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QUICK & REILLY GROUP REPORTS FIRST QUARTER EARNINGS; NET INCOME UP 41.4 PERCENT, REVENUES CLIMB 42.3 PERCENT

 QUICK & REILLY GROUP REPORTS FIRST QUARTER EARNINGS;
 NET INCOME UP 41.4 PERCENT, REVENUES CLIMB 42.3 PERCENT
 NEW YORK, June 25 /PRNewswire/ -- The Quick & Reilly Group, Inc.
 (NYSE: BQR) today reported the second highest quarterly earnings in the
 company's history for the three months ended May 29.
 Net income for the financial services company rose 41.4 percent to
 $6,780,398 (or 69 cents per share) as compared with $4,794,131 (or 52
 cents per share) in the first quarter of fiscal 1992. First quarter
 revenues rose 42.3 percent to $46,517,967 from $32,683,984 a year
 earlier. The Quick & Reilly Group continues to lead the industry in
 profitability, with a pretax profit margin of 26 percent for the
 quarter.
 Leslie C. Quick Jr., chairman of the Quick & Reilly Group Inc.,
 said, "These results extend our 18-year history of consistently
 profitable quarters. Above all, it reflects the soundness of our basic
 philosophy: to continue to expand profitably while maintaining superior
 customer service at highly competitive prices."
 Market Outlook:
 Quick said, "The outlook for stocks over all other investments
 remains excellent." He noted, however, that active individual investors
 are cautious at present about the stock market and the economy, as
 revealed in the Quick & Reilly 500 Survey of Individual Investor
 Sentiment. The national survey, which was released June 16, was
 conducted by the Wirthlin Group. It found that 61 percent of
 sophisticated individual investors believe that "there is too much
 economic uncertainty to be buying actively right now."
 Quick said, "The Quick & Reilly 500, which was well-received and
 quoted widely in the press, will be conducted each quarter as a
 barometer of investor confidence."
 Highlights by subsidiary:
 Quick & Reilly, Inc., the group's national retail brokerage unit,
 saw a 75 percent increase in new accounts opened versus the same period
 last year. Quick said, "This achievement supports our strategic plan to
 double the customer base during the next three years. It also reflects
 the success of the firm's new marketing campaign, despite lower trading
 volumes during the past three months."
 The firm will expand the 75-office Quick & Reilly, Inc. network by
 opening six new branches. New locations, to be opened by Labor Day,
 include: Jacksonville, Fla.; White Plains, N.Y.; Memphis, Tenn.;
 Oakbrook, Ill.; Vero Beach, Fla.; and San Fernando Valley, Calif.
 Quick noted that the group's U.S. Clearing Corp. subsidiary also
 achieved increased revenues and operating profits during the quarter,
 while continuing to expand through the addition of seven new
 correspondent firms.
 The group's NYSE specialist subsidiary, JJC Specialist Corp.,
 yielded a strong quarter, with a rise in its revenues from trading
 commissions and a decrease in amortization payments from acquisitions.
 Quick & Reilly Group, Inc. is the holding company for Quick &
 Reilly, Inc., which in 1974 was the first New York Stock Exchange member
 firm to offer discounted commissions to the nation's most sophisticated
 individual investors. Headquartered in New York, Quick & Reilly, Inc.
 services its clients through 75 offices in every major city across the
 country.
 The Quick & Reilly Group, Inc. is also the holding company for U.S.
 Clearing Corp., which provides clearing and execution services for 156
 brokerage and banking firms in addition to 75 Quick & Reilly offices;
 and JJC Specialist Corp., which makes markets in the stocks of more than
 100 NYSE listed companies.
 THE QUICK & REILLY GROUP, INC.
 Financial Highlights
 (Unaudited)
 Three months ended 5/29/92 5/31/91
 Revenues $46,517,967 $32,683,984
 Net income before taxes 12,158,450 8,557,675
 Net income 6,780,398 4,794,131
 Earnings per share $0.69 $0.52
 Weighted average number
 of shares outstanding 9,883,646 9,209,868
 Cash dividends per share $0.08 $0.07
 -0- 6/25/92
 /CONTACT: Leslie C. Quick III, COO of Quick & Reilly Group,
 212-747-4844, or Bill Reddig of Hill and Knowlton, 212-697-5600, for
 Quick & Reilly Group/
 (BQR)
 CO: Quick & Reilly Group Inc.
 ST: New York
 IN: FIN
 SU: ERN


CK -- NY040 -- 3780 06/25/92 12:38 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 25, 1992
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