Printer Friendly

INTER-REGIONAL FINANCIAL GROUP REPORTS BEST QUARTER IN COMPANY'S HISTORY; NET EARNINGS UP 106 PERCENT ON 50 PERCENT NET REVENUE GAIN

 INTER-REGIONAL FINANCIAL GROUP REPORTS BEST QUARTER IN COMPANY'S


HISTORY; NET EARNINGS UP 106 PERCENT ON 50 PERCENT NET REVENUE GAIN
 MINNEAPOLIS, April 15 /PRNewswire/ -- Inter-Regional Financial Group (NYSE: IFG), parent company of regional broker-dealers Dain Bosworth Incorporated, Minneapolis, and Rauscher Pierce Refsnes, Inc., Dallas, today reported first-quarter 1992 financial results as the best quarter ever in the company's history, and its third consecutive record quarter. Net earnings for the three months ended March 31, 1992, were $8.7 million, or 95 cents per share fully diluted, an increase of 106 percent over 1991's first-quarter net earnings of $4.2 million, or 51 cents per share fully diluted. Net earnings in 1991 included $1.1 million of extraordinary gains primarily from the utilization of net operating tax-loss carryforwards.
 Net revenues for the quarter were $100.0 million, an increase of 50 percent over last year's first-quarter revenues of $66.8 million. Dain Bosworth and Rauscher Pierce Refsnes contributed $63.3 million and $36.9 million, respectively, to that total.
 According to Irving Weiser, IFG's president and chief executive officer, "Dain Bosworth and Rauscher Pierce Refsnes continued to see strong activity in all areas of the business. Retail and institutional equity sales remained exceptionally strong, and investment banking results were up 95 percent over the year-ago quarter. Profits from principal transactions increased 38% on the continued strength of equity and fixed income trading."
 Weiser said favorable trends in the securities industry have enabled IFG to report increased revenues and earnings for five consecutive quarters. "The markets remained strong in the first quarter, interest rates remained low, and our exceptional group of employees capitalized on those favorable trends," he said. He also noted that first-quarter 1992 results outpaced those of fourth-quarter 1991 in every area of the business except investment banking, where he said activity remained robust but fell short of last year's exceptionally strong fourth quarter.
 Inter-Regional Financial Group, Inc. provides full-service securities and investment banking services in 22 states through its subsidiaries, Dain Bosworth Incorporated, Minneapolis, and Rauscher Pierce Refsnes, Inc., Dallas. The parent company's common stock is traded on the New York Stock Exchange under the symbol IFG.
 INTER-REGIONAL FINANCIAL GROUP, INC.
 CONSOLIDATED SUMMARY OF OPERATION
 (in thousands, except per-share amounts)
 Three Months Ended
 March 31,
 1992 1991
 Revenues $109,683 $83,318
 Interest expense (9,677) (16,489)
 Net revenues 100,006 66,829
 Expenses excluding interest 86,732 62,247
 Earnings before income taxes
 and extraordinary items 13,274 4,582
 Income tax expense (4,580) (1,512)
 Earnings before extraordinary items 8,694 3,070
 Extraordinary items -- 1,142
 Net earnings $8,694 $4,212
 Earnings per share:
 Primary:
 Before extraordinary items $1.00 $.37
 Extraordinary items -- .14
 Net $1.00 $.51
 Fully diluted:
 Before extraordinary items $.95 $.37
 Extraordinary items -- .14
 Net $.95 $.51
 Selected segment data:
 Three Months Ended
 March 31,
 1992 1991
 Net reve4,144
 Corporate, other and eliminations (239) (861)
 -- $100,006 $66,829
 Pretax earnings (loss):
 Dain Bosworth Incorporated 9,283 4,095
 Rauscher Pierce Refsnes, Inc. 5,423 1,522
 Corporate, other and eliminations (1,432) (1,035)
 -- $13,274 $4,582
 -0- 4/15/92
 /CONTACT: B.J. French of Inter-Regional Financial Group, 612-371-2363/
 (IFG) CO: Inter-Regional Financial Group; Dain Bosworth, Inc.; Rauscher
 Pierce Refsnes ST: Minnesota, Texas IN: FIN SU: ERN


DS -- MN002 -- 8516 04/15/92 09:15 EDT
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:Apr 15, 1992
Words:561
Previous Article:ELAN STARTS HUMAN CLINICAL TRIALS OF ADVANCED TRANSDERMAL SYSTEM TO REPLACE INJECTABLE DRUGS
Next Article:EQUIFAX ANNOUNCES 30 PERCENT INCREASE IN FIRST QUARTER OPERATING INCOME


Related Articles
INTER-REGIONAL FINANCIAL GROUP REPORTS 1991 EARNINGS UP 103 PERCENT ON 35 PERCENT INCREASE IN NET REVENUES
PRIMERICA POSTS RECORD EARNINGS IN FIRST QUARTER
INTER-REGIONAL FINANCIAL GROUP REPORTS RECORD SECOND QUARTER, FIRST HALF
INTER-REGIONAL FINANCIAL REPORTS RECORD THIRD-QUARTER EARNINGS BEFORE EXTRAORDINARY ITEMS; NINE-MONTH RESULTS TOP 1991 RECORD BY 81 PERCENT
INTER-REGIONAL FINANCIAL GROUP REPORTS OPERATING EARNINGS UP 63 PERCENT, NET REVENUES UP 26 PERCENT; DECLARES QUARTERLY DIVIDEND OF 4 CENTS
INTER-REGIONAL FINANCIAL GROUP REPORTS BEST QUARTER IN COMPANY HISTORY; EARNINGS PER SHARE UP 28 PERCENT ON 12 PERCENT NET REVENUE GAIN
IFG THIRD-QUARTER EARNINGS TOP EARLIER ESTIMATE; NINE-MONTH RESULTS SURPASS 1992 FULL-YEAR RECORD
INTER-REGIONAL FINANCIAL GROUP REPORTS RECORD 1993 NET EARNINGS OF $48 MILLION ($5.63 PER SHARE) NET EARNINGS INCREASE 38% ON 19% - GAIN IN NET...
IFG REPORTS 1995 NET EARNINGS UP 41 PERCENT; RECORD NET REVENUES UP 19 PERCENT
IFG REPORTS RECORD NET EARNINGS FOR THE 1996 FIRST QUARTER; POSTS FOURTH CONSECUTIVE QUARTER OF RECORD NET REVENUES

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