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ORANGE COUNTY EARNINGS

August 13, 1994

Baldwin Co.: The privately held Newport Beach home builder reported a profit of $4.9 million for the second quarter, up from the $4 million for the comparable period last year. Revenue from homes sales during the quarter ending June 30 increased 28.8% to $35 million, up from the $27.2 million for the second quarter of 1993. For the first half of 1994, the company reported a profit of $8.9 million, up from $8.6 million for the previous six months. Revenue from home sales for the first six months of 1994 increased 35% to $62.8 million from $46.5 million for the same period in 1993.

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