BELVEDERE CORP <BLV> 4TH QTR LOSS Oper shr loss 21 cts vs loss 95 cts Oper net loss 666,000 vs loss 2,184,000 Avg shrs 3,181,805 vs 2,310,200 Year Oper shr loss 30 cts vs loss 23 cts Oper net loss 823,000 vs loss 606,000 Avg shrs 2,757,040 vs 2,614,225 NOTE: Net excludes realized investment gains of 666,000 dlrs vs 289,000 dlrs in quarter and 2,274,000 dlrs vs 1,468,000 dlrs in year.