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INTERSTATE/JOHNSON LANE, INC. REPORTS 78 PERCENT GAIN IN THIRD-QUARTER OPERATING EARNINGS

 CHARLOTTE, N.C., July 20 /PRNewswire/ -- Interstate/Johnson Lane, Inc. (NYSE: IS) reported today that operating earnings for its third quarter ended June 30, 1993, improved 78 percent to $2.3 million, or 33 cents per share, from the $1.3 million, or 19 cents per share, posted a year ago. Total revenues increased to $41.1 million from last year's $33.6 million. An extraordinary credit of $1.0 million, or 15 cents per share, arising from the utilization of tax-loss carryforwards, boosted the company's net income to $3.3 million, or 48 cents per share, compared with net income of $2.3 million, or 34 cents per share, a year ago.
 For the nine-months period ended June 30, 1993, operating earnings of $7.1 million, or $1.02 per share, on revenues of $119.4 million represented a 44 percent gain from last year's operating results of $5.0 million, or 74 cents per share, on revenues of $104.3 million. Net income, augmented by tax-loss carryforwards, improved to $10.3 million, or $1.48 per share, from $7.3 million, or $1.10 per share, the prior year.
 Parks H. Dalton, chairman and chief executive officer, said that he was delighted to see such a substantial improvement from last year's results. "Our Retail Sales Division, which leveraged a 15 percent increase in revenues into a 250 percent gain in profitability for the nine-months period, deserves special recognition," Dalton said. "We are also very pleased with the performance of two consistently strong business units -- our Fixed Income Division and The Interstate Group -- and the continued improvement of our Institutional Equities Division."
 Dalton added that he was gratified that the firm's fixed costs remained stable in the third quarter. "Recent heavy investor activity may not continue in future quarters, making our attention to cost control more important than ever," he said.
 Charlotte-based Interstate/Johnson Lane is one of the largest independent broker-dealers headquartered in the Southeast, with 58 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 ended For the nine months ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Total Revenues $41,073,519 $33,560,516 $119,367,705 $104,247,970
 Operating Income $2,260,220 $1,267,438 $7,106,628 $4,950,650
 Extraordinary
 Credit (A) $1,041,000 $1,005,000 $3,202,000 $2,370,000
 Net Income $3,301,220 $2,272,438 $10,308,628 $7,320,650
 Primary Earnings
 Per Share:
 Operating Income $0.33 $0.19 $1.02 $0.74
 Net Income $0.48 $0.34 $1.48 $1.10
 Fully Diluted Earnings
 Per Share:
 Operating Income $0.31 $0.19 $0.97 $0.72
 Net Income $0.44 $0.32 $1.36 $1.02
 Weighted Average
 Shares:
 Primary 6,946,697 6,685,398 6,973,306 6,653,564
 Fully Diluted 8,135,214 8,046,536 8,175,481 8,000,476
 (A) Tax benefit from tax-loss carryforwards.
 -0- 7/20/93
 /CONTACT: Edward C. Ruff, Chief Financial Officer, Interstate/Johnson Lane, 704-379-9119/
 (IS)


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

SB -- CH005 -- 6735 07/20/93 11:07 EDT
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Date:Jul 20, 1993
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