
 The company also noted that during the 1992 first quarter, a golf course was sold with net after taxes gain of $306,747, or $.08 per share, thereby increasing total net income for the 1992 quarter to $459,671, or $.12 per share.
 As previously reported, sales of houses and condominiums closed during the first quarter ended March 31, 1993 amounted to $17,983,802 (145 units), representing an increase of 13 percent over $15,967,897 (133 units) during the same quarter of 1992.
 The value of the company's backlog of undelivered housing, which reflects new sales contracts which have yet to close, increased 9 percent to $41,920,318 (representing 339 units) as of March 31, 1993, from $38,525,873 (representing 287 units) as of March 31, 1992. The value of the company's backlog of undelivered housing was $29,476,929 (representing 240 units) as of Dec. 31, 1992.
 The company also reported that it entered into 244 new sales contracts, valued at $30,427,191, during the recently ended first quarter, compared with 215 new sales contracts, valued at $26,809,401 during the first quarter of 1992.
 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 March 31,
 1993 1992
 Total revenues from operations $ 19,899,392 $ 17,570,982
 Income before taxes and
 extraordinary item $ 822,673 $ 244,758
 Provision for income taxes 309,329 91,834
 Net income before
 extraordinary item $ 513,344 $ 152,924
 Extraordinary item,
 net after taxes (999,288) ---
 Sale of golf course,
 net after taxes --- 306,747
 Net income (loss) $ (485,944) $ 459,671
 Earnings per Class A and
 Class B common share:
 Before extraordinary item $.11 $.04
 Extraordinary item (.22) ---
 Sale of golf course --- .08
 Total earnings per share $(.11) $.12
 Average number of Class A and
 Class B common shares outstanding 4,625,524 3,793,524
 -0- 4/21/93
 /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

JB-SS -- FL009 -- 8741 04/21/93 12:26 EDT
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Date:Apr 21, 1993
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