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INTER-REGIONAL FINANCIAL GROUP REPORTS RECORD SECOND QUARTER, FIRST HALF

 INTER-REGIONAL FINANCIAL GROUP REPORTS
 RECORD SECOND QUARTER, FIRST HALF
 MINNEAPOLIS, July 16 /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 the best second quarter and first half in the company's history. Net earnings for the quarter ended June 30, 1992, were $8.4 million, or 94 cents per share fully diluted, an increase of 21 percent over 1991's second-quarter net earnings of $7.0 million, or 78 cents per share fully diluted. Net earnings in 1991 included $2.1 million of extraordinary gains primarily from the utilization of net operating tax-loss carryforwards. Excluding extraordinary items, earnings for the quarter were up 72 percent.
 Second-quarter net revenues (revenues less interest expense) were $96.9 million, an increase of 23 percent over last year's $78.7 million. Dain Bosworth and Rauscher Pierce Refsnes contributed $61.8 million and $35.1 million, respectively, to the 1992 second-quarter consolidated total.
 The company's net earnings for the first half of 1992 were $17.1 million, or $1.89 per share fully diluted, an increase of 53 percent over 1991's first-half net earnings of $11.2 million, or $1.28 per share fully diluted. First-half 1991 net earnings included $3.2 million, or 37 cents per share, of extraordinary gains primarily from the utilization of net operating tax-loss carryforwards. Excluding extraordinary items, first-half earnings were up 115 percent over the year-earlier period. First-half net revenues increased 35 percent, from $145.5 million in 1991 to $196.9 million in 1992.
 According to Irving Weiser, president and chief executive officer, "IFG's broker-dealers continue to perform exceptionally well in those areas where each has long established its leadership: the retail brokerage business at Dain Bosworth and the fixed income business at Rauscher Pierce Refsnes. We have succeeded in building upon the strong bases provided by these established business units, and we are now capitalizing on market trends in all areas of the securities business because of investments made in recent years in other business units."
 As examples, Weiser cited "outstanding performances" by the corporate capital groups of Dain Bosworth and Rauscher Pierce Refsnes, where first-half revenues were between 65 and 85 percent ahead of last year. He also noted that Dain Bosworth's fixed income revenues increased 45 percent in the same period; and that RPR continued to make "steady progress" in building revenues from its retail system, which rose 30 percent in the first half. In addition, he said that revenues generated by RPR Clearing were up approximately 65 percent in the first half.
 Comparing the company's 1992 second-quarter results with those of a year ago, Weiser said, "The marked improvement in almost every aspect of our business reflects, in large part, improved market and economic conditions thus far in 1992. Retail and institutional equity sales were exceptionally strong and investment banking revenues were up 44 percent over the year-ago quarter. Profits from principal transactions increased 19 percent on the strength of equity and fixed income trading." Weiser also noted that the company's first-half performance outpaced that of last year in every area of the business at both its broker-dealers, and that the company's first-half earnings before extraordinary items represented approximately 81 percentof 1991's full- year total.
 During second quarter, IFG completed a corporate strategy of deleveraging its balance sheet that was begun in 1988. As previously announced, on June 15, 1992, IFG redeemed out of available cash the balance of its 10 percent convertible subordinated debentures due June 15, 2003. The company's long-term debt to equity ratio was 7 percent as of June 30, 1992, compared with 26 percent at year-end 1991 and 125 percent at year-end 1988.
 Inter-Regional Financial Group, Inc. provides full-service securities and investment banking services in 22 states through its subsidiaries, Dain Bosworth Incorporated and Rauscher Pierce Refsnes, Inc. 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 Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues $105,265 $93,125 $214,948 $176,443
 Interest expense (8,379) (14,469) (18,056) (30,958)
 Net revenues 96,886 78,656 196,892 145,485
 Expenses excluding interest 84,059 70,973 170,791 133,220
 Earnings before
 income taxes and
 extraordinary items 12,827 7,683 26,101 12,265
 Income tax expense (4,378) (2,783) (8,958) (4,295)
 Earnings before
 extraordinary items 8,449 4,900 17,143 7,970
 Extraordinary items -- 2,066 -- 3,208
 Net earnings $8,449 $6,966 $17,143 $11,178
 Earnings per share:
 Primary:
 Before extraordinary items $.98 $.58 $2.00 $.96
 Extraordinary items -- .25 -- .38
 Net $.98 $.83 $2.00 $1.34
 Fully diluted:
 Before extraordinary items $.94 $.54 $1.89 $.91
 Extraordinary items -- .24 -- .37
 Net $.94 $.78 $1.89 $1.28
 Shares used for per-share
 calculation:
 Primary 8,580 8,388 8,586 8,327
 Fully diluted 9,252 10,134 9,329 10,125
 Selected financial data:
 Net revenues:
 Dain Bosworth Incorporated $61,827 $50,445 $125,148 $93,991
 Rauscher Pierce
 Refsnes, Inc. 35,113 29,140 72,037 53,284
 Corporate, other
 and eliminations (54) (929) (293) (1,790)
 -- $96,886 $78,656 $196,892 $145,485
 Pretax earnings:
 Dain Bosworth Incorporated $9,613 $5,997 $18,896 $10,092
 Rauscher Pierce
 Refsnes, Inc. 4,601 3,014 10,024 4,536
 Corporate, other
 and eliminations (1,387) (1,328) (2,819) (2,363)
 $12,827 $7,683 $26,101 $12,265
 -0- 7/16/92
 /CONTACT: B.J. French of Inter-Regional Financial Group, 612-371-2363/
 (IFG) CO: Inter-Regional Financial Group ST: Minnesota IN: FIN SU: ERN


AL -- MN002 -- 9859 07/16/92 08:37 EDT
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Date:Jul 16, 1992
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