NEW YORK, Aug. 18 NY-DVL-Inc-Earnings
NEW YORK, Aug. 18 /PRNewswire-FirstCall/ -- DVL, Inc.
(OTC Bulletin Board: DVLN) announced its operating results for the three and
six months period ended June 30, 2008.
DVL's income from continuing operations for the quarter ended June 30,
2008 was $586,000 ($.01 basic and $.01 diluted per share) as compared to
$543,000 ($.02 basic and $.01 diluted per share) for the quarter ended June
30, 2007.
DVL's income from continuing operations for the six months ended June 30,
2008 was $1,628,000 ($.04 basic and $.04 diluted per share) as compared to
$1,309,000 ($.04 basic and $.03 diluted per share) for the six months ended
June 30, 2007. The primary reason was increased gains on satisfaction of
mortgage loans, which contributed $999,000 ($.02 basic and diluted). After a
loss from discontinued operations of $87,000 DVL's net income was $1,541,000
for the six months ended June 30, 2008.
Shareholder's equity increased to $23,227,000 as of June 30, 2008 from
$21,686,000 as of December 31, 2007.
This press release contains statements which constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Included are statements regarding the intent, belief and/or current
expectations of the Company and its management. The Company's stockholders
and prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from those
projected in the forward-looking statements. Such risks and uncertainties
include, among other things, general economic conditions, and the actual
performance of the portfolios of periodic payment receivables and other risks
and uncertainties that are discussed herein and in the Company's reports filed
with the Securities and Exchange Commission.
DVL, Inc. is a commercial finance and real estate company which owns and
services real estate, commercial mortgages and other diversified commercial
and consumer finance assets.
For more information, contact Henry Swain at (212) 350-9900.
Statistical table follows:
DVL, INC.
RESULTS OF OPERATIONS
(in thousands except share and per share data)
Three Months Six Months
Ended June 30, Ended June 30,
2008 200720082007
Revenues$2,777 $2,495 $5,971 $5,390
Income from continuing
operations $586$543 $1,628 $1,309
Loss from discontinued
operations(18)(15)(87) (152)
Net income$568$528 $1,541 $1,157
Basic earnings per share:
Income from continuing
operations.01 .02 .04 .04
Loss from discontinued
operations.00 .00 .00 .00
Net income$.01$.02$.04$.04
Diluted earnings per share:
Income from continuing
operations $.01$.01$.04$.03
Loss from discontinued
operations.00 .00 .00 .00
Net income$.01$.01$.04$.03
Weighted average shares
outstanding -
basic45,292,845 32,909,353 45,289,442 35,209,191
Effect of dilutive
securities121,097 16,489,120 104,885 18,742,604
Weighted average shares
outstanding -
diluted 45,413,942 49,398,473 45,394,327 53,951,795
SOURCE DVL, Inc.
