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LEGG MASON REPORTS RECORD RESULTS FOR FIRST FISCAL QUARTER

 LEGG MASON REPORTS RECORD RESULTS FOR FIRST FISCAL QUARTER
 BALTIMORE, July 20 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) announced today record revenues, net earnings and earnings per share for its first fiscal quarter ended June 30, 1992.
 Revenues were $81,219,000, a 20 percent increase from revenues of $67,938,000 in the corresponding quarter of 1991. Net earnings rose 84 percent to $7,604,000 from $4,130,000 in the prior year's quarter. Earnings per share rose 80 percent to $.83 from $.46.
 Earlier this year, Legg Mason reported record operating results for its quarter and fiscal year ended March 31, 1992. In the March 1992 quarter, revenues were $79,755,000, net earnings were $6,619,000 and earnings per share were $.72.
 Commenting on Legg Mason's operating results, Raymond A. Mason, chairman and chief executive officer, said: "Each of our principal businesses -- securities brokerage, investment advisory services and corporate and public finance -- contributed to our strong results in the latest quarter. Public finance revenues in both our Howard Weil and Legg Mason Wood Walker subsidiaries had particularly sizeable gains and mortage banking revenues also improved meaningfully.
 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.
 LEGG MASON, INC. AND SUBSIDIARIES
 (Unaudited; in 000s, except per-share amounts)
 Quarters ended June 30 1992 Pct. of 1991 Pct. of
 revenues revenue
 Revenues:
 Commissions $25,982 32.0 $25,467 37.5
 Principal transactions 14,470 17.8 12,408 18.3
 Investment advisory
 and related fees 11,790 14.5 10,198 15.0
 Investment banking 17,451 21.5 10,421 15.3
 Interest 5,919 7.3 6,336 9.3
 Other 5,607 6.9 3,108 4.6
 Total 81,219 100.0 67,938 100.0
 Expenses:
 Compensation and benefits 46,200 56.9 38,360 56.4
 Occupancy and equip. rental 5,835 7.2 5,848 8.6
 Communications 4,732 5.8 4,288 6.3
 Floor brokerage and
 clearing fees 1,366 1.7 1,774 2.6
 Interest 3,073 3.8 3,307 4.9
 Other 7,570 9.3 7,531 11.1
 Total 68,776 84.7 61,108 89.9
 Earnings Before Income Taxes 12,443 15.3 6,830 10.1
 Income Taxes 4,839 5.9 2,700 4.0
 Net Earnings $ 7,604 9.4 $ 4,130 6.1
 Earnings per common share:
 Primary $ 0.83 --- $ 0.46 ---
 Fully Diluted $ 0.76 --- $ 0.43 ---
 Average number of common shares
 outstanding:
 Primary 9,177 --- 9,027 ---
 Fully Diluted 10,445 --- 10,303 ---
 -0- 7/20/92
 /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


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Date:Jul 20, 1992
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