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WASHINGTON HOMES POSTS SOLID GAINS IN FISCAL SECOND QUARTER

 LANDOVER, Md., March 23 /PRNewswire/ -- Washington Homes, Inc. (NASDAQ-NMS: WHIN), announced today that its net earnings from continuing operations rose to $1,833,000 during the six months ended Jan. 31, 1993, compared to a loss of $94,000 during the comparable period ended Jan. 31, 1992. Revenues increased 11.8 percent to $53,656,000 in the first half of fiscal 1993 from $47,978,000 during the first half of fiscal 1992.
 The company delivered 386 homes in the six months ended Jan. 31, 1993, up 13.5 percent from the 340 homes delivered in the year earlier six-month period. Sales contracts signed for the six months were up 12 percent to 417 from the same period of fiscal 1992 and the company's backlog of homes under contract rose 10 percent to 553 at Jan. 31, 1993, exceeding $80,000,000 in aggregate sales value.
 Geaton A. DeCesaris Jr., the company's president and chief executive officer, in announcing the results, said, "With increased consumer confidence and the lowest interest rates in 20 years, we are optimistic that the Washington-Baltimore housing market will remain strong."
 For the quarter ended Jan. 31, 1993, the company had net earnings from continuing operations of $905,000 in comparison to a loss of $22,000 in the second quarter of fiscal 1992. Revenues rose 18.2 percent to $27,568,000 in the 1993 quarter from $23,403,000 the previous year. There was a 16.2 percent increase in homes delivered in the 1993 quarter when 194 homes were completed, compared to 167 in the previous year's second quarter. The company contracted to deliver 212 homes in the second quarter, up from 198 in the 1992 second quarter.
 Results for the three- and six-month periods were benefited by $1.4 million and $2.6 million decreases, respectively, in interest and financing expenses resulting from retirement of the company's subordinated debt and a decline in interest rates incurred.
 In February 1993 Washington Homes completed an initial public offering of 3,000,000 shares of its common stock raising $27 million through an underwriting group led by PaineWebber Incorporated, Dean Witter Reynolds, Inc., and Ferris Baker Watts, Incorporated. Net proceeds from the offering were used principally to retire outstanding debt.
 Results for the three-month and six-month periods ended Jan. 31, 1993 and 1992, are set forth below:
 WASHINGTON HOMES, INC.
 Quarter ended Jan. 31, 1993 1992
 Revenues $27,568,000 $23,403,000
 Income (loss) continuing operations 905,000 (22,000)
 discontinued operations 191,000 (81,000)
 Net Income (loss) 1,096,000 (103,000)
 Average outstanding shares(A) 4,600,582 4,000,000
 Earnings per share(A)
 Continuing operations $0.20 (0.01)
 Net income $0.24 (0.03)
 Six Months: 1993 1992
 Revenues $54,043,000 $48,301,000
 Income (loss) continuing operations 1,833,000 (94,000)
 discontinued operations 191,000 (232,000)
 Net Income (loss) 2,024,000 (326,000)
 Average outstanding shares(A) 4,296,799 4,000,000
 Earnings per share(A)
 Continuing operations $0.43 (0.02)
 Net Income $0.47 (0.06)
 (A) Does not reflect the issuance of 3,000,000 shares of common stock in February 1993.
 Washington Homes designs, builds and markets single family detached homes, townhomes and condominiums. It is a leading provider of moderately priced, quality homes in the Washington and Baltimore metropolitan areas.
 Shares of Washington Homes common stock are traded on the NASDAQ National Market System under the symbol "WHIN."
 -0- 3/23/93
 /CONTACT: Geaton A. DeCesaris Jr. of Washington Homes, 301-772-8900/
 (WHIN)


CO: Washington Homes, Inc. ST: Maryland, District of Columbia IN: CST SU: ERN

KD -- DC022 -- 9269 03/23/93 12:53 EST
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Date:Mar 23, 1993
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