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JOHN NUVEEN & CO. REPORTS THIRD QUARTER EARNINGS; NET INCOME UP 20 PERCENT FOR FIRST NINE MONTHS OF 1993

 CHICAGO, Oct. 12 /PRNewswire/ -- The John Nuveen Company (NYSE: JNC) today announced net income of $52.8 million for the first nine months, an increase of 20 percent over the $43.9 million reported for the same period of 1992. Net income for the third quarter was $17.3 million compared with $17.6 million for the third quarter of last year.
 Earnings per share were $1.31 for the nine-month period compared with $1.17 for the same period in 1992. Third quarter earnings per share were 43 cents vs. 46 cents for the prior year's quarter. Company officials cited two primary factors that impacted the 1993 third quarter earnings per share. First, the increased federal tax liability of the first three quarters derived from the Revenue Reconciliation Act of 1993, which is retroactive to Jan. 1, is reflected entirely in the third quarter. In addition, there was an increase in the number of common shares and common share-equivalents due to the company's accounting for restricted stock and stock options.
 Total revenues for the first nine months of the year were $185.3 million, up 12.4 percent from $164.9 million for the same period in 1992. Total revenues of $62.1 million for the quarter were up 3.9 percent from the $59.8 million recorded in the third quarter of 1992. The revenue and net earnings totals for the nine-month period are records for the company.
 Total sales of Nuveen long-term tax-free packaged products for the first nine months of the year totaled $5.6 billion compared with $5.2 billion for the first nine months of 1992. Sales of Nuveen packaged products were $1.87 billion for the third quarter, an increase of 15.6 percent from the $1.62 billion of sales in the same quarter of 1992.
 The company's net assets under management were $32.6 billion as of Sept. 30, 1993, as compared to $25.7 billion on Sept. 30, 1992 -- an increase of nearly 27 percent. At the end of the third quarter, the total amount of tax-free packaged products that Nuveen had under management and surveillance stood at $52 billion.
 Founded in 1898 and headquartered in Chicago, Nuveen is the nation's oldest and largest investment banking firm specializing in sponsoring, marketing and managing tax-free investment products for individual investors, and in underwriting, trading and distributing municipal securities. Since 1961, Nuveen has sponsored more than $60 billion in tax-free funds and trusts distributed by registered representatives to more than 1 million investors.
 The John Nuveen Company, which is listed on the New York Stock Exchange, trades under the symbol "JNC."
 JOHN NUVEEN COMPANY
 (All Amounts in Thousands, Except Per Share Data)
 Third Quarter Results 1993 1992 Percent Change
 Total revenues $ 62,100 $ 59,786 3.9
 Net income $ 17,307 $ 17,618 (1.8)
 Average shares 40,374 38,454 5.0
 Income per share $.43 $.46 (6.5)
 UIT sales $ 329,143 $ 442,343 (25.6)
 Long-term managed fund
 sales(net of redemption's $1,543,207 $1,176,678 31.1
 Nine-Month Period Results 1993 1992 Percent Change
 Total revenues $ 185,256 $ 164,890 12.4
 Net income $ 52,782 $ 43,908(A) 20.2
 Average shares 40,161 37,492 7.1
 Income per share $1.31 $1.17(A) 12.0
 UIT sales $1,196,660 $1,499,924 (20.2)
 Long-term managed fund
 sales (net of
 redemptions) $1,416,492 $3,667,802 20.4
 Assets under management
 (as of Sept. 30)
 Open-end funds $ 4,752,643 $ 3,471,268 36.9
 Money market funds $ 2,267,470 $ 2,731,105 (17)
 Exchange-traded funds $25,603,693 $19,510.038 31.2
 Total $32,623,806 $25,712,411 26.9
 (A) After one-time accounting adjustments.
 -0- 10/12/93
 /CONTACT: Ed Dunn of Nuveen, 312-917-7763/


CO: The John Nuveen Company ST: Illinois IN: FIN SU: ERN

TW -- NY063 -- 1140 10/12/93 13:13 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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