DVL, Inc. Reports Results of Operations for the Year Ended December 31, 2003 NEW YORK, March 31 /PRNewswire-FirstCall/ -- DVL, Inc. (OTC Bulletin Board: DVLN) announced its operating results for the year ended December 31, 2003. DVL's net income for the year ended December 31, 2003 was $548,000 ($.02 basic and $.02 diluted net income per share) as compared to $1,391,000 ($.06 basic and $.03 diluted net income per share) for the year ended December 31, 2002. Included in the year ended December 31, 2003 net income is an impairment write down of $762,000 ($.04 basic and $.01 diluted per share) 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. Therefore, without such impairment the net income for the year ended December 31, 2003 would have been $1,310,000 ($.06 basic and $.03 diluted net income per share). Shareholder's equity increased to $13,665,000 as of December 31, 2003 from $12,378,000 as of December 31, 2002. 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 Jay Thailer at (212) 350-9900. Statistical table follows: DVL, INC. ANNUAL RESULTS OF OPERATIONS (in thousands except share and per share data) Year Ended December 31, 2003 2002 Revenues $ 9,104 $ 9,094 Net income before impairment $ 1,310 $ 1,391 Impairment 762 -- Net income after impairment $ 548 $ 1,391 Basic earnings per share: Net income $ .02 $ .06 Diluted earnings per share: Net income $ .02 $ .03 Weighted average shares outstanding - basic 23,083,595 21,713,563 Effect of dilutive securities 31,254,729 37,062,930 Weighted average shares outstanding - dilutive 54,338,324 58,776,493 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 year ended December 31, 2003 compared to the year ended December 31, 2002. DATASOURCE: DVL, Inc. CONTACT: Jay Thailer of DVL, Inc., +1-212-350-9900

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