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WATERHOUSE INVESTOR SERVICES REPORTS FIRST QUARTER EARNINGS

 NEW YORK, Dec. 6 /PRNewswire/ -- Waterhouse Investor Services, Inc. (NYSE: WHO) today reported earnings per share for the three month period ended Nov. 30, 1993 (first quarter-FY 1994) of 54 cents versus 24 cents for the same period the previous year -- a 125 percent increase. Revenues for the first quarter of fiscal year 1994 increased 79 percent from the same period in the previous year. Net income for the period increased from $2,184,000 to $4,961,000.
 Revenues and Earnings
 Quarter to November FY1994 FY1993
 Revenues $27,086,000 $15,106,000
 Net income 4,961,000 2,184,000
 Share earnings .54 .24
 Avg. shares outstanding 9,170,013 9,156,072
 All earnings per share figures have been adjusted to reflect the company's 3-for-2 stock split which was paid in the form of a 50 percent dividend on Nov. 8, 1993 and a 5-for-4 stock split which was paid in the form of a 25 percent dividend on March 3, 1993.
 During the first quarter the company opened seven branch offices and expects to open at least an additional five during the balance of the current fiscal year.
 Branch Office Expansion
 Fiscal Year 1994

 Century City, CA Cincinnati San Antonio Las Vegas
 Walnut Creek, CA Fort Worth, TX Arlington, TX Louisville, KY
 Oklahoma City Providence, RI Forest Hills, NY Sacramento, CA
 As previously announced on Aug. 20, the company received preliminary approval from the Office of the Comptroller of the Currency in Washington, D.C., for the chartering of Waterhouse National Bank. On Nov. 5, the company received approval from the Federal Deposit Insurance Corporation for Waterhouse National Bank. These approvals are conditioned on the approval of Waterhouse Investor Services, Inc. by the Federal Reserve Board as a bank holding company under the Bank Holding Company Act of 1956. The company plans to submit its application for approval as a bank holding company shortly.
 Waterhouse Investor Services, Inc. is a holding company engaged, through its principal subsidiary, Waterhouse Securities, Inc. in providing discount brokerage services primarily to retail customers throughout the United States. The company's common stock is listed on the New York Stock Exchange.
 -0- 12/6/93
 /CONTACT: Lawrence M. Waterhouse Jr., chairman of the board of Waterhouse Investor Services, 212-806-3500/
 (WHO)


CO: Waterhouse Investor Services, Inc. ST: New York IN: FIN SU: ERN

MP-LG -- NY041 -- 0733 12/06/93 11:28 EST
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Publication:PR Newswire
Date:Dec 6, 1993
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