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INTER-REGIONAL FINANCIAL GROUP REPORTS BEST QUARTER IN COMPANY HISTORY; EARNINGS PER SHARE UP 28 PERCENT ON 12 PERCENT NET REVENUE GAIN

 MINNEAPOLIS, April 19 /PRNewswire/ -- Inter-Regional Financial Group (NYSE: IFG), parent company of regional broker-dealers Dain Bosworth Incorporated, Minneapolis, and Rauscher Pierce Refsnes, Inc., Dallas, today reported first-quarter 1993 as the best quarter in company history. Net earnings for the quarter ended March 31, 1993, were $10.1 million, or $1.22 per share fully diluted, compared with $8.7 million, or 95 cents per share fully diluted in first-quarter 1992. On a per- share basis, quarterly earnings increased 28 percent over the prior year and surpassed the company's previous record, set in fourth-quarter 1992, by 10 percent.
 Net revenues for the quarter (revenues less interest expense) were $112.3 million, an increase of 12 percent over last year's first-quarter net revenues of $100.0 million. Dain Bosworth contributed $70.3 million to revenues and $10.6 million to pretax earnings in the quarter, and Rauscher Pierce Refsnes contributed $41.8 million to revenues and $7.0 million to pretax earnings.
 Commenting on recent trends, IFG president and chief executive officer Irving Weiser said, "The financial markets remained robust in the quarter, although somewhat more volatile toward quarter's end as economic indicators sent mixed signals to investors." He also noted that retail sales and fixed income trading were "exceptionally strong" at both broker-dealers during first quarter.
 Comparing the March 1993 quarter with the same period in 1992, the company reported double-digit revenue increases for four business segments: retail sales group at Dain Bosworth (up 10 percent); corporate capital group at Rauscher Pierce Refsnes (up 14 percent), and fixed income groups at both firms (up 29 percent at DBI and 32 percent at RPR).
 IFG also reported that its new operations subsidiary, Regional Operations Group, began clearing and settling trades of Dain Bosworth and Rauscher Pierce Refsnes on April 12. Previously, each broker-dealer cleared and settled its trades separately. Regional Operations Group also provides data processing and management information services that were provided by its predecessor company, IFG Information Services (IFGIS). Plans to consolidate the operations departments of IFG's broker-dealers were announced in May 1992. The new Minneapolis-based subsidiary has approximately 275 employees, mostly former employees of Dain Bosworth, Rauscher Pierce Refsnes and IFGIS.
 Inter-Regional Financial Group, Inc. provides full-service securities and investment banking services in 22 states through its subsidiaries, Dain Bosworth Incorporated, Minneapolis, and Rauscher Pierce Refsnes, Inc., Dallas. The parent company's common stock is traded on the New York Stock Exchange under the symbol IFG.
 INTER-REGIONAL FINANCIAL GROUP
 Consolidated Summary of Operations
 (In thousands, except per-share amounts)
 Three Months Ended
 1993 1992
 Revenues $118,771 $109,683
 Interest expense (6,427) (9,677)
 Net revenues 112,344 100,006
 Expenses excluding interest 95,997 86,732
 Earnings before income taxes 16,347 13,274
 Income tax expense (6,212) (4,580)
 Net earnings $ 10,135 $ 8,694
 Net earnings per share:
 Primary $ 1.22 $ 1.00
 Fully diluted 1.22 .95
 Shares used for per-share calculation:
 Primary 8,334 8,686
 Fully diluted 8,340 8,982
 Selected financial data:
 Net revenues:
 Dain Bosworth Incorporated $ 70,312 $ 63,321
 Rauscher Pierce Refsnes, Inc. 41,825 36,924
 Corporate, other and eliminations 207 (239)
 Total revenues $112,344 $100,006
 Pretax earnings (loss):
 Dain Bosworth Incorporated $ 10,603 $ 9,283
 Rauscher Pierce Refsnes, Inc. 7,031 5,423
 Corporate, other and eliminations (1,287) (1,432)
 Total revenues $ 16,347 $ 13,274
 -0- 4/19/93
 /CONTACT: B.J. French of Inter-Regional Financial Group, 612-371-2363/
 (IFG)


CO: Inter-Regional Financial Group ST: Minnesota IN: FIN SU: ERN

TM -- NY009 -- 7162 04/19/93 08:31 EDT
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Date:Apr 19, 1993
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