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SCOTT & STRINGFELLOW REPORTS EARNINGS

 SCOTT & STRINGFELLOW REPORTS EARNINGS
 RICHMOND, Va., April 23 /PRNewswire/ -- Scott & Strongfellow


Financial, Inc. (NASDAQ: SCOT) posted higher operating results on an unaudited basis for the third quarter of fiscal 1992 ended March 27, 1992.
 The company's primary subsidiary is Scott & Stringfellow Investment Corp., a regional brokerage, financial services and investment banking firm headquartered in Richmond, Va.
 William P. Schubmehl, president and chief executive officer, said gross revenues for the third quarter increased to a record $13,273,568 from $10,192,999, a 30.2 percent increase from last year's results.
 Third quarter income before taxes rose to a record $1,718,428 from a year-ago level of $1,018,200, an increase of 68.8 percent. Net income for this quarter increased 61.6 percent, to $1,063,428 from $658,200. Earnings per share increased to $.59 from $.37.
 The rise in both revenues and income was attributed to a strong market environment in the third quarter. Higher levels of both corporate and municipal underwriting activity were a principle reason behind the rise in revenues. Commission income was also up strongly over the prior year's third quarter.
 For the nine months, gross revenues increased 35.8 percent to $35,276,438 vs. $25,984,165. Income before taxes for the same period increased 166.3 percent to $4,018,013 vs. $1,508,968. Net income rose 154.8 percent to $2,533,013 compared with $993,968. Earnings per share for the nine months were $1.41 vs. $.54.
 Average common shares outstanding for the third quarter were 1,799,666 as compared to 1,799,710 last year. Average common shares outstanding for the nine months declined from 1,830,980an additional 100,000 shares of Scott & Stringfellow Financial, Inc. stock to be purchased in the open market from time to time. This raises the number of shares that can be purchased through the firm's stock repurchase program from 500,000 to 600,000. To date, the firm has repurchased 393,067 shares.
 Scott & Stringfellow Financial, Inc. is the holding company of Scott & Stringfellow Investment Corp., a regional stock brokerage, financial services and investment banking firm headquartered in Richmond, Va. The common stock of the holding company trades in the over-the-counter market. The firm has 25 branches throughout Virginia, North Carolina and West Virginia and 378 employees of which 166 have full-time investment broker positions.
 -0- 4/23/92
 /CONTACT: William P. Schubmehl, president and CEO of Scott & Stringfellow Financial, Inc., 804-643-1811, ext. 252/ CO: Scott & Stringfellow Financial, Inc. ST: Virginia IN: FIN SU: ERN


JB-AW -- CH004 -- 1698 04/23/92 09:25 EDT
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Date:Apr 23, 1992
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