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INTERSTATE/JOHNSON LANE, INC. REPORTS 23 PERCENT GAIN IN FIRST-QUARTER OPERATING EARNINGS

 CHARLOTTE, N.C., Jan. 19 /PRNewswire/ -- Interstate/Johnson Lane, Inc. (NYSE: IS) reported today that operating earnings for its first quarter ended Dec. 31, 1992 improved 23 percent to $2.1 million from the $1.7 million posted a year ago. Earnings per share increased to 31 cents from 25 cents, and net revenues (revenues after interest expense) were up from $28.3 million to $32.0 million. An extraordinary credit of $967,000, or 14 cents per share, arising from the utilization of tax- loss carryforwards, boosted the company's net income to $3.0 million, or 45 cents per share, compared with net income of $2.1 million, or 32 cents per share, a year ago.
 Noting that the company's pretax results increased 65 percent from the same quarter last year, Parks H. Dalton, chairman and chief executive officer, said: "We are pleased that our various business units have generally been able to sustain or improve their profit contributions of recent quarters. In particular, our retail sales division turned in a fine performance."
 Dalton emphasized that the firm intends to maintain its vigilance over cost controls. "The historical volatility of securities industry revenues demands our continued attention to controlling costs," he said.
 Based in Charlotte, 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
 12/31/92 12/31/91
 Total Revenues $35,499,284 $33,564,487
 Net Revenues $31,972,450 $28,328,767
 Operating Income $2,067,073 $1,679,957
 Extraordinary Credit(A) $967,000 $450,000
 Net Income $3,034,073 $2,129,957
 Primary Earnings Per Share:
 Operating Income $0.31 $0.25
 Net Income $0.45 $0.32
 Fully Diluted Earnings Per Share:
 Operating Income $0.29 $0.24
 Net Income $0.40 $0.30
 Weighted Average Shares:
 Primary 6,777,011 6,614,608
 Fully Diluted 8,184,481 7,918,327
 (A) Tax benefit from tax-loss carryforwards.
 -0- 1/19/93
 /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

MM-SB -- CH002 -- 6347 01/19/93 12:22 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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