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PAULSON CAPITAL REPORTS RECORD FIRST QUARTER REVENUES AND EARNINGS

 PAULSON CAPITAL REPORTS RECORD FIRST QUARTER REVENUES AND EARNINGS
 PORTLAND, Ore., May 15 /PRNewswire/ -- Paulson Capital Corp. (NASDAQ: PLCC), headquartered here, today reported record net earnings of $886,365, or $.19 per share, on record revenues of $6,305,060 for the first quarter ended March 31, 1992, as compared with a net loss of $2,655, or $.00 per share, on revenues of $2,284,813 in the like year- ago quarter.
 Shareholders' equity increased 50 percent to $2,652,152 from $1,765,787 reported at year-end 1991.
 According to Paulson President Chester L. F. Paulson, first quarter 1992 results represent the single best operating quarter in the 21-year history of the company. He noted that revenues were up 176 percent from the first quarter of 1991, pre-tax income rose to $1,471,365, and net earnings exceeded the profits of $647,239, or $.14 per share, reported for the 1991 year.
 Paulson said he was "exceptionally pleased" with the performance of all profit areas within the company, particularly corporate finance. The company raised more than $30 million in equity for four of its investment banking clients during the quarter, as compared with approximately $42.3 million for eight clients in all of 1991. "While this record pace has slowed considerably in the second quarter, we are cautiously optimistic about business for the remainder of 1992. Revenues and income may vary from period to period due to fluctuations in the equity underwriting markets as well as the general economy."
 Paulson added that investment income from the exercise of underwriter warrants and resale of the underlying securities became "more of a factor" in the company's overall performance in the first quarter of 1992, and "should continue to contribute to profitability in future quarters."
 Paulson's wholly owned subsidiary, Paulson Investment Co. Inc. (PIC), is a full service broker-dealer firm with 180 registered brokers operating out of 69 offices nationwide.
 PAULSON CAPITAL CORP. AND SUBSIDIARY
 Consolidated Statements of Operations
 For the Three-Month Periods Ended,
 March 31, 1992 March 31, 1991
 Revenues
 Commissions $3,097,378 $1,876,890
 Corporate finance 2,060,745 196,882
 Investment income 530,355 17,457
 Trading income 601,943 176,372
 Interest and dividends 9,123 5,543
 Other 5,516 9,669
 Total 6,305,060 2,284,813
 Expenses
 Commissions and
 salaries 3,627,992 1,755,640
 Underwriting expenses 341,192 31,162
 Rent, telephone and
 quotation services 179,732 158,320
 Interest expense 4,405 7,480
 Other 680,374 334,866
 Total 4,833,695 2,287,468
 Earnings (loss) before
 income taxes and
 extraordinary gain 1,471,365 (2,655)
 Provision (credit)
 for income taxes
 Current 585,000 ---
 Deferred --- ---
 Net earnings
 (loss) $886,365 ($2,655)
 Earnings (loss)
 per share $.194 ---
 -0- 5/15/92
 /CONTACT: Jacqueline Paulson of Paulson Capital, 503-243-6000; or Jimmy Caplan of Market Makers, 805-569-6919, for Paulson/
 (PLCC) CO: Paulson Capital Corp. ST: Oregon IN: SU: ERN


AL -- LA025 -- 0786 05/15/92 13:28 EDT
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Date:May 15, 1992
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