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INTERSTATE/JOHNSON LANE, INC. REPORTS RECORD EARNINGS FOR FOURTH QUARTER AND YEAR

 CHARLOTTE, N.C., Oct. 26 /PRNewswire/ -- Interstate/Johnson Lane, Inc. (NYSE: IS) today reported operating earnings of $10.4 million, or $1.54 per share, for its fiscal year ended Sept. 30 -- its best performance ever and a 48 percent increase over last year's operating earnings of $7.0 million, or $1.05 per share. Total revenues for fiscal 1993 increased to $163.5 million, up 16 percent from last year's $141.5 million. An extraordinary credit of $4.0 million, arising from the utilization of tax-loss carryforwards, boosted the company's net income to $14.4 million, or $2.14 per share, from net income of $10.0 million, or $1.50 per share, for the prior year.
 For its fourth quarter also ended Sept. 30, 1993, the company also achieved record operating earnings of $3.3 million, or 49 cents per share, on revenues of $44.1 million. These results represent a 60 percent gain from last year's operating earnings of $2.0 million, or 32 cents per share, on revenues of $37.3 million. Net income, augmented by tax-loss carryforwards, improved to $4.1 million (61 cents per share) from the prior quarter's result of $3.3 million (48 cents per share) and from $2.7 million (41 cents per share) a year ago.
 Parks H. Dalton, chairman and chief executive officer, said that he was delighted with the firm's performance. "The employees of Interstate/Johnson Lane can take great pride in these record results," Dalton said. "Our fiscal 1993 performance is a tribute to the skills and perseverance of people in all areas of our business -- the hundreds of employees engaged in support functions as well as the `producers' who generate revenues directly.
 "While the contributions of all of our business units deserve praise, the most dramatic improvement came from our Retail Sales Division, which nearly tripled its pretax contribution year-over-year -- an achievement which we attribute to both improved productivity and cost control," Dalton said. "In addition, four other business units significantly improved their pretax contributions -- Corporate Finance,
Fixed Income, Institutional Equities, and The Interstate Group. In fact, both Fixed Income and The Interstate Group posted record profits for the year."
 Dalton noted that the firm had benefited from consistently favorable market activity during the past year. "Given the inherent volatility of the markets, we recognize that the external environment will not always be so kind to us," he said. "Nevertheless, we regard our long-range future with optimism because we are highly confident that our employees are up to the task of meeting the challenges that lie ahead. In this service-oriented and increasingly complex business, a company's people are its greatest asset, and we have enormous faith in the people of IJL."
 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 ended For the twelve months ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Total Revenues $44,118,189 $37,269,466 $163,485,897 $141,517,437
 Operating
 Income $3,258,420 $2,033,474 $10,365,048 $6,984,124
 Extraordinary
 Credit(A) $795,000 $622,000 $3,997,000 $2,992,000
 Net Income $4,053,420 $2,655,474 $14,362,048 $9,976,124
 Primary Earnings
 Per Share:
 Operating Income $0.49 $0.32 $1.54 $1.05
 Net Income $0.61 $0.41 $2.14 $1.50
 Fully Diluted
 Earnings Per
 Share:
 Operating Income $0.44 $0.29 $1.42 $1.01
 Net Income $0.54 $0.37 $1.92 $1.38
 Weighted Average
 Shares:
 Primary 6,657,347 6,651,195 6,724,970 6,652,973
 Fully Diluted 7,967,213 7,991,146 8,034,836 7,991,612
 (A) Tax benefit from tax-loss carryforwards.
 -0- 10/26/93
 /CONTACT: Edward C. Ruff, chief financial officer, of Interstate- Johnson Lane, 704-379-9119/
 (IS)


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

CM -- CH006 -- 6852 10/26/93 11:25 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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