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PIPER JAFFRAY COMPANIES REPORTS RECORD SECOND QUARTER

 MINNEAPOLIS, April 20, /PRNewswire/ -- Piper Jaffray Companies Inc., (NYSE: PJC) a Minneapolis-based investment firm, today reported record revenues and earnings for the second quarter ended March 31, 1993, and the first six months of its fiscal year.
 Second quarter revenues increased to $108,128,000, a 7.8 percent increase over the same period a year ago. Net income was $11,187,000, up 3.7 percent over the same quarter last year. Net income per share was $1.27, a decrease of $.01 per share compared to the same period last year with more than 400,000 additional shares outstanding. Annualized return on average equity was 31.1 percent.
 Through the first six months of the company's fiscal year, revenues increased 12.6 percent over the first half of fiscal year 1992 to $198,030,000. Net income increased 10.8 percent compared to the same period last year to $20,116,000. Net income per share for the first six months was $2.27 compared to $2.16 a year earlier.
 A strong stock market and continued low interest rates, coupled with impressive performances by the company's three core businesses -- Individual Investor Services, Capital Markets and Investment Management Services -- helped deliver the record results, according to Addison L. Piper, chairman and chief executive officer.
 Over the last six months, the company opened or acquired three new retail sales offices (Tucson, Ariz.; San Francisco; and Tacoma, Wash.) and added an additional 51 new investment executives and sales trainees.
 During the quarter, the company completed the successful offering of the American Strategic Income Portfolio III (CSP), attracting more than $400 million in assets into the closed-end fund. This fund was developed by Piper Capital Management and Piper Jaffray's Mortgage-backed financing group and will be managed by Piper Capital. "All areas of our company were involved in developing, marketing and managing this fund," Piper said. "This is an excellent example of how our people work together to develop and market products to meet our clients' investment needs."
 Expenses for the quarter increased 8.6 percent over the same period last year and 12.8 percent during the first six months of the fiscal year. "In the first half of our fiscal year we made conscious investments in each of out businesses to continue the growth we experienced in 1992, a record year for both revenues and profitability," Piper said. "These investments caused a slight increase in compensation as a percent of revenues, but we believe we are investing in people for the future. At the same time, we are keeping a constant eye on controlling expenses in all facets of our operation."
 Piper Jaffray Companies Inc. is the parent company of Piper Jaffray, an investment firm with 70 retail sales offices in 17 Midwest, Mountain, Southwest, and Pacific Coast states. Piper Jaffray has capital markets offices in Minneapolis; New York; Seattle; Portland; Los Angeles; Lincoln, Neb.; Kansas City, Mo.; Denver; Des Moines, Iowa; Milwaukee; and London. Other subsidiaries include Piper Capital Management Incorporated, a money management company which more than $10 billion in assets under management; and Piper Trust Company, which provides trust services to individuals and institutions. Founded in 1895, Piper Jaffray is a member of the New York Stock Exchange and other major stock exchanges.
 PIPER JAFFRAY COMPANIES INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share amounts)
 Three Months Ended Six Months Ended
 3/31/93 3/27/92 3/31/93 3/27/92
 Revenue $108,128 $100,322 $198,030 $175,794
 Operating expenses 89,759 82,634 164,780 146,035
 Income before income taxes 18,369 17,688 33,250 29,759
 Income taxes 7,182 6,900 13,134 11,610
 Net income $11,187 $10,788 $20,116 $18,149
 Net income per common and
 common equivalent share $1.27 $1.28 $2.27 $2.16
 Net income per share --
 assuming full dilution $1.27 $1.28 $2.27 $2.16
 Average common and common
 equivalent shares (primary) 8,828 8,439 8,827 8,413
 Average common shares
 assuming maximum dilution
 (fully diluted) 8,833 8,439 8,844 8,413
 -0- 4/20/93
 /CONTACT: Marie Uhrich of Piper Jaffray, 612-342-6583/
 (PJC)


CO: Piper Jaffray Companies, Inc. ST: Minnesota IN: FIN SU: ERN

KH -- MN005 -- 7877 04/20/93 09:46 EDT
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Date:Apr 20, 1993
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