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FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS RECORD EARNINGS, REVENUES

FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS RECORD EARNINGS, REVENUES
 DETROIT, Nov. 4 /PRNewswire/ -- First of Michigan Capital Corporation (MSE: FMG) today announced record earnings and revenues for the fiscal year ended Sept. 25, 1992.
 Consolidated net income for the 12-month period was $4,704,952, or $1.81 per share, compared to $2,775,169, or $1.07 per share, for the previous year. This represents a 70-percent increase in net income. Consolidated revenues increased 24 percent to $59,897,003.
 John G. Martin, president and chief executive officer, said the increase in revenues and net income for the 12-month period were due to increased commission revenues, particularly those commission revenues generated through equity and mutual fund transactions. Martin indicated that the most significant increase was in investment banking revenues which were primarily driven by an increase in equity offerings in which the company participated as an underwriter. He also said that these offerings have slackened substantially during the fourth quarter and into October.
 Consolidated net income for the fourth quarter ended Sept. 25, 1992, was $944,188, or $0.36 per share, compared to $1,148,891, or $0.44 per share, for the fourth quarter ended Sept. 27, 1991. Consolidated revenues were $13,872,498 vs. $13,899,172 for the comparable quarter in 1991. Martin stated that, even though revenues remained about the same, net income was down 18 percent because of a shift in the revenue mix from revenues which have lower associated costs to revenues where the related costs, particularly compensation, are higher.
 Martin said that the company is coming off a record year. He is optimistic that favorable business conditions will continue. Martin also said that First of Michigan Corporation continues to be the largest of any Michigan-based broker-dealer in terms of number of employees and registered representatives, offices in Michigan and underwriting -- both managed and participations. First of Michigan Corporation is also the strongest Michigan-based broker-dealer with total capital in excess of $31.1 million.
 FIRST OF MICHIGAN CAPITAL CORPORATION
 Three Months Ended 12 Months Ended
 Sept. 25, Sept. 27, Sept. 25, Sept. 27,
 1992 1991 1992 1991
 Revenues $13,872,498 $13,899,172 $59,879,003 $48,136,230
 Net income $944,188 $1,148,891 $4,704,952 $2,775,169
 Net income per
 share $.36 $.44 $1.81 $1.07
 Average shares
 outstanding 2,610,918 2,586,618 2,604,455 2,584,930
 -0- 11/4/92
 /CONTACT: John G. Martin of First of Michigan Capital Corporation, 313-259-2600/
 (FMG) CO: First of Michigan Capital Corporation ST: Michigan IN: FIN SU: ERN


DH-ML -- DE002 -- 2522 11/04/92 13:16 EST
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Publication:PR Newswire
Date:Nov 4, 1992
Words:443
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