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WOODCREST DEVELOPMENT ANNOUNCES CONSOLIDATION OF REGIONAL OFFICES

WOODCREST DEVELOPMENT ANNOUNCES CONSOLIDATION OF REGIONAL OFFICES
 IRVINE, Calif., Dec. 5 /PRNewswire/ -- Ronald J. Gilles, president of Woodcrest Development Inc., one of Southern California's largest home builders, today announced plans to restructure its three residential divisions into two operations.
 According to Gilles, the Orange County and Riverside offices will be consolidated into the Irvine corporate headquarters offices by January 1992. The company's San Diego Division was not affected.
 "The restructuring of Woodcrest Development is in response to the current economic conditions in our industry," commented Gilles. "We sincerely regret the elimination of certain positions in the company, involving some of the most talented professionals in residential development."
 Gilles reported that Woodcrest's current staff of almost 200 would be reduced by less than 10 percent. Among top management personnel affected by the restructuring are: Tom O'Donnell, president, Orange County Division; Steve Swanson, vice president/marketing, Orange County Division; Jeff Moore, president, Riverside Division; and Jack Thompson, vice president/construction, Riverside Division.
 "These changes will make our founding management, including Chairman of the Board John Wertin and Executive Vice President James Highland more active in the day-to-day operations of the company," Gilles said. "Highland will be taking over as president of the new consolidated division."
 Listed as the fourth largest regional home builder in a 1990 Los Angeles Times survey, Woodcrest Development Inc. reported revenues of $312 million in 1990, up from $275 million in 1989. The company is reporting a decline to an estimated $220 million in 1991.
 Currently, Woodcrest Development is building nine projects in Orange County, four in Riverside County and six in San Diego.
 -0- 12/5/91
 /CONTACT: Ron Gilles of Woodcrest Development, 714-660-0462; Mike Ebbing or Stacy Cook of Martin Public Relations, 714-833-5300, for Woodcrest Development/ CO: Woodcrest Development Inc. ST: California IN: SU:


CH-KJ -- LA017 -- 9710 12/05/91 13:22 EST
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Date:Dec 5, 1991
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