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FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS YEAR-END RESULTS

     FIRST OF MICHIGAN CAPITAL CORPORATION REPORTS YEAR-END RESULTS
    DETROIT, Nov. 7 /PRNewswire/ -- First of Michigan Capital Corporation (Midwest: FMG) today announced that consolidated net income for the fiscal year ended Sept. 27, 1991, was $2,775,169, or $1.07 per share, compared to $3,872,089, or $1.54 per share, for the 1990 fiscal year.  Revenues were $48,136,230 compared to $44,428,454 in the prior year.  Net income for the 12 months ended Sept. 28, 1990, included unusual items amounting to $1.14 per share.
    For the three months ended Sept. 27, 1991, First of Michigan Capital Corporation earned $1,148,891, or $.44 per share, on revenues of $13,899,172.  Fourth-quarter net income for fiscal 1990 was $126,230, or $.04 per share, on revenues of $9,980,605.  Net income for the three- month period ended Sept. 28, 1990, included unusual items amounting to $.09.
    John G. Martin, president and chief executive officer, reported that without the above-mentioned unusual items, revenues for the 12-month and three-month periods ended Sept. 27, 1991, increased by $8,598,055 (22 percent) and $3,918,567 (39 percent), respectively, over the comparable periods in 1990.
    Martin said net income, exclusive of the above-mentioned unusual items, increased $1,762,080 (174 percent) for the 12-month and $1,219,663 (1,723 percent) for the three-month periods over the comparable periods in 1990.
    Martin also reported that the increase in net income are due to increases in commissions from stock business, mutual fund and insurance sales as well as an increase in revenues from corporate trading and tax- exempt unit trusts.  In addition, he said that increased revenues from equity underwriting added to the revenue increases for both the quarter and year ended Sept. 27, 1991.
    Martin reported 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 $30 million.
                 FIRST OF MICHIGAN CAPITAL CORPORATION
                        12 Months Ended            Three Months Ended
                     Sept. 27,     Sept. 28,     Sept. 27,    Sept. 28,
                       1991          1990          1991         1990
    Revenues       $48,136,230   $44,428,454   $13,899,172   $9,980,605
    Net income      $2,775,169    $3,872,089    $1,148,891     $126,230
    Net income per
     share:
    Gain on sale of
     investment
     security              ---          $.96           ---          ---
    Partial utilization
     of net operating
     loss carry-forward
     due to discontinuance
     of wholly owned
     subsidiary            ---          $.18           ---         $.09
    Other operations     $1.07          $.40          $.44        ($.05)
    Total net income
     per share           $1.07         $1.54          $.44         $.04
    Average shares
     outstanding     2,584,930     2,510,679     2,586,618    2,586,735
    -0-                              11/7/91
    /CONTACT:  John G. Martin of First of Michigan Capital Corporation, 313-259-2600; or Suzanne Rabideau, 313-954-1901, for First of Michigan Capital Corporation/
    (FMG) CO:  First of Michigan Capital Corporation ST:  Michigan IN:  FIN SU:  ERN SM -- DE009 -- 2170 11/07/91 11:28 EST
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Publication:PR Newswire
Date:Nov 7, 1991
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