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INTER-REGIONAL FINANCIAL REPORTS RECORD THIRD-QUARTER EARNINGS BEFORE EXTRAORDINARY ITEMS; NINE-MONTH RESULTS TOP 1991 RECORD BY 81 PERCENT

INTER-REGIONAL FINANCIAL REPORTS RECORD THIRD-QUARTER EARNINGS BEFORE

EXTRAORDINARY ITEMS; NINE-MONTH RESULTS TOP 1991 RECORD BY 81 PERCENT
 MINNEAPOLIS, October 15 -- Inter-Regional Financial Group (NYSE: IFG), parent company of regional broker-dealers Dain Bosworth Incorporated, Minneapolis, and Rauscher Pierce Refsnes, Inc., Dallas, today reported record third-quarter earnings before extraordinary items of $7.9 million, or 92 cents per share, an increase of 35 percent over the $5.8 million, or 63 cents per share, reported in 1991. Net earnings for the quarter ended September 30, 1992, were 92 cents per share, compared with 88 cents per share in 1991. The 1991 result included 25 cents per share of extraordinary gains primarily from the utilization of net operating tax-loss carry forwards. All per-share amounts are fully diluted.
 Third-quarter net earnings were $7.9 million, compared with $8.1 million in third-quarter 1991. The 1991 quarterly result included $2.3 million of extraordinary gains. Third-quarter 1992 net revenues (revenues less interest expense) were $95.8 million, an increase of 15 percent over last year's $83.3 million.
 Dain Bosworth and Rauscher Pierce Refsnes contributed $60.5 million and $35.1 million, respectively, to the 1992 third-quarter consolidated total.
 For the first nine months of 1992, the company reported record earnings before extraordinary items of $25.0 million ($2.81 per share), an increase of 81 percent over the $13.8 million ($1.51 per share) reported for the same period in 1991. Net earnings were also $25.0 million and $2.81 per share, compared with $19.3 million ($2.13 per share) in 1991. The 1991 nine-month result includes extraordinary gains of $5.5 million, or 62 cents per share.
 According to Irving Weiser, president and chief executive officer, "While the markets declined somewhat from the record highs we saw in the first half of 1992, the retail systems, equity and fixed income trading, and public finance departments of Dain Bosworth and Rauscher Pierce Refsnes remained relatively strong in the third quarter with revenues outpacing those of a year ago."
 Weiser pointed out that IFG's nine-month earnings from operations eclipsed 1991's full-year record total. Net earnings through the end of third quarter were 90 percent of 1991's record 12-month total.
 The company reported double-digit revenue increases in every area of its business for the first nine months of the year: retail up 26 percent, fixed income sales, trading and underwriting up 23 percent, over-the-counter equity trading up 49 percent, institutional equity trading up 34 percent, public finance up 18 percent, and corporate finance up 33 percent over last year's results. RPR Clearing, the unit of Rauscher Pierce Refsnes that clears and settles trades for correspondent brokerage firms, continued to contribute significantly to the firm's nine-month financial results, with revenues 51 percent ahead of the same period last year.
 IFG completed the call of its remaining convertible subordinated debt in the second quarter of 1992. As a result, the computation of fully diluted earnings per share for the third quarter does not include the assumed conversion of debt into 1.6 million shares of common stock that are included in the 1991 period.
 Inter-Regional Financial Group, Inc. provides full-service brokerage 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 Nine Months Ended
 Periods ended Sept. 30
 1992 1991 1992 1991
 Revenues $103,283 $97,088 $318,231 $273,531
 Interest expense (7,520) (13,753) (25,576) (44,711)
 Net revenues 95,763 83,335 292,655 228,820
 Expenses excluding
 interest 83,714 73,744 254,505 206,964
 Earnings before
 income taxes and
 extraordinary items 12,049 9,591 38,150 21,856
 Income tax expense (4,185) (3,765) (13,143) (8,060)
 Earnings before
 extraordinary items 7,864 5,826 25,007 13,796
 Extraordinary items -- 2,263 -- 5,471
 Net earnings $ 7,864 $ 8,089 $ 25,007 $ 19,267
 Earnings per share:
 Primary:
 Before extraordinary
 items $ .92 $. .68 $ 2.91 $ 1.64
 Extraordinary items -- .27 -- .65
 Net $ .92 $ .95 $ 2.91 $ 2.29
 Fully diluted:
 Before extraordinary
 items $ .92 $ .63 $ 2.81 $ 1.51
 Extraordinary items -- .25 -- .62
 Net $ .92 $ .88 $ 2.81 $ 2.13
 Shares used for per-share calculation:
 Primary 8,577 8,515 8,583 8,405
 Fully diluted 8,577 10,177 9,076 10,268
 Selected financial data:
 Net revenues:
 Dain Bosworth
 Incorporated $ 60,495 $ 52,205 $185,643 $146,196
 Rauscher Pierce
 Refsnes, Inc. 35,086 31,787 107,123 85,071
 Corporate, other
 and eliminations 182 (657) (111) (2,447)
 $ 95,763 $83,335 $292,655 $228,820
 Pretax earnings:
 Dain Bosworth
 Incorporated $ 8,871 $ 7,208 $ 27,767 $ 17,300
 Rauscher Pierce
 Refsnes, Inc. 4,441 3,873 14,465 8,409
 Corporate, other
 and eliminations (1,263) (1,490) (4,082) (3,853)
 Total $ 12,049 $ 9,591 $ 38,150 $ 21,856
 -0- 10/14/92
 /CONTACT: B.J. French of Inter-Regional Financial Group, 612-371-2365/
 (IFG) CO: Inter-Regional Financial Group ST: Minnesota IN: FIN SU: ERN


TM -- NY007 -- 0207 10/15/92 08:31 EDT
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