DVL, Inc. Reports Results of Operations for the Year Ended December 31, 2003

DVL, Inc. Reports Results of Operations for the Year Ended
December 31, 2003 


NEW YORK, March 31  /PRNewswire-FirstCall/ -- DVL, Inc. (OTC Bulletin Board:
DVLN) announced its operating results for the year ended December 31, 2003.

DVL's net income for the year ended December 31, 2003 was $548,000 ($.02 basic
and $.02 diluted net income per share) as compared to $1,391,000 ($.06 basic and
$.03 diluted net income per share) for the year ended December 31, 2002.

Included in the year ended December 31, 2003 net income is an impairment write
down of $762,000 ($.04 basic and $.01 diluted per share) on the Company's real
estate lease interest.  The impairment was a result of a reduction in the
anticipated realizable value from such lease interest following the vacancy of a
portion of the property by a significant tenant. Therefore, without such
impairment the net income for the year ended December 31, 2003 would have been
$1,310,000 ($.06 basic and $.03 diluted net income per share).

Shareholder's equity increased to $13,665,000 as of December 31, 2003 from
$12,378,000 as of December 31, 2002.

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.

  For more information, contact Jay Thailer at [phone].

  Statistical table follows:


                                DVL, INC.

                       ANNUAL RESULTS OF OPERATIONS

              (in thousands except share and per share data)

                             Year Ended December 31,

                                               2003             2002

  Revenues                                 $     9,104      $     9,094

  Net income before impairment             $     1,310      $     1,391

  Impairment                                       762               --

  Net income after impairment              $       548      $     1,391

  Basic earnings per share:
  Net income                               $       .02      $       .06

Diluted earnings per share:
  Net income                               $       .02      $       .03

  Weighted average shares outstanding -
   basic                                    23,083,595       21,713,563

  Effect of dilutive securities      31,254,729       37,062,930

  Weighted average shares outstanding -
   dilutive                                 54,338,324       58,776,493

   The change in the weighted average number of common shares outstanding -
   diluted resulted from a decrease in the average amount of 10% redeemable
   promissory notes outstanding for the year ended December 31, 2003
   compared to the year ended December 31, 2002.


DATASOURCE: DVL, Inc.



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

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