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LEGG MASON, INC. REPORTS REVENUES, NET EARNINGS, AND EARNINGS PER SHARE

 BALTIMORE, July 20 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) announced today revenues, net earnings and earnings per share for its first fiscal quarter ended June 30, 1993.
 In the quarter, revenues were $91,348,000, a 12 percent increase from revenues of $81,219,000 in the corresponding quarter of the prior year. Net earnings were $8,132,000, a 7 percent increase from net earnings of $7,604,000 in the prior year's quarter. Primary earnings per share rose 2 percent to $.85 from $.83. Revenues, net earnings and primary earnings per share were higher than in any quarter in the Company's history, with the exception of the immediately prior quarter ended March 31, 1993.
 Commenting on Legg Mason's operating results, Raymond A. Mason, chairman and chief executive officer, said: "In our first fiscal quarter, revenues from securities brokerage and investment banking activities continued strong. Revenues from investment advisory activities grew for the 13th consecutive quarter and increased 25 percent from levels in the corresponding quarter of last year. In April, we offered our 12th mutual fund, the Legg Mason Global Government Trust, which has attracted over $100 million of assets in its first three months of operation. Legg Mason subsidiaries now serve as investment advisors for $14 billion of assets in mutual funds and individual and institutional accounts."
 Legg Mason, Inc., headquartered in Baltimore, is a holding company which provides securities brokerage, investment advisory, investment banking and mortgage banking services through its wholly-owned subsidiaries. The Company's common stock is listed on the New York Stock Exchange.
 LEGG MASON, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 (in 000's, except per share amounts)
 Pct. of Pct. of
 For the Quarters Ended June 30 1993 Revenues 1992 Revenues
 Revenues:
 Commissions $33,841 37.0 $25,982 32.0
 Principal transactions 12,821 14.0 14,470 17.8
 Investment advisory and
 related fees 14,689 16.1 11,790 14.5
 Investment banking 17,412 19.1 17,451 21.5
 Interest 6,865 7.5 5,919 7.3
 Other 5,720 6.3 5,607 6.9
 91,348 100.0 81,219 100.0
 Expenses:
 Compensation and benefits 52,978 58.0 46,200 56.9
 Occupancy and equipment
 rental 6,365 7.0 5,835 7.2
 Communications 5,468 6.0 4,732 5.8
 Floor brokerage and
 clearing fees 1,645 1.8 1,366 1.7
 Interest 3,228 3.5 3,073 3.8
 Other 8,461 9.2 7,570 9.3
 78,145 85.5 68,776 84.7
 Earnings Before Income Taxes 13,203 14.5 12,443 15.3
 Income taxes 5,071 5.6 4,839 5.9
 Net Earnings $ 8,132 8.9 $ 7,604 9.4
 Earnings per common share:
 Primary $ 0.85 --- $ 0.83 ---
 Fully diluted $ 0.71 --- $ 0.76 ---
 Average number of common
 shares outstanding:
 Primary 9,575 --- 9,177 ---
 Fully diluted 12,348 --- 10,445 ---
 -0- 7/20/93
 /CONTACT: John F. Curley Jr. or F. Barry Bilson of Legg Mason, 410-539-0000/
 (LM)


CO: Legg Mason, Inc. ST: Maryland IN: FIN SU: ERN

MJ -- PH012 -- 6701 07/20/93 10:37 EDT
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Date:Jul 20, 1993
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