NEW YORK, May 17 /PRNewswire-FirstCall/ -- DVL, Inc. (OTC:DVLN) (BULLETIN BOARD: DVLN) announced its operating results for the three month period ended March 31, 2007. DVL's income from continuing operations for the quarter ended March 31, 2007 was $753,000 ($.02 basic and $.01 diluted per share) as compared to $341,000 ($.01 basic and $.01 diluted per share) for the quarter ended March 31, 2006. After a loss from discontinued operations of $124,000 DVL's net income was $629,000 for the quarter ended March 31, 2007. Shareholder's equity decreased to $19,889 as of March 31, 2007 from $19,909 as of December 31, 2006 following DVL's repurchase of 5,406,113 shares of its outstanding common stock for $648,734. 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. Statistical table follows: DVL, INC. RESULTS OF OPERATIONS (in thousands except share and per share data) Three Months Ended March 31, 2007 2006 Revenues $2,878 $2,282 Income from continuing operations $753 $341 Loss from discontinued operations (124) - 0 - Net income $629 $341 Basic earnings per share: Income from continuing operations $.02 $.01 Loss from discontinued operations .00 .00 Net income $.02 $.01 Diluted earnings per share: Income from continuing operations $.01 $.01 Loss from discontinued operations .00 .00 Net income $.01 $.01 Weighted average shares outstanding - basic 37,534,583 38,315,466 Effect of dilutive securities 20,886,850 22,501,730 Weighted average shares outstanding - diluted 58,421,433 60,817,196 DATASOURCE: DVL, Inc. CONTACT: Henry Swain of DVL, Inc., +1-212-350-9900

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