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ALLIANCE CAPITAL MANAGEMENT REPORTS DISTRIBUTION TO UNITHOLDERS AND 1991 RESULTS

 ALLIANCE CAPITAL MANAGEMENT REPORTS DISTRIBUTION TO
 UNITHOLDERS AND 1991 RESULTS
 NEW YORK, Feb. 10 /PRNewswire/ -- Alliance Capital Management L.P. (NYSE: AC) today announced a distribution of $0.60 per unit for the fourth quarter of 1991. The Partnership distributed $0.50 per unit for the fourth quarter of 1990 of which $0.05 was considered a year-end "extra" and $0.45 was considered a "regular" distribution. The partnership no longer pays year-end "extra" distributions and the entire $0.60 per unit distribution for the fourth quarter of 1991 should be considered a "regular" distribution.
 The distribution is payable on Feb. 27, 1992 to holders of units at the close of business on Feb. 20, 1992.
 Revenues increased from $58,606,000 to $84,744,000 for the quarters ended Dec. 31, 1990 and 1991, respectively, and from $216,192,000 to $297,667,000 for the years ended Dec. 31, 1990 and 1991, respectively. Assets under management as of Dec. 31, 1991 were approximately $62.3 billion, up approximately $4.1 billion from Sept. 30, 1991.
 Net income for the fourth quarter of 1991 was $18,459,000 or $0.64 per unit compared to $10,816,000 or $0.38 per unit for the fourth quarter of 1990. Net income for the year ended Dec. 31, 1991 was $62,310,000 or $2.16 per unit compared to $33,915,000 or $1.20 per unit for the year ended Dec. 31, 1990.
 The partnership is required to distribute its available cash flow, which was $17,064,000 or $0.60 per unit for the quarter ended Dec. 31, 1991.
 ALLIANCE CAPITAL MANAGEMENT L.P.
 Summary Consolidated Statements of Income
 (Unaudited, in thousands except per unit amounts)
 Periods ended: Three months Year
 Dec. 31: 1991 1990 1991 1990
 Revenues(A) $84,744 $58,606 $297,667 $216,192
 Expenses 65,257 47,305 232,262 180,926
 Income before taxes 19,487 11,301 65,405 35,266
 Taxes 1,028 485 3,095 1,351
 Net income 18,459 10,816 62,310 33,915
 Net income per unit $.64 $.38 $2.16 $1.20
 Distribution per unit .60 .50 2.12 1.76
 Dec. 31, 1991 1990
 Assets under management
 (millions) 62,337 46,264
 (A) -- 1991 and 1990 revenues include certain fee revenues previously classified as a reduction of expenses.
 Alliance Capital Management L.P. is a leading international investment adviser, providing investment management services to institutions, primarily pension funds and endowments, and to individual investors through a broad line of mutual funds and cash management products. The partnership's general partner and majority unitholder are wholly owned subsidiaries of The Equitable Life Assurance Society of the United States.
 -0- 2/10/92
 /CONTACT: John D. Carifa CFO of Alliance Capital, 212-969-1000/
 (AC) CO: Alliance Capital Management L.P. ST: New York IN: FIN SU: ERN


TS-KW -- NY031 -- 8243 02/10/92 11:36 EST
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Publication:PR Newswire
Date:Feb 10, 1992
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