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MCDONALD & COMPANY INVESTMENTS, INC., REPORTS RECORD THIRD QUARTER AND NINE MONTHS EARNINGS; REGULAR DIVIDEND DECLARED

 MCDONALD & COMPANY INVESTMENTS, INC., REPORTS RECORD THIRD
 QUARTER AND NINE MONTHS EARNINGS; REGULAR DIVIDEND DECLARED
 CLEVELAND, Jan. 28 /PRNewswire/ -- McDonald & Company Investments, Inc. ("McDonald & Company") reported record revenues and net income for the third quarter and nine months ended Dec. 31, 1991.
 For the quarter ended Dec. 31, 1991, revenues were $38,279,000 compared to $18,103,000 for the quarter ended Dec. 31, 1990, an increase of 111 percent. Revenues for the fiscal nine months ended Dec. 31, 1991 were $88,487,000 compared to reveunues of $57,111,000 for the fiscal nine months ended Dec. 31, 1990, a 55 percent increase.
 For the quarter ended Dec. 31, 1991, income before extraordinary items was $3,358,000 or $.50 per share, compared to $40,000 or $.01 per share in the prior year's third quarter. For the recent nine months, income before extraordinary items was $7,285,000 or $1.25 per share compard to $684,000 or $.12 per share in the prior period. Included in net income for the fiscal three and nine month periods of the prior fiscal year was an extraordinary gain of $1,154,000, or $.22 per share, from the repurchase of $6,120,000 par value of the company's 8 percent convertible subordinated debentures.
 Net income for the quarter ended Dec. 31, 1991 was $3,359,000, or $.50 per share, compared to $1,194,000, or $.23 per share, for the third quarter of the prior fiscal year. Net income for the fiscal nine months ended Dec. 31. 1991 was $7,285,000, or $1.25 per share compared to $1,838,000, or $.33 per share, for the fiscal nine months ended Dec. 31, 1990.
 For the fiscal three and nine month periods ended Dec. 31, 1991, the average number of common shares outstanding was 6,753,000 and 5,800,000, respectively, compared to 5,297,000 and 5,487,000 for the fiscal three and nine month periods ended Dec. 31, 1990. The increase in the average number of common shares outstanding reflects the issuance of approximately 1,560,000 shares of common stock in the third quarter of the current fiscal year in connection with the merger with Gradison & Company, Inc. ("Gradison").
 On Oct. 4, 1991 the company completed the merger with Gradison, a brokerage and investment management firm in Cincinnati. Gradison is operating as a division of McDonald & Company Securities, Inc.
 Directors of McDonald & Company (NYSE: MDD) today declared a regular quarterly dividend of five cents per share payable Feb. 21, 1992 to shareholders of record on Feb. 11, 1992.
 McDonald & Company Investment, Inc., through its principal subsidiary, McDonald & Company Securities, Inc., operates a regional investment banking and brokerage firm with a total of 24 offices in Ohio, Michigan and Indiana and four offices in Illinois, Massachusetts, New Jersey and Texas.
 -0- 1/28/92
 /CONTACT: Richard Clark of McDonald & Company, 216-443-2614/
 (MDD) CO: McDonald & Company ST: Ohio IN: FIN SU: ERN


KK -- CL002 -- 4041 01/28/92 08:21 EST
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Date:Jan 28, 1992
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