DVL, Inc. Reports Results of Operations for 2000

Apr 19, 2001, 01:00 ET from DVL, Inc.

    NEW YORK, April 19 /PRNewswire/ -- DVL, Inc. (OTC Bulletin Board:   DVLN)
 announced its operating results for the fiscal year ended December 31, 2000.
     DVL's operating income for 2000 was $199,000 ($.01 basic and diluted
 earnings per share) as compared to $1,026,000 ($.06 basic earnings per share
 and $.02 diluted earnings per share) for 1999.  The decrease in 2000 was
 primarily the result of fewer property sales resulting in less gains on
 satisfaction of mortgage loans as the Company focused on growing its asset
 base.  The decrease was partially offset by a reduction in interest expense.
     DVL had net income for 2000 of $505,000 ($.03 basic earnings per share and
 $.01 diluted earnings per share) as compared to $2,293,000 ($.14 basic
 earnings per share and $.04 diluted loss per share) for 1999.  The net income
 in 2000 and 1999 included extraordinary gains of $306,000 ($.02 basic earnings
 per share and $.00 diluted earnings per share) and $1,267,000 ($.08 basic
 earnings per share and $.02 diluted earnings per share), respectively.  The
 extraordinary gains for each year reflect gains realized upon DVL's
 satisfaction of indebtedness at a discount from various debt tender offers
 during 2000 and 1999.
     As of December 31, 2000, the Company's total assets have grown to
 $45,437,000 from total assets of $41,858,000 as of December 31, 1999 which
 resulted primarily from the acquisition of seven new mortgage loans and the
 purchase of real estate assets, during this period.
     None of these results take into account the recently announced acquisition
 of all of the equity interests in four securitized portfolios of periodic
 payment receivables.  The Company anticipates, that as a result of this
 acquisition adding $700,000 ($.04 basic earnings per share) to net income for
 2001 and $1 million ($.06 basic earnings per share) for 2002.  The closing of
 the purchase is subject to satisfaction of certain conditions, including the
 receipt of certain consents and approvals.  The transaction is expected to
 close by May 1, 2001, but there can be no assurance that such consents and
 approvals will be obtained or that the transaction will close.
 
     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.
     DVL, Inc. is a commercial finance company which owns and services
 commercial mortgage
     For more information, contact Gary Flicker at 212-350-9900.
 
    Statistical table follows:
 
                                   DVL, INC.
                          ANNUAL RESULTS OF OPERATIONS
 
                        (in thousands except share data)
 
                                                             Year Ended
                                                             December 31,
                                                         2000           1999
 
     Operating Revenue                               $  6,063       $  7,735
     Income before extraordinary gain                $    199       $  1,026
 
     Extraordinary gain on the
     settlements of indebtedness                          306          1,267
 
     Net income                                      $    505       $  2,293
 
     Basic earnings per share data:
 
     Income before extraordinary gain                $    .01         $  .06
     Extraordinary gain                                   .02            .08
     Net income                                      $    .03         $  .14
 
 
     Diluted earnings per share:
 
     Income before extraordinary gain                $    .01         $  .02
     Extraordinary gain                                   .00            .02
     Net income                                      $    .01         $  .04
     Weighted averaqe shares
     outstanding - basic                           16,560,450     16,560,450
     Effective of dilutive securities              79,777,136     50,422,788
     Weighted average shares
     outstanding - diluted                         96,337,586     16,983,238
 
 

SOURCE DVL, Inc.
    NEW YORK, April 19 /PRNewswire/ -- DVL, Inc. (OTC Bulletin Board:   DVLN)
 announced its operating results for the fiscal year ended December 31, 2000.
     DVL's operating income for 2000 was $199,000 ($.01 basic and diluted
 earnings per share) as compared to $1,026,000 ($.06 basic earnings per share
 and $.02 diluted earnings per share) for 1999.  The decrease in 2000 was
 primarily the result of fewer property sales resulting in less gains on
 satisfaction of mortgage loans as the Company focused on growing its asset
 base.  The decrease was partially offset by a reduction in interest expense.
     DVL had net income for 2000 of $505,000 ($.03 basic earnings per share and
 $.01 diluted earnings per share) as compared to $2,293,000 ($.14 basic
 earnings per share and $.04 diluted loss per share) for 1999.  The net income
 in 2000 and 1999 included extraordinary gains of $306,000 ($.02 basic earnings
 per share and $.00 diluted earnings per share) and $1,267,000 ($.08 basic
 earnings per share and $.02 diluted earnings per share), respectively.  The
 extraordinary gains for each year reflect gains realized upon DVL's
 satisfaction of indebtedness at a discount from various debt tender offers
 during 2000 and 1999.
     As of December 31, 2000, the Company's total assets have grown to
 $45,437,000 from total assets of $41,858,000 as of December 31, 1999 which
 resulted primarily from the acquisition of seven new mortgage loans and the
 purchase of real estate assets, during this period.
     None of these results take into account the recently announced acquisition
 of all of the equity interests in four securitized portfolios of periodic
 payment receivables.  The Company anticipates, that as a result of this
 acquisition adding $700,000 ($.04 basic earnings per share) to net income for
 2001 and $1 million ($.06 basic earnings per share) for 2002.  The closing of
 the purchase is subject to satisfaction of certain conditions, including the
 receipt of certain consents and approvals.  The transaction is expected to
 close by May 1, 2001, but there can be no assurance that such consents and
 approvals will be obtained or that the transaction will close.
 
     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.
     DVL, Inc. is a commercial finance company which owns and services
 commercial mortgage
     For more information, contact Gary Flicker at 212-350-9900.
 
    Statistical table follows:
 
                                   DVL, INC.
                          ANNUAL RESULTS OF OPERATIONS
 
                        (in thousands except share data)
 
                                                             Year Ended
                                                             December 31,
                                                         2000           1999
 
     Operating Revenue                               $  6,063       $  7,735
     Income before extraordinary gain                $    199       $  1,026
 
     Extraordinary gain on the
     settlements of indebtedness                          306          1,267
 
     Net income                                      $    505       $  2,293
 
     Basic earnings per share data:
 
     Income before extraordinary gain                $    .01         $  .06
     Extraordinary gain                                   .02            .08
     Net income                                      $    .03         $  .14
 
 
     Diluted earnings per share:
 
     Income before extraordinary gain                $    .01         $  .02
     Extraordinary gain                                   .00            .02
     Net income                                      $    .01         $  .04
     Weighted averaqe shares
     outstanding - basic                           16,560,450     16,560,450
     Effective of dilutive securities              79,777,136     50,422,788
     Weighted average shares
     outstanding - diluted                         96,337,586     16,983,238
 
 SOURCE  DVL, Inc.