DVL, Inc. Reports Results of Operations for the Quarter Ended September 30, 2003 NEW YORK, Nov. 17 /PRNewswire-FirstCall/ -- DVL, Inc. (OTC Bulletin Board: "DVLN") announced its operating results for the three and nine month periods ended September 30, 2003. DVL's net income for the nine months ended September 30, 2003 was $579,000 ($.03 basic and $.01 diluted net income per share) as compared to $1,310,000 ($.06 basic and $.03 diluted net income per share) for the nine months ended September 30, 2003. DVL's net loss for the quarter ended September 30, 2003 was $351,000 ($.02 basic and $.02 diluted net loss per share) as compared to net income of $377,000 ($.02 basic and $.01 diluted net income per share) for the quarter ended September 30, 2002. Included in the three and nine months ended September 30, 2003 net (loss) income is an impairment write down of $462,000 on the Company's real estate lease interest. The impairment was a result of a reduction in the anticipated realizable value from such lease interest following the vacancy of a portion of the property by a significant tenant. The Company continues to attempt to sell the property and its master lease pursuant to an agreement with the fee owner which allocates sale proceeds between the parties. There can be no assurance that a sale of the property will occur. Without such impairment the net income for the three and nine months ended September 30, 2003 would have been $111,000 ($.01 basic and $.00 diluted net income per share) and $1,041,000 ($.05 basic and $.02 diluted net income per share), respectively. Shareholder's equity increased to $12,974,000 as of September 30, 2003 from $12,378,000 as of December 31, 2002. As previously disclosed, the Company gave notice of redemption to the holders of approximately $750,000 principal amount of the Company's 10% redeemable promissory notes, the "Notes", redeeming the Notes for shares of the Company's Common Stock. Such holders' Notes were redeemed for an aggregate of 6,058,871 shares of Common Stock. After the redemption 27,772,434 shares of the Company's Common Stock are issued and outstanding. 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. DVL, INC. RESULTS OF OPERATIONS (in thousands except share and per share data) Three Months Nine Months Ended September 30 Ended September 30 2003 2002 2003 2002 Revenues $1,975 $2,239 $6,653 $6,971 Net (loss) income $(351) $377 $579 $1,310 Basic earnings per share: Net income $(.02) $.02 $.03 $.06 Diluted earnings per share: Net Income $(.02) $.01 $.01 $.03 Weighted average shares outstanding - basic 21,713,563 21,713,563 21,713,563 21,713,563 Effect of dilutive securities - 35,314,515 33,655,451 36,948,399 Weighted average shares outstanding - diluted 21,713,563 57,028,078 55,369,014 58,661,962 The change in the weighted average number of common shares outstanding -- diluted resulted from a decrease in the average amount of 10% redeemable promissory notes outstanding for the nine months ended September 30, 2003 compared to the nine months ended September 30, 2002. There is no effect of dilutive securities for the three months ended September 30, 2003 as the Company had a loss from operations. DATASOURCE: DVL, Inc. CONTACT: Jay Thailer of DVL, Inc., +1-212-350-9900

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