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INTER-REGIONAL FINANCIAL GROUP REPORTS OPERATING EARNINGS UP 63 PERCENT, NET REVENUES UP 26 PERCENT; DECLARES QUARTERLY DIVIDEND OF 4 CENTS

 MINNEAPOLIS, Feb. 2 /PRNewswire/ -- Inter-Regional Financial Group, Inc. (NYSE: IFG), parent company of regional broker-dealers Dain Bosworth Incorporated, Minneapolis, and Rauscher Pierce Refsnes, Inc., Dallas, today reported the highest earnings and revenues for a single year and quarter in the company's history. Irving Weiser, president and chief executive officer, attributed IFG's second consecutive record year to "a combination of exceptional markets, increased productivity and continued emphasis on cost control."
 Earnings before extraordinary items (earnings from operations) were $34.5 million in 1992, an increase of 63 percent over the previous record of $21.1 million reported in 1991. Net earnings were 24 percent higher than last year's record $27.7 million, which included $6.6 million in extraordinary gains primarily from the utilization of net operating tax-loss carryforwards. On a per-share basis, earnings before extraordinary items were $4.03 primary and $3.91 fully diluted in 1992, compared with $2.50 primary and $2.30 fully diluted in 1991. Net earnings per share in 1991 included extraordinary gains of 78 cents primary and 66 cents fully diluted.
 Net revenues (revenues less interest expense) totaled $405.9 million in 1992, up 26 percent from $322.6 million in the prior year. Dain Bosworth and Rauscher Pierce Refsnes contributed $255.3 million and $150.5 million, respectively, to that consolidated total. On a per- employee basis, net revenues and pretax profits reached record levels in 1992, up 16 percent over the prior year on the revenue side and 50 percent on the earnings side.
 "In 1992, the historical strength of each broker-dealer came through in record fashion," Weiser said, noting that Dain Bosworth's retail system and Rauscher Pierce Refsnes' fixed income business chalked up revenue increases of 25 and 21 percent, respectively. "We also made significant gains in areas where we have invested for growth," he added. As examples, he cited the fact that Dain Bosworth's fixed income revenues rose 27 percent and that revenues from the corporate capital groups (corporate finance, institutional equity sales, over-the- counter trading and syndicate) were up 40 percent at Rauscher Pierce Refsnes and 32 percent at Dain Bosworth. He also noted that RPR Clearing revenues surged another 39 percent on top of last year's record performance.
 Fourth-Quarter 1992 - Earnings before extraordinary items for the December quarter were a record $9.5 million, or $1.11 per share primary and fully diluted. This represents an increase of 30 percent over earnings of $7.3 million, or 86 cents primary and 81 cents fully diluted, for the same three-month period in 1991. Net earnings per share in the 1991 fourth-quarter include extraordinary gains of 13 cents primary and 12 cents fully diluted. Net revenues rose 21 percent to a record $113.3 million, compared with $93.8 million in fourth-quarter 1991. Dain Bosworth and Rauscher Pierce Refsnes contributed $69.7 million and $43.4 million, respectively, to that consolidated total. The company's fourth-quarter results topped the previous record, set in first-quarter 1992, by 9 percent on the earnings side and 13 percent on the revenue side.
 Dividend Declaration - In other action, the company also reported today that its Board of Directors has declared a regular quarterly cash dividend of 4 cents per share on its common stock. The dividend will be payable on March 2, 1993 to shareholders of record as of the close of business on February 16, 1993. There are presently 8,092,615 shares of IFG common stock outstanding.
 Milestones - Weiser called 1992 "a phenomenal year" because of the record financial results coupled with "an unprecedented succession of milestones" accomplished throughout the year. He said the company resumed paying dividends after an eight-year hiatus imposed by certain debt agreements (January); moved into a new headquarters building, Dain Bosworth Plaza (February); successfully completed a secondary offering of most of its shares held by Commercial Credit Company (February); launched the consolidation of all clearing and trade settlement operations of its broker-dealers into a separate subsidiary (May); called all remaining subordinated debt and preferred stock outstanding (June and July); surpassed $1.3 billion in assets under management by its new money management subsidiary, Insight Investment Management (September); and purchased and retired all remaining shares of IFG stock held by Commercial Credit (December).
 Weiser noted that IFG's 1992 net return on average equity (ROE) was 28.9 percent, "one of the highest in the industry." He also noted that IFG's year-end book value per common share rose from $12.56 in 1991 to $16.33 in 1992. IFG's stock closed yesterday at $20.75.
 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 OPERATIONS
 (in thousands, except per-share amounts)
 Three Months Ended Twelve Months Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Revenues $120,030 $104,743 $438,261 $378,274
 Interest expense (6,777) (10,971) (32,353) (55,682)
 Net revenues 113,253 93,772 405,908 322,592
 Expenses excluding interest 97,712 82,610 352,217 289,574
 Earnings before income taxes
 and extraordinary items 15,541 11,162 53,691 33,018
 Income tax expense (6,025) (3,828) (19,168) (11,888)
 Earnings before extraordinary
 items 9,516 7,334 34,523 21,130
 Extraordinary items -- 1,140 -- 6,611
 Net earnings $9,516 $8,474 $34,523 $27,741
 Earnings per share:
 Primary:
 Before extraordinary items $1.11 $.86 $4.03 $2.50
 Extraordinary items -- .13 -- .78
 Net $1.11 $.99 $4.03 $3.28
 Fully diluted:
 Before extraordinary items $1.11 $.81 $3.91 $2.30
 Extraordinary items -- .12 -- .66
 Net $1.11 $.93 $3.91 $2.96
 Shares used for per-share calculation:
 Primary 8,546 8,590 8,574 8,463
 Fully diluted 8,567 9,445 8,961 10,067
 SeRefsnes, Inc.43,399 35.846 150,522 120,817
 Corporate, other and
 eliminations 173 (124) (62) (2,571)
 -- $113,253 $93,772 $405,908 $322,592
 Pretax earnings:
 Dain Bosworth Incorporated $11,145 $8,772 $38,912 $26,072
 Rauscher Pierce Refsnes, Inc. 6,718 4,430 21,183 12,839
 Corporate, other and
 eliminations (2,322) (2,040) (6,404) (5,893)
 $15,541 $11,162 $53,691 $33,018
 -0- 2/2/93
 /CONTACT: B.J. French of IFG, 612-371-2363/
 (IFG)


CO: Inter-Regional Financial Group, Inc. ST: Minnesota IN: FIN SU: ERN DIV

KH -- MN004 -- 1903 02/02/93 12:56 EST
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