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INTERSTATE/JOHNSON LANE, INC. REPORTS SIXTH CONSECUTIVE PROFITABLE QUARTER

 INTERSTATE/JOHNSON LANE, INC. REPORTS
 SIXTH CONSECUTIVE PROFITABLE QUARTER
 CHARLOTTE, N.C., July 21 /PRNewswire/ -- Interstate/Johnson Lane, Inc. (NYSE: IS) today reported net income of $2.3 million, or 34 cents per share, on revenues of $33.6 million for its third fiscal quarter ended June 30. This compares with profits of $554,000, or eight cents per share, for the same period a year ago. For the nine-months period also ended June 30, the Company posted $104.2 million of revenues and net income of $7.3 million, or $1.10 per share, compared with a net loss of $1.3 million, or 20 cents per share, for the prior year. Current year earnings include extraordinary credits of $1.0 million (15 cents per share) and $2.4 million (36 cents per share) for the three- and nine-months periods, respectively, arising from the realization of tax- loss carryforwards.
 Parks H. Dalton, chairman and chief executive officer, said that the results marked the Company's sixth consecutive profitable quarter and a significant improvement from last year's levels. "Although we are pleased with our third-quarter performance, it does reflect the market's return to more normal levels of activity following the extraordinary vigor of the January-March period," Dalton said. "Given this change in the external environment, some drop-off in commission revenues was to be expected, and we believe that our experience is in line with that of the rest of the industry." He added that the firm managed to soften the effects of these lower revenues through continued attention to minimizing administrative costs and improving employee productivity.
 Dalton also expressed his gratitude for the role that the firm's employees have played in assuring Interstate/Johnson Lane's continued profitability. "We simply cannot say enough about the contributions they have made. Their enthusiasm and strong work ethic have been the driving force behind our improved performance these last six quarters," he said. Dalton added that the Fixed Income Division and The Interstate Group deserve special recognition for sustaining excellent levels of profitability during the most recent quarter. He also expressed excitement about the addition of 20-caliber account executives to the retail sales force during the quarter. "These talented new brokers should significantly enhance our ability to increase revenues in the future," Dalton said.
 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.
 FINANCIAL HIGHLIGHTS
 For the three For the nine
 months ended months ended
 6-30-92 6-30-91 6-30-92 6-30-91
 Revenues $33,560,516 $31,417,671 $104,247,970 $88,953,452
 Income (Loss) $1,267,438 $554,353 $4,950,650 ($1,306,662)
 Extraordinary
 Credit (A) $1,005,000 -- $2,370,000 --
 Net Income
 (Loss) $2,272,438 $554,353 $7,320,650 ($1,306,662)
 Primary Earnings
 (Loss) Per Share:
 Income (Loss) $0.19 $0.08 $0.74 ($0.20)
 Net Income (Loss) $0.34 $0.08 $1.10 ($0.20)
 Fully Diluted
 Earnings (Loss)
 Per Share:
 Income (Loss) $0.19 $0.08 $0.72 ($0.20)
 Net Income (Loss) $0.32 $0.08 $1.02 ($0.20)
 Weighted Average
 Shares:
 Primary 6,685,398 6,648,166 6,653,564 6,600,677
 Fully Diluted 8,046,536 7,914,025 8,000,476 7,825,210
 (A) Tax benefit from tax-loss carryforwards
 -0- 7/21/92
 /CONTACT: Edward C. Ruff, Chief Financial Officer, Interstate-Johnson Lane, 704-379-9119/
 (IS) CO: Interstate/Johnson Lane, Inc. ST: North Carolina, Georgia IN: FIN SU: ERN


JZ -- CH001 -- 1353 07/21/92 12:46 EDT
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Date:Jul 21, 1992
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