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INTERSTATE/JOHNSON LANE, INC. REPORTS PROFITABLE QUARTER; QUARTERLY EARNINGS REFLECT ALMOST 4-YEAR RECORD

 INTERSTATE/JOHNSON LANE, INC. REPORTS PROFITABLE QUARTER;
 QUARTERLY EARNINGS REFLECT ALMOST 4-YEAR RECORD
 CHARLOTTE, N.C., Jan. 21 /PRNewswire/ -- Interstate/Johnson Lane, Inc. (NYSE: IS) today reported net income of $2.1 million, or 32 cents per share, on revenues of $33.6 million for its first quarter ended Dec. 31. This compares to a loss of $2.0 million, or 30 cents per share, on revenues of $27.2 million for the same period a year ago.
 The quarterly profit is the highest reported by the company since March 31, 1987.
 Parks Dalton, chairman and chief executive officer, said although he is not yet satisfied with the company's performance, he is pleased with the first quarter results because they illustrate Interstate/Johnson Lane's continued focus on cost control and sustained profitability.
 "While we were fortunate that improved market conditions and the return of the individual investor helped produce dramatic revenue increases, we could never have achieved this level of earnings progress without the commitment of all 1,000 of our employees," Dalton said. "Their performance clearly exceeded benefits from an improved marketplace and made it possible for us to double per share profits for the second quarter in a row."
 Based in Charlotte, N.C., Interstate/Johnson Lane is one of the largest independent broker-dealers headquartered in the Southeast, with 56 offices located primarily in the Carolinas and Georgia.
 Financial Highlights
 Three Months Ended
 12-31-91 12-31-90
 Gross Revenues 33,564,487 27,162,681
 Net Income (loss) 2,129,957 (1,977,140)
 Earnings (loss) per share
 Primary .32 (.30)
 Fully diluted .30 (.30)
 Weighted Average Shares
 Primary 6,614,608 6,567,387
 Fully diluted 7,918,327 7,750,486
 -0- 1/21/92
 /CONTACT: Jim Morgan, Interstate-Johnson Lane, 704-379-9000, or Laura Mercer, Price-McNabb, for Interstate-Johnson Lane, 704-375-0123/
 (IS) CO: Interstate/Johnson Lane, Inc. ST: North Carolina IN: FIN SU: ERN


DF -- CH009 -- 1816 01/21/92 12:09 EST
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Publication:PR Newswire
Date:Jan 21, 1992
Words:323
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