Ryland Group

October 29, 1992

Ryland's third quarter was buoyed by the growing strength of its mortgage business, said Nancy Smith, a company spokeswoman.

"Growth of the mortgage company was stimulated by a higher level of refinancing," Ms. Smith said. Refinancing activity has been strong throughout the first three quarters.

In terms of its homebuilding business, the core of the company, Ryland continues to face problems, Ms. Smith said, especially in California.

Three months ended 9/30/92

.. ..........Revenue. ......... Net............... Share

'92........ 389,816,000...... 9,706,000.......... .54

'91........ 341,207,000...... 6,881,000.......... .45

% change...........+14.2........... +41.1......... +20.0

Nine months ended 9/30/92

.............Revenue.............. Net............ Share

92.........1,046,473,000....... 20,589,000...... 1.18

91........ 867,298,000...........7,757,000....... .44

% change......... +20.7.............. +165.4..... +168.2

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