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NUVEEN SUSTAINS EARNINGS GROWTH IN FIRST QUARTER

 CHICAGO, April 19 /PRNewswire/ -- The John Nuveen Company (NYSE: JNC) today announced first quarter net income of $17.6 million, a 38 percent increase over net income of $12.7 million for the same period last year. Earnings per share were $.44, compared with $.35 per share for the first quarter of 1992. Net income for the first quarter of 1992 excludes a one-time charge of $3.1 million taken in that quarter to comply with changes in FASB accounting standards for income taxes and postretirement benefits. The company's revenues for the first quarter of 1993 increased 30 percent over last year, from $47 million to $61 million.
 Total sales of Nuveen long-term tax-free packaged products were $2 billion for the current quarter -- a 15 percent increase over the $1.7 billion of sales for the same period last year. The company's net assets under management reached a record high of $29.2 billion at March 31, 1993, compared to $23.2 billion at March 31, 1992, and $15.4 billion at March 31, 1991. The total amount of tax-free packaged products that Nuveen has under management and surveillance now exceeds $51 billion.
 Nuveen expanded its family of funds during the first quarter with the sale of common stock equity of one national and 10 state-specific exchange-traded funds. In addition to the national Nuveen Premium Income Municipal Fund 4, the firm offered Premium Income Municipal Funds in the states of California, Florida, Maryland, Massachusetts, Michigan, New Jersey, New York, Pennsylvania, Virginia and Washington. As of March 31, the net assets of these funds totaled $1 billion. All of these funds are scheduled to sell preferred stock totaling approximately $500 million during the second quarter of 1993.
 Founded in 1898 and headquartered in Chicago, Nuveen is the nation's oldest and largest investment banking firm specializing in the sponsorship, marketing and management of tax-free investment products for individual investors, and in municipal finance. Since 1961, Nuveen has sponsored nearly $60 billion in tax-free funds and trusts distributed by financial advisers to more than 1 million investors.
 The John Nuveen Company stock is listed on the New York Stock Exchange under the symbol "JNC."
 THE JOHN NUVEEN COMPANY
 (In thousands, except for per share data)
 First Quarter 1993 1992
 Total revenues $ 60,962 $ 47,030
 Net income $ 17,562 $ 12,747 (A)
 Primary Shares (B) 39,981 36,660
 Earnings per share $.44 $.35 (A)
 Net assets under management $29,176,064 $23,203,336
 UIT Sales $ 477,767 $ 522,454
 Long-term managed funds sales $ 1,517,197 $ 1,216,161
 (net of redemptions)
 (A) -- Before reflecting a one-time charge of $3.1 million, or $.085 a share, taken in the first quarter of 1992 to comply with changes in FASB accounting standards for income taxes and postretirement benefits.
 (B) -- Primary shares include the weighted average common and common-equivalent shares outstanding for the period.
 THE JOHN NUVEEN COMPANY
 Consolidated Statements of Income
 (In thousands, except per share data)
 FIRST QUARTER 1993
 Revenues:
 Investment advisory fees
 from assets Under management $39,260
 Portfolio structuring fees --
 Underwriting and distribution
 of investment products 12,291
 Investment banking 4,881
 Interest 3,115
 All other 1,416
 Total revenues 60,962
 Expenses:
 Compensation & benefits 21,114
 Advertising and promotional costs 6,680
 Interest 675
 Occupancy and equipment rental 2,333
 Communications 438
 Other operating expenses 2,145
 Total expenses 33,385
 Income before taxes and cumulative
 effect of accounting changes 27,577
 Income taxes
 Current 10,702
 Deferred -687
 Total income taxes 10,015
 Net income before cumulative effect
 of accounting changes 17,562
 Net income $ 17,562
 Primary weighted
 average shares outstanding 39,981
 Earnings per share:
 Net income before cumulative effect
 of accounting changes $.44
 Net income $.44
 1992
 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
 Revenues:
 Investment advisory
 fees from assets
 under management $31,732 33,224 35,958 37,144 138,058
 Portfolio structuring fees 2,634 5,246 1,004 8,883
 Underwriting and
 distribution
 of investment products 7,855 12,701 9,697 9,221 39,474
 Investment banking 3,187 5,579 4,253 5,205 18,224
 Interest 3,125 2,844 3,452 2,919 12,340
 All other 1,131 1,091 1,181 830 4,232
 Total revenues 47,030 58,073 59,786 56,323 221,212
 Expenses:
 Compensation & benefits 15,685 19,264 20,341 19,805 75,094
 Advertising and
 promotional costs 5,823 6,394 6,213 6,065 24,494
 Interest 636 671 814 467 2,589
 Occupancy and
 equipment rental 2,432 2,423 2,375 2,434 9,664
 Communications 457 439 449 419 1,765
 Other operating expenses 2,494 2,939 2,187 2,119 9,739
 Total expenses 27,527 32,130 32,379 31,309 123,345
 Income before taxes &
 cumulative effect of
 accounting changes 19,503 25,944 27,407 25,013 97,867
 Income taxes
 Current 7,046 9,761 2,865 10,331 30,003
 Deferred -289 -494 6,924 -850 5,291
 Total income taxes 6,757 9,267 9,789 9,481 35,294
 Net income before
 cumulative effect of
 accounting change 12,747 16,676 17,618 15,533 62,573
 Income taxes -1,080 -1,080
 Postretirement Health
 care benefits -2,053 -2,053
 Net income $ 9,614 16,676 17,618 $ 15,533 59,440
 Primary weighted average
 shares outstanding 36,660 37,350 38,454 38,457 37,734
 Earnings per share:
 Net income before
 cumulative effect of
 accounting change $.35 .45 .46 .40 1.66
 Net income $.26 .45 .46 .40 1.58
 -0- 4/19/93
 /CONTACT: Jeff Kratz, 312-917-7749, or Ed Dunn, 312-917-7763, both of John Nuveen Company/
 (JNC)


CO: John Nuveen Company ST: Illinois IN: FIN SU: ERN

TS -- NY085 -- 7418 04/19/93 12:41 EDT
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Date:Apr 19, 1993
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