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FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS 3RD-QUARTER RESULTS

 DETROIT, July 16 /PRNewswire/ -- First of Michigan Capital Corporation (Chicago: FMG) today announced a consolidated net loss for its third quarter ending June 25, 1993, of $355,672, or $0.12 per share, compared to net income of $1,317,878, or $0.51 per share for the quarter ending June 26, 1992. Consolidated revenues were $15,529,460 versus $15,328,698 for the previous quarter.
 John G. Martin, president and chief executive officer, said that the entire loss for the quarter can be attributed to expenses incurred as a result of the termination of the merger agreement by Comerica Incorporated, on March 31, 1993. Martin reported that, excluding the merger expenses, third-quarter earnings would have been $1,072,000, or $0.41 per share.
 Consolidated net income for the nine-month period ending June 25, 1993 was $1,705,131, or $0.64 per share on revenues of $46,059,426. For the previous nine months ending June 26, 1992, net income was $3,760,764, or $1.45 per share on revenues of $46,006,505. Martin stated that, excluding the aforementioned merger expenses, net income for the nine-month period would have been $3,508,000, or $1.31 per share.
 Martin noted that, excluding the above-mentioned merger expenses, the slight decline in net income for the three-month and nine-month periods was attributable to a shift in the revenue mix toward higher- cost products.
 Martin also 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 at an all-time high of more than $33 million.
 FIRST OF MICHIGAN CAPITAL CORPORATION
 Three Months Ended Nine Months Ended
 6/25/93 6/26/92 6/25/93 6/26/92
 Revenues $15,529,460 $15,328,698 $46,059,426 $46,006,505
 Net Income (loss) $ (355,672) $ 1,317,878 $ 1,705,131 $ 3,760,764
 Net Income (loss)
 Per Share $ (0.12) $ .51 $ .64 $1.45
 Average Shares
 Outstanding 2,675,111 2,605,847 2,668,900 2,602,300
 -0- 7/16/93
 /CONTACT: John G. Martin of First of Michigan Capital Corporation, 313-259-2600; or Suzanne Rabideau, 313-954-1901, for First of Michigan Capital Corporation/
 (FMG)


CO: First of Michigan Capital Corporation ST: Michigan IN: FIN SU: ERN

DD -- DE005 -- 2512 07/16/93 13:27 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
Words:416
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