DVL, Inc. Reports Results of Operations for the Quarter Ended June 30, 2004 NEW YORK, Aug. 18 /PRNewswire-FirstCall/ -- DVL, Inc. (OTC:DVLN) (BULLETIN BOARD: DVLN) announced its operating results for the three and six month periods ended June 30, 2004. DVL's net income for the six months ended June 30, 2004 was $864,000 ($.03 basic and $.02 diluted net income per share as compared to $930,000 ($.04 basic and $.02 diluted net income per share) for the six months ended June 30, 2003. Income before income tax expense for the six months ended June 30, 2004 increased to $889,000 from $623,000 for the six months ended June 30, 2003. The increase was the result of the recognition of a gain on satisfaction of mortgage loans of $502,000 during the quarter ended June 30, 2004. DVL's net income for the quarter ended June 30, 2004 was $735,000 ($.03 basic and $.01 diluted net income per share) as compared to $369,000 ($.02 basic and $.01 diluted net income per share) for the quarter ended June 30, 2003. Shareholder's equity increased to $14,529,000 as of June 30, 2004 from $13,665,000 as of December 31, 2003. 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 Six Months Ended June 30, Ended June 30, 2004 2003 2004 2003 Revenues $2,625 $2,274 $4,745 $4,678 Net income $735 $369 $864 $930 Basic earnings per share: Net income $.03 $.02 $.03 $.04 Diluted earnings per share: Net income $.01 $.01 $.02 $.02 Weighted average shares outstanding - basic 27,738,402 21,713,563 27,738,402 21,713,563 Effect of dilutive securities 27,871,412 33,765,095 27,559,045 33,091,210 Weighted average shares outstanding - diluted 55,609,814 55,478,658 55,297,447 54,804,773 DATASOURCE: DVL, Inc. CONTACT: Jay Thailer of DVL, Inc., +1-212-350-9900

Copyright