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FIRST OF MICHIGAN CAPITAL CORP. REPORTS STRONG SECOND-QUARTER EARNINGS

FIRST OF MICHIGAN CAPITAL CORP. REPORTS STRONG SECOND-QUARTER EARNINGS
 DETROIT, April 16 /PRNewswire/ -- First of Michigan Capital Corporation (MSE: FMG) today announced that consolidated net income for the second quarter ended March 27, 1992, was $1,298,685, or $0.50 per share, compared to $445,957, or $0.17 per share for the quarter ended March 29, 1991. This represents a 191-percent increase in net income. Consolidated revenues for the quarter increased 48 percent to $16,573,025.
 Consolidated net income for the six-month period ended March 27, 1992, increased 226 percent to $2,442,886 vs. $749,150 for the first six months of fiscal 1991. Consolidated revenues for the six-month period increased 44 percent to $30,677,807.
 John G. Martin, president and chief executive officer, reported that the increase in revenues and net income for both the six-month and three-month periods are due to very active equity trading markets and the Wall Street underwriting boom. Martin said that equity and mutual fund commission revenues were up 53 percent for both the six-month and three-month periods and investment banking revenues were up 84 percent and 78 percent, respectively. Martin also said that, even though business is good right now, he remains cautiously optimistic about the future of the securities markets. Cost containment, as well as revenue enhancement programs continue to be emphasized at the company.
 Martin said that First of Michigan Corporation continues to be the largest of any Michigan-based broker-dealer in terms of number of employees and registered representatives, offices in Michigan and underwriting -- both managed and participations. First of Michigan Corporation is also the strongest Michigan-based broker-dealer with total capital in excess of $32.2 million.
 FIRST OF MICHIGAN CAPITAL CORPORATION
 Three Months Ended Six Months Ended
 3/27/92 3/29/91 3/27/92 3/29/91
 Revenues $16,573,025 $11,203,092 $30,677,807 $21,291,546
 Net income $1,298,685 $445,957 $2,442,886 $749,150
 Net income
 per share $.50 $.17 $.94 $.29
 Avg. shares
 outstanding 2,609,412 2,577,205 2,600,526 2,579,387
 -0- 4/16/92
 /CONTACT: Suzanne Rabideau, 313-954-1901, for First of Michigan Capital Corporation/
 (FMG) CO: First of Michigan Capital Corporation ST: Michigan IN: FIN SU: ERN


DH -- DE004 -- 9257 04/16/92 11:45 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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