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VISTA ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 1992

VISTA ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 1992
 DALLAS, Sept. 30 /PRNewswire/ -- Vista Properties, Inc., the Dallas- based land developer announced the results of operations for the six months ended June 30, 1992.
 Vista reported a net loss of $15.77 million or $3.15 per share for the six months. Of this amount, $4.22 million represents real estate tax expense and $9.1 million represents interest on Vista's senior secured notes, substantially all of which was paid in kind in April, 1992 through the issuance of additional senior secured notes.
 June 30 marks Vista's year-end. Vista adopted fresh start accounting in accordance with generally accepted accounting principles effective Dec. 31, 1992 as a result of the recapitalization of Vista and the distribution of the majority of its common stock from Lomas Financial Corporation. The common stock was distributed to Lomas equity holders in conjunction with Lomas' plan of reorganization and emergence from Chapter 11 bankruptcy proceedings effective January 31 of this year.
 Commenting on Vista's performance, Ray Garfield, chairman and CEO, stated, "Gross proceeds from the sale of real estate properties for the six months ended June 30, 1992 were $3.17 million. When combined with gross sales for the previous six-month period, total gross sales for the 1992 fiscal year were less than $14 million, which was over $32 million (70 percent) less than the gross proceeds projected in connection with the plan of reorganization.
 "The substantial variance from projections prepared prior to reorganization was caused by several factors. For example, a number of Vista's projects are located in close proximity to properties owned by the Resolution Trust Corporation (the "RTC"), a governmental agency organized to sell failed thrifts and banking institutions and their real estate assets. The huge inventory of RTC properties being offered at "cut rate" prices and attractive financing terms has had the effect of depressing prices in the market and has affected investors' willingness to purchase non-RTC properties in the depressed environment. Further, the regional effects of the depressed markets in the Southwest are additionally impacted by the lack of available financing for developers and other purchasers due to constrained and much more rigid requirements of banks, thrifts and even the hard pressed insurance industry.
 "During October, 1992 Vista will submit a registration statement on Form 10 to the Securities and Exchange Commission (SEC) and, once effective, become a reporting company under the Securities Exchange Act of 1934. Correspondingly, Vista will distribute an annual report to our investors. Once effective with the SEC, we will submit quarterly 10-Q's and annual 10-K's providing a better flow of information to the public."
 Garfield added, "Although the future for Vista looks extremely challenging, the employees, officers and directors are absolutely focused on creating the highest possible returns for our investors."
 At June 30, Vista owned a portfolio of over 50 properties comprising 6600 acres in seven states including land zoned or planned for commercial and industrial parks or residential use.
 VISTA PROPERTIES, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In Thousands, Except Per Share Amounts)
 Reorganized Company Predecessor Company
 Six Months Twelve Months
 Period ended 6/30/92 12/31/91 6/30/91 6/30/90
 Gross sales of
 real estate $ 3,174 $ 10,794 $ 12,097 $ 29,702
 Cost of sales 2,923 9,343 10,909 27,100
 Gain on sales of
 real estate 251 1,451 1,188 2,602
 Interest income 659 254 633 2,569
 Other income 611 406 745 937
 Total 1,521 2,111 2,566 6,108
 Expenses:
 Interest 9,133 3,034 288 14,683
 Real estate taxes 4,216 -- 282 14,652
 General and administrative 3,679 3,403 5,017 4,425
 Depreciation and
 amortization 263 168 337 428
 Provision for losses -- 4,137 97,434 273,636
 Total Expenses 17,291 10,742 103,358 307,824
 Loss before reorganization
 and extraordinary items (15,770) (8,631) (100,792) (301,716)
 Reorganization items:
 Interest earned on cash
 accumulated -- 325 1,284 760
 Write-off of unamortized
 debt expense -- -- -- (150)
 Other -- (256) (199) 12
 Total -- 69 1,085 622
 Loss before extraordinary
 item (15,770) (8,562) (99,707) (301,094)
 Extraordinary item -- 396,265 -- --
 Net (loss) income $ (15,770) $ 387,703 $ (99,707)$(301,094)
 Net loss per share $ (3.15) -- -- --
 -0- 09/30/92
 CONTACT: Laura Young, CFO, of Vista Properties, Inc., 214-360-1500 CO: VISTA PROPERTIES, INC. SU: ERN ST: TX -- NY087 -- X718 09/30/92
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Sep 30, 1992
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