NEW YORK, Aug. 18 /PRNewswire-FirstCall/ -- DVL, Inc. (OTC:DVLN) (BULLETIN BOARD: DVLN) announced its operating results for the three and six months period ended June 30, 2008. DVL's income from continuing operations for the quarter ended June 30, 2008 was $586,000 ($.01 basic and $.01 diluted per share) as compared to $543,000 ($.02 basic and $.01 diluted per share) for the quarter ended June 30, 2007. DVL's income from continuing operations for the six months ended June 30, 2008 was $1,628,000 ($.04 basic and $.04 diluted per share) as compared to $1,309,000 ($.04 basic and $.03 diluted per share) for the six months ended June 30, 2007. The primary reason was increased gains on satisfaction of mortgage loans, which contributed $999,000 ($.02 basic and diluted). After a loss from discontinued operations of $87,000 DVL's net income was $1,541,000 for the six months ended June 30, 2008. Shareholder's equity increased to $23,227,000 as of June 30, 2008 from $21,686,000 as of December 31, 2007. 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 Henry Swain at (212) 350-9900. 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, 2008 2007 2008 2007 Revenues $2,777 $2,495 $5,971 $5,390 Income from continuing operations $586 $543 $1,628 $1,309 Loss from discontinued operations (18) (15) (87) (152) Net income $568 $528 $1,541 $1,157 Basic earnings per share: Income from continuing operations .01 .02 .04 .04 Loss from discontinued operations .00 .00 .00 .00 Net income $.01 $.02 $.04 $.04 Diluted earnings per share: Income from continuing operations $.01 $.01 $.04 $.03 Loss from discontinued operations .00 .00 .00 .00 Net income $.01 $.01 $.04 $.03 Weighted average shares outstanding - basic 45,292,845 32,909,353 45,289,442 35,209,191 Effect of dilutive securities 121,097 16,489,120 104,885 18,742,604 Weighted average shares outstanding - diluted 45,413,942 49,398,473 45,394,327 53,951,795 DATASOURCE: DVL, Inc. CONTACT: Henry Swain of DVL, Inc., +1-212-350-9900

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