DVL, Inc. Reports Results of Operations for the Quarter Ended September 30, 2004

DVL, Inc. Reports Results of Operations for the Quarter Ended
September 30, 2004 


NEW YORK, Nov. 18  /PRNewswire-FirstCall/ -- DVL, Inc. (OTC: ADVLN) (BULLETIN
BOARD: ADVLN)  announced its operating results for the three and nine month
periods ended September 30, 2004.

DVL's net income for the nine months ended September 30, 2004 was $1,325,000
($.05 basic and $.03 diluted net income per share) as compared to $579,000
($.03 basic and $.01 diluted net income per share) for the nine months ended
September 30, 2003.  Income before income tax benefit for the nine months ended
September 30, 2004 increased to $1,183,000 from $214,000 for the nine months
ended September 30, 2003. The increase included the recognition of a gain on
satisfaction of mortgage loans of $502,000 during the nine months ended
September 30, 2004 as compared with $99,000 for the nine months ended September
30, 2003 and a $462,000 impairment write down on the Company's real estate
lease interest in the nine months ended September 30, 2003.

DVL's net income for the quarter ended September 30, 2004 was $461,000 ($.02
basic and $.01 diluted net income per share) as compared to a net loss of
$351,000 ($.02 basic and $.02 diluted net loss per share) for the quarter ended
September 30, 2003.  The net loss for the quarter ended September 30, 2003 was
due to the impairment described above.

Shareholder's equity increased to $14,995,000 as of September 30, 2004 from
$13,665,000 as of December 31, 2003.

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 June 30,        Ended June 30,

                              2004          2003           2004        2003

  Revenues                  $2,038        $1,975         $6,783      $6,653

  Net income (loss)           $461        $(351)         $1,325        $579

  Basic earnings per share:
  Net income (loss)           $.02        $(.02)           $.05        $.03

  Diluted earnings per
   share:
  Net income (loss)           $.01        $(.02)           $.03        $.01

 Weighted average
  shares outstanding-
   basic                27,738,402    21,713,563     27,738,402  21,713,563

  Effect of dilutive
   securities           28,867,943             -     29,535,750  33,655,451

  Weighted average
   shares outstanding-
    diluted             56,606,345    21,713,563     57,274,152  55,369,014


DATASOURCE: DVL, Inc.



CONTACT: Jay Thailer of DVL, Inc., [phone]

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