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INTERSTATE/JOHNSON LANE, INC. REPORTS BEST YEAR SINCE 1983

 INTERSTATE/JOHNSON LANE, INC. REPORTS BEST YEAR SINCE 1983
 CHARLOTTE, N.C., Oct. 27 /PRNewswire/ -- Interstate/Johnson Lane, Inc. (NYSE: IS) today reported operating earnings of $7.0 million, or $1.05 per share, for its fiscal year ended September 30 -- the company's best performance since 1983. An extraordinary credit of $3.0 million, or 45 cents per share, arising from the utilization of tax-loss carryforwards, boosted the company's net income to $10.0 million, or $1.50 per share, compared with a net loss of $263,000, or four cents per share, for the 1991 fiscal year. Total revenues improved to $141.5 million from $121.9 million a year ago, and net revenues (revenues after interest expense) were up 26 percent.
 The company also achieved its best quarterly operating results of fiscal 1992, posting operating earnings of $2.0 million, or 31 cents per share, for the fourth quarter ended Sept. 30. Net income, including the extraordinary credit, rose to $2.7 million (40 cents per share) from the prior quarter's result of $2.3 million (34 cents per share) and from $1.0 million (16 cents per share) a year ago. Total revenues of $37.3 million were up from $32.9 million for the same period last year, and net revenues (revenues after interest expense) improved 22 percent.
 Parks H. Dalton, chairman and chief executive officer, said that he was very pleased with the results. "Despite the fact that the external environment was somewhat less favorable than in previous quarters, our fourth quarter was our strongest this year in terms of operating earnings," Dalton said. "Our Fixed Income Division turned in its best performance of the year, and both Retail and The Interstate Group came close to matching the record results they posted in the January - March quarter, when the markets themselves were considerably stronger."
 Dalton said that the huge improvement from the results of the last several years is a direct reflection of the dedication and strong work ethic of the firm's employees. "We have seen continued gains in productivity, with revenue per employee up 15 percent from last year's levels," he said.
 "Although we believe that we have laid the groundwork for an even brighter future, the external environment -- which has been helpful to us during the past year -- is impossible to predict," Dalton said. "Consequently, we will remain vigilant in our attention to controlling costs."
 Based in Charlotte, Interstate/Johnson Lane is one of the largest independent broker-dealers headquartered in the Southeast, with 57 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 twelve months ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Total Revenues $37,269,466 $32,915,514 $141,517,437 $121,868,966
 Net Revenues $33,429,204 $27,467,409 $125,365,913 $ 99,712,741
 Operating Income
 (Loss) $ 2,033,474 $ 1,043,631 $ 6,984,124 ($263,031)
 Extraordinary
 Credit(A) $ 622,000 -- $ 2,992,000 --
 Net Income
 (Loss) $ 2,655,474 $ 1,043,631 $ 9,976,124 ($263,031)
 Primary Earnings
 (Loss) Per Share:
 Operating Income
 (Loss) $0.31 $0.16 $1.05 ($0.04)
 Net Income (Loss) $0.40 $0.16 $1.50 ($0.04)
 Fully Diluted Earnings
 (Loss) Per Share:
 Operating Income
 (Loss) $0.29 $0.16 $1.01 ($0.04)
 Net Income (Loss) $0.37 $0.16 $1.38 ($0.04)
 Weighted Average
 Shares:
 Primary 6,651,195 6,645,022 6,652,973 6,611,854
 Fully Diluted 7,991,146 7,895,780 7,991,612 7,862,612
 (A) Tax benefit from tax-loss carryforwards.
 -0- 10/27/92
 /CONTACT: Edward C. Ruff, Chief Financial Officer, Interstate- Johnson Lane, 704-379-9119/
 (IS) CO: Interstate/Johnson Lane, Inc. ST: North Carolina IN: SU: ERN


CM-JM -- CH004 -- 5448 10/27/92 13:17 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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