NEW YORK, Nov. 17 /PRNewswire-FirstCall/ -- DVL, Inc. (OTC:DVLN) (BULLETIN BOARD: DVLN) announced its operating results for the three and nine month periods ended September 30, 2006. DVL's income from continuing operations for the quarter ended September 30, 2006 was $151,000 ($.00 basic and $.00 diluted per share) as compared to $365,000 ($.01 basic and $.01 diluted per share) for the quarter ended September 30, 2005. DVL's income from continuing operations for the nine months ended September 30, 2006 was $1,179,000 ($.03 basic and $.02 diluted per share) as compared to $1,577,000 ($.04 basic and $.03 diluted per share) for the nine months ended September 30, 2005. Shareholder's equity increased to $19,329,000 as of September 30, 2006 from $18,150,000 as of December 31, 2005. 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 Nine Months Ended September 30, Ended September 30, 2006 2005 2006 2005 Revenues $2,283 $2,100 $6,932 $6,911 Income from continuing operations $151 $365 $1,179 $1,577 Loss from discontinued operations (0) (7) (0) (44) Net income $151 $358 $1,179 $1,533 Basic earnings per share: Income from continuing operations .00 .01 .03 .04 Loss from discontinued operations .00 (.00) .00 (.00) Net income $.00 $.01 $.03 $.04 Diluted earnings per share: Income from continuing operations $.00 $.01 $.02 $.03 Loss from discontinued operations .00 (.00) .00 (.00) Net income $.00 $.01 $.02 $.03 Weighted average shares outstanding - 38,315,466 38,315,466 38,315,466 38,315,466 Effect of dilutive securities 18,638,114 20,797,350 20,809,286 20,583,690 Weighted average shares outstanding - 56,953,580 59,112,816 59,124,752 58,899,156 DATASOURCE: DVL, Inc. CONTACT: Henry Swain, +1-212-350-9900

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