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FAHNESTOCK VINER HOLDINGS AMENDS FOURTH QUARTER RESULTS

 FAHNESTOCK VINER HOLDINGS AMENDS FOURTH QUARTER RESULTS
 TORONTO, Jan. 28 /PRNewswire/ -- Fahnestock Viner Holdings Inc. today released the following statement:
 This press release amends the press release issued on Jan. 27, 1992 by Fahnestock Viner Holdings Inc., which incorrectly reported the corporation's 1991 fourth quarter unaudited revenue and expenses because of changes in accounting procedures. These changes have resulted in a restatement of revenue and expenses for each of the 1991 quarters to conform with treatment adopted at Dec. 31, 1991 as follows:
 First Second Third Fourth
 Quarter Quarter Quarter Quarter
 ended ended ended ended
 Mar.31/91 Jun.30/91 Sept.30/91 Dec.31/91
 (in thousands of U.S. dollars -- unaudited)
 Revenue $24,529 $29,958 $30,086 $34,110
 Expenses $21,780 $26,003 $26,882 $29,179
 Net profit $ 1,882 $ 2,393 $ 2,090 $ 3,036
 Net profit per share $0.17 $0.21 $0.18 $0.27
 Set out below are the corporation's unaudited 1991 results in which revenue and expenses for the fourth quarter have been restated as above, with corresponding changes to the narrative. All other numbers as reported on Jan. 27, 1992 remain the same; there are no changes to the net profit numbers for the year.
 Fourth quarter ended Year ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 (Expressed in thousands of US dollars -- unaudited)
 Revenue $34,110 $19,333 $118,683 $84,036
 Expenses $29,179 $19,346 $103,844 $82,168
 Profit (loss)
 before taxes $ 4,931 $ (13) $ 14,866 $ 1,868
 Income tax
 provision $ 1,895 $ 120 $ 5,465 $ 200
 Net Profit (Loss) $ 3,036 $ (133) $ 9,401 $ 1,668
 Net profit per share $ 0.27 $(0.01) $0.83 $0.15
 Fahnestock Viner Holdings Inc. reported record unaudited earnings and revenues for its fiscal year ended Dec. 31, 1991. Earnings for the year ended Dec. 31, 1991 were US$9,401,000 or $0.83 per share, an increase of 463 percent compared to earnings of US$1,668,000 or $0.15 per share in 1990. Total revenue in 1991 of $118,683,000 represents an increase of 41 percent over revenue of $84,036,000 for 1990.
 Fourth quarter unaudited earnings in 1991 were US$3,036,000 or $0.27 per share compared to a loss of US$133,000 or $0.01 per share in 1990. Revenues for the fourth quarter reached a record of US$34,110,000, an increase of 76 percent over US$19,333,000 for the fourth quarter in 1990 due primarily to higher commission and trading revenue as well as the increased number of branch offices and investment consultants.
 The company noted that the increased market activity generally in conjunction with the increased involvement of the retail investor in the markets have favorably impacted the results for 1991. This, together with the recent acquisition of Hopper Soliday Corporation has contributed to the greater levels of profitability of 1991 compared to 1990.
 Unaudited pre-tax profit of US$14,866,000 in 1991 compared to US$1,868,000 in 1990 (an increase of 696 percent) reflects the improvement in the company's 1991 operating results compared to 1990. The 1991 net earnings were impacted by the income tax provision as a result of the full utilization of losses carry-forward for income tax purposes early in 1991.
 The 1991 results include the operations of Hopper Soliday Corporation (adding 11 branches which continue to operate under the W.H. Newbold's Son & Co., Inc. name) on a fully consolidated basis and include eight months of operations.
 The company expects to mail its annual report including audited financial statements by mid-April 1992.
 -0- 1/28/92
 /CONTACT: A.G. Lowenthal, 212-668-8000; or E.K. Roberts, 416-364-3397, for Fahnestock Viner Holdings/ CO: Fahnestock Viner Holdings Inc. ST: Ontario IN: SU: ERN


JT -- NY089 -- 4393 01/28/92 16:14 EST
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Date:Jan 28, 1992
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