DVL, Inc. Reports Results of Operations for the Quarter Ended September 30, 2006

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, [phone]

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