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INTERSTATE/JOHNSON LANE, INC. REPORTS 39 PERCENT GAIN IN SECOND-QUARTER OPERATING EARNINGS

 CHARLOTTE, N.C., April 20 /PRNewswire/ -- Interstate/Johnson Lane, Inc. (NYSE: IS) reported today that operating earnings for its second quarter ended March 31, 1993 improved 39 percent to $2.8 million, or 40 cents per share, from
the $2.0 million, or 29 cents per share, posted a year ago. Net revenues (revenues after interest expense) increased to $40.1 million from last year's $32.9 million. An extraordinary credit of $1.2 million, or 17 cents per share, arising from the utilization of tax-loss carryforwards, boosted the company's net income to $4.0 million, or 57 cents per share, compared with net income of $2.9 million, or 43 cents per share, a year ago.
 For the six-months period ended March 31, 1993, operating earnings of $4.8 million, or 69 cents per share, on net revenues of $72.1 million represented a 32 percent gain from last year's operating results of $3.7 million, or 55 cents per share, on net revenues of $61.2 million. Net income, augmented by tax-loss carryforwards, improved to $7.0 million, or $1.00 per share, from $5.0 million, or 76 cents per share, the prior year.
 Noting that the company's pretax results for the March 1993 quarter increased 30 percent from its December quarter and nearly 50 percent from last year's March quarter, Parks H. Dalton, chairman and chief executive officer, said: "All of our core business units improved upon their first-quarter results, with exceptional gains achieved by the Fixed Income division, The Interstate Group, and the Institutional Equities division."
 Dalton cautioned that these revenues were achieved in consistently favorable markets, which historically have been volatile in their behavior. "This historical volatility makes it imperative that we continue to pay close attention to our fixed-cost structure," he said.
 Based in Charlotte, Interstate/Johnson Lane is one of the largest independent broker-dealers headquartered in the Southeast, with 59 offices located primarily in the Carolinas and Georgia. The company's common stock is traded on the New York Stock Exchange under the symbol IS.
 FINANCIAL HIGHLIGHTS
 For the three months For the six months
 ended ended
 3/31/93 3/31/92 3/31/93 3/31/92
 Total Revenues $42,794,909 $37,122,969 $78,294,186 $70,687,455
 Net Revenues $40,101,865 $32,878,802 $72,074,309 $61,207,566
 Pretax Income $ 4,553,335 $ 3,068,268 $ 8,065,408 $ 5,198,212
 Operating Income $ 2,779,335 $ 2,003,256 $ 4,846,408 $ 3,683,212
 Extraordinary
 Credit(A) $ 1,194,000 $ 915,000 $ 2,161,000 $ 1,365,000
 Net Income $ 3,973,335 $ 2,918,256 $ 7,007,408 $ 5,048,212
 Primary Earnings
 Per Share:
 Operating Income $0.40 $0.29 $0.69 $0.55
 Net Income $0.57 $0.43 $1.00 $0.76
 Fully Diluted Earnings
 Per Share:
 Operating Income $0.37 $0.28 $0.66 $0.53
 Net Income $0.52 $0.40 $0.92 $0.70
 Weighted Average Shares:
 Primary 7,020,817 6,861,818 6,990,842 6,637,734
 Fully Diluted 8,203,859 8,057,796 8,194,705 8,034,418
 (A) Tax benefit from tax-loss carryforwards.
 -0- 4/20/93
 /CONTACT: Edward C. Ruff, Chief Financial Officer, Interstate-Johnson Lane, 704-379-9119/
 (IS)


CO: Interstate/Johnson Lane ST: North Carolina IN: FIN SU: ERN

MM-CM -- CH005 -- 8052 04/20/93 12:06 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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