DVL, Inc. Reports Results of Operations for the Year Ended December 31, 2005

NEW YORK, March 31  /PRNewswire-FirstCall/ -- DVL, Inc. (OTC:DVLN) (BULLETIN BOARD: DVLN)  announced its operating results for the year ended December 31, 2005.

DVL's income from continuing operations for the year ended December 31, 2005 was $1,813,000 ($.05 basic and $.03 diluted per share) as compared to $1,828,000 ($.06 basic and $.04 diluted per share) for the year ended December 31, 2004.

DVL's net income for the year ended December 31, 2005 was $1,730,000 ($.05 basic and $.03 diluted net income per share) as compared to $1,478,000 ($.05 basic and $.03 diluted net income per share) for the year ended December 31, 2004.

Shareholder's equity increased to $18,150,000 as of December 31, 2005 from $16,417,000 as of December 31, 2004.

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.
                       ANNUAL RESULTS OF OPERATIONS
              (in thousands except share and per share data)

                                               Year Ended December 31,
                                             2005                 2004

  Revenues                             $    9,282           $    9,013

  Income from continuing operations    $    1,813           $    1,828

  Loss from discontinued operations           (83)                (350)

  Net income                           $    1,730           $    1,478

  Basic earnings per share:

  Income from continuing operations    $      .05           $      .06

  (Loss) income from discontinued
   operations                                (.00)                (.01)

  Net income                           $      .05           $      .05

  Diluted earnings per share:

  Income from continuing operations    $      .03           $      .04

  (Loss) income from discontinued
   operations                                (.00)                (.01)

  Net income                           $      .03           $      .03

  Weighted average shares
   outstanding - basic                 38,315,466           27,825,337

  Effect of dilutive securities        20,352,720           29,206,900

  Weighted average shares
   outstanding - diluted               58,668,186           57,032,237


DATASOURCE: DVL, Inc.



CONTACT:  Henry Swain of DVL, Inc., [phone]

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