NEW YORK, Aug. 18 /PRNewswire-FirstCall/ -- DVL, Inc. (OTC Bulletin Board: "DVLN") announced its operating results for the three and six months period ended June 30, 2009.

DVL's income from continuing operations for the quarter ended June 30, 2009 was $726,000 ($.01 basic and $.01 diluted per share) as compared to $638,000 ($.01 basic and $.01 diluted per share) for the quarter ended June 30, 2008. After a loss income from discontinued operations of $64,000 DVL's net income was $662,000 for the quarter ended June 30, 2009.

DVL's income from continuing operations for the six months ended June 30, 2009 was $1,080,000 ($.02 basic and $.02 diluted per share) as compared to $1,712,000 ($.04 basic and $.04 diluted per share) for the six months ended June 30, 2008. After a loss from discontinued operations of $41,000 DVL's net income was $1,039,000 for the six months ended June 30, 2009.

Stockholder's equity increased to $23,991,000 as of June 30, 2009 from $22,923,000 as of December 31, 2008.

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,
                                     2009        2008        2009        2008
                                     ----        ----        ----        ----

     Revenues                      $2,347      $2,640      $4,667      $5,696
                                   ======      ======      ======      ======

     Income from continuing
      operations                     $726        $638      $1,080      $1,712

     Loss from discontinued
      operations                      (64)        (70)        (41)       (171)
                                     ----        ----        ----       -----

     Net income                      $662        $568      $1,039      $1,541
                                     ====        ====      ======      ======

     Basic earnings per share:

     Income from continuing
      operations                      .01         .01         .02         .04
     Loss from discontinued
      operations                      .00         .00         .00         .00
                                       --         ---         ---         ---
     Net income                      $.01        $.01        $.02        $.04
                                     ====        ====        ====        ====


     Diluted earnings per share:

     Income from continuing
      operations                     $.01        $.01        $.02        $.04
     Loss from discontinued
      operations                      .00         .00         .00         .00
                                      ---         ---         ---         ---
     Net income                      $.01        $.01        $.02        $.04
                                     ====        ====        ====        ====


     Weighted average
      shares outstanding -     44,770,345  45,292,845  44,770,345  45,289,442
          basic

                                   27,500     121,097      27,500     104,885
     Effect of dilutive
      securities

     Weighted average
      shares outstanding -     44,797,845  45,413,942  44,797,845  45,394,327
           diluted             ==========  ==========  ==========  ==========

SOURCE DVL, Inc.