Printer Friendly

FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS BIG EARNINGS INCREASE FOR FIRST QUARTER

 FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS
 BIG EARNINGS INCREASE FOR FIRST QUARTER
 DETROIT, Jan. 27 /PRNewswire/ -- First of Michigan Capital Corporation (MSE: FMG) today announced that consolidated net income for the quarter ended Dec. 31, 1991, was $1,144,201, or $0.44 per share, compared with $303,193, or $0.12 per share for the quarter ended Dec. 31, 1990.
 This represents a 277-percent increase in net income. Consolidated revenues increased 40 percent to $14,104,782 for the 1991 first quarter, versus $10,088,454 for the 1990 first quarter.
 John G. Martin, president and chief executive officer, reported that the increase in both revenues and net income is due primarily to strong growth in the company's equity-related business. Martin said that commissions from transactions in common stocks, mutual funds and new-issue underwritings all exceeded the previous year by significant amounts.
 Martin said that First of Michigan Corporation continues to be the strongest of any Michigan-based broker-dealer, with total capital at an all-time high of more than $31.2 million.
 FIRST OF MICHIGAN CAPITAL CORPORATION
 Three Months Ended
 12/31/91 12/31/90
 Revenues $14,104,782 $10,088,454
 Net income $ 1,144,201 $ 303,193
 Net income per
 share $ .44 $ .12
 Average shares
 outstanding 2,591,640 2,581,557
 -0- 1/27/92
 /CONTACT: Suzanne Rabideau, 313-954-1901, for First of Michigan Capital Corporation/
 (FMG) CO: First of Michigan Capital Corporation ST: Michigan IN: FIN SU: ERN


DH -- DE001 -- 3533 01/27/92 08:25 EST
COPYRIGHT 1992 PR Newswire Association LLC
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.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 27, 1992
Words:251
Previous Article:ANALOG DEVICES AND HEWLETT-PACKARD FORM STRATEGIC ALLIANCE
Next Article:ROBERT GREENBERG RESIGNS AS L.A. GEAR CHAIRMAN & CHIEF EXECUTIVE OFFICER; SUCCEEDED BY STANLEY P. GOLD
Topics:


Related Articles
CHRYSLER FINANCIAL REPORTS THIRD-QUARTER NET EARNINGS OF $45 MILLION
BANC ONE REPORTS RECORD FIRST QUARTER RESULTS
FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS 2ND-QUARTER RESULTS
FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS THIRD QUARTER RESULTS
D&N FINANCIAL ANNOUNCES STRONG FIRST QUARTER INCOME
FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS SECOND QUARTER RESULTS
First of Michigan Capital Corporation Reports Fourth Quarter and Annual Results
First of Michigan Capital Corporation Reports First Quarter Results
First of Michigan Capital Corporation Reports Second Quarter Results
First of Michigan Capital Corporation Reports Third Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters