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ALLIANCE CAPITAL MANAGEMENT L.P. REPORTS DISTRIBUTION TO UNITHOLDERS AND FIRST QUARTER RESULTS

ALLIANCE CAPITAL MANAGEMENT L.P. REPORTS DISTRIBUTION TO UNITHOLDERS
 AND FIRST QUARTER RESULTS
 NEW YORK, April 29 /PRNewswire/ -- Alliance Capital Management L.P. (NYSE: AC) today announced a distribution of $0.62 per unit for the first quarter of 1992. The partnership distributed $0.48 per unit for the first quarter of 1991, and $0.60 per unit for the last quarter of 1991.
 The distribution is payable on May 15, 1992 to holders of units at the close of business on May 8, 1992.
 Net income for the first quarter of 1992 was $19,340,000 or $0.66 per unit compared to $12,286,000 or $0.43 per unit for the first quarter of 1991.
 Revenues increased from $64,407,000 to $86,243,000 for the quarters ended March 31, 1991 and 1992, respectively. Assets under management as of March 31, 1992 were approximately $61.2 billion.
 The partnership is required to distribute its available cash flow, which was $17,651,000 or $0.62 per unit for the quarter ended March 31, 1992.
 ALLIANCE CAPITAL MANAGEMENT L.P.
 Summary Consolidated Statements of Income
 (Unaudited, in thousands except per unit amounts)
 Three months ended March 31 1992 1991
 Revenues $86,243 $64,407
 Expenses 65,856 51,542
 Income before taxes 20,387 12,865
 Taxes 1,047 579
 Net income 19,340 12,286
 Net income per unit $.66 $.43
 Distribution per unit $.62 $.48
 Asset under management (millions) 61,190 53,020
 Alliance Capital Management L.P. is a leading international investment adviser, providing investment management services to institutions, primarily pension funds and endowments, and to individual investors through a broad line of mutual funds and cash management products. The partnership's general partner and majority unitholder are wholly owned subsidiaries of the Equitable Life Assurance Society of the United States.
 -0- 4/29/92 R
 /CONTACT: John D. Carifa, chief financial officer of Alliance Capital, 212-969-1000/
 (AC) CO: Alliance Capital Management L.P. ST: New York IN: FIN SU: DIV


SM-OS -- NY040R -- 4546 04/29/92 16:06 EDT
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Date:Apr 29, 1992
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