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DUFF & PHELPS REPORTS HIGHER FIRST QUARTER EARNINGS

 DUFF & PHELPS REPORTS HIGHER FIRST QUARTER EARNINGS
 CHICAGO, April 29 /PRNewswire/ -- Duff & Phelps Corp. today


announced that earnings (before extraordinary item) for its first quarter ended March 31 were $2.5 million, or 27 cents per share, compared with $279,000, or 3 cents per share, in the first quarter of 1991. Revenues for the 1992 first quarter were $20.3 million, an increase of 37 percent from the first quarter of last year.
 The company recently completed an initial public offering of 3.5 million shares of its common stock at $18 per share. The proceeds of the stock offering, combined with existing cash balances, were used to retire all of the company's outstanding 15 percent senior subordinated notes. As anticipated, the company recorded an extraordinary loss on the early extinguishment of this debt of $5.5 million in the first quarter. After this one-time charge, the company reported a net loss of $2.9 million, or 32 cents per share.
 Francis E. Jeffries, president and CEO of Duff & Phelps Corp., said, "We are delighted to announce excellent earnings for our first quarter as a public company. Investment management and credit ratings, the company's two largest businesses, were strong performers in the first quarter. The addition of new clients, as well as strength in the stock and bond markets, contributed to an increase in investment management revenues. Credit rating fees increased due to a large volume of new debt offerings by existing clients and the addition of new clients."
 Duff & Phelps provides investment management, credit rating, investment research and financial consulting services to institutions, corporations and individuals.
 DUFF & PHELPS CORP.
 Quarter Ended March 31 1992 1991
 Revenues $ 20,285,000 $ 14,820,000
 Income before extraordinary item 2,515,000 279,000
 Extraordinary loss (A) (5,448,000) --
 Net income (loss) (2,933,000) 279,000
 Per share earnings:
 Income before extraordinary item $0.27 $0.03
 Net income (loss) (0.32) 0.03
 (A) Early extinguishment of debt.
 -0- 4/29/92
 /CONTACT: Francis E. Jeffries, president & CEO, 312-630-4501, or Jacqueline Bitowt, 312-630-4624, both of Duff & Phelps/ CO: Duff & Phelps Corp. ST: Illinois IN: FIN SU: ERN


SM -- NY101 -- 4650 04/29/92 18:07 EDT
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Date:Apr 29, 1992
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